USPHU.S. Physical Therapy, Inc.

$78.30

Is it safe?

Can USPH take a bad year?

U.S. Physical Therapy, Inc. carries $176M of net debt at 1.74× EBITDA: a load its earnings can carry.

$176M

Net debt · as at Q1 2026 · under two and a half years of EBITDA, comfortable

Net debt / EBITDA
1.74×

Net debt / EBITDA · 1.45× a year ago · the load is going up

Altman Z-score
1.98

Altman Z-score · grey zone, between 1.8 and 3

Debt / equity
0.44×

Debt / equity

Details
Total debtQ1 2026
$205M
Cash and short-term investments
$28M
Net debt
$176M
EBITDA, trailing twelve months
$101M
Operating profit, trailing twelve months
$80M
Debt / equity
0.44×
Total debt / EBITDA
2.02×
Annualised volatilitytwo years of daily moves
38%
Worst drawdown on file
−67%
Below its 52-week high
−14%

Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.