Overview
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- TickerUSPH on NYSE2
- IndustryServices-Health Services2
- HeadquartersHouston, United States2
- Incorporated inNV3
- Business address1300 West Sam Houston Parkway South, Suite 300, Houston, Tx 770433
- Filer categoryLarge accelerated filer3
- Legal formCorporation2
- LEI529900KL1UXQYFIOMY962
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered address1300 West Sam Houston Parkway South, Suite 300, 77042 Houston, United States2
- Registered withCorporations Section (Texas Secretary of State), 0176036486622
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During the last three years, we completed the acquisitions of the following clinic practices and IIP businesses detailed below:5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
19.2%Gross margin6
11.1%Operating margin6
5.1%Net margin6
16.3%Revenue growth, 20256
8.3%Return on equity6
0.32×Debt to equity6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Net Patient Revenues brought in 82% of the revenue U S PHYSICAL THERAPY INC /NV broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Patient Revenues | $514.6M | $560.6M | $650.4M |
| Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues | $90.2M | $110.8M | $130.6M |
| Management Contract Revenues | $8.6M | $9.8M | $9.6M |
Business segments
Physical Therapy Operations brought in 85% of the revenue U S PHYSICAL THERAPY INC /NV broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Physical Therapy Operations | $526.5M | $574.4M | $666.6M |
| Industrial Injury Prevention Services Revenues | $78.3M | $96.9M | $114.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin9¢$69.3M
- Other costs84¢$652.3M
- Income tax3¢$19.8M
- Profit5¢$39.6M
Out of $781.0M in revenue.6
Where each dollar of operating cash went, fiscal 2025
- Dividends paid36¢$27.4M
- Share buybacks7¢$5.6M
- Kept or used elsewhere56¢$42.1M
Out of $75.1M of cash from operations.6
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net revenue | $781.0M | $671.3M | $604.8M |
| Salaries and related costs | $461.9M | $399.4M | $353.4M |
| Rent, supplies, contract labor and other | $140.4M | $118.9M | $108.6M |
| Depreciation and amortization | $21.1M | $17.9M | $15.0M |
| Provision for credit losses | $7.6M | $6.9M | $6.2M |
| Clinic closure costs - lease and other | $270.0K | $4.4M | $175.0K |
| Total operating cost | $631.3M | $547.4M | $483.3M |
| Gross profit | $149.7M | $123.9M | $121.5M |
| Corporate office costs | $69.3M | $58.3M | $52.0M |
| (Gain) loss on change in fair value of contingent earn-out consideration | -$6.2M | $219.0K | $1.6M |
| Impairment of goodwill and other intangible assets | $0 | $0 | $17.5M |
| Impairment on assets held for sale | $0 | $2.4M | $0 |
| Operating income | $86.7M | $63.0M | $50.5M |
| Interest expense, debt and other | -$9.5M | -$8.0M | -$9.3M |
| Interest income from investments | $105.0K | $3.9M | $3.8M |
| Change in revaluation of put-right liability | -$1.3M | -$82.0K | $2.6M |
| Equity in earnings of unconsolidated affiliate | $1.5M | $1.0M | $955.0K |
| Loss on sale of a partnership | -$123.0K | $0 | $0 |
| Relief funds | $0 | $0 | $467.0K |
| Other | $458.0K | $357.0K | $390.0K |
| Total other expense | -$8.9M | -$2.8M | -$1.1M |
| Income before taxes | $77.8M | $60.2M | $49.4M |
| Provision for income taxes | $19.8M | $14.6M | $12.2M |
| Net income | $58.0M | $45.6M | $37.2M |
| Redeemable non-controlling interest - temporary equity | -$13.8M | -$10.0M | -$4.4M |
| Non-controlling interest - permanent equity | -$4.6M | -$4.1M | -$4.6M |
| Net income attributable to non-controlling interest | -$18.4M | -$14.2M | -$9.0M |
| Net income attributable to USPH shareholders | $39.6M | $31.4M | $28.2M |
| Basic earnings per share attributable to USPH shareholders (in dollars per share) | $1.42 | $1.84 | $1.28 |
| Diluted earnings per share attributable to USPH shareholders (in dollars per share) | $1.42 | $1.84 | $1.28 |
| Basic earnings per share - weighted-average shares (in shares) | 15.2M shares | 15.1M shares | 14.2M shares |
| Shares used in computation - diluted (in shares) | 15.2M shares | 15.1M shares | 14.2M shares |
| Dividends declared per common share (in dollars per share) | $1.80 | $1.76 | $1.72 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $35.6M | $41.4M | ||
| Patient accounts receivable, less provision for credit losses of $3,775 and $3,506, respectively | $64.2M | $59.0M | $51.8M | |
