U.S. Physical Therapy, Inc.
NYSE: USPH · HEALTHCARE · MEDICAL CARE FACILITIES
Updated 2026-06-05
U.S. Physical Therapy, Inc. (USPH) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $71.46M | $96.25M | $118.25M | $111.25M | $140.86M | $163.25M | $171.71M | $224.13M | $244.55M | $279.91M | $351.23M | $418.98M | $443.17M | $560.85M | $594.36M | $749.43M | $858.15M | $997.24M | $1.17B | $1.20B |
| Cash & equivalents | $10.95M | $7.98M | $10.11M | $6.43M | $9.18M | $9.98M | $11.67M | $12.90M | $14.27M | $15.78M | $20.05M | $21.93M | $23.37M | $23.55M | $32.92M | $28.57M | $31.59M | $152.82M | $41.36M | $35.57M |
| Current assets | $35.98M | $36.03M | $38.72M | $32.84M | $39.28M | $45.67M | $45.32M | $49.66M | $54.85M | $60.18M | $65.96M | $77.08M | $79.21M | $85.39M | $87.64M | $95.17M | $111.27M | $233.38M | $137.58M | $139.99M |
| Total liabilities | $12.07M | $21.20M | $30.43M | $19.03M | $24.48M | $41.67M | $37.05M | $69.01M | $69.96M | $77.96M | $93.35M | $110.01M | $92.35M | $181.39M | $184.39M | $296.98M | $373.59M | $345.00M | $408.42M | $433.81M |
| Current liabilities | $9.17M | $11.44M | $14.61M | $14.59M | $14.23M | $16.32M | $16.31M | $23.17M | $25.50M | $19.01M | $24.62M | $39.55M | $41.95M | $60.56M | $93.49M | $83.48M | $85.49M | $102.19M | $116.28M | $139.04M |
| Long-term debt | $797000.00 | $7.96M | $12.41M | $400000.00 | $5.75M | $23.78M | $17.57M | $40.65M | $34.73M | $48.34M | $50.60M | $56.73M | $38.40M | $50.36M | $16.60M | $117.59M | $175.83M | $138.99M | $142.53M | $152.59M |
| Shareholder equity | $55.52M | $69.41M | $81.61M | $87.35M | $103.96M | $107.05M | $117.32M | $155.12M | $146.28M | $162.78M | $187.55M | $204.87M | $215.94M | $240.26M | $276.16M | $295.61M | $315.79M | $476.19M | $488.93M | $476.43M |
| Retained earnings | $50.70M | $59.44M | $69.45M | $81.21M | $89.88M | $102.41M | $111.32M | $119.21M | $134.19M | $149.02M | $150.34M | $162.41M | $167.40M | $184.35M | $212.01M | $224.40M | $232.95M | $223.77M | $227.26M | $227.22M |
| Accounts receivable | $22.28M | $26.72M | $26.75M | $23.63M | $26.37M | $29.95M | $27.68M | $32.66M | $34.59M | $38.62M | $41.49M | $50.36M | $51.49M | $56.05M | $50.95M | $62.42M | $69.31M | $69.72M | $85.67M | $88.34M |
| Inventory | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.00 | $0.00 | — | $1.00 | $1.00 | $1.00 | $-2.86M | $-2.66M | — | — |
| Goodwill | $21.00M | $37.65M | $55.89M | $57.25M | $79.42M | $92.75M | $100.19M | $143.96M | $147.91M | $171.55M | $226.81M | $271.34M | $293.52M | $317.68M | $345.65M | $434.68M | $494.10M | $509.57M | $667.15M | $692.39M |
Frequently asked questions
What is U.S. Physical Therapy, Inc.'s revenue?
U.S. Physical Therapy, Inc.'s trailing twelve-month revenue is $787.68M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is USPH?
In its most recent fiscal year, USPH ran a gross margin of 20.15%, an operating margin of 10.30%, and a net margin of 1.93%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does USPH generate?
USPH produced $60.99M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is USPH's balance sheet healthy?
USPH holds $35.57M in cash and equivalents against $152.59M in long-term debt, on $476.43M of shareholder equity. That debt is best read against the cash flow the business throws off each year.