USPHU S PHYSICAL THERAPY INC /NV
Services-Health Services
- Revenue
- $781M
- 16% YoY
- Operating margin
- 11.1%
- 18% YoY
- EBITDA
- $109M
- 34% YoY
- Market cap
- $1.1B
- Employees
- 7,294
- $107K revenue each
- Net debt / EBITDA
- 1.8×
- $195M net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo190% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo44% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes57% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$107K · 13th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 28th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$173K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $495M | $553M | $605M | $671M | $781M | 16% |
| Operating income | $71M | $57M | $51M | $63M | $87M | 38% |
| Net income | $41M | $32M | $28M | $31M | $40M | 26% |
| Operating cash flow | $76M | $59M | $82M | $75M | $75M | 0.2% |
| Capex | $8M | $8M | $9M | $9M | $14M | 53% |
| Stock-based comp | $8M | $7M | $7M | $8M | $8M | 5.7% |
| Buybacks | — | — | $0 | $0 | $6M | |
| Dividends | $19M | $21M | $24M | $27M | $27M | 3.1% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $325K · 5
- Open-market sells, 12 mo
- $499K · 5
- Net
- −$173K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $4M | 65 | 134 |
| FY2024 | $4M | $4M | 74 | 121 |
| FY2023 | $3M | $4M | 77 | 121 |
| FY2022 | $2M | $2M | 67 | 117 |
| FY2021 | $4M | $3M | 79 | 121 |