| Accounts receivable - other | $24.1M | $26.6M | ||
| Other current assets | $16.1M | $10.6M | ||
| Total current assets | $140.0M | $137.6M | ||
| Furniture and equipment | $67.9M | $68.1M | ||
| Leasehold improvements | $59.0M | $51.1M | ||
| Fixed assets, gross | $126.9M | $119.2M | ||
| Less accumulated depreciation and amortization | -$91.2M | -$87.1M | ||
| Fixed assets, net | $35.7M | $32.1M | ||
| Operating lease right-of-use assets | $144.2M | $133.9M | ||
| Investment in unconsolidated affiliate | $12.3M | $12.2M | ||
| Goodwill | $692.4M | $667.2M | $509.6M | |
| Other identifiable intangible assets, net | $172.9M | $179.3M | ||
| Other assets | $6.6M | $5.2M | ||
| Total assets | $1.2B | $1.2B | ||
| Accounts payable - trade | $6.1M | $5.9M | ||
| Accrued expenses | $81.0M | $59.5M | ||
| Current portion of operating lease liabilities | $42.1M | $39.8M | ||
| Current portion of term loan and notes payable | $9.9M | $11.0M | ||
| Total current liabilities | $139.0M | $116.3M | ||
| Notes payable, net of current portion | $417.0K | $903.0K | ||
| Revolving facility | $30.5M | $11.0M | ||
| Term loan, net of current portion and deferred financing costs | $121.7M | $130.6M | ||
| Deferred taxes | $28.4M | $29.5M | ||
| Operating lease liabilities, net of current portion | $110.6M | $101.9M | ||
| Other long-term liabilities | $3.2M | $18.3M | ||
| Total liabilities | $433.8M | $408.4M | ||
| Redeemable non-controlling interest - temporary equity | $293.3M | $269.0M | ||
| Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding | $0 | $0 | ||
| Common stock, $.01 par value, 20,000,000 shares authorized, 17,418,621 and 17,309,120 shares issued, respectively | $174.0K | $172.0K | ||
| Additional paid-in capital | $285.5M | $290.3M | ||
| Accumulated other comprehensive gain | $714.0K | $2.8M | ||
| Retained earnings | $227.2M | $227.3M | ||
| Treasury stock at cost, (2,296,059 and 2,214,737 shares at December 31, 2025 and 2024, respectively) | -$37.2M | -$31.6M | ||
| Total USPH shareholders' equity | $476.4M | $488.9M | ||
| Non-controlling interest - permanent equity | $456.0K | $1.1M | ||
| Total USPH shareholders' equity and non-controlling interest - permanent equity | $476.9M | $490.0M | $477.4M | $317.1M |
| Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity | $1.2B | $1.2B | ||
| Provision for credit losses, patient accounts receivable | $3.8M | $3.5M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 500.0K shares | 500.0K shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 20.0M shares | 20.0M shares | ||
| Common stock, shares issued (in shares) | 17.4M shares | 17.3M shares | ||
| Treasury stock, shares (in shares) | 2.3M shares | 2.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $35.6M | $41.4M | ||
| Patient accounts receivable, less provision for credit losses of $3,775 and $3,506, respectively | $64.2M | $59.0M | $51.8M | |
| Accounts receivable - other | $24.1M | $26.6M | ||
| Other current assets | $16.1M | $10.6M | ||
| Total current assets | $140.0M | $137.6M | ||
| Furniture and equipment | $67.9M | $68.1M | ||
| Leasehold improvements | $59.0M | $51.1M | ||
| Fixed assets, gross | $126.9M | $119.2M | ||
| Less accumulated depreciation and amortization | -$91.2M | -$87.1M | ||
| Fixed assets, net | $35.7M | $32.1M | ||
| Operating lease right-of-use assets | $144.2M | $133.9M | ||
| Investment in unconsolidated affiliate | $12.3M | $12.2M | ||
| Goodwill | $692.4M | $667.2M | $509.6M | |
| Other identifiable intangible assets, net | $172.9M | $179.3M | ||
| Other assets | $6.6M | $5.2M | ||
| Total assets | $1.2B | $1.2B | ||
| Accounts payable - trade | $6.1M | $5.9M | ||
| Accrued expenses | $81.0M | $59.5M | ||
| Current portion of operating lease liabilities | $42.1M | $39.8M | ||
| Current portion of term loan and notes payable | $9.9M | $11.0M | ||
| Total current liabilities | $139.0M | $116.3M | ||
| Notes payable, net of current portion | $417.0K | $903.0K | ||
| Revolving facility | $30.5M | $11.0M | ||
| Term loan, net of current portion and deferred financing costs | $121.7M | $130.6M | ||
| Deferred taxes | $28.4M | $29.5M | ||
| Operating lease liabilities, net of current portion | $110.6M | $101.9M | ||
| Other long-term liabilities | $3.2M | $18.3M | ||
| Total liabilities | $433.8M | $408.4M | ||
