Stock events for U.S. Physical Therapy, Inc. (USPH)
USPH's stock has been impacted by financial performance and strategic acquisitions. The company reported strong operating momentum for 2025, with adjusted EBITDA up 16.1% and net revenue increasing by 16.3%. In February 2026, USPH acquired an industrial injury prevention business for $15.1 million and in January 2026, they acquired an eight-clinic practice for $8.0 million. Despite a Medicare rate cut, the net rate per patient visit increased. The company repurchased 81,322 shares for $5.6 million in Q4 2025 and expects 2026 adjusted EBITDA to be between $102 million and $106 million. Following its earnings release on February 25, 2026, USPH stock drifted higher by 4.7% over six days, trading in a range between $78.68 and $84.56. Over the last 52-week period, shares were down 6.56% as of February 23, 2026.
Demand Seasonality affecting U.S. Physical Therapy, Inc.’s stock price
The demand for U.S. Physical Therapy, Inc.'s services appears to be consistently strong, with record-high average daily patient visits per clinic. The broader U.S. outpatient rehabilitation market is experiencing sustained growth, driven by an aging and active population, increasing prevalence of chronic diseases, and a shift towards value-based care.
Overview of U.S. Physical Therapy, Inc.’s business
U.S. Physical Therapy, Inc. (USPH) is a publicly traded operator of outpatient physical and occupational therapy clinics, providing industrial injury prevention services. Founded in 1990, it operates in the Health Services sector, offering preventative and post-operative care for orthopedic, sports-related, and neurologically-related disorders, as well as rehabilitation for injured workers. The company manages physical therapy facilities for third parties and offers Industrial Injury Prevention (IIP) services, partnering with local practices where USPH holds a majority interest.
USPH’s Geographic footprint
U.S. Physical Therapy, Inc. has a nationwide presence, operating or managing approximately 780 outpatient physical therapy clinics across 44 states as of February 2026. Earlier reports indicated 671 clinics across 42 states as of March 2026, and 649 clinics in 40 states as of November 2023, demonstrating ongoing expansion.
USPH Corporate Image Assessment
U.S. Physical Therapy, Inc. has an aggregate usefulness score of 4.8 out of 5.0 based on 176 reviews for its annual reports. Employee reviews offer a mixed perspective, with some highlighting concerns about management, pay, benefits, and productivity requirements.
Ownership
U.S. Physical Therapy, Inc. is primarily owned by institutional shareholders, who hold 105.85% of the stock, while insiders own 9.70% and retail investors hold 0.00%. Major institutional owners include BlackRock, Inc., Kayne Anderson Rudnick Investment Management Llc, and Vanguard Group Inc. J. Livingston Kosberg is the largest individual shareholder, owning 2.46% of the company's shares.
