# U S PHYSICAL THERAPY INC /NV (USPH) Informational only - not investment advice. CIK: 0000885978 SIC: 8000 Services-Health Services SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 80](/major-group/80/) > [SIC 8000 Services-Health Services](/industry/8000/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=885978 Filing source: https://www.sec.gov/Archives/edgar/data/885978/000114036126007170/ef20060831_10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001140361-26-007170 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000885978.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 780,990,000 USD | 2025 | verified | | Net income | 39,583,000 USD | 2025 | verified | | Assets | 1,204,010,000 USD | 2025 | verified | | Free cash flow | 60,987,000 USD | 2025 | computed | | Net margin | 5.07% | 2025 | computed | | Operating margin | 11.10% | 2025 | computed | | Revenue YoY | +16.33% | 2025 | computed | | ROE | 8.31% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | USPH | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 5.1% | 0.9% | 89 | 10 | | Operating margin | 11.1% | -0.8% | 100 | 10 | | Revenue growth | 16.3% | 22.1% | 33 | 10 | | FCF margin | 7.8% | 5.2% | 86 | 8 | | ROE | 8.3% | 1.9% | 89 | 10 | | ROA | 3.3% | 1.1% | 78 | 10 | | Liabilities / equity | 0.91 | 0.67 | 78 | 10 | | Current ratio | 1.01 | 1.95 | 0 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 8000 Services-Health Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 780990000 | USD | 2025 | 2026-02-27 | | Net income | 39583000 | USD | 2025 | 2026-02-27 | | Assets | 1204010000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000885978.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2011 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | | 453,911,000 | 481,969,000 | 422,969,000 | 495,022,000 | 553,144,000 | 604,802,000 | 671,345,000 | 780,990,000 | | Net income | | | | | | | 20,551,000 | 22,256,000 | 34,873,000 | 40,039,000 | 35,194,000 | 40,831,000 | 32,158,000 | 28,239,000 | 31,424,000 | 39,583,000 | | Operating income | | | | | | | 49,533,000 | 54,728,000 | 60,314,000 | 67,425,000 | 52,413,000 | 70,649,000 | 56,801,000 | 50,511,000 | 62,994,000 | 86,677,000 | | Gross profit | | | | | | | 82,012,000 | 90,617,000 | 101,663,000 | 112,474,000 | 94,450,000 | 117,182,000 | 112,024,000 | 121,509,000 | 123,921,000 | 149,693,000 | | Diluted EPS | | | | 1.05 | 1.62 | 1.77 | | | | 2.45 | 2.48 | 2.41 | 2.25 | 1.28 | 1.84 | 1.42 | | Operating cash flow | | | | | | | 51,050,000 | 56,526,000 | 73,005,000 | 62,448,000 | 99,995,000 | 76,406,000 | 58,537,000 | 81,978,000 | 74,940,000 | 75,058,000 | | Capital expenditures | | | | | | | 8,260,000 | 7,095,000 | 7,193,000 | 10,189,000 | 7,639,000 | 8,201,000 | 8,248,000 | 9,294,000 | 9,186,000 | 14,071,000 | | Dividends paid | | | | | | | 8,510,000 | 10,066,000 | 11,664,000 | 14,555,000 | 4,110,000 | 18,765,000 | 21,321,000 | 24,128,000 | 26,540,000 | 27,362,000 | | Share buybacks | 5,586,000 | 1,401,000 | 4,656,000 | | | | | | | | | | | 0.00 | 0.00 | 5,566,000 | | Assets | | | | | | | 351,231,000 | 418,982,000 | 443,166,000 | 630,501,000 | 594,361,000 | 749,426,000 | 858,154,000 | 997,238,000 | 1,167,467,000 | 1,204,010,000 | | Liabilities | | | | | | | 162,543,000 | 110,340,000 | 92,348,000 | 181,394,000 | 184,391,000 | 296,983,000 | 373,586,000 | 345,000,000 | 408,421,000 | 433,811,000 | | Stockholders' equity | | | | | | | 187,548,000 | 204,866,000 | 215,945,000 | 240,257,000 | 276,160,000 | 295,606,000 | 315,793,000 | 476,194,000 | 488,929,000 | 476,432,000 | | Cash and cash equivalents | | | | | | | 20,047,000 | 21,933,000 | 23,368,000 | 23,548,000 | 32,918,000 | 28,567,000 | 31,594,000 | 152,825,000 | 41,362,000 | 35,570,000 | | Free cash flow | | | | | | | 42,790,000 | 49,431,000 | 65,812,000 | 52,259,000 | 92,356,000 | 68,205,000 | 50,289,000 | 72,684,000 | 65,754,000 | 60,987,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2011 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | | 7.68% | 8.31% | 8.32% | 8.25% | 5.81% | 4.67% | 4.68% | 5.07% | | Operating margin | | | | | | | | | 13.29% | 13.99% | 12.39% | 14.27% | 10.27% | 8.35% | 9.38% | 11.10% | | Return on equity | | | | | | | 10.96% | 10.86% | 16.15% | 16.67% | 12.74% | 13.81% | 10.18% | 5.93% | 6.43% | 8.31% | | Return on assets | | | | | | | 5.85% | 5.31% | 7.87% | 6.35% | 5.92% | 5.45% | 3.75% | 2.83% | 2.69% | 3.29% | | Liabilities / equity | | | | | | | 0.87 | 0.54 | 0.43 | 0.75 | 0.67 | 1.00 | 1.18 | 0.72 | 0.84 | 0.91 | | Current ratio | | | | | | | 2.68 | 1.95 | 1.89 | 1.41 | 0.94 | 1.14 | 1.30 | 2.28 | 1.18 | 1.01 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/USPH/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000885978.