| Redeemable non-controlling interest - temporary equity | $293.3M | $269.0M | ||
| Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding | $0 | $0 | ||
| Common stock, $.01 par value, 20,000,000 shares authorized, 17,418,621 and 17,309,120 shares issued, respectively | $174.0K | $172.0K | ||
| Additional paid-in capital | $285.5M | $290.3M | ||
| Accumulated other comprehensive gain | $714.0K | $2.8M | ||
| Retained earnings | $227.2M | $227.3M | ||
| Treasury stock at cost, (2,296,059 and 2,214,737 shares at December 31, 2025 and 2024, respectively) | -$37.2M | -$31.6M | ||
| Total USPH shareholders' equity | $476.4M | $488.9M | ||
| Non-controlling interest - permanent equity | $456.0K | $1.1M | ||
| Total USPH shareholders' equity and non-controlling interest - permanent equity | $476.9M | $490.0M | $477.4M | $317.1M |
| Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity | $1.2B | $1.2B | ||
| Provision for credit losses, patient accounts receivable | $3.8M | $3.5M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 500.0K shares | 500.0K shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 20.0M shares | 20.0M shares | ||
| Common stock, shares issued (in shares) | 17.4M shares | 17.3M shares | ||
| Treasury stock, shares (in shares) | 2.3M shares | 2.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income including non-controlling interest | $58.0M | $45.6M | $37.2M |
| Depreciation and amortization | $22.4M | $18.7M | $15.7M |
| Provision for credit losses | $7.6M | $6.9M | $6.2M |
| Equity-based awards compensation expense | $8.3M | $7.8M | $7.2M |
| Amortization of debt issue costs | $422.0K | $422.0K | $420.0K |
| Change in deferred income taxes | $11.4M | $5.4M | $4.5M |
| Change in revaluation of put-right liability | $1.3M | $82.0K | -$2.6M |
| Change in fair value of contingent earn-out consideration | -$6.2M | $219.0K | $1.6M |
| Equity of earnings in unconsolidated affiliate | -$1.5M | -$1.0M | -$955.0K |
| Loss on sale of clinics and fixed assets | $383.0K | $836.0K | $166.0K |
| Loss on sale of partnership | $123.0K | $0 | $0 |
| Impairment of goodwill and other intangible assets | $0 | $0 | $17.5M |
| Impairment of assets held for sale | $0 | $2.4M | $0 |
| Patient accounts receivable, net | -$12.0M | -$5.3M | -$5.6M |
| Accounts receivable - other | $2.9M | -$6.5M | -$356.0K |
| Other current and long term assets | -$10.4M | -$818.0K | -$197.0K |
| Accounts payable and accrued expenses | -$7.8M | $1.7M | $15.0K |
| Other long-term liabilities | $86.0K | -$1.4M | $1.3M |
| Net cash provided by operating activities | $75.1M | $74.9M | $82.0M |
| Purchase of fixed assets | -$14.1M | -$9.2M | -$9.3M |
| Purchase of majority interest in businesses, net of cash acquired | -$15.7M | -$133.1M | -$26.6M |
| Purchase of redeemable non-controlling interest, temporary equity | -$9.9M | -$8.1M | -$11.0M |
| Purchase of non controlling interest, permanent equity | -$273.0K | -$1.0M | -$281.0K |
| Proceeds on sale of non-controlling interest, permanent equity | $30.0K | $26.0K | $102.0K |
| Repayment of notes receivable related to sales of redeemable non-controlling interest | $531.0K | $551.0K | $510.0K |
| Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity | $186.0K | $79.0K | $875.0K |
| Distributions from unconsolidated affiliate | $1.4M | $1.1M | $830.0K |
| Proceeds on sale of partnership interest, clinics and fixed assets | $700.0K | $0 | $0 |
| Other | $364.0K | $143.0K | -$189.0K |
| Net cash used in investing activities | -$36.7M | -$149.4M | -$45.0M |
| Proceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs | $0 | $0 | $163.6M |
| Proceeds from revolving facility | $189.5M | $19.0M | $24.0M |
| Distributions to non-controlling interest, permanent and temporary equity | -$19.3M | -$14.7M | -$16.1M |
| Cash dividends paid to shareholders | -$27.4M | -$26.5M | -$24.1M |
| Payments on revolving facility | -$170.0M | -$8.0M | -$55.0M |
| Payments on term loan | -$9.4M | -$3.8M | -$3.8M |
| Cash used for the repurchase of common stock | -$5.6M | $0 | $0 |
| Principal payments on notes payable | -$2.1M | -$3.0M | -$4.4M |
| Net cash (used in) provided by financing activities | -$44.1M | -$37.0M | $84.3M |
| Net (decrease) increase in cash and cash equivalents | -$5.8M | -$111.5M | $121.2M |
| Income taxes | $14.3M | $4.8M | $4.9M |
| Interest paid | $9.4M | $7.2M | $8.7M |
| Purchase of businesses - seller financing portion | $300.0K | $2.1M | $1.8M |
