U.S. Physical Therapy, Inc. (USPH) - Net Assets
Based on the latest financial reports, U.S. Physical Therapy, Inc. (USPH) has net assets worth $782.87 Million USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.24 Billion) and total liabilities ($459.19 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Also explore U.S. Physical Therapy, Inc. total assets for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $782.87 Million |
| % of Total Assets | 63.03% |
| Annual Growth Rate | 18.8% |
| 5-Year Change | 70.23% |
| 10-Year Change | 198.67% |
| Growth Volatility | 50.37 |
U.S. Physical Therapy, Inc. - Net Assets Trend (1991–2025)
This chart illustrates how U.S. Physical Therapy, Inc.'s net assets have evolved over time, based on quarterly financial data. Check USPH intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Annual Net Assets for U.S. Physical Therapy, Inc. (1991–2025)
The table below shows the annual net assets of U.S. Physical Therapy, Inc. from 1991 to 2025. For live valuation and market cap data, see U.S. Physical Therapy, Inc. market cap and net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $770.20 Million | +1.47% |
| 2024-12-31 | $759.05 Million | +16.38% |
| 2023-12-31 | $652.24 Million | +34.60% |
| 2022-12-31 | $484.57 Million | +7.10% |
| 2021-12-31 | $452.44 Million | +10.36% |
| 2020-12-31 | $409.97 Million | +8.04% |
| 2019-12-31 | $379.45 Million | +8.16% |
| 2018-12-31 | $350.82 Million | +13.54% |
| 2017-12-31 | $308.97 Million | +19.81% |
| 2016-12-31 | $257.88 Million | +27.69% |
| 2015-12-31 | $201.95 Million | +15.67% |
| 2014-12-31 | $174.59 Million | +12.55% |
| 2013-12-31 | $155.12 Million | +15.20% |
| 2012-12-31 | $134.66 Million | +10.76% |
| 2011-12-31 | $121.58 Million | +4.47% |
| 2010-12-31 | $116.38 Million | +26.19% |
| 2009-12-31 | $92.22 Million | +5.01% |
| 2008-12-31 | $87.82 Million | +17.01% |
| 2007-12-31 | $75.06 Million | +26.38% |
| 2006-12-31 | $59.39 Million | +5.11% |
| 2005-12-31 | $56.50 Million | +5.63% |
| 2004-12-31 | $53.49 Million | +14.72% |
| 2003-12-31 | $46.62 Million | +31.11% |
| 2002-12-31 | $35.56 Million | +18.87% |
| 2001-12-31 | $29.91 Million | +140.84% |
| 2000-12-31 | $12.42 Million | -5.20% |
| 1999-12-31 | $13.10 Million | -1.48% |
| 1998-12-31 | $13.30 Million | +14.66% |
| 1997-12-31 | $11.60 Million | +34.88% |
| 1996-12-31 | $8.60 Million | +45.76% |
| 1995-12-31 | $5.90 Million | +25.53% |
| 1994-12-31 | $4.70 Million | -22.95% |
| 1993-12-31 | $6.10 Million | -25.61% |
| 1992-12-31 | $8.20 Million | +272.73% |
| 1991-12-31 | $2.20 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to U.S. Physical Therapy, Inc.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 22761600000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $227.22 Million | 47.69% |
| Common Stock | $174.00K | 0.04% |
| Other Comprehensive Income | $714.00K | 0.15% |
| Other Components | $248.33 Million | 52.12% |
| Total Equity | $476.43 Million | 100.00% |
U.S. Physical Therapy, Inc. Competitors by Market Cap
The table below lists competitors of U.S. Physical Therapy, Inc. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Inner Mongolia ERDOS Resources Co Ltd B
SHG:900936
|
$1.00 Billion |
|
Country Garden Holdings Company Limited
F:DZJ
|
$1.00 Billion |
|
Horizon Bancorp
NASDAQ:HBNC
|
$1.00 Billion |
|
Shenzhen Liande Automatic Equipment Co Ltd
SHE:300545
|
$1.00 Billion |
|
POSCO-Thainox Public Company Limited
BK:INOX
|
$1.00 Billion |
|
Far Eastern Department Stores Ltd
TW:2903
|
$1.00 Billion |
|
FAWER Automotive Parts Ltd Co
SHE:000030
|
$1.00 Billion |
|
Bonheur
OL:BONHR
|
$1.00 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in U.S. Physical Therapy, Inc.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 488,929,000 to 476,432,000, a change of -12,497,000 (-2.6%).
