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USPH · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is U.S. Physical Therapy, Inc. (USPH) stock moving?
USPH reported Q3 2026 results on Nov 4 that beat consensus: revenue of $222.6M versus about $214.5M expected and adjusted EPS of $0.80 versus $0.76. The stock closed at $89.18 that day (+5.2%) and jumped again on Nov 5 to a $97.20 close on a $100.98 intraday high, with volume of 309K versus a typical 100K to 190K range. The stock has held near $99 to $100 since, closing at $99.24 on Nov 10, up about 17% from the $84.74 close on Nov 3. Barrington Research lifted its target from $98 to $110 with an Outperform rating, which implies roughly 11% upside from the latest close. Volume has stayed elevated through Nov 9 (325K), which supports the move, but the shares have already priced in much of the beat and the consensus-style target sits only modestly above the current price. The Sep 22 interest rate swap fixing the variable rate on term debt through a 45-month forward start is a supporting factor for margins, though it is older context and not part of the recent news flow. Little new company-specific news is expected in the short term beyond analyst updates, and no guidance details from the Q3 release appear in the material reviewed.
News behind the analysis
- Barrington Research Raises Price Target on U.S. Physical Therapy to $110Barrington Research raised its price target on USPH from $98 to $110 and kept an Outperform rating.
- Barrington Research Maintains Outperform on US Physical Therapy, Raises Price Target to $110Barrington kept its Outperform rating on USPH and lifted its target to $110 after the Q3 report.
- US Physical Therapy Q3 2026 Earnings Call TranscriptUSPH held its Q3 2026 earnings call on Nov 5, and the transcript was published covering results for the three and nine months ended Sep 30.
- U.S. Physical Therapy, Inc. Reports Q3 2026 Financial ResultsUSPH reported Q3 2026 revenue of $222.6 million, above the FactSet estimate of about $214.5 million.
- US Physical Therapy Q3 Adj. EPS $0.80 Beats $0.76 Estimate, Sales $222.558M Beat $214.536M EstimateAdjusted EPS of $0.80 beat the $0.76 estimate, and sales of $222.558M beat the $214.536M estimate.
About US Physical Therapy Inc
U.S. Physical Therapy is a Houston-based company that runs outpatient physical therapy clinics across the US and also sells industrial injury prevention (IIP) services to employers. It is unusual because many of its clinics are partnerships with the therapists who founded them, and it grows mostly by buying practices and forming affiliations with hospitals.
How it makes money
Most of its revenue, roughly 85%, comes from physical therapy patient visits. These are paid for by commercial insurers, Medicare, workers' compensation and other payers. In Q3 2026 that meant about 1.7 million visits at roughly $111 each. The other roughly 15% comes from industrial injury prevention: the company places specialists at employer worksites to help prevent injuries and treat them early. Total revenue in Q3 2026 was about $223 million, and the company also pays a quarterly dividend.
What usually moves USPH
- Patient visit volumes and visits per clinic
- Medicare and insurer reimbursement rates
- Clinician wage and staffing costs
- Acquisitions and hospital affiliations
- Growth in employer injury-prevention demand