U.S. Physical Therapy Inc. (NYSE: USPH) outlined its growth trajectory at the 17th Annual Midwest IDEAS Conference, emphasizing an expanding clinic network, strategic partnerships, and operational discipline amid shifting reimbursement dynamics.
The Houston-based operator, which trades at $78.51 as of Aug. 26, 2026, reported revenue of $804 million over the last 12 months, an 11% increase year-over-year. The company’s blended average net reimbursement stood at $107.59 per visit in its most recent quarter, with revenue split roughly one-third from Medicare, the remainder primarily commercial payers, 10% from workers’ compensation, and minimal self-pay. Management noted expectations for above $100 million in EBITDA for the current year, implying a debt-to-EBITDA ratio of approximately 2.2 times on total debt of about $220 million.
Chairman and CEO Chris Reading highlighted the company’s clinic footprint of roughly 800 locations across 45 states, built through more than 50 acquisitions since 2004 at an average multiple of about seven times trailing EBITDA. Organic growth has been supplemented by structured acquisitions of 30 to 70 clinics annually, alongside 25 to 30 new clinic openings per year. Reading emphasized the stability of partnerships, stating that clinic partners typically remain with the company until retirement, and described billing arrangements as contracted facilities under long-term agreements.
A key strategic pillar is the 10-year exclusive arrangement with NYU Langone Health, announced in 2024, which is expected to drive an incremental 700,000 annual visits over time. Reading noted that USPH grew visits in New York by 120,000 in the prior year without NYU’s support, projecting further acceleration with the partnership. The company’s injury prevention unit, Briotix, contributed roughly $120 million in revenue and more than $20 million in EBITDA, accounting for about 15% of total revenue with margins approximately double those of the physical therapy segment.
Financial positioning includes a quarterly dividend paid since 2012, maintaining a 16-year streak with a current yield of 2.4%. A $25 million share repurchase authorization was fully utilized in the first quarter at prices between $62 and $63 per share. USPH’s stock has traded between $58.19 and $93.50 over the past 52 weeks, with a market capitalization of $1.17 billion. The company’s current trading multiple of around 14 times EBITDA reflects a decline from historical levels above 20 times, even as management underscored steady visit growth in 14 of the last 16 quarters and a patient satisfaction Net Promoter Score in the mid-90s.
