U S PHYSICAL THERAPY INC /NV (USPH) FY2025 10-K Annual Report

Filed: Feb 27, 2026
Health Care
Services-Health ServicesSEC EDGAR

U S PHYSICAL THERAPY INC /NV (USPH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

U S PHYSICAL THERAPY INC /NV FY2025 10-K Analysis

Business Overview

  • Core business: outpatient physical therapy clinics and industrial injury prevention services
  • Emphasis on AI integration with focus on operational support and risk management of emerging technologies
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Management Discussion & Analysis

  • Total net revenue $781.0M, up 16.3% YoY (+$109.6M); physical therapy operations revenue $666.6M, up 16.0% YoY (+$92.2M)
  • Operating margin increased to 11.1% in 2025 from 9.4% in 2024; gross profit margin 19.2% vs 18.5% YoY
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Risk Factors

  • Regulatory risk from cybersecurity laws with Compliance Committee oversight and Diligent Cyber Risk Certification for Board members
  • Operational risk from evolving cybersecurity threats managed by CISO with 25+ years of experience, using external consultants for remediation
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U S PHYSICAL THERAPY INC /NV FY2025 Key Financial Metrics
XBRL

Revenue

$781M

+16.3% YoY

Net Income

$40M

+26.0% YoY

Gross Margin

19.2%

+71bp YoY

Operating Margin

11.1%

+168bp YoY

Net Margin

5.1%

+39bp YoY

ROE

8.3%

+188bp YoY

Total Assets

$1.2B

+3.1% YoY

EPS (Diluted)

$1.42

-22.8% YoY

Operating Cash Flow

$75M

+0.2% YoY

Source: XBRL data from U S PHYSICAL THERAPY INC /NV FY2025 10-K filing on SEC EDGAR. All figures in USD.

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