Is the business good?
How good a business is USPH?
U.S. Physical Therapy, Inc. earns 9.7% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
9.7%
Return on invested capital · cost of capital 9.0% · 0.73 points above what the capital costs: growth creates value
- Operating margin
- 10%
Operating margin · Medical Care Facilities median 8.9% · 12 months to Q1 2026
- Cash conversion
- 1.92×
Cash conversion · 1.68× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +0.23%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 12% |
| FY2021 | 14% |
| FY2022 | 10% |
| FY2023 | 8.3% |
| FY2024 | 9.4% |
| FY2025 | 11% |
Details›
- Gross margin12 months to Q1 2026
- 19%
- Operating margin12 months to Q1 2026
- 10%
- Net margin12 months to Q1 2026
- 4.4%
- Free cash flow margin
- 8.4%
- Revenue, trailing twelve months
- $795M
- Free cash flow, trailing twelve months
- $67M
- Net income, trailing twelve months
- $35M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Care Facilities
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