USPH Stock: Insider Activity, Filings & Research

U.S. Physical Therapy, Inc. (USPH) — Drillr’s hub for USPH insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, USPH insiders filed 0 open-market buys and 4 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$445.8K

Insider trades by month Buys Sells

May

Jun

Aug

Sep

Nov

Mar

Context3-month price -26.4%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
May 28, 2026	Minan Peter Francisdirector	Grant	2,306	—
May 28, 2026	Harris Bernard A Jrdirector	Grant	2,306	—
May 28, 2026	Swanson Regg E.director	Grant	2,306	—
May 28, 2026	Motsenbocker Annedirector	Grant	2,306	—
May 28, 2026	Gilmartin Kathleen Adirector	Grant	2,306	—
May 20, 2026	Swanson Regg E.director	Grant	2,306	$61.61
May 20, 2026	Gilmartin Kathleen Adirector	Grant	2,306	$61.61
May 20, 2026	Harris Bernard A Jrdirector	Grant	2,306	$61.61
May 20, 2026	Minan Peter Francisdirector	Grant	2,306	$61.61
May 20, 2026	Motsenbocker Annedirector	Grant	2,306	$61.61
Mar 12, 2026	REEVE GRAHAM D.officer: COO	Sell	662	$78.86
Mar 11, 2026	REEVE GRAHAM D.officer: COO	Sell	1	$78.52
Mar 11, 2026	REEVE GRAHAM D.officer: COO	Sell	1,807	$82.25
Mar 9, 2026	Binstein Richardofficer: EVP Gen'l Counsel & Secretary	Sell	3,000	$81.64
Feb 25, 2026	READING CHRISTOPHER Jdirector, officer: Chairman of the Board and CEO	Grant	25,000	—

Source: USPH SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.

Overview

U.S. Physical Therapy, Inc. (NASDAQ:USPH) is a healthcare services company founded in 1990 and based in Houston, Texas. The company went public in 1992 and has grown to become one of the largest providers of outpatient physical therapy services in the United States. USPH operates through a network of over 590 clinics across 39 states, providing rehabilitation services for orthopedic injuries, sports-related conditions, and workplace injuries. The company has expanded its scope beyond traditional physical therapy to include industrial injury prevention services, positioning itself as a comprehensive provider of musculoskeletal healthcare solutions.

Business

U.S. Physical Therapy operates in the outpatient rehabilitation services industry, which focuses on helping patients recover from injuries and manage chronic conditions without requiring hospital stays. The company's services are designed to restore mobility, reduce pain, and prevent future injuries through specialized therapeutic interventions. The company operates through two primary business segments: Physical Therapy Operations represents the core business, generating approximately 95% of total revenue. This segment provides outpatient physical therapy services through company-owned and managed clinics. Services include pre-operative and post-operative care for patients undergoing orthopedic procedures, treatment for sports-related injuries, rehabilitation for workplace injuries, and therapy for neurological conditions. Physical therapists work with patients to develop customized treatment plans that may include manual therapy, therapeutic exercises, modalities like heat and electrical stimulation, and patient education. The typical treatment course involves multiple visits over several weeks or months, depending on the severity of the condition. Industrial Injury Prevention Services accounts for approximately 5% of revenue but has been growing rapidly. This segment provides on-site services to employers, particularly Fortune 500 companies, to prevent workplace injuries and optimize worker performance. Services include ergonomic assessments (evaluating workplace setup to prevent repetitive strain injuries), post-offer employment testing (screening potential employees for physical capability), functional capacity evaluations (determining a worker's ability to perform job tasks), and on-site injury prevention programs. These services are delivered by physical therapists and certified athletic trainers who work directly at client facilities. The physical therapy industry serves patients across all age groups but particularly focuses on an aging population that experiences higher rates of musculoskeletal conditions, as well as active individuals who sustain sports-related injuries. Treatment typically begins with a physician referral, though some states allow direct access to physical therapy services.

