US Physical Therapy Inc
F:UPH
US Physical Therapy Inc
US Physical Therapy Inc., founded in 1990 and headquartered in Houston, Texas, has crafted a unique niche within the healthcare sector, specializing in the development and operation of outpatient physical therapy clinics across the United States. The company focuses on providing physical rehabilitation services to patients suffering from medical conditions that impair their mobility or physical function. US Physical Therapy, with its extensive network, partners with licensed physical therapists who offer personalized care aimed at improving the quality of life for those recovering from injuries or surgeries. The company emphasizes a high level of clinical expertise and personalized patient care, which not only fosters recovery but also builds trust and long-term relationships with patients and practitioners alike.
The company’s revenue model largely revolves around patient visits, where each patient interaction represents a billable service. This model is further supported by a combination of direct payments and reimbursements from government and private insurance plans. By strategically expanding its clinics and continuously improving operational efficiency, US Physical Therapy maximizes its capacity to serve a broad range of patients and enhances its financial performance. The company also intelligently pursues selective acquisitions to expand its footprint and increase market share. This growth strategy, combined with its core mission of delivering effective physical therapy care, positions the company as a leading player in the outpatient physical therapy industry, balancing both patient outcomes and shareholder value.
US Physical Therapy Inc., founded in 1990 and headquartered in Houston, Texas, has crafted a unique niche within the healthcare sector, specializing in the development and operation of outpatient physical therapy clinics across the United States. The company focuses on providing physical rehabilitation services to patients suffering from medical conditions that impair their mobility or physical function. US Physical Therapy, with its extensive network, partners with licensed physical therapists who offer personalized care aimed at improving the quality of life for those recovering from injuries or surgeries. The company emphasizes a high level of clinical expertise and personalized patient care, which not only fosters recovery but also builds trust and long-term relationships with patients and practitioners alike.
The company’s revenue model largely revolves around patient visits, where each patient interaction represents a billable service. This model is further supported by a combination of direct payments and reimbursements from government and private insurance plans. By strategically expanding its clinics and continuously improving operational efficiency, US Physical Therapy maximizes its capacity to serve a broad range of patients and enhances its financial performance. The company also intelligently pursues selective acquisitions to expand its footprint and increase market share. This growth strategy, combined with its core mission of delivering effective physical therapy care, positions the company as a leading player in the outpatient physical therapy industry, balancing both patient outcomes and shareholder value.
Strong Growth: US Physical Therapy delivered a robust Q4 and full year 2025, with adjusted EBITDA up 16% and net revenue up 16.3% year-over-year.
Record Volumes: Patient volumes reached all-time highs, with seven straight quarters of record clinic visits per day and 11.2% total visit growth for the year.
Margin Expansion: Gross margin improved across segments, especially in physical therapy, despite Medicare rate reductions.
Strategic Partnerships: Two major hospital affiliations were announced, expected to contribute at least $14 million EBITDA by 2027, with USPH’s share over $7 million.
Cost Discipline: Operating cost per visit decreased in Q4, and salary costs were well-controlled despite industry wage inflation concerns.
2026 Outlook: Guidance for adjusted EBITDA is $102–106 million, incorporating Medicare rate increases and the phased rollout of new hospital partnerships.
Pipeline & M&A: Continued focus on both physical therapy and injury prevention acquisitions, with emphasis on new capabilities and geographic expansion.