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.72 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.58 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.64 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 150,007,000 | 9,254,000 | 0.51 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 154,801,000 | 656,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 155,675,000 | 8,046,000 | 0.46 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 167,190,000 | 7,506,000 | 0.47 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 168,033,000 | 6,628,000 | 0.39 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 180,447,000 | 9,244,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 183,788,000 | 9,899,000 | 0.80 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 197,344,000 | 12,393,000 | 0.58 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 197,132,000 | 13,138,000 | 0.48 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 202,726,000 | 4,153,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 198,286,000 | 5,038,000 | -0.12 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 214,059,000 | 9,898,000 | 0.25 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from USPH's latest 10-K: [/company/USPH/business/](/company/USPH/business/). ## Risk Factors Verbatim Item 1A Risk Factors from USPH's latest 10-K: [/company/USPH/risk-factors/](/company/USPH/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/885978/000114036126031825/ef20075474_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-07 Report date: 2026-06-30 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of U.S. Physical Therapy, Inc. and its subsidiaries (herein referred to as “we,” “us,” “our” or the “Company”) should be read in conjunction with (i) our historical consolidated financial statements and accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q; and (ii) our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2026 (“2025 Annual Report”). This discussion includes forward-looking statements that are subject to risk and uncertainties. Actual results may differ substantially from the statements we make in this section due to a number of factors that are discussed below. FORWARD-LOOKING STATEMENTS We make statements in this report that are considered forward-looking statements within the meaning given such term under Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as “believes”, “expects”, “intends”, “plans”, “appear”, “should” and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we project. Included among such statements, but not limited to, are those relating to opening clinics, availability of personnel and the insurance reimbursement environment. The forward-looking statements are based on our current views and assumptions, and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to: [[GREPCENT_TABLE]] [["\u2022","changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for failure to comply \u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","the impact of a termination of one or more of the Company\u2019s hospital affiliated arrangements, which could have an adverse impact on revenue and the results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","the impact of future public health crises and epidemics/pandemics"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a separate company;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing and our ability to operate our business;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","changes as the result of government enacted national healthcare reform\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","the ability to control variable interest entities for which we do not have a direct ownership\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","business and regulatory conditions, including federal and state regulations\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","revenue and earnings expectations\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","contingent consideration provisions in certain of our acquisition agreements, the value of which may impact future financial results;"]] [[/GREPCENT_TABLE]] 39 Table of Contents [[GREPCENT_TABLE]] [["\u2022","legal actions, which could subject us to increased operating costs and uninsured liabilities\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","general economic conditions, including but not limited to inflationary and recessionary periods;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","actual or perceived events involving banking volatility, defaults or other adverse developments that affect the U.S or the international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","our business depends on hiring, training, and retaining qualified employees;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","availability and cost of qualified physical therapists\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that service line;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","maintaining our information technology systems with adequate safeguards to protect against cyber-attacks\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","a security breach of our or our third party vendors\u2019 