USPHU S PHYSICAL THERAPY INC /NV

Services-Health Services · $1.1B market cap · 7,294 employees

5.4×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

TSR below peersYes
5 of 5 years
3+ of last 5 years
Goodwill-heavyYes
57% of assets
Over 40% of assets
Low revenue per employeeYes
$107K · 13th pct
Bottom quartile of its SIC industry
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B
AI-rollup shapedYes
5 of 10
10-K business scored 5+ of 10 as an AI-rollup target

10 other checks

High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
190% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
44% of cash flow
Buybacks + dividends over cash flow
Shareholder dissentNo
94% lowest support
Any vote under 80% support
Quiet on AINo
0.7 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Recurring revenueNo
6 of 10
10-K business scored 7+ of 10 for recurring revenue
Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$173K net
Net sales over $10M in 12 months

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%

None on file.

−$173Knet selling by insiders, open market, last 12 months

Bought $325K · 5 tradesSold $499K · 5 trades

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