Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
U S Physical Therapy Inc (USPH)
A forensic read on U S Physical Therapy Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.5
Distress distance
Clean
Earnings quality
4
Forensic signals
34.3
P / E (ttm)
8.3%
ROE
$1.4B
Market cap
2.41%
Dividend yield
16.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
U S Physical Therapy Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
6.2%
FY2025
Return on invested capital.Return on invested capital is 6.2% in the latest fiscal year and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +17% over the last 3 years to FY2025 (+5.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~14%.
$25M
FY2022–FY2023
Goodwill impairments.Took $25M of goodwill writedowns across 2 years (FY2022 ($9M), FY2023 ($16M)) — about 41% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 14% of free cash flow in FY2025 — about $0.54 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 5.4% a year and is falling.
Key fundamentals
Latest Revenue$781.0M
Revenue Growth YoY+16.3%
Revenue CAGR (3yr)+12.2%
Net Margin5.1%
Free Cash Flow$61.0M
Return on Equity8.3%
Debt / Equity0.34x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from U S Physical Therapy Inc's actual 10-K/10-Q/8-K filings?