information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","maintaining adequate internal controls;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","use of generative artificial intelligence;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","maintaining necessary insurance coverage\u037e"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","availability, terms, and use of capital\u037e and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u2022","weather and other seasonal factors."]] [[/GREPCENT_TABLE]] Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see the other sections of this report and our other periodic reports filed with the Securities and Exchange Commission (the “SEC”) for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement may no longer be accurate. EXECUTIVE SUMMARY We operate our business through two reportable business segments. Our physical therapy operations segment consists of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. Services provided by the industrial injury prevention services (“IIP”) segment include onsite injury prevention and rehabilitation, performance optimization, post offer employment testing, functional capacity evaluations, ergonomic assessments, occupational medicine testing services, and drug & alcohol testing. IIP is performed through Industrial Sports Medicine Professionals with specialized training related to the musculoskeletal system. 40 Table of Contents Acquisitions During the six months ended June 30, 2026, and for the year ended December 31, 2025, we completed the acquisitions of clinic practices and an IIP business detailed below: [[GREPCENT_TABLE]] [["Acquisition","","Date","","% Interest Acquired","","Number of Clinics"],["January 2026 Acquisition 2","","January 31, 2026","","70%","","*"],["January 2026 Acquisition 1","","January 2, 2026","","50%","","8"],["July 2025 Acquisition","","July 31, 2025","","60%","","3"],["April 2025 Acquisition","","April 30, 2025","","40%**","","***"],["February 2025 Acquisition","","February 28, 2025","","65%","","3"]] [[/GREPCENT_TABLE]] * IIP business ** On April 30, 2025, we acquired an outpatient home care practice that provides speech and occupational therapy through its 50% owned subsidiary Metro. After the transaction, ours ownership interest is 40%, the local partners have an ownership interest of 40% and the practice’s preacquisition owners have a 20% ownership interest. *** Home-care business On January 2, 2026, we acquired a 50% equity interest in an eight-clinic practice, with the original owners retaining the remaining 50% interest. On January 31, 2026, we acquired a 70% equity interest in an IIP business with the original owners retaining a 30% ownership interest. On July 1, 2026, we acquired a 67% equity interest in a twelve-clinic practice with the practice owners retaining a 33% equity interest. Our strategy is to continue acquiring multi-clinic outpatient physical therapy practices and home-care physical and speech therapy practices, to develop outpatient physical therapy clinics as satellites in existing partnerships, and to continue acquiring companies that provide IIP. Physical Therapy Locations Roll Forward (1) [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/885978/000114036126007170/ef20060831_10k.htm Complete FY 2025 MD&A: /company/USPH/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of U.S. Physical Therapy, Inc. and its subsidiaries (herein referred to as “we”, “us”, “our” or the “Company”) should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the “Risk Factors” and “Forward-Looking Statements” sections of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on March 3, 2025. EXECUTIVE SUMMARY The Company operates its business through two reportable business segments. Our physical therapy operations consist of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. Services provided by the industrial injury prevention services (“IIP”) segment include onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. The majority of IIP is contracted with and paid for directly by employers, including a number of Fortune 500 companies. IIP is performed through industrial sports medicine professionals with specialized training related to the musculoskeletal system. During the last three years, we completed the following acquisitions of outpatient physical therapy practices, companies that manage and/or provide administrative services to outpatient physical therapy practices, and IIP businesses detailed below: 33 Table of Contents [[GREPCENT_TABLE]] [["Acquisition","","Date","","% Interest Acquired","","Number of Clinics"],["July 2025 Acquisition","","July 31, 2025","","60%","","3"],["April 2025 Acquisition","","April 30, 2025","","40%*","","**"],["February 2025 Acquisition","","February 28, 2025","","65%","","3"],["November 2024 Acquisition","","November 30, 2024","","75%","","8"],["October 2024 Acquisition","","October 31, 2024","","50%","","50"],["August 2024 