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U.S. Physical Therapy

NYSE:USPH
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
USPH
NYSE
$1B
Market Cap
  1. Home
  2. US
  3. Healthcare
Company description

U.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. The last earnings update was 31 days ago. More info.


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USPH Share Price and Events
7 Day Returns
-1.3%
NYSE:USPH
-7.2%
US Healthcare
0.8%
US Market
1 Year Returns
18.4%
NYSE:USPH
-5.6%
US Healthcare
5.9%
US Market
USPH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
U.S. Physical Therapy (USPH) -1.3% 4.5% 1% 18.4% 121.8% 248.2%
US Healthcare -7.2% -7.9% -9.9% -5.6% 12.9% 61.6%
US Market 0.8% 2.6% 10.6% 5.9% 37.7% 45.5%
1 Year Return vs Industry and Market
  • USPH outperformed the Healthcare industry which returned -5.6% over the past year.
  • USPH outperformed the Market in United States of America which returned 5.9% over the past year.
Price Volatility
USPH
Industry
5yr Volatility vs Market

Value

 Is U.S. Physical Therapy undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of U.S. Physical Therapy to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for U.S. Physical Therapy.

NYSE:USPH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:USPH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Healthcare Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.716 (1 + (1- 21%) (2.84%))
0.82
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.82 * 5.96%)
7.62%

Discounted Cash Flow Calculation for NYSE:USPH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for U.S. Physical Therapy is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:USPH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.62%)
2019 54.31 Analyst x3 50.47
2020 61.05 Analyst x3 52.71
2021 75.00 Analyst x1 60.17
2022 78.73 Est @ 4.97% 58.69
2023 82.11 Est @ 4.3% 56.88
2024 85.25 Est @ 3.83% 54.87
2025 88.23 Est @ 3.5% 52.77
2026 91.11 Est @ 3.27% 50.63
2027 93.94 Est @ 3.11% 48.51
2028 96.76 Est @ 2.99% 46.43
Present value of next 10 years cash flows $532.12
NYSE:USPH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $96.76 × (1 + 2.73%) ÷ (7.62% – 2.73%)
$2,032.73
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,032.73 ÷ (1 + 7.62%)10
$975.34
NYSE:USPH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $532.12 + $975.34
$1,507.46
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,507.46 / 12.76
$118.13
NYSE:USPH Discount to Share Price
Calculation Result
Value per share (USD) From above. $118.13
Current discount Discount to share price of $109.96
= -1 x ($109.96 - $118.13) / $118.13
6.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price U.S. Physical Therapy is available for.
Intrinsic value
7%
Share price is $109.96 vs Future cash flow value of $118.13
Current Discount Checks
For U.S. Physical Therapy to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • U.S. Physical Therapy's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • U.S. Physical Therapy's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for U.S. Physical Therapy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are U.S. Physical Therapy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:USPH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.31
NYSE:USPH Share Price ** NYSE (2019-04-18) in USD $109.96
United States of America Healthcare Industry PE Ratio Median Figure of 53 Publicly-Listed Healthcare Companies 21.71x
United States of America Market PE Ratio Median Figure of 3,078 Publicly-Listed Companies 18.23x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of U.S. Physical Therapy.

NYSE:USPH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:USPH Share Price ÷ EPS (both in USD)

= 109.96 ÷ 1.31

83.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • U.S. Physical Therapy is overvalued based on earnings compared to the US Healthcare industry average.
  • U.S. Physical Therapy is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does U.S. Physical Therapy's expected growth come at a high price?
Raw Data
NYSE:USPH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 83.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
35.6%per year
United States of America Healthcare Industry PEG Ratio Median Figure of 40 Publicly-Listed Healthcare Companies 1.5x
United States of America Market PEG Ratio Median Figure of 2,108 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:USPH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 83.88x ÷ 35.6%

2.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • U.S. Physical Therapy is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on U.S. Physical Therapy's assets?
Raw Data
NYSE:USPH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $17.02
NYSE:USPH Share Price * NYSE (2019-04-18) in USD $109.96
United States of America Healthcare Industry PB Ratio Median Figure of 93 Publicly-Listed Healthcare Companies 2.32x
United States of America Market PB Ratio Median Figure of 5,172 Publicly-Listed Companies 1.93x
NYSE:USPH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:USPH Share Price ÷ Book Value per Share (both in USD)

