U S PHYSICAL THERAPY INC /NV (USPH) FY2025 10-K Annual Report
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
- • Strategic focus on growth via acquisitions despite associated integration and liability risks
- • Reserved 315,221 shares for future equity grants as of December 31, 2025, potential dilution risk highlighted
- • Noteworthy risks include potential clinic closures, client contract terminations, and regulatory challenges with AI use
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
- • Best segment: Industrial Injury Prevention (IIP) revenue up 18.0% to $114.4M with 18.9% gross margin; worst: Clinic closures impact with 23 closures in 2025 vs 45 in 2024
- • Share repurchases $5.6M (81,322 shares) in Q4 2025; dividend raised to $0.46/share quarterly in 2026; capex details not specified
- • 2026 outlook includes Medicare reimbursement increase of ~1.75%; new 10-year hospital alliances expected to boost revenue, operating income, margins
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
- • Governance risk with regular CISO reporting to CFO, President, CEO, Compliance Committee, and full Board to maintain enterprise-wide cybersecurity oversight
U S PHYSICAL THERAPY INC /NV FY2025 Key Financial MetricsXBRL
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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