U.S. Physical Therapy, Inc. (USPH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.3%

$37.75

vs $86.35 price

Levered DCF

$140.58

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.69

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	54.99×	48.21×	72.77×	24.26×	21.28×	29.4×	25.47×	127.94×
P/B	2.49×	2.73×	2.78×	3.33×	4.17×	5.59×	6.07×	6×
P/S	1.52×	1.99×	2.18×	1.9×	2.49×	3.65×	3.03×	2.86×
EV / EBITDA	14.36×	18.3×	19.19×	17.29×	16.64×	20.87×	18.93×	18.23×
Gross margin	20.1%	18.5%	20.1%	20.3%	23.7%	22.3%	23.3%	22.4%
Operating margin	10.3%	9.4%	8.6%	10.3%	14.3%	12.4%	14.0%	13.3%
Net margin	1.9%	3.9%	2.4%	5.1%	5.6%	7.2%	5.8%	2.2%
Current ratio	1.01×	1.18×	2.28×	1.3×	1.14×	0.94×	1.41×	1.89×
Debt / equity	0.89×	0.6×	0.54×	0.94×	0.75×	0.4×	0.57×	0.18×
Interest coverage	8.5×	7.89×	5.6×	9.83×	75×	32.08×	32.43×	29.54×
Dividend yield	2.3%	2.0%	1.8%	2.0%	1.5%	0.3%	1.0%	0.9%
Payout ratio	181.7%	100.3%	164.4%	75.4%	67.5%	13.4%	51.7%	115.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.2%	5.4%	3.1%	9.0%	9.4%	11.1%	11.7%	4.7%
Return on invested capital	5.4%	4.3%	4.2%	5.4%	8.0%	7.9%	10.3%	12.2%
Return on assets	1.3%	2.3%	1.5%	3.3%	3.7%	5.1%	5.0%	2.3%
Free cash flow yield	5.1%	4.9%	5.5%	4.8%	5.5%	6.0%	3.6%	5.1%
Earnings yield	1.3%	2.0%	1.1%	2.7%	2.3%	2.0%	1.9%	0.8%
Enterprise value	$1.6B	$1.6B	$1.4B	$1.3B	$1.4B	$1.6B	$1.6B	$1.3B
Net debt / EBITDA	3.56×	2.92×	1.42×	3.47×	2.27×	1.01×	1.38×	0.23×
Cash conversion cycle (days)	38	43	39	40	40	42	40	39