= 109.96 ÷ 17.02

6.46x

* Primary Listing of U.S. Physical Therapy.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • U.S. Physical Therapy is overvalued based on assets compared to the US Healthcare industry average.
X
Value checks
We assess U.S. Physical Therapy's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Healthcare industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Healthcare industry average (and greater than 0)? (1 check)
  5. U.S. Physical Therapy has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is U.S. Physical Therapy expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
35.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is U.S. Physical Therapy expected to grow at an attractive rate?
  • U.S. Physical Therapy's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • U.S. Physical Therapy's earnings growth is expected to exceed the United States of America market average.
  • U.S. Physical Therapy's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:USPH Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:USPH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 35.6%
NYSE:USPH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 7.2%
United States of America Healthcare Industry Earnings Growth Rate Market Cap Weighted Average 13.2%
United States of America Healthcare Industry Revenue Growth Rate Market Cap Weighted Average 7.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:USPH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:USPH Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 594 84 1
2020-12-31 512 75 39 7
2019-12-31 483 68 37 7
NYSE:USPH Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 449 73 17
2018-09-30 442 70 18
2018-06-30 432 65 22
2018-03-31 421 58 21
2017-12-31 410 57 22
2017-09-30 392 53 20
2017-06-30 377 42 20
2017-03-31 363 51 21
2016-12-31 353 51 21
2016-09-30 348 48 20
2016-06-30 344 49 21
2016-03-31 337 49 21

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • U.S. Physical Therapy's earnings are expected to grow significantly at over 20% yearly.
  • U.S. Physical Therapy's revenue is expected to grow by 7.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:USPH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from U.S. Physical Therapy Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:USPH Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 3.08 3.20 2.89 4.00
2019-12-31 2.87 2.88 2.85 3.00
NYSE:USPH Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.31
2018-09-30 1.45
2018-06-30 1.73
2018-03-31 1.64
2017-12-31 1.76
2017-09-30 1.61
2017-06-30 1.58
2017-03-31 1.67
2016-12-31 1.64
2016-09-30 1.60
2016-06-30 1.69
2016-03-31 1.68

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • U.S. Physical Therapy is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess U.S. Physical Therapy's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
U.S. Physical Therapy has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has U.S. Physical Therapy performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare U.S. Physical Therapy's growth in the last year to its industry (Healthcare).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • U.S. Physical Therapy's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • U.S. Physical Therapy's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • U.S. Physical Therapy's 1-year earnings growth is negative, it can't be compared to the US Healthcare industry average.
Earnings and Revenue History
U.S. Physical Therapy's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from U.S. Physical Therapy Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:USPH Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 449.31 16.61 41.35
2018-09-30 441.71 18.34 41.12
2018-06-30 431.58 21.79 38.78
2018-03-31 420.99 20.68 37.51
2017-12-31 410.38 22.13 35.89
2017-09-30 391.92 20.15 33.55
2017-06-30 377.24 19.81 32.85
2017-03-31 363.35 20.88 32.02
2016-12-31 352.51 20.55 32.48
2016-09-30 348.39 20.01 33.53
2016-06-30 343.95 21.02 32.85
2016-03-31 336.70 20.94 32.41
2015-12-31 327.13 20.62 31.07
2015-09-30 319.83 20.89 30.36
2015-06-30 313.48 20.29 30.90
2015-03-31 308.40 19.71 30.92
2014-12-31 300.96 19.13 30.40
2014-09-30 290.20 18.69 28.98
2014-06-30 278.31 18.20 27.74
2014-03-31 266.83 18.04 26.65
2013-12-31 259.67 17.73 25.93
2013-09-30 253.26 18.11 25.24
2013-06-30 249.38 18.05 24.93
2013-03-31 245.02 17.80 24.66
2012-12-31 244.83 18.36 24.50
2012-09-30 243.08 22.30 25.51
2012-06-30 240.48 21.74 24.75

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • U.S. Physical Therapy has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • U.S. Physical Therapy used its assets less efficiently than the US Healthcare industry average last year based on Return on Assets.
  • U.S. Physical Therapy's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess U.S. Physical Therapy's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Healthcare industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
U.S. Physical Therapy has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is U.S. Physical Therapy's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up U.S. Physical Therapy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • U.S. Physical Therapy is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • U.S. Physical Therapy's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of U.S. Physical Therapy's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from U.S. Physical Therapy Company Filings, last reported 3 months ago.

