U.S. Physical Therapy, Inc. — Earnings Quality Grade F
USPH · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 30 days, change -2 days YoY
AR growth 8.8% vs revenue growth 16.3%
Revenue grew 16.3% but CFFO only 0.2%
Expense Quality
No material inventory
CapEx growth 53.2% is >2x revenue growth 16.3%
Insufficient data
Gross margin 19.2%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 4.98. Profits backed by cash
FCF $0.1B, FCF/NI = 4.05
Accruals ratio = -5.0%. Low accruals
Cash $0.0B covers only 11% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.9B = 182% of equity. Over 50%
Debt/EBITDA = 2.9x. Healthy
Other assets 28.9% vs revenue 16.3%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 2% YoY. Normal
Manipulation Score
Insufficient data
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25