Revenue model

U.S. Physical Therapy generates revenue primarily through fee-for-service reimbursement for physical therapy treatments. The company collects payment from multiple sources based on patient insurance coverage and payer mix. Revenue Sources by Payer Type: Commercial insurance represents approximately 47% of revenue and typically provides the highest reimbursement rates. Medicare accounts for about 33% of revenue, though reimbursement rates are lower and subject to government-mandated cuts. Workers' compensation insurance comprises roughly 10% of revenue and has been a growing focus due to favorable reimbursement rates. Medicaid and other payers make up the remaining revenue. The business model is based on volume and rate optimization. Revenue per visit averages around $105, and clinics typically see 30-31 patient visits per day. The company generates additional revenue through its Industrial Injury Prevention segment, which operates on service contracts with employers and provides higher-margin preventive services. Margin Enhancement Factors: Positive factors include successful contract negotiations with commercial payers for rate increases, growth in higher-reimbursing workers' compensation cases, operational efficiency improvements through technology adoption, and expansion of higher-margin injury prevention services. The company has been investing in AI-driven documentation systems and virtual staffing to reduce administrative costs. Margin Pressure Factors: Negative factors include ongoing Medicare reimbursement cuts mandated by the Centers for Medicare & Medicaid Services, labor cost inflation for physical therapists and support staff, increased use of higher-cost contract labor during staffing shortages, and the challenge of maintaining adequate staffing levels in a competitive healthcare labor market. The company also faces pressure from Medicare Advantage plans that often reimburse at lower rates than traditional Medicare. The company's profitability depends heavily on managing the balance between patient volume, reimbursement rates, and operational costs, particularly labor expenses which represent the largest cost component in this labor-intensive service business.

Risks & safety

The company exhibits moderate financial stability with some areas of concern regarding cash flow timing and valuation metrics. • Liquidity and Solvency: Strong current ratio of 1.17 with $39 million in cash, though recent quarters show negative free cash flow of -$7.3 million in Q1 2025, indicating working capital pressures. Annual free cash flow remains positive at $66 million for 2024. • Debt Position: Manageable debt-to-equity ratio of 0.30, indicating conservative leverage. Total liabilities of $421 million against $1.18 billion in assets suggest reasonable financial structure. • Valuation Concerns: Trading at elevated multiples with P/E ratio of 27.7 and EV/EBITDA of 17.7, suggesting limited margin of safety at current prices. Price-to-book ratio of 2.2 indicates stock trades above tangible book value. • Operational Risks: Revenue heavily dependent on government reimbursement (Medicare ~33%) subject to regulatory cuts. Labor-intensive business model vulnerable to wage inflation and staffing shortages in competitive healthcare labor market. • Earnings Quality: ROE of 2.0% appears low for a service business, though this reflects recent margin pressures from Medicare cuts and labor cost inflation.

Recent development

Over the past few years, U.S. Physical Therapy has pursued several strategic initiatives to diversify revenue sources and improve operational efficiency in response to Medicare reimbursement pressures and labor market challenges. Industrial Injury Prevention Expansion: The company has significantly expanded its Industrial Injury Prevention (IIP) segment, achieving 30%+ revenue growth in recent quarters. This business provides higher-margin services to employers including ergonomic assessments, pre-employment testing, and on-site injury prevention programs. The company has been deepening relationships with existing Fortune 500 clients while expanding into government contracts and new industry sectors. Workers' Compensation Focus: USPH has strategically increased its workers' compensation patient mix from 9.3% to 10.9% of revenue, as these cases typically provide better reimbursement rates than Medicare. The company has tripled its workers' compensation payer relationships and implemented specialized training for staff to handle these cases more effectively. Technology and Automation Investments: To address labor cost pressures, the company has been piloting AI-driven documentation systems to reduce administrative burden on therapists and exploring virtual staffing technologies for front-office operations. These initiatives aim to improve clinician productivity and reduce operational costs. Geographic and Service Expansion: The company completed seven acquisitions in 2024, including entry into the New York market through the Metro Physical Therapy acquisition. USPH has also been exploring home-based therapy services as a complementary offering to traditional clinic-based care, particularly for patients who cannot easily access clinic locations. Payer Contract Optimization: Management has been actively renegotiating contracts with commercial payers and selectively terminating relationships with low-reimbursing Medicare Advantage plans. The company has also been exploring cash-based service offerings to reduce dependence on insurance reimbursement.

USPH company profile · for informational purposes only — not investment advice.

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