| Liabilities assumed associated with a purchase of a business | $0 | $670.0K | $524.0K |
| Fair market value of initial contingent consideration related to purchase of businesses | $5.3M | $17.7M | $200.0K |
| Notes payable related to purchase of redeemable non-controlling interest, temporary equity | $173.0K | $71.0K | $1.1M |
| Payable related to the purchase of redeemable non-controlling interest, temporary equity | $3.9M | $0 | $0 |
| Offset to notes receivable associated with purchase of redeemable non-controlling interest | $358.0K | $726.0K | $0 |
| Notes receivable related to sale of redeemable non-controlling interest | $0 | $1.9M | $4.1M |
| Notes payable related to the purchase of non-controlling interest, permanent equity | $0 | $0 | $200.0K |
| Payable related to the purchase of non-controlling interest, permanent equity | $8.1M | $0 | $0 |
| Notes receivable related to the sale of non-controlling interest, permanent equity | $73.0K | $282.0K | $458.0K |
| Issuance of restricted stock related to purchase of business | $0 | $1.5M | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
U S PHYSICAL THERAPY INC /NV sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of U S PHYSICAL THERAPY INC /NV
- Copeland Capital Management, LLC Filed SCHEDULE 13G on U S PHYSICAL THERAPY INC /NV, latest Oct 13, 2026 (9 filings since Oct 22, 2024)
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Filed SCHEDULE 13G/A on U S PHYSICAL THERAPY INC /NV, latest Aug 13, 2026 (9 filings since Feb 14, 2022)
- Morgan Stanley Filed SCHEDULE 13G/A on U S PHYSICAL THERAPY INC /NV, latest Aug 12, 2026 (4 filings since Feb 10, 2023)
- Bahl & Gaynor LLC Filed SCHEDULE 13G on U S PHYSICAL THERAPY INC /NV, latest May 8, 2026
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on U S PHYSICAL THERAPY INC /NV, latest Apr 30, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on U S PHYSICAL THERAPY INC /NV, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
- BlackRock Filed SCHEDULE 13G/A on U S PHYSICAL THERAPY INC /NV, latest Jul 18, 2025 (5 filings since Jan 25, 2022)
- T. Rowe Price Investment Management, Inc. Filed SC 13G on U S PHYSICAL THERAPY INC /NV, latest Feb 14, 2024 (2 filings since Feb 14, 2023)
- PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on U S PHYSICAL THERAPY INC /NV, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
- U S PHYSICAL THERAPY INC /NV Houston, Texas, United States
- 2037953 Ontario, Inc. Subsidiary · Canada
- Hanoun Medical, Inc. Subsidiary · Ontario, Canada
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What U S PHYSICAL THERAPY INC /NV reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Furniture and fixtures | $67.9M6 Dec 31, 2025 | $68.1M6 Dec 31, 2024 | −0.3% |
| Leasehold improvements | $59.0M6 Dec 31, 2025 | $51.1M6 Dec 31, 2024 | +15.4% |
| Property and equipment, before depreciation | $126.9M6 Dec 31, 2025 | $119.2M6 Dec 31, 2024 | +6.4% |
| Accumulated depreciation | $91.2M6 Dec 31, 2025 | $87.1M6 Dec 31, 2024 | +4.7% |
| Property and equipment, net | $35.7M6 Dec 31, 2025 | $32.1M6 Dec 31, 2024 | +10.9% |
| Operating-lease assets (leased space) | $144.2M6 Dec 31, 2025 | $133.9M6 Dec 31, 2024 | +7.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $35.6M6 Dec 31, 2025 | $41.4M6 Dec 31, 2024 | −14.0% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $692.4M6 Dec 31, 2025 | $667.2M6 Dec 31, 2024 | +3.8% |
| Intangible assets, net (excluding goodwill) | $172.9M6 Dec 31, 2025 | $179.3M6 Dec 31, 2024 | −3.6% |
| Finite-lived intangibles, gross | $231.7M6 Dec 31, 2025 | $226.9M6 Dec 31, 2024 | +2.1% |
| Accumulated amortization | $58.8M6 Dec 31, 2025 | $47.6M6 Dec 31, 2024 | +23.7% |
| Finite-lived intangibles, net | $172.9M6 Dec 31, 2025 | $179.3M6 Dec 31, 2024 | −3.6% |
Properties, in its own words
We lease the properties used for our clinics under non-cancellable operating leases, commonly with terms ranging from five to ten years (with an overall range of one year to 15.0 years), with the exception of the property for one clinic which we own. We intend to lease the premises for any new clinic location except in rare instances where leasing is not a cost-effective alternative. Our typical clinic occupies 1,000 to 7,000 square feet of leased space in an office building or shopping center. There are 21 clinics occupying space in the range of over 7,000 square feet to 16,500 square feet.