- Net income of 15,062,000 contributed positively to equity growth.
- Dividend payments of 27,362,000 reduced retained earnings.
- Share repurchases of 5,566,000 reduced equity.
- Other comprehensive income decreased equity by 2,085,000.
- Other factors increased equity by 7,454,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $15.06 Million | +3.16% |
| Dividends Paid | $27.36 Million | -5.74% |
| Share Repurchases | $5.57 Million | -1.17% |
| Other Comprehensive Income | $-2.08 Million | -0.44% |
| Other Changes | $7.45 Million | +1.56% |
| Total Change | $- | -2.56% |
Book Value vs Market Value Analysis
This analysis compares U.S. Physical Therapy, Inc.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.34x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 285.75x to 2.34x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1991-12-31 | $0.26 | $73.38 | x |
| 1992-12-31 | $0.81 | $73.38 | x |
| 1993-12-31 | $0.59 | $73.38 | x |
| 1994-12-31 | $0.42 | $73.38 | x |
| 1995-12-31 | $0.49 | $73.38 | x |
| 1996-12-31 | $0.72 | $73.38 | x |
| 1997-12-31 | $0.92 | $73.38 | x |
| 1998-12-31 | $1.07 | $73.38 | x |
| 1999-12-31 | $1.09 | $73.38 | x |
| 2000-12-31 | $0.89 | $73.38 | x |
| 2001-12-31 | $2.07 | $73.38 | x |
| 2002-12-31 | $2.57 | $73.38 | x |
| 2003-12-31 | $3.61 | $73.38 | x |
| 2004-12-31 | $4.06 | $73.38 | x |
| 2005-12-31 | $4.44 | $73.38 | x |
| 2006-12-31 | $4.75 | $73.38 | x |
| 2007-12-31 | $5.92 | $73.38 | x |
| 2008-12-31 | $6.77 | $73.38 | x |
| 2009-12-31 | $7.40 | $73.38 | x |
| 2010-12-31 | $8.76 | $73.38 | x |
| 2011-12-31 | $8.94 | $73.38 | x |
| 2012-12-31 | $9.86 | $73.38 | x |
| 2013-12-31 | $12.84 | $73.38 | x |
| 2014-12-31 | $11.97 | $73.38 | x |
| 2015-12-31 | $13.14 | $73.38 | x |
| 2016-12-31 | $15.00 | $73.38 | x |
| 2017-12-31 | $16.30 | $73.38 | x |
| 2018-12-31 | $17.05 | $73.38 | x |
| 2019-12-31 | $18.83 | $73.38 | x |
| 2020-12-31 | $21.52 | $73.38 | x |
| 2021-12-31 | $22.92 | $73.38 | x |
| 2022-12-31 | $24.32 | $73.38 | x |
| 2023-12-31 | $33.56 | $73.38 | x |
| 2024-12-31 | $32.46 | $73.38 | x |
| 2025-12-31 | $31.40 | $73.38 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently U.S. Physical Therapy, Inc. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.16%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.93%
- • Asset Turnover: 0.65x
- • Equity Multiplier: 2.53x
- Recent ROE (3.16%) is below the historical average (9.21%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1991 | -9.52% | -33.33% | 0.25x | 1.14x | $-410.00K |
| 1992 | -14.81% | -50.00% | 0.27x | 1.10x | $-2.01 Million |
| 1993 | -37.29% | -26.19% | 0.82x | 1.75x | $-2.79 Million |
| 1994 | -63.64% | -16.28% | 1.19x | 3.30x | $-3.24 Million |
| 1995 | 13.46% | 2.81% | 1.57x | 3.06x | $180.00K |
| 1996 | 21.05% | 4.97% | 1.65x | 2.57x | $840.00K |
| 1997 | 24.00% | 6.19% | 1.72x | 2.25x | $1.40 Million |
| 1998 | 13.79% | 3.64% | 1.83x | 2.08x | $440.00K |
| 1999 | 22.33% | 4.79% | 2.14x | 2.18x | $1.32 Million |
| 2000 | 39.06% | 5.91% | 2.75x | 2.40x | $2.78 Million |
| 2001 | 26.52% | 8.74% | 2.24x | 1.36x | $4.40 Million |
