What Does U.S. Physical Therapy (USPH) Do? – Stock Outlook, Earnings, Market Cap, Related Stocks, and Headquarters Summary

Company overview

What Does U.S. Physical Therapy (USPH) Do? – Stock Outlook, Earnings, Market Cap, Related Stocks, and Headquarters Summary

Updated June 10, 2026 · First published April 13, 2026

U.S. Physical Therapy (USPH) is a healthcare company operating outpatient physical therapy clinics across the United States, characterized by a stable revenue stream from rehabilitation services and workplace injury prevention, along with steady acquisition-driven growth. We compile the company's earnings, outlook, and related stocks.

🏢 What kind of company is U.S. Physical Therapy?

U.S. Physical Therapy is a healthcare company that operates and manages outpatient physical therapy clinics in the United States. It centers on orthopedic and sports injury rehabilitation, maintaining a clinic network spanning multiple states, and is distinguished by a regional partnership-based operating model.

Its core business is the operation of outpatient physical therapy clinics. It provides post-surgical recovery, orthopedic and sports injury rehabilitation, neurological injury treatment, and injured worker rehabilitation, complemented by workplace injury prevention services for employer sites.

💰 How does U.S. Physical Therapy make money?

Business Segment	Revenue Share	Description
Physical Therapy Operations	Core	Outpatient clinic-based orthopedic and sports rehabilitation and post-surgical recovery treatment
Workplace Injury Prevention Services	Complementary	Injury prevention and assessment services for employees at worksites

Revenue is anchored by outpatient physical therapy operations, with workplace injury prevention services complementing the structure. Clinic visit volumes and per-visit reimbursement rates are the primary revenue drivers, while new clinic openings and acquisitions power top-line growth. The regional partner joint operating model contributes to field-level operating efficiency and margin management, and the workplace injury prevention business provides diversification that reduces reliance on medical reimbursements. Labor costs and changes in insurance reimbursement rates are observed factors influencing margins.

📐 U.S. Physical Therapy Market Cap and Company Size

Market capitalization stands at $1.2B, with an employee headcount of 7,294 people.

U.S. Physical Therapy is classified as a small-to-mid-cap company in the healthcare medical facilities sector, positioned as a provider with a nationwide outpatient rehabilitation clinic network. Compared with large rehabilitation hospital operators, it pursues an asset-light, outpatient-focused model and pursues a capital return policy combining steady acquisitions with dividends.

📈 U.S. Physical Therapy Outlook and Stock Price Trends

1-Year Price Performance

Analyst Consensus

1.3

Sell Hold Strong Buy

Target Price $96 +21.7% Current $79

52-Week Price Range

$79

Low $58 High $94

vs. low +35.28% vs. high -15.81%

In the near term, per-visit rate negotiations, labor cost trends, and the insurer reimbursement environment act as earnings variables. Over the medium to long term, expanding rehabilitation demand driven by an aging population, growth in the post-surgical recovery and sports injury treatment market, and the expansion of corporate clients for workplace injury prevention services are expected to serve as growth drivers. However, costs from clinic acquisition integration, competition for therapist talent, and shifts in government and private insurance reimbursement policy are potential sources of volatility. The pace of new clinic openings and the acquisition pipeline are key gauges of top-line growth.

Expanding outpatient rehabilitation demand driven by population aging
Network expansion through clinic acquisitions and new openings

⚔️ U.S. Physical Therapy Core Strengths and Risks

A nationwide outpatient rehabilitation network and acquisition-driven growth are strengths, while labor costs and insurance reimbursement volatility are key risks.

💪 Core Strengths

Nationwide Clinic Network

Provides community-based rehabilitation care through outpatient clinics distributed across multiple states.

Acquisition-Driven Growth

Consistently expands scale and visit volumes through the acquisition of regional physical therapy practices.

Business Diversification

Complements revenue sources with workplace injury prevention services alongside rehabilitation treatment.

Capital Return

Continues shareholder returns through dividends, supported by stable cash flows.

⚠️ Key Risks

Labor Cost Burden

Exposed to upward pressure on labor costs due to competition for physical therapist talent.

Insurance Reimbursement Volatility

Changes in government and private insurer reimbursement policy affect profitability.

Acquisition Integration Risk

Integration costs and execution risks exist during the acquisition of multiple clinics.

🔄 U.S. Physical Therapy Competitors and Related (Beneficiary) Stocks

Direct competitor candidates within the same healthcare medical facilities sector include ACHC in behavioral health facilities, ADUS in home health and hospice, SEM in specialty and rehabilitation hospitals, and PNTG in senior care services. Related names grouped under the rehabilitation care theme include ENSG, which operates skilled nursing facilities, and EHC, a leading operator of inpatient rehabilitation hospitals.

Competitors

Ticker	Company	Price	Change	Market Cap	P/E	PBR	ROE	Dividend Yield
ACHC	Acadia Healthcare Company Inc	$28.36	-0.6%	$2.6B	-	1.3	-44.54%	-
ADUS	Addus HomeCare Corp	$117.09	-1.2%	$2.2B	20.5	1.9	9.71%	-
PNTG	Pennant Group Inc	$39.20	-0.3%	$1.4B	43.2	3.8	9.61%	-

Related stocks (beneficiaries)

Ticker	Company	Price	Change	Market Cap	P/E	PBR	ROE	Dividend Yield
ENSG	Ensign Group Inc	$174.02	+0.7%	$10.1B	27.3	4.2	16.98%	0.15%
EHC	Encompass Health Corp	$121.71	+0.6%	$12.0B	19.8	4.6	24.75%	0.49%

Checkpoint	Item to Verify	Current Status
📈 Business Momentum	Clinic visit volumes and trends in new openings and acquisitions	Expansion in progress
💵 Financial Health	Trends in cash flow and profitability metrics	Stable level
⚔️ Competitive Environment	Labor and market share competition in regional rehabilitation markets	Monitoring required
💰 Dividend Returns	Sustainability of dividend policy	Maintained