NYSE:USPH

Stock Analysis Report

Executive Summary

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.


Snowflake Analysis

Solid track record with excellent balance sheet.


Similar Companies

Share Price & News

How has U.S. Physical Therapy's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: USPH's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

17.6%

USPH

13.7%

US Healthcare

10.5%

US Market


1 Year Return

-38.6%

USPH

-3.4%

US Healthcare

-11.5%

US Market

Return vs Industry: USPH underperformed the US Healthcare industry which returned -3.4% over the past year.

Return vs Market: USPH underperformed the US Market which returned -11.5% over the past year.


Shareholder returns

USPHIndustryMarket
7 Day17.6%13.7%10.5%
30 Day-38.1%-9.1%-15.4%
90 Day-43.3%-18.9%-21.4%
1 Year-37.9%-38.6%-2.2%-3.4%-9.6%-11.5%
3 Year2.3%-1.2%18.6%13.4%12.6%5.4%
5 Year41.2%33.5%23.4%15.1%32.8%18.1%

Price Volatility Vs. Market

How volatile is U.S. Physical Therapy's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is U.S. Physical Therapy undervalued compared to its fair value and its price relative to the market?

29.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: USPH ($64.52) is trading below our estimate of fair value ($91.62)

Significantly Below Fair Value: USPH is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: USPH is poor value based on its PE Ratio (26.3x) compared to the Healthcare industry average (19.4x).

PE vs Market: USPH is poor value based on its PE Ratio (26.3x) compared to the US market (13x).


Price to Earnings Growth Ratio

PEG Ratio: USPH is poor value based on its PEG Ratio (3.2x)


Price to Book Ratio

PB vs Industry: USPH is overvalued based on its PB Ratio (3.4x) compared to the US Healthcare industry average (2.4x).


Next Steps

Future Growth

How is U.S. Physical Therapy forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

8.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: USPH's forecast earnings growth (8.2% per year) is above the savings rate (1.7%).

Earnings vs Market: USPH's earnings (8.2% per year) are forecast to grow slower than the US market (12.3% per year).

High Growth Earnings: USPH's earnings are forecast to grow, but not significantly.

Revenue vs Market: USPH's revenue (1.7% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: USPH's revenue (1.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: USPH's Return on Equity is forecast to be low in 3 years time (15.1%).


Next Steps

Past Performance

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

4.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: USPH has high quality earnings.

Growing Profit Margin: USPH's current net profit margins (6.6%) are higher than last year (3.7%).


Past Earnings Growth Analysis

Earnings Trend: USPH's earnings have grown by 4.5% per year over the past 5 years.

Accelerating Growth: USPH's earnings growth over the past year (88.3%) exceeds its 5-year average (4.5% per year).

Earnings vs Industry: USPH earnings growth over the past year (88.3%) exceeded the Healthcare industry 14.1%.


Return on Equity

High ROE: USPH's Return on Equity (15.1%) is considered low.


Next Steps

Financial Health

How is U.S. Physical Therapy's financial position?


Financial Position Analysis

Short Term Liabilities: USPH's short term assets ($85.4M) exceed its short term liabilities ($60.6M).

Long Term Liabilities: USPH's short term assets ($85.4M) do not cover its long term liabilities ($120.8M).


Debt to Equity History and Analysis

Debt Level: USPH's debt to equity ratio (13.5%) is considered satisfactory.

Reducing Debt: USPH's debt to equity ratio has reduced from 20.4% to 13.5% over the past 5 years.

Debt Coverage: USPH's debt is well covered by operating cash flow (122.2%).

Interest Coverage: USPH's interest payments on its debt are well covered by EBIT (33.2x coverage).


Balance Sheet

Inventory Level: USPH has a low level of unsold assets or inventory.

Debt Coverage by Assets: USPH's debt is covered by short term assets (assets are 1.7x debt).


Next Steps

Dividend

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

1.98%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: USPH's dividend (1.98%) is higher than the bottom 25% of dividend payers in the US market (1.98%).

High Dividend: USPH's dividend (1.98%) is low compared to the top 25% of dividend payers in the US market (5.45%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, USPH has been paying a dividend for less than 10 years.

Growing Dividend: USPH's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.5%), USPH's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

15.2yrs

Average management tenure


CEO

Chris Reading (55yo)

15.33s

Tenure

US$3,327,384

Compensation

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  ...


CEO Compensation Analysis

Compensation vs Market: Chris's total compensation ($USD3.33M) is about average for companies of similar size in the US market ($USD3.12M).

Compensation vs Earnings: Chris's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Christopher Reading
President15.33yrsUS$3.33m0.60% $4.9m
Lawrance McAfee
Executive VP15.33yrsUS$1.88m0.18% $1.5m
Glenn McDowell
Chief Operating Officer of West15.17yrsUS$1.88m0.20% $1.7m
Graham Reeve
Chief Operating Officer of East2yrsUS$1.95m0.18% $1.5m
Jon Bates
VP & Corporate Controller13.33yrsno datano data
Richard Binstein
Secretaryno datano datano data
Johnny Blanchard
Assistant Controllerno datano datano data

15.2yrs

Average Tenure

58.5yo

Average Age

Experienced Management: USPH's management team is seasoned and experienced (15.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christopher Reading
President15.33yrsUS$3.33m0.60% $4.9m
Lawrance McAfee
Executive VP15.33yrsUS$1.88m0.18% $1.5m
Edward Kuntz
Former Chairman5.58yrsUS$266.45k0.044% $361.3k
Mark Brookner
Independent Director21.58yrsUS$252.70k0.17% $1.4m
Clayton Trier
Independent Director15yrsUS$268.20k0.073% $603.2k
Bernard Harris
Independent Director14.58yrsUS$255.20k0.20% $1.7m
Jerald Pullins
Independent Chairman of the Board8.83yrsUS$316.45k0.12% $1.0m
Kathleen Gilmartin
Independent Director1.83yrsUS$215.83k0.036% $296.8k
Reginald Swanson
Director12.5yrsUS$299.37k0.080% $657.8k
Harry Chapman
Independent Director9.58yrsUS$268.70k0.31% $2.5m

13.5yrs

Average Tenure

67yo

Average Age

Experienced Board: USPH's board of directors are seasoned and experienced ( 13.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: USPH insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

U.S. Physical Therapy, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: U.S. Physical Therapy, Inc.
  • Ticker: USPH
  • Exchange: NYSE
  • Founded: 1990
  • Industry: Health Care Facilities
  • Sector: Healthcare
  • Market Cap: US$824.217m
  • Shares outstanding: 12.77m
  • Website: https://www.usph.com

Number of Employees


Location

  • U.S. Physical Therapy, Inc.
  • 1300 West Sam Houston Parkway South
  • Suite 300
  • Houston
  • Texas
  • 77042
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
USPHNYSE (New York Stock Exchange)YesCommon StockUSUSDMay 1992
UPHDB (Deutsche Boerse AG)YesCommon StockDEEURMay 1992

Biography

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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 00:06
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.