Acquisition","","August 31, 2024","","70%","","8"],["April 2024 Acquisition","","April 30, 2024","","***","","****"],["March 2024 Acquisition","","March 29, 2024","","50%","","9"],["October 2023 Acquisition","","October 31, 2023","","*****","","****"],["September 2023 Acquisition 1","","September 29, 2023","","70%","","4"],["September 2023 Acquisition 2","","September 29, 2023","","70%","","1"],["July 2023 Acquisition","","July 31, 2023","","70%","","7"],["May 2023 Acquisition","","May 31, 2023","","45%","","4"],["February 2023 Acquisition","","February 28, 2023","","80%","","1"]] [[/GREPCENT_TABLE]] * On April 30, 2025, the Company acquired an outpatient home care practice that provides speech and occupational therapy through its 50% owned subsidiary MSO Metro LLC. (“Metro”). After the transaction, the Company’s ownership interest is 40%, the local partners have an ownership interest of 40% and the practice’s preacquisition owners have a 20% ownership interest. ** Home-care business. *** On April 30, 2024, one of our primary IIP businesses, Briotix Health Limited Partnership, acquired 100% of an IIP business. **** IIP business ***** On October 31, 2023, we concurrently acquired 100% of an IIP business and a 55% equity interest in an ergonomics software business (“October 2023 Acquisition”). Our strategy is to continue acquiring multi-clinic outpatient physical therapy practices and home-care physical and speech therapy practices, to develop outpatient physical therapy clinics as satellites in existing partnerships, and to continue acquiring companies that provide industrial injury prevention services. The following table provides a roll forward of our clinic count for the periods presented. Clinic Count Roll Forward (1) [[GREPCENT_TABLE]] [["","","2025","","","2024"],["","","Owned","","","Managed","","","Total","","","Owned","","","Managed","","","Total"],["Number of clinics, beginning of period","","","722","","","","39","","","","761","","","","671","","","","43","","","","714"],["Q1 additions","","","14","","","","-","","","","14","","","","14","","","","-","","","","14"],["Q1 closed or sold","","","(7",")","","","(2",")","","","(9",")","","","(6",")","","","(2",")","","","(8",")"],["Number of clinics, end of period","","","729","","","","37","","","","766","","","","679","","","","41","","","","720"],["Q2 additions","","","6","","","","-","","","","6","","","","7","","","","-","","","","7"],["Q2 closed or sold","","","(3",")","","","(1",")","","","(4",")","","","(5",")","","","-","","","","(5",")"],["Number of clinics, end of period","","","732","","","","36","","","","768","","","","681","","","","41","","","","722"],["Q3 additions","","","16","","","","2","","","","18","","","","12","","","","-","","","","12"],["Q3 closed or sold","","","(3",")","","","(4",")","","","(7",")","","","(32",")","","","(2",")","","","(34",")"],["Number of clinics, end of period","","","745","","","","34","","","","779","","","","661","","","","39","","","","700"],["Q4 additions","","","11","","","","-","","","","11","","","","63","","","","-","","","","63"],["Q4 closed or sold","","","(10",")","","","-","","","","(10",")","","","(2",")","","","-","","","","(2",")"],["Number of clinics, end of period","","","746","","","","34","","","","780","","","","722","","","","39","","","","761"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["Year-to-date 2025 and full-year 2024 additions","","","47","","","","2","","","","49","","","","96","","","","-","","","","96"],["Year-to-date 2025 and full-year 2024 closed or sold","","","(23",")","","","(7",")","","","(30",")","","","(45",")","","","(4",")","","","(49",")"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(1)","Excludes the home care business"]] [[/GREPCENT_TABLE]] 34 Table of Contents Recent Developments On January 2, 2026, we acquired a 50% interest in a physical practice with eight-clinic locations. The prior owner retained a 50% ownership interest. On January 31, 2026, we acquired an industrial injury prevention business. The prior owner retained a 30% ownership interest. On February 24, 2026, our Board of Directors raised our quarterly dividend rate from $0.45 per share to $0.46 per share, effective immediately, and declared a quarterly dividend for the first quarter of 2026 at the higher rate. The dividend will be payable on April 10, 2026, to shareholders of record on March 13, 2026. We repurchased 81,322 of our own shares for total consideration of $5.6 million from the open market during the three months ended December 31, 2025, which demonstrates our focus on enhancing shareholder value as well as our confidence in the long-term prospects of the Company. Strategic Hospital Alliances On February 2, 2026, we announced a 10-year strategic alliance between our subsidiary partner, Metro, and a prominent New York hospital system, whereby 60 of Metro’s existing outpatient physical therapy clinics in New York will become part of the hospital system’s clinical