NYSE:USPH Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 350.82 39.84 23.37
2018-09-30 342.00 59.43 32.24
2018-06-30 329.78 61.42 27.15
2018-03-31 316.57 48.10 19.81
2017-12-31 308.97 60.77 21.93
2017-09-30 296.33 62.70 17.42
2017-06-30 291.55 75.70 20.24
2017-03-31 272.87 64.02 25.15
2016-12-31 257.88 51.82 20.05
2016-09-30 227.07 41.53 15.02
2016-06-30 223.05 48.09 20.45
2016-03-31 217.04 58.37 19.21
2015-12-31 218.28 49.11 15.78
2015-09-30 195.14 49.09 20.56
2015-06-30 192.60 42.86 12.97
2015-03-31 183.57 42.92 14.56
2014-12-31 174.59 35.62 14.27
2014-09-30 170.56 47.80 15.82
2014-06-30 165.39 46.30 12.93
2014-03-31 157.29 46.73 16.76
2013-12-31 155.12 41.48 12.90
2013-09-30 146.71 15.13 12.12
2013-06-30 147.23 16.95 10.29
2013-03-31 139.68 21.38 10.28
2012-12-31 134.66 18.03 11.67
2012-09-30 136.39 16.88 10.68
2012-06-30 132.57 20.88 8.81
  • U.S. Physical Therapy's level of debt (11.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (26.8% vs 11.4% today).
  • Debt is well covered by operating cash flow (183.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 30.9x coverage).
X
Financial health checks
We assess U.S. Physical Therapy's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. U.S. Physical Therapy has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is U.S. Physical Therapy's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.98%
Current annual income from U.S. Physical Therapy dividends. Estimated to be 1.02% next year.
If you bought $2,000 of U.S. Physical Therapy shares you are expected to receive $20 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • U.S. Physical Therapy's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • U.S. Physical Therapy's dividend is below the markets top 25% of dividend payers in United States of America (3.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:USPH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America Healthcare Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:USPH Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31 1.20 1.00
2019-12-31 1.04 1.00
NYSE:USPH Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-18 1.080 1.003
2019-03-07 1.080 0.993
2018-11-07 0.920 0.843
2018-11-01 0.920 0.802
2018-05-03 0.920 0.871
2018-03-08 0.920 1.068
2017-11-02 0.800 1.095
2017-08-03 0.800 1.297
2017-05-31 0.800 1.271
2017-03-31 0.800 1.245
2016-11-03 0.680 0.998
2016-08-05 0.680 1.100
2016-08-04 0.680 1.114
2016-03-03 0.680 1.244
2015-11-05 0.600 1.183
2015-08-06 0.600 1.269
2015-05-07 0.600 1.158
2015-03-12 0.600 1.256
2015-03-05 0.600 1.317
2014-11-07 0.480 1.194
2014-11-06 0.480 1.207
2014-05-08 0.480 1.372
2014-03-06 0.480 1.473
2013-11-07 0.400 1.215
2013-08-08 0.400 1.306
2013-05-09 0.400 1.393
2013-03-07 0.400 1.644
2012-11-08 0.360 1.400
2012-08-09 0.360 1.352
2012-05-03 0.360 1.448
2012-03-08 0.360 1.601
2011-11-03 0.320 1.641
2011-08-04 0.320 1.667
2011-05-05 0.320 1.332
2011-03-03 0.320 1.436

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, U.S. Physical Therapy has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but U.S. Physical Therapy only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of U.S. Physical Therapy's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess U.S. Physical Therapy's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can U.S. Physical Therapy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. U.S. Physical Therapy has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of U.S. Physical Therapy's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Chris Reading
COMPENSATION $2,476,858
AGE 54
TENURE AS CEO 14.4 years
CEO Bio

Mr. Christopher J. Reading, also known as Chris, has been the Chief Executive Officer and President of US Physical Therapy Inc. since November 1, 2004. Mr. Reading served as the Chief Operating Officer at Us Physical Therapy Inc. from November 2003 to January 2005. He served as Senior Vice President of Operations at HealthSouth Corporation, where he was responsible for over 200 facilities located in 10 states. Mr. Reading has been a Director of US Physical Therapy Inc. since November 1, 2004. Mr. Reading holds a Bachelor of Science degree in Physical Therapy with high honors from the Medical College of Virginia.