We also lease our executive offices located in Houston, Texas, under a non-cancelable operating lease expiring in February 2028. We currently lease approximately 44,000 square feet of space (including allocations for common areas) at our executive offices.
Item 2 of the 10-K filed Feb 27, 2026.5
Leadership
Who has led U S PHYSICAL THERAPY INC /NV, and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
2010201520202025
- PresidentEric Joseph Williams Feb 26, 2025 to now14
- Chief financial officerNchacha Etta Sep 2, 2026 to now15
- Chief financial officerCarey P. Hendrickson Aug 11, 2021 to Sep 2, 202616
- Chief financial officerLawrance W. McAfee May 9, 2006 to Aug 11, 202017
- Chief operating officerEric Joseph Williams Feb 26, 2025 to now14
- Chief operating officerGraham D. Reeve Mar 7, 2018 to Feb 26, 202518
- Chief operating officerGlenn McDowell Dec 3, 2008 to Aug 31, 202119
Board members and other officers (18)
- EVP Gen'l Counsel & SecretaryRichard Binstein Mar 28, 2022 to now20
- Chief Operations OfficerEric Joseph Williams Jul 9, 2021 to Nov 12, 202421
- Board memberPeter Francis Minan May 19, 2026 to now22
- Board memberMichael Glasser Mayrsohn May 21, 2025 to now23
- Board memberNancy Ham May 26, 2023 to now24
- Board memberAnne Motsenbocker Jan 19, 2022 to now25
- Board memberKathleen A. Gilmartin May 24, 2018 to now26
- Board memberEdward L. Kuntz Aug 28, 2014 to May 16, 202427
- Board memberHarry S. Chapman Sep 9, 2010 to Dec 19, 202228
- Board memberBernard A. Harris, Jr. May 24, 2007 to now29
- Board memberBruce Broussard May 24, 2007 to May 18, 201130
- Board memberJ. Livingston Kosberg May 24, 2007 to Mar 24, 201031
- Board memberJerald L. Pullins May 24, 2007 to Aug 15, 201932
- Board memberMark J. Brookner May 24, 2007 to Nov 16, 202233
- Board memberMarlin W. Johnston May 24, 2007 to May 18, 201634
- Board memberLawrance W. McAfee May 9, 2006 to Aug 11, 202017
- Board memberDaniel C. Arnold Sep 15, 2006 to May 20, 201535
- Board memberAlbert L. Rosen Dec 21, 2006 to Jan 4, 200736
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 28, 20268-K Entered a material agreement; New debt or obligation37
- Sep 21, 20268-K Executive or director change38
- Aug 14, 20268-K Entered a material agreement; Executive or director change; Other events39
- Aug 12, 20268-K Regulation FD disclosure40
- Aug 10, 20268-K Regulation FD disclosure41
- Aug 6, 20268-K Results of operations; Other events42
- Jul 6, 20268-K Other events43
- May 19, 20268-K Shareholder vote44
- May 11, 20268-K Regulation FD disclosure45
- May 6, 20268-K Results of operations; Other events46
- Apr 15, 20268-K Entered a material agreement; New debt or obligation47
- Mar 13, 20268-K Executive or director change48
Calendar
Coming up
- Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.66 a share, on Nov 5, 2025.49
When it reported results
- Aug 6, 2026Reported quarterly or annual results42
- May 6, 2026Reported quarterly or annual results46
- Nov 6, 2025Reported quarterly or annual results50
- Aug 7, 2025Reported quarterly or annual results51
- May 7, 2025Reported quarterly or annual results52
- Feb 28, 2024Reported quarterly or annual results53
- Nov 8, 2023Reported quarterly or annual results54
- Aug 9, 2023Reported quarterly or annual results55
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
399 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 121 major events, 162 insider forms, 37 large holders, 59 other. The latest 20:
- Oct 13, 2026SCHEDULE 13G EDGAR
- Oct 2, 20264 EDGAR
- Oct 1, 20263 EDGAR
- Sep 28, 20268-K EDGAR
- Sep 21, 20268-K EDGAR
- Sep 15, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 2, 20263 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 14, 20268-K EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 20268-K EDGAR