| 2002 | 26.09% | 8.96% | 2.31x | 1.26x | $5.23 Million |
| 2003 | 16.91% | 6.94% | 2.01x | 1.21x | $3.00 Million |
| 2004 | 13.31% | 5.64% | 1.92x | 1.23x | $1.66 Million |
| 2005 | 16.44% | 6.65% | 1.99x | 1.24x | $3.44 Million |
| 2006 | 11.34% | 4.66% | 1.89x | 1.29x | $744.30K |
| 2007 | 12.81% | 5.86% | 1.58x | 1.39x | $1.95 Million |
| 2008 | 12.26% | 5.33% | 1.59x | 1.45x | $1.84 Million |
| 2009 | 13.47% | 5.84% | 1.81x | 1.27x | $3.03 Million |
| 2010 | 15.05% | 7.41% | 1.50x | 1.35x | $5.25 Million |
| 2011 | 19.59% | 8.85% | 1.45x | 1.53x | $10.27 Million |
| 2012 | 15.29% | 7.11% | 1.47x | 1.46x | $6.20 Million |
| 2013 | 8.20% | 4.82% | 1.18x | 1.44x | $-2.79 Million |
| 2014 | 13.51% | 6.48% | 1.25x | 1.67x | $5.14 Million |
| 2015 | 13.69% | 6.72% | 1.18x | 1.72x | $6.00 Million |
| 2016 | 10.96% | 5.76% | 1.02x | 1.87x | $1.80 Million |
| 2017 | 10.86% | 5.38% | 0.99x | 2.05x | $1.77 Million |
| 2018 | 4.68% | 2.23% | 1.02x | 2.05x | $-11.49 Million |
| 2019 | 11.71% | 5.84% | 0.86x | 2.33x | $4.12 Million |
| 2020 | 11.07% | 7.23% | 0.71x | 2.15x | $2.95 Million |
| 2021 | 9.41% | 5.62% | 0.66x | 2.54x | $-1.74 Million |
| 2022 | 8.95% | 5.11% | 0.64x | 2.72x | $-3.31 Million |
| 2023 | 3.08% | 2.43% | 0.61x | 2.09x | $-32.95 Million |
| 2024 | 5.41% | 3.94% | 0.58x | 2.39x | $-22.43 Million |
| 2025 | 3.16% | 1.93% | 0.65x | 2.53x | $-32.58 Million |
Industry Comparison
This section compares U.S. Physical Therapy, Inc.'s net assets metrics with peer companies in the Medical Care Facilities industry.
Industry Context
- Industry: Medical Care Facilities
- Average net assets among peers: $571,562,935
- Average return on equity (ROE) among peers: 9077.43%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| U.S. Physical Therapy, Inc. (USPH) | $782.87 Million | -9.52% | 0.59x | $1.00 Billion |
| Acadia Healthcare Company Inc (ACHC) | $2.51 Billion | 4.35% | 1.75x | $1.52 Billion |
| Addus HomeCare Corporation (ADUS) | $34.58 Million | 11.64% | 2.93x | $1.69 Billion |
| agilon health Inc (AGL) | $470.95 Million | -55.24% | 2.68x | $264.44 Million |
| Airsculpt Technologies Inc (AIRS) | $83.99 Million | -5.33% | 1.43x | $316.04 Million |
| Amedisys Inc (AMED) | $1.12 Billion | -0.87% | 0.84x | $3.32 Billion |
| AMN Healthcare Services Inc (AMN) | $706.62 Million | -20.80% | 2.42x | $624.22 Million |
| American Shared Hospital Service (AMS) | $-8.37 Million | 0.00% | 0.00x | $8.87 Million |
| American Oncology Network Inc. (AONC) | $24.17K | 90834.23% | 1.03x | $292.48 Million |
| Ardent Health Partners, Inc. (ARDT) | $396.01 Million | 3.69% | 1.74x | $1.35 Billion |
| Astrana Health Inc (ASTH) | $406.66 Million | 2.66% | 0.26x | $1.90 Billion |
About U.S. Physical Therapy, Inc.
U.S. Physical Therapy, Inc., together with its subsidiaries, operates and manages outpatient physical therapy clinics. It operates through two segments, Physical Therapy Operations and Industrial Injury Prevention Services. The company provides pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers,… Read more