Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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
4.1
Distress distance
Clean
Earnings quality
4
Forensic signals
35.4
P / E (ttm)
8.3%
ROE
$1.2B
Market cap
1.95%
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, going concern, valuation). 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 4.1, 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, against 5.1% in FY2023, having run between 4.7% and 6.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $38M in FY2023 and $65M in FY2025, with operating income at 8.4% of revenue in FY2023, 9.4% in FY2024 and 11.1% in FY2025. The capital base behind it grew +39% across FY2023–FY2025, from $750M to $1.0B, and the return did not fall doing it, so the dollars added over that window earned at least the 5.1% the older base was already earning. FY2023's operating profit carried a $16M goodwill write-off that alone took about 1.6 points off that year's return, so more than the whole 1.1-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more.
+3.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +7% over the last 2 years to FY2025 (+3.4%/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 ~3.4% 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 FY2023 has been diluted ~7%.
$16M
FY2023–FY2023
Goodwill impairments.Took $16M of goodwill writedowns across 1 year (FY2023 ($16M)) — about 56% 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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.5% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$781.0M
Revenue Growth YoY+16.3%
Revenue CAGR (2yr)+13.6%
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?