- Aug 10, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Aug 4, 2026SCHEDULE 13G/A EDGAR
The 399 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
82 open-market trades by officers, directors and large owners since October 2021: 12 buys and 70 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Minan Peter FrancisDirector | Buy | 5 | $79.00 | $416 | Form 4 |
| Jun 12, 2026 | Minan Peter FrancisDirector | Buy | 1 | $66.50 | $58 | Form 4 |
| Jun 9, 2026 | Minan Peter FrancisDirector | Buy | 288 | $61.50 | $17.7K | Form 4 |
| Jun 8, 2026 | Minan Peter FrancisDirector | Buy | 492 | $63.14 | $31.1K | Form 4 |
| Mar 11, 2026 | REEVE GRAHAM D.COO | Sale | 662 | $78.86 | $52.2K | Form 4 |
| Mar 9, 2026 | REEVE GRAHAM D.COO | Sale | 1 | $78.52 | $79 | Form 4 |
| Mar 6, 2026 | REEVE GRAHAM D.COO | Sale | 1,807 | $82.25 | $148.6K | Form 4 |
| Mar 6, 2026 | Binstein RichardEVP Gen'l Counsel & Secretary | Sale | 3,000 | $81.64 | $244.9K | Form 4 |
| Nov 24, 2025 | REEVE GRAHAM D.COO | Sale | 743 | $71.01 | $52.8K | Form 4 |
| Nov 20, 2025 | Gilmartin Kathleen ADirector | Buy | 4,000 | $69.00 | $276.0K | Form 4 |
| Sep 11, 2025 | HAM NANCYDirector | Sale | 600 | $81.71 | $49.0K | Form 4 |
| Sep 5, 2025 | Williams Eric JosephPresident and COO | Sale | 1,000 | $85.25 | $85.2K | Form 4 |
| Sep 4, 2025 | READING CHRISTOPHER JChairman of the Board and CEO | Sale | 2,000 | $83.53 | $167.1K | Form 4 |
| Aug 25, 2025 | HENDRICKSON CAREY PChief Financial Officer | Sale | 698 | $86.11 | $60.1K | Form 4 |
| Aug 21, 2025 | REEVE GRAHAM D.COO | Sale | 763 | $84.97 | $64.8K | Form 4 |
| Aug 11, 2025 | REEVE GRAHAM D.COO | Sale | 1,792 | $86.57 | $155.1K | Form 4 |
| Jun 12, 2025 | HAM NANCYDirector | Sale | 400 | $78.01 | $31.2K | Form 4 |
| May 21, 2025 | REEVE GRAHAM D.COO | Sale | 530 | $78.08 | $41.4K | Form 4 |
| May 21, 2025 | Williams Eric JosephPresident and COO | Sale | 633 | $78.09 | $49.4K | Form 4 |
| Mar 7, 2025 | REEVE GRAHAM D.COO | Sale | 1,730 | $82.11 | $142.1K | Form 4 |
All 82 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Copeland Capital Management, LLCSCHEDULE 13G, 9 filings Oct 22, 2024 to Oct 13, 202656
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLCSCHEDULE 13G/A, 9 filings Feb 14, 2022 to Aug 13, 202657
- Morgan StanleySCHEDULE 13G/A, 4 filings Feb 10, 2023 to Aug 12, 202658
- Bahl & Gaynor LLCSCHEDULE 13G, 1 filing May 8, 202659
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202660
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Mar 27, 202661
- BlackRockSCHEDULE 13G/A, 5 filings Jan 25, 2022 to Jul 18, 202562
- T. Rowe Price Investment Management, Inc.SC 13G, 2 filings Feb 14, 2023 to Feb 14, 202463
- PRICE T ROWE ASSOCIATES INC /MD/SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202364
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Christopher J. ReadingChief Executive Officer | $1.0M | $4.5M65 | |
| 2025 | Eric J. WilliamsPresident, Chief Operating Officer - East | $688.8K | $2.7M65 | |
| 2025 | Graham D. ReeveChief Operating Officer - West | $643.0K | $2.2M65 | |
| 2025 | Carey P. HendricksonChief Financial Officer | $514.4K | $1.9M65 | |
| 2025 | Richard S. BinsteinExecutive Vice President, General Counsel and Secretary | $424.0K | $1.7M65 | |
| 2024 | Christopher J. ReadingChief Executive Officer | $974.4K | $3.6M65 | |
| 2024 | Eric J. WilliamsPresident, Chief Operating Officer - East | $645.8K | $2.3M65 | |
| 2024 | Graham D. ReeveChief Operating Officer - West | $624.2K | $1.8M65 | |
| 2024 | Carey P. HendricksonChief Financial Officer | $499.2K | $1.6M65 | |
