U.S. Physical Therapy, Inc. Reports Strong Q4 2025 Earnings and Growth Outlook
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 26 2026
0mins
Should l Buy USPH?
Source: seekingalpha
- Strong Financial Performance: For the year ending 2025, adjusted EBITDA increased by $13.2 million, a 16.2% improvement, and net revenue rose by 16.3%, demonstrating significant financial progress despite ongoing Medicare rate reductions.
- Acquisitions and Strategic Partnerships: The company has made several acquisitions in the Pacific Northwest and New York City, with hospital partnerships expected to contribute at least $14 million to EBITDA by 2027, further strengthening its market position.
- 2026 Outlook: Management expects adjusted EBITDA for 2026 to be in the range of $102 million to $106 million, including $2.5 million from Medicare revenue increases, reflecting confidence in future growth.
- Operational Efficiency Gains: Average visits per clinic per day reached 32.7 in Q4, a record high for the company, with total patient visits growing 11.2% year-over-year, indicating significant improvements in customer service and operational efficiency.
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Analyst Views on USPH
Wall Street analysts forecast USPH stock price to rise
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 74.700
Low
100.00
Averages
101.50
High
103.00
Current: 74.700
Low
100.00
Averages
101.50
High
103.00
About USPH
U.S. Physical Therapy, Inc. is an operator of outpatient physical therapy clinics and provider of industrial injury prevention services. It owns and/or manages 780 outpatient physical therapy clinics in 44 states. The Company’s reportable segments include the Physical Therapy Operations segment and the Industrial Injury Prevention Services (IIP) segment. Physical Therapy Operations segment 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. IIP segment includes 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 these services are contracted with and paid for directly by employers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
U.S. Physical Therapy Presents at Barclays Healthcare Conference
- Company Overview: Founded in 1990, U.S. Physical Therapy operates 783 outpatient clinics across 44 states, providing a wide range of orthopedic and sports injury care, demonstrating its extensive reach and influence in the industry.
- Service Range: In addition to treating neurologically-related injuries and rehabilitating injured workers, USPH's industrial injury prevention services enhance employee performance and safety, thereby strengthening the company's competitive position in the market.
- Executive Presentation: CEO Chris Reading presented at the Barclays 28th Annual Global Healthcare Conference on March 11, 2026, showcasing the company's strategic positioning and future direction in the healthcare sector, which bolsters investor confidence.
- Industry Outlook: With increasing demand for physical therapy, USPH's business model and service offerings are poised to capture a larger share of the rapidly growing healthcare market, particularly as ongoing innovations in prevention and rehabilitation drive future growth.
See More
4D Advisors Fully Exits U.S. Physical Therapy Stake
- Complete Exit: 4D Advisors disclosed in a SEC filing that it fully exited its stake in U.S. Physical Therapy by selling 110,000 shares in Q4 2026, resulting in a $9.34 million decline in position value, indicating a loss of investor confidence in the stock.
- Flat Stock Performance: As of February 17, 2026, U.S. Physical Therapy shares were priced at $86.54, reflecting only a 0.2% increase over the past year, which, in the context of a rising broader market, suggests relative underperformance that may prompt investors to reassess their opportunity costs.
- Lackluster Financial Growth: The latest earnings report showed revenue growth of over 16% to approximately $173.8 million; however, concerns over declining year-over-year profitability led to a 12% drop in shares, highlighting market apprehension regarding future earnings potential.
- Strategic Shift Indication: The complete exit by 4D Advisors signals that the investment no longer met return hurdles, particularly amid increased stock volatility, while CEO Chris Reading pointed to potential long-term value from acquisitions and new hospital relationships, although short-term stock performance remains under pressure.
See More
Quarterly Review of U.S. Outpatient & Specialty Care Industry
- Industry Performance Overview: In the outpatient and specialty care sector, the seven tracked stocks reported Q4 revenues exceeding analysts' expectations by 2.5%, indicating the industry's stability and attractiveness amid rising healthcare costs.
- U.S. Physical Therapy Growth: U.S. Physical Therapy reported revenues of $202.7 million, a 12.3% year-over-year increase that surpassed analysts' expectations by 1.7%, reflecting progress in key initiatives, although EPS was in line with forecasts.
- DaVita Strong Performance: DaVita's revenue reached $3.62 billion, up 9.9% year-over-year, exceeding analysts' expectations by 3.2%, with its stock rising 36.7% since reporting, showcasing market confidence in its robust performance.
- Surgery Partners Ongoing Challenges: Surgery Partners reported revenues of $885 million, a 2.4% year-over-year increase that exceeded expectations by 1.9%, but its full-year revenue and EBITDA guidance significantly missed analysts' forecasts, resulting in a 13.3% drop in stock price.
See More
U.S. Physical Therapy, Inc. Reports Strong Q4 2025 Earnings and Growth Outlook
- Strong Financial Performance: For the year ending 2025, adjusted EBITDA increased by $13.2 million, a 16.2% improvement, and net revenue rose by 16.3%, demonstrating significant financial progress despite ongoing Medicare rate reductions.
- Acquisitions and Strategic Partnerships: The company has made several acquisitions in the Pacific Northwest and New York City, with hospital partnerships expected to contribute at least $14 million to EBITDA by 2027, further strengthening its market position.
- 2026 Outlook: Management expects adjusted EBITDA for 2026 to be in the range of $102 million to $106 million, including $2.5 million from Medicare revenue increases, reflecting confidence in future growth.
- Operational Efficiency Gains: Average visits per clinic per day reached 32.7 in Q4, a record high for the company, with total patient visits growing 11.2% year-over-year, indicating significant improvements in customer service and operational efficiency.