CEO Compensation
  • Chris's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Chris's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the U.S. Physical Therapy management team in years:

14.3
Average Tenure
57.5
Average Age
  • The average tenure for the U.S. Physical Therapy management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Chris Reading

TITLE
President
COMPENSATION
$2M
AGE
54
TENURE
14.4 yrs

Larry McAfee

TITLE
Executive VP
COMPENSATION
$1M
AGE
63
TENURE
15.6 yrs

Glenn McDowell

TITLE
Chief Operating Officer of West
COMPENSATION
$1M
AGE
61
TENURE
14.3 yrs

Graham Reeve

TITLE
Chief Operating Officer of East
AGE
54
TENURE
1.1 yrs

Jon Bates

TITLE
VP & Corporate Controller
TENURE
12.4 yrs

Rick Binstein

TITLE
Secretary

Johnny Blanchard

TITLE
Assistant Controller
Board of Directors Tenure

Average tenure and age of the U.S. Physical Therapy board of directors in years:

12.6
Average Tenure
66
Average Age
  • The average tenure for the U.S. Physical Therapy board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Jerry Pullins

TITLE
Chairman of the Board
COMPENSATION
$236K
AGE
76
TENURE
7.9 yrs

Chris Reading

TITLE
President
COMPENSATION
$2M
AGE
54
TENURE
14.4 yrs

Larry McAfee

TITLE
Executive VP
COMPENSATION
$1M
AGE
63
TENURE
14.4 yrs

Clayton Trier

TITLE
Independent Director
COMPENSATION
$199K
AGE
66
TENURE
14.2 yrs

Harry Chapman

TITLE
Independent Director
COMPENSATION
$191K
AGE
73
TENURE
8.7 yrs

Eddie Kuntz

TITLE
Independent Director
COMPENSATION
$183K
AGE
73
TENURE
4.7 yrs

Mark Brookner

TITLE
Independent Director
COMPENSATION
$176K
AGE
73
TENURE
20.7 yrs

Bernard Harris

TITLE
Independent Director
COMPENSATION
$178K
AGE
61
TENURE
13.7 yrs

Regg Swanson

TITLE
Director
COMPENSATION
$111K
AGE
64
TENURE
11.6 yrs

Kathleen Gilmartin

TITLE
Director
AGE
66
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • U.S. Physical Therapy insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
01. Apr 19 Buy Kathleen Gilmartin Individual 29. Mar 19 29. Mar 19 500 $105.17 $52,585
20. Mar 19 Buy Harry Chapman Individual 18. Mar 19 18. Mar 19 950 $105.33 $100,064
18. Mar 19 Sell Glenn McDowell Individual 14. Mar 19 18. Mar 19 -6,204 $112.48 $-665,278
11. Mar 19 Sell Lawrance McAfee Individual 08. Mar 19 08. Mar 19 -3,150 $106.43 $-335,255
27. Dec 18 Buy Reginald Swanson Individual 26. Dec 18 26. Dec 18 500 $101.20 $50,585
13. Dec 18 Buy Harry Chapman Individual 11. Dec 18 11. Dec 18 1,200 $110.69 $132,828
20. Nov 18 Sell Mark Brookner Individual 16. Nov 18 16. Nov 18 -500 $118.50 $-59,250
06. Nov 18 Sell Lawrance McAfee Individual 02. Nov 18 02. Nov 18 -3,100 $113.29 $-351,199
06. Nov 18 Sell Mark Brookner Individual 05. Nov 18 05. Nov 18 -2,000 $113.75 $-227,500
24. Sep 18 Sell Mark Brookner Individual 21. Sep 18 21. Sep 18 -2,500 $116.00 $-290,000
10. Sep 18 Sell Mark Brookner Individual 07. Sep 18 07. Sep 18 -625 $128.50 $-80,313
24. Aug 18 Sell Mark Brookner Individual 23. Aug 18 23. Aug 18 -4,375 $116.85 $-511,081
20. Aug 18 Sell Clayton Trier Individual 17. Aug 18 17. Aug 18 -1,250 $115.50 $-144,375
15. Aug 18 Sell Christopher Reading Individual 14. Aug 18 14. Aug 18 -8,768 $115.57 $-1,013,318
08. Aug 18 Sell Christopher Reading Individual 06. Aug 18 07. Aug 18 -1,232 $116.58 $-143,266
08. Aug 18 Sell Jerald Pullins Individual 06. Aug 18 06. Aug 18 -4,000 $115.01 $-460,040
06. Aug 18 Sell Glenn McDowell Individual 03. Aug 18 03. Aug 18 -6,204 $114.81 $-712,281
06. Aug 18 Sell Lawrance McAfee Individual 03. Aug 18 03. Aug 18 -3,100 $115.59 $-358,329
17. May 18 Sell Mark Brookner Individual 16. May 18 16. May 18 -1,250 $91.83 $-114,788
14. May 18 Sell Edward Kuntz Individual 11. May 18 11. May 18 -2,000 $92.02 $-184,040
11. May 18 Sell Christopher Reading Individual 09. May 18 11. May 18 -25,000 $92.16 $-2,300,998
X
Management checks
We assess U.S. Physical Therapy's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. U.S. Physical Therapy has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Introducing U.S. Physical Therapy (NYSE:USPH), The Stock That Zoomed 219% In The Last Five Years