| 2024 | Richard S. BinsteinExecutive Vice President, General Counsel and Secretary | $399.0K | $1.5M65 | |
| 2023 | Christopher J. ReadingChief Executive Officer | $958.7K | $3.4M65 | |
| 2023 | Graham D. ReeveChief Operating Officer - West | $604.2K | $1.9M65 | |
| 2023 | Eric J. WilliamsPresident, Chief Operating Officer - East | $537.2K | $1.8M65 | |
| 2023 | Carey P. HendricksonChief Financial Officer | $479.4K | $1.7M65 | |
| 2023 | Richard S. BinsteinExecutive Vice President, General Counsel and Secretary | $373.7K | $1.5M65 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| May 20, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | −21.9% | Report |
| Apr 17, 2025 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +19.1% | Report |
| Jan 29, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | −31.1% | Report |
| Oct 17, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −30.7% | Report |
| Sep 16, 2024 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +34.7% | Report |
| May 24, 2023 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −98.7% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How U S PHYSICAL THERAPY INC /NV is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARU S PHYSICAL THERAPY INC /NV1
- CIK0000885978
- Employer ID (EIN)76-03648665
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inNevada5
- Fiscal year endsDecember 311
- Industry code (SIC)8000 Services-Health Services1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address1300 West Sam Houston Parkway South, Suite 300, Houston, TX 770431
- Phone71329770001
- Shares outstanding14,922,698 as of Aug 7, 202612
- Public float$736.6M as of Jun 30, 20255
- AuditorGRANT THORNTON LLP, Houston, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceMay 14, 19961
- Filings1,677 in all: 4 (649), 8-K (524), SC 13G/A (113), 10-Q (86), 144 (43), SC 13G (36), DEF 14A (30), 10-K (26)1
All 45 form types
3 (23), CORRESP (21), UPLOAD (19), S-8 (13), 4/A (11), SCHEDULE 13G/A (10), SCHEDULE 13G (9), 5 (8), 10QSB (6), 8-K/A (6), ARS (6), 10-K/A (3), 10-Q/A (3), DEFA14A (3), 10-K405 (2), 3/A (2), 424B5 (2), 8-A12B (2), NT 10-Q (2), SC TO-I/A (2), 10KSB (1), 10KSB40 (1), 25 (1), CERT (1), CERTNYS (1), DEFS14A (1), NT 10-K (1), PRE 14A (1), PRER14A (1), PRES14A (1), REGDEX (1), S-3ASR (1), SC 13D (1), SC 13D/A (1), SC 13E4 (1), SC 13E4/A (1), SC TO-I (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Apr 16, 2026
Latest 8-K (8-K) Sep 28, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $.01 par value | USPH | New York Stock Exchange |
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks U S PHYSICAL THERAPY INC /NV names in Item 1A of its 10-K filed Feb 27, 2026: 33 risks under these headings, as written.5
- RISKS RELATED TO OUR BUSINESS AND OPERATIONS
- Decreases in Medicare reimbursement rate may adversely affect our financial results.
- Revenue we receive from Medicare and Medicaid is subject to potential retroactive reduction.
- We depend upon reimbursement by third-party payors.
- Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable patient information.
- We are subject to risks associated with public health crises and epidemics/pandemics.
- We expect the federal and state governments to continue their efforts to contain growth in Medicaid expenditures, which could adversely affect our revenue and profitability.
- As a result of increased post-payment reviews of claims we submit to Medicare for our services, we may incur additional costs and may be required to repay amounts already paid to us.
- An economic downturn, state budget pressures, sustained unemployment and continued deficit spending by the federal government may result in a reduction in reimbursement and covered services.
