TacticScaleWhat US Physical Therapy Does & How It Makes Money (USPH)
Updated October 2026 · reflects US Physical Therapy's latest reported financials
Operator of outpatient physical therapy clinics and workplace injury prevention services. The company earns revenue from therapy and rehabilitation services at the outpatient clinics it operates and manages.
How US Physical Therapy makes money
The company earns revenue from therapy and rehabilitation services at the outpatient clinics it operates and manages. It also charges Fortune 500 employers, insurers and their contractors for onsite injury prevention, employment testing and ergonomic services.
What US Physical Therapy does
U.S. Physical Therapy, Inc. is a Houston-based healthcare services company founded in 1990 that operates and manages outpatient physical therapy clinics. Its clinics treat patients before and after orthopedic surgery and help with sports injuries, preventive care, injured-worker rehabilitation and neurological injuries. The company reports two segments. Physical Therapy Operations is the clinic network. Industrial Injury Prevention Services sends physical therapists and certified athletic trainers to work with Fortune 500 companies, insurers and their contractors. These services include onsite injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments.
Products & services
- Outpatient physical therapy clinics
- Pre- and post-operative orthopedic rehabilitation
- Sports injury treatment
- Onsite industrial injury prevention and rehabilitation
- Post-offer employment testing and functional capacity evaluations
- Ergonomic assessments
What is US Physical Therapy worth?
On an owner-earnings DCF, US Physical Therapy's most-likely value is about $89 versus a recent price near $85 (5% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$44) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 5.4× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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