DCF Tool


U.S. Physical Therapy, Inc. – All Other Outpatient Care Centers
u.s. physical therapy is a publicly held company that operates hundreds of outpatient physical and occupational therapy clinics in over 40 states. the company's clinics provide acute, post-operative, and preventative care for a variety of orthopedic and neurologic disorders including sports and work related injuries. the unique nature of the company is its operating structure - the company's clinics are developed and operated through partnerships with therapists who share in the clinic's profits. in addition to the therapist partnership model, u.s. physical therapy also buys into existing physical therapy practices.
Analysis Results
Intrinsic Value $131.26
Latest Price $94.05
Relative Value 28% undervalued
Thoughts on this result? Let us know.
Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 12.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 86.2 79.9
2024 97.0 83.4
2025 109 87.0
2026 123 90.8
2027 138 94.8
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2410 million. This corresponds to a present value of 1530 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 436 million. Adding in the terminal value gives a total present value of 1970 million.

There are presently 15.0 million outstanding shares, so the intrinsic value per share is 131.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 111,266,000
Current Cash 31,594,000
Current Liabilities 85,489,000
Current Debt 7,863,000
Non-Cash Working Capital (NCWC) 2,046,000
Change in NCWC 18,098,000
EBIT 67,088,000
Tax Provision 12,164,000
Depreciation and Amortization 14,743,000
Capital Expenditure -8,248,000
Unlevered Free Cash Flow 76,996,030
Current Assets 95,166,000
Current Cash 28,567,000
Current Liabilities 83,481,000
Current Debt 830,000
Non-Cash Working Capital (NCWC) -16,052,000
Change in NCWC 17,823,000
EBIT 70,791,000
Tax Provision 15,272,000
Depreciation and Amortization 11,591,000
Capital Expenditure -8,201,000
Unlevered Free Cash Flow 77,233,791
Current Assets 87,636,000
Current Cash 32,918,000
Current Liabilities 93,492,000
Current Debt 4,899,000
Non-Cash Working Capital (NCWC) -33,875,000
Change in NCWC -35,878,000
EBIT 56,344,000
Tax Provision 13,022,000
Depreciation and Amortization 10,533,000
Capital Expenditure -7,639,000
Unlevered Free Cash Flow 12,160,519
Current Assets 85,386,000
Current Cash 23,548,000
Current Liabilities 60,563,000
Current Debt 728,000
Non-Cash Working Capital (NCWC) 2,003,000
Change in NCWC -13,331,000
EBIT 67,450,000
Tax Provision 13,647,000
Depreciation and Amortization 10,095,000
Capital Expenditure -10,189,000
Unlevered Free Cash Flow 41,043,162
Current Assets 79,214,000
Current Cash 23,368,000
Current Liabilities 41,946,000
Current Debt 1,434,000
Non-Cash Working Capital (NCWC) 15,334,000
Change in NCWC -4,307,000
EBIT 60,305,000
Tax Provision 11,369,000
Depreciation and Amortization 9,755,000
Capital Expenditure -7,193,000
Unlevered Free Cash Flow 47,173,250
Current Assets 77,081,000
Current Cash 21,933,000
Current Liabilities 39,551,000
Current Debt 4,044,000
Non-Cash Working Capital (NCWC) 19,641,000
Change in NCWC -2,886,000
EBIT 55,327,000
Tax Provision 6,032,000
Depreciation and Amortization 9,710,000
Capital Expenditure -7,095,000
Unlevered Free Cash Flow 45,169,388
Current Assets 65,964,000
Current Cash 20,047,000
Current Liabilities 24,617,000
Current Debt 1,227,000
Non-Cash Working Capital (NCWC) 22,527,000
Change in NCWC -3,645,000
EBIT 49,664,000
Tax Provision 11,880,000
Depreciation and Amortization 8,779,000
Capital Expenditure -8,260,000
Unlevered Free Cash Flow 31,071,702
Current Assets 60,182,000
Current Cash 15,778,000
Current Liabilities 19,007,000
Current Debt 775,000
Non-Cash Working Capital (NCWC) 26,172,000
Change in NCWC 10,213,000
EBIT 47,505,000
Tax Provision 14,653,000
Depreciation and Amortization 7,952,000
Capital Expenditure -6,263,000
Unlevered Free Cash Flow 44,386,916
Current Assets 54,851,000
Current Cash 14,271,000
Current Liabilities 25,504,000
Current Debt 883,000
Non-Cash Working Capital (NCWC) 15,959,000
Change in NCWC 1,544,000
EBIT 45,937,000
Tax Provision 14,274,000
Depreciation and Amortization 6,740,000
Capital Expenditure -5,167,000
Unlevered Free Cash Flow 34,384,333
Current Assets 49,660,000
Current Cash 12,898,000
Current Liabilities 23,172,000
Current Debt 825,000
Non-Cash Working Capital (NCWC) 14,415,000
Change in NCWC -3,388,000
EBIT 39,016,000
Tax Provision 12,236,000
Depreciation and Amortization 5,562,000
Capital Expenditure -4,637,000
Unlevered Free Cash Flow 24,068,369
Current Assets 45,322,000
Current Cash 11,671,000
Current Liabilities 16,307,000
Current Debt 459,000
Non-Cash Working Capital (NCWC) 17,803,000
Change in NCWC -1,990,000
EBIT 38,014,000
Tax Provision 11,034,000
Depreciation and Amortization 5,287,000
Capital Expenditure -4,234,000
Unlevered Free Cash Flow 25,817,296

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.