services network. The alliance is expected to begin operations with an initial group of clinics in mid-2026, with all 60 clinics anticipated to be operational by year-end 2026. On February 25, 2026, we announced a 10-year strategic alliance between another of our subsidiary partners and a local hospital system whereby our subsidiary partner’s existing 10 outpatient physical therapy clinics will become part of the hospital system’s clinical services network. These arrangements will be accretive to our revenue, operating income and margins. Medicare Reimbursement The Medicare program reimburses outpatient rehabilitation providers based on the Medicare Physician Fee Schedule (“MPFS”). Outpatient rehabilitation providers may enroll in Medicare as institutional outpatient rehabilitation facilities (i.e., rehab agencies) or individual physical or occupational therapists in private practice. The majority of our clinicians are enrolled as individual physical or occupational therapists in private practice while the remaining balance of providers are reimbursed through enrolled rehab agencies. For calendar years 2021, 2022 and 2023, Centers for Medicare and Medicaid Services (“CMS”) expected decreases in Medicare reimbursement were partially offset by one-time increases in payments as a result of other legislation passed by Congress, resulting in decreases of approximately 3.5%, 0.75% and 2.0% in each of these years, respectively.  For January 1 through March 8 of 2024, CMS’s final rule resulted in an approximate 3.5% decrease in Medicare payments for the therapy specialty. However, effective as of March 9, 2024, pursuant to the Consolidated Appropriations Act, 2024, Congress minimized the reduction in Medicare payments for therapy services for the balance of 2024, resulting in an approximate 1.8% reduction in Medicare payments for therapy services (rather than the 3.5% decrease). The MPFS for 2025 decreased Medicare reimbursement for therapy services by approximately 2.9% as compared to the reimbursement rates in effect for most of 2024. For 2026, the proposed MPFS is expected to increase Medicare reimbursement for therapy services by approximately 1.75% as compared to the reimbursement rates for 2025. 35 Table of Contents In the final 2020 MPFS rule, CMS clarified that when the physical therapist is involved for the entire duration of the service and the physical therapist assistant (“PTA”) provides skilled therapy alongside the physical therapist, an identification of the PTA’s participation (as denoted by a “CQ modifier”) is not required. Also, when the same service (code) is furnished separately by the physical therapist and PTA, CMS applies the de minimis standard to each 15-minute unit of codes, not on the total physical therapist and PTA time of the service. For dates of service on and after January 1, 2022, CMS pays for physical therapy and occupational therapy services provided by PTAs and occupational therapist assistants (“OTAs”) at 85% of the otherwise applicable Part B payment amount. CMS allows a timed service to be billed without a CQ (for PTA’s) or CO (for OTA’s) modifier when a PTA or OTA participates in providing care, but the physical therapist or occupational therapist meets the Medicare billing requirements without including the PTA’s or OTA’s minutes. This occurs when the physical therapist or occupational therapist provides more minutes than the 15-minute midpoint. RESULTS OF OPERATIONS The defined terms with their respective description used in the following discussion are listed below: Mature clinics are clinics (physical clinic locations and home-care business units) opened or acquired prior to January 1, 2024, and are still operating as of the balance sheet date. Net rate per patient visit is net patient revenue related to our physical therapy operations divided by tota [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/USPH/mda/fy2025/ All MD&A years: /company/USPH/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/USPH/mda/fy2024/): filed 2025-03-03; accession 0001140361-25-006750 (https://www.sec.gov/Archives/edgar/data/885978/000114036125006750/ef20039045_10k.htm) - [FY 2023 MD&A](/company/USPH/mda/fy2023/): filed 2024-02-29; accession 0001140361-24-010454 (https://www.sec.gov/Archives/edgar/data/885978/000114036124010454/ef20015310_10k.htm) - [FY 2022 MD&A](/company/USPH/mda/fy2022/): filed 2023-02-28; accession 0001140361-23-009198 (https://www.sec.gov/Archives/edgar/data/885978/000114036123009198/brhc10048514_10k.htm) - [FY 2021 MD&A](/company/USPH/mda/fy2021/): filed 2022-03-01; accession 0001140361-22-007247 (https://www.sec.gov/Archives/edgar/data/885978/000114036122007247/brhc10034321_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 8000 Services-Health Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/USPH.md · JSON record: /company/USPH.json · verified financials: /company/USPH/financials.json / /company/USPH/financials.csv · machine TOC for the whole site: /llms.txt