US Physical Therapy

USPH · NYSE

$87.02+$3.11 (+3.71%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $83.91

USPH analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $99.35 (+14.2% upside)

Low: $95.95
Now: $87.02
High: $105.00

Upgrades and downgrades

The latest rating actions, newest first

USPH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Sep 11, 2026	Maintains	Overweight	$90.00 → $95.00	71%
Barrington Research	Aug 10, 2026	Maintains	Outperform	$90.00 → $98.00	44%
Citizens	Jun 24, 2026	Maintains	Market Outperform	$98.00	38%
Barrington Research	May 13, 2026	Maintains	Outperform	$103.00 → $90.00	44%
Citizens	May 8, 2026	Maintains	Market Outperform	$113.00 → $98.00	38%
Jefferies	Mar 10, 2026	Initiates	Buy	$102.00	63%
Barrington Research	Feb 20, 2026	Maintains	Outperform	$103.00	44%
Barrington Research	Jan 5, 2026	Maintains	Outperform	$103.00	44%
JP Morgan	Nov 24, 2025	Maintains	Overweight	$110.00 → $100.00	71%
Barrington Research	Oct 24, 2025	Maintains	Outperform	$103.00	44%

The case for and against

Updated Oct 18, 2026

Bull case

US Physical Therapy is viewed positively because its core physical therapy business is still delivering solid same-store growth, with 1Q26 revenue of $198.3 million, 1.543 million patient visits, and 31.8 visits per clinic per day despite weather disruption. The outlook is further supported by improving commercial pricing of more than 3% year over year, a balanced cost profile, and a well-capitalized balance sheet with $28 million in cash, $205 million in debt, and net debt to annualized EBITDA of 2.2x, leaving room for accretive M&A. Incremental upside comes from the ramp of the NYU Langone and Gulf Coast hospital partnerships across 2026, expected to contribute at least $6 million and $1.3 million of annualized EBITDA, while the industrial injury prevention segment added 11.8% revenue growth.

Bear case

US Physical Therapy is facing a widening cost and reimbursement squeeze, with non-GAAP salaries and related costs in 1Q26 at $99.1M and total non-GAAP PT operating costs rising 9% year over year versus an 8% increase in net patient revenue. Clinician wage pressure is eroding margin leverage, while adjusted salaries per PT visit rose sequentially to $64.20 as weather affected visit volumes. Medicare reimbursement pressure is especially concerning because Medicare accounts for roughly a third of revenue, and a broader economic slowdown could also weaken demand for physical therapy and the Industrial Injury Prevention segment.

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