The business behind the dividend
| Measure | USPH | Median | Formula |
|---|---|---|---|
| Return on equity | 8.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 13.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $47.90m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $60.99m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 11.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 5.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.34x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 9.19x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.01x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.90x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.3% | 6.4% | 5.9% | 10.2% | 13.8% | 12.7% | 16.7% | 16.1% | 10.9% | 11.0% | 10.9% |
| Return on capital employed | 13.6% | 9.8% | 8.1% | 11.4% | 17.1% | 17.6% | 23.1% | 23.6% | 20.6% | 20.7% | 17.1% |
| Operating margin | 11.1% | 9.4% | 8.4% | 10.3% | 14.3% | 12.4% | 14.0% | 13.3% | 13.2% | 13.9% | 12.4% |
| Net margin | 5.1% | 4.7% | 4.7% | 5.8% | 8.2% | 8.3% | 8.3% | 7.7% | 5.4% | 5.8% | 5.8% |
| Debt to equity | 0.34x | 0.31x | 0.31x | 0.58x | 0.40x | 0.08x | 0.21x | 0.18x | 0.30x | 0.28x | 0.30x |
| Current ratio | 1.01x | 1.18x | 2.28x | 1.30x | 1.14x | 0.94x | 1.41x | 1.89x | 1.95x | 2.68x | 1.30x |
| Cash conversion | 1.90x | 2.38x | 2.90x | 1.82x | 1.87x | 2.84x | 1.56x | 2.09x | 2.54x | 2.48x | 2.09x |
How it compares in health care
Among the 38 health care companies here measured on free cash flow, U S Physical Therapy pays out less than 15 of them. The median for that group is 39.3%, against this company’s 44.9%.
Closest on free cash flow
- Gilead Sciences (GILD) 42.3%
- Scilex Holding (SCLX) 44.7%
- Becton Dickinson (BDX) 44.8%
- Elevance Health (ELV) 48.2%
Same sector and same denominator, so the figures are comparable. All 44 in health care →