- We may be required to comply with put rights in certain of our acquisition agreements, related to a potential future purchase of significant equity interests in our existing subsidiaries or a separate company.
- Our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing, and our ability to operate our business.
- In conducting our business, we are required to comply with applicable laws regarding fee-splitting and the corporate practice of medicine.
The other 22 risks
- Some of our acquisition agreements contain contingent consideration, the value of which may impact future financial results.
- Our contractual arrangements may not be as effective in providing control over our variable interest entities as direct ownership.
- Impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interests (minority interests).
- Healthcare reform legislation may affect our business.
- Our operations are subject to extensive regulation.
- Our operations are subject to investigations, legal actions and proceedings that could result in an adverse impact on our business and financial position.
- We face inspections, reviews, audits and investigations under federal and state government programs and contracts. These audits could have adverse findings that may negatively affect our business.
- We may be adversely affected by a security breach, such as a cyber-attack, which may cause a violation of HIPAA or HITECH and subject us to potential legal and reputational harm.
- We depend upon the cultivation and maintenance of relationships with the physicians in our markets.
- Our business depends upon hiring, training, and retaining qualified employees.
- We depend upon our ability to recruit and retain experienced physical therapists.
- Failure to maintain effective internal control over our financial reporting could have an adverse effect on our ability to report our financial results on a timely and accurate basis.
- Our revenues may fluctuate due to weather.
- We operate in a highly competitive industry.
- We may incur closure costs and losses.
- Future acquisitions may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities.
- Employer and other contracted customers may terminate their relationship with us which could adversely affect the business.
- Our use of emerging technologies, including artificial intelligence, involves inherent risks
- RISKS RELATED TO OUR COMMON STOCK
- Issuance of shares in connection with financing transactions or under stock incentive plans will dilute current stockholders.
- The number of shares of our common stock eligible for future sale could adversely affect the market price of our stock.
- Provisions in our articles of incorporation and bylaws could delay or prevent a change in control of our company, even if that change would be beneficial to our stockholders.
- There can be no assurance that we will continue to increase our dividend or to repurchase shares of our common stock.
Legal proceedings
We are a party to various legal actions, proceedings, and claims (some of which are not insured), and regulatory and other governmental audits and investigations in the ordinary course of our business. We cannot predict the ultimate outcome of pending litigation, proceedings, regulatory and other governmental audits and investigations. These matters could potentially subject the Company to sanctions, damages, recoupments, fines, and other penalties. The Department of Justice, CMS, or other federal and state enforcement and regulatory agencies may conduct additional investigations related to our businesses in the future that may, either individually or in the aggregate, have a material adverse effect on our business, financial position, results of operations, and liquidity.
Healthcare providers are subject to lawsuits under the qui tam provisions of the federal False Claims Act. Qui tam lawsuits typically remain under seal for some time while the government decides whether or not to intervene on behalf of a private qui tam plaintiff (known as a relator) and take the lead in the litigation. These lawsuits can involve significant monetary damages and penalties and award bounties to private plaintiffs who successfully bring the suits. We have been a defendant in these cases in the past and may be named as a defendant in similar cases from time to time in the future.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGAREric Joseph Williams, President
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- 22SEC EDGARPeter Francis Minan, Board member
- 23
- 24SEC EDGARNancy Ham, Board member
- 25SEC EDGARAnne Motsenbocker, Board member
- 26SEC EDGARKathleen A. Gilmartin, Board member
- 27SEC EDGAREdward L. Kuntz, Board member
- 28SEC EDGARHarry S. Chapman, Board member
- 29SEC EDGARBernard A. Harris, Jr., Board member
- 30SEC EDGARBruce Broussard, Board member
- 31SEC EDGARJ. Livingston Kosberg, Board member
- 32SEC EDGARJerald L. Pullins, Board member
- 33SEC EDGARMark J. Brookner, Board member
- 34SEC EDGARMarlin W. Johnston, Board member
- 35SEC EDGARDaniel C. Arnold, Board member
- 36SEC EDGARAlbert L. Rosen, Board member
- 37
- 38SEC EDGARExecutive or director change
- 39
- 40SEC EDGARRegulation FD disclosure
- 41SEC EDGARRegulation FD disclosure
- 42SEC EDGARResults of operations; Other events
- 43SEC EDGAROther events
- 44SEC EDGARShareholder vote
- 45SEC EDGARRegulation FD disclosure
- 46SEC EDGARResults of operations; Other events
- 47
- 48SEC EDGARExecutive or director change
- 49NasdaqNasdaq calendar
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