See More
US Physical Therapy (USPH) Earnings Transcript
See More
U.S. Physical Therapy Stock Oversold Analysis
- Oversold Status: U.S. Physical Therapy, Inc. (USPH) has an RSI of 27.8, indicating it has entered oversold territory below the 30 threshold, suggesting that recent selling pressure may be exhausting, thus presenting potential buying opportunities for investors.
- Dividend Yield: The company's recent annualized dividend of $1.84 per share translates to an annual yield of 2.25% based on the current share price of $81.68, making it attractive for dividend-seeking investors.
- Market Comparison: Compared to the average RSI of 54.2 for dividend stocks covered by Dividend Channel, USPH's significantly lower RSI indicates that its stock price may be undervalued, potentially drawing more investor interest.
- Investor Strategy: While dividends are not always predictable, examining USPH's dividend history can assist investors in assessing the likelihood of continued dividend payments, enabling more informed investment decisions.
See More
U.S. Physical Therapy Presents at Barclays Healthcare Conference
- Company Overview: Founded in 1990, U.S. Physical Therapy operates 783 outpatient clinics across 44 states, providing a wide range of orthopedic and sports injury care, demonstrating its extensive reach and influence in the industry.
- Service Range: In addition to treating neurologically-related injuries and rehabilitating injured workers, USPH's industrial injury prevention services enhance employee performance and safety, thereby strengthening the company's competitive position in the market.
- Executive Presentation: CEO Chris Reading presented at the Barclays 28th Annual Global Healthcare Conference on March 11, 2026, showcasing the company's strategic positioning and future direction in the healthcare sector, which bolsters investor confidence.
- Industry Outlook: With increasing demand for physical therapy, USPH's business model and service offerings are poised to capture a larger share of the rapidly growing healthcare market, particularly as ongoing innovations in prevention and rehabilitation drive future growth.
See More
4D Advisors Fully Exits U.S. Physical Therapy Stake
- Complete Exit: 4D Advisors disclosed in a SEC filing that it fully exited its stake in U.S. Physical Therapy by selling 110,000 shares in Q4 2026, resulting in a $9.34 million decline in position value, indicating a loss of investor confidence in the stock.
- Flat Stock Performance: As of February 17, 2026, U.S. Physical Therapy shares were priced at $86.54, reflecting only a 0.2% increase over the past year, which, in the context of a rising broader market, suggests relative underperformance that may prompt investors to reassess their opportunity costs.
- Lackluster Financial Growth: The latest earnings report showed revenue growth of over 16% to approximately $173.8 million; however, concerns over declining year-over-year profitability led to a 12% drop in shares, highlighting market apprehension regarding future earnings potential.
- Strategic Shift Indication: The complete exit by 4D Advisors signals that the investment no longer met return hurdles, particularly amid increased stock volatility, while CEO Chris Reading pointed to potential long-term value from acquisitions and new hospital relationships, although short-term stock performance remains under pressure.
See More
Quarterly Review of U.S. Outpatient & Specialty Care Industry
- Industry Performance Overview: In the outpatient and specialty care sector, the seven tracked stocks reported Q4 revenues exceeding analysts' expectations by 2.5%, indicating the industry's stability and attractiveness amid rising healthcare costs.
- U.S. Physical Therapy Growth: U.S. Physical Therapy reported revenues of $202.7 million, a 12.3% year-over-year increase that surpassed analysts' expectations by 1.7%, reflecting progress in key initiatives, although EPS was in line with forecasts.
- DaVita Strong Performance: DaVita's revenue reached $3.62 billion, up 9.9% year-over-year, exceeding analysts' expectations by 3.2%, with its stock rising 36.7% since reporting, showcasing market confidence in its robust performance.
- Surgery Partners Ongoing Challenges: Surgery Partners reported revenues of $885 million, a 2.4% year-over-year increase that exceeded expectations by 1.9%, but its full-year revenue and EBITDA guidance significantly missed analysts' forecasts, resulting in a 13.3% drop in stock price.
See More
U.S. Physical Therapy, Inc. Reports Strong Q4 2025 Earnings and Growth Outlook
- Strong Financial Performance: For the year ending 2025, adjusted EBITDA increased by $13.2 million, a 16.2% improvement, and net revenue rose by 16.3%, demonstrating significant financial progress despite ongoing Medicare rate reductions.
- Acquisitions and Strategic Partnerships: The company has made several acquisitions in the Pacific Northwest and New York City, with hospital partnerships expected to contribute at least $14 million to EBITDA by 2027, further strengthening its market position.
- 2026 Outlook: Management expects adjusted EBITDA for 2026 to be in the range of $102 million to $106 million, including $2.5 million from Medicare revenue increases, reflecting confidence in future growth.
- Operational Efficiency Gains: Average visits per clinic per day reached 32.7 in Q4, a record high for the company, with total patient visits growing 11.2% year-over-year, indicating significant improvements in customer service and operational efficiency.
See More
US Physical Therapy (USPH) Earnings Transcript
See More
U.S. Physical Therapy Stock Oversold Analysis
- Oversold Status: U.S. Physical Therapy, Inc. (USPH) has an RSI of 27.8, indicating it has entered oversold territory below the 30 threshold, suggesting that recent selling pressure may be exhausting, thus presenting potential buying opportunities for investors.
- Dividend Yield: The company's recent annualized dividend of $1.84 per share translates to an annual yield of 2.25% based on the current share price of $81.68, making it attractive for dividend-seeking investors.
- Market Comparison: Compared to the average RSI of 54.2 for dividend stocks covered by Dividend Channel, USPH's significantly lower RSI indicates that its stock price may be undervalued, potentially drawing more investor interest.
- Investor Strategy: While dividends are not always predictable, examining USPH's dividend history can assist investors in assessing the likelihood of continued dividend payments, enabling more informed investment decisions.
See More
