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Physical Therapy, Inc. through its subsidiaries ( we , us , our , or the Company ), operates its business through two reportable business segments. Our physical therapy operations segment consists of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthop…
11.10% operating margin is respectable but not wide. ROIC at 8.49%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 16.3%, still solid.
Net debt of $280M represents 4.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$795M
▲ +16.3% YoY
Net Income (TTM)
$35M
▲ +26.0% YoY
Op. Margin
10.00%
▲ +1.7pp YoY
ROIC
7.55%
▲ +2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$67M
▼ -7.2% YoY
Op. Cash Flow (TTM)
$84M
▲ +0