(NYSE:USPH) which saw its share price drive 219% higher over five years. … Physical Therapy's earnings per share are down 2.3% per year, despite strong share price performance over five years. … By glancing at these numbers, we'd posit that the decline in earnings per share is not representative of how the business has changed over the years.

Simply Wall St -

Consider This Before Buying U.S. Physical Therapy, Inc. (NYSE:USPH) For The 1.0% Dividend

Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. … (NYSE:USPH) has paid dividends to shareholders, and these days it yields 1.0%. … Physical Therapy should have a place in your portfolio.

Simply Wall St -

Did U.S. Physical Therapy, Inc. (NYSE:USPH) Use Debt To Deliver Its ROE Of 13%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.13 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is It Time To Consider Buying U.S. Physical Therapy, Inc. (NYSE:USPH)?

As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … However, what if the stock is still a bargain. … Physical Therapy’s valuation and outlook in more detail to determine if there’s still a bargain opportunity.

Simply Wall St -

U.S. Physical Therapy, Inc. (NYSE:USPH) Insiders Have Been Selling

What Is Insider Buying? … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.'. … Over the last year, we can see that the biggest insider sale was by President Christopher Reading for US$2.3m worth of shares, at about US$92.16 per share.

Simply Wall St -

Calculating The Intrinsic Value Of U.S. Physical Therapy, Inc. (NYSE:USPH)

Today, I will calculate the stock's intrinsic value. … by taking the expected future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

Why We’re Not Impressed By U.S. Physical Therapy, Inc.’s (NYSE:USPH) 15% ROCE

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … First up, we'll look at what ROCE is and how we calculate it. … Understanding Return On Capital Employed (ROCE).

Simply Wall St -

Why U.S. Physical Therapy, Inc.'s (NYSE:USPH) High P/E Ratio Isn't Necessarily A Bad Thing

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Physical Therapy, Inc.'s (NYSE:USPH) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Does U.S. Physical Therapy, Inc. (NYSE:USPH) Have A Volatile Share Price?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

US Physical Therapy Inc (NYSE:USPH): Does The -9.0% Earnings Drop Reflect A Longer Term Trend?

In this commentary, I will examine US Physical Therapy Inc's (NYSE:USPH) latest earnings update (30 September 2018) and compare these figures against its performance over the past couple of years, as well as how the rest of the healthcare industry performed. … Was USPH's recent earnings decline indicative of a tough track record. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 2.7%, indicating the rate at which USPH is growing has slowed down

Simply Wall St -

Company Info

Description

U.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. The company provides industrial injury prevention services, including onsite injury prevention and rehabilitation, performance optimization, and ergonomic assessments through physical therapists and specialized certified athletic trainers for Fortune 500 companies, and other clients comprising insurers and their contractors As of March 14, 2019, it operated 592 outpatient physical therapy clinics in 42 states; and managed 28 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The company was founded in 1990 and is based in Houston, Texas.

Details
Name: U.S. Physical Therapy, Inc.
USPH
Exchange: NYSE
Founded: 1990
$1,403,209,676
12,761,092
Website: http://www.usph.com
Address: U.S. Physical Therapy, Inc.
1300 West Sam Houston Parkway South,
Suite 300,
Houston,
Texas, 77042,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE USPH Common Stock New York Stock Exchange US USD 28. May 1992
DB UPH Common Stock Deutsche Boerse AG DE EUR 28. May 1992
Number of employees
Current staff
Staff numbers
3,850
U.S. Physical Therapy employees.
Industry
Health Care Facilities
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 23:43
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/03/18
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.