U.S. Physical Therapy (USPH)
Outpatient physical therapy chain that scales by keeping local clinicians as co-owners.
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Operator of 780 outpatient physical and occupational therapy clinics across 44 states, paired with an on-site industrial injury prevention segment. Growth is driven by majority-stake acquisitions of clinician-owned practices, with founders retaining a minority share — an ownership model the company has used as its primary expansion engine since the 1990s.
Outpatient physical and occupational therapy through 780 clinics in 44 states forms the core business. A second segment, Industrial Injury Prevention, delivers on-site ergonomics, occupational health, and sports medicine at over 600 employer locations nationwide through subsidiary Briotix Health.
Growth runs through majority-stake joint ventures with local clinician-founders, who typically retain a minority ownership share. That retained equity ties operator incentives to clinic performance, and USPH provides the capital, payor relationships, and back-office infrastructure.
Reimbursement flows primarily from Medicare and private payors; Medicare therapy-services thresholds and targeted review requirements are a standing structural constraint. The company has paid a quarterly cash dividend continuously since 2011.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 13, 2026 | Barrington | Target | Target: $98 | Target: $90 |
| Mar 9, 2026 | Jefferies | Target | Target: — | Target: $102 |
| Dec 16, 2024 | B of A Securities | Upgrade | ||
| Oct 7, 2024 | B of A Securities | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $24.9M · Total debt $385.8M · Total assets $1.25B · Shareholders' equity $448.7M
- Revenue
- $214.1M
- Operating income
- $21.9M
- Net income
- $1.6M
HistoryDividendAnnual yield
| Institutions | 109.46% | 16.34M shares | |
|---|---|---|---|
| 222 holders · as of Jun 30, 2026 | |||
| Insiders | 2.52% | 375.4K shares | |
| 15 holders · as of Sep 15, 2026 | |||
| Adds to | 111.98% | ||
14.92M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 111.98%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.17% | 2.26M | as of Jun 30, 2026 |
T. Rowe Price Associates, Inc.Institution | 8.30% | 1.24M | filed Feb 14, 2022 |
Bahl & Gaynor IncInstitution | 5.77% | 861,574 | as of Jun 30, 2026 |
Kayne Anderson Rudnick Investment Management LLCInstitution | 5.67% | 846,674 | as of Jun 30, 2026 |
Copeland Capital Management, LLCInstitution | 5.64% | 841,544 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 11, 2026 | Peter Francis Minan | director | +5 | $79.00 |
| Jun 12, 2026 | Peter Francis Minan | director | +1 | $66.50 |
| Jun 8, 2026 | Peter Francis Minan | director | +492 | $63.14 |
| Jun 9, 2026 | Peter Francis Minan | director | +288 | $61.50 |
| Mar 11, 2026 | Graham D. Reeve | officer: COO | −662 | $78.86 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| U.S. Physical Therapy | $83.50 | +1.27% | $1.25B | 485.0 | 26.7 | 1.6 | +30.4% |
| Concentra | $35.26 | +1.39% | $4.45B | 22.6 | 20.4 | 1.9 | +10.0% |
| Encompass Health | $124.01 | +2.02% | $12.06B | 19.8 | 19.4 | 1.9 | +9.6% |
| The Pennant Group | $39.84 | +2.26% | $1.35B | 43.3 | 27.4 | 1.2 | +35.8% |
| Median | 22.6 | 20.4 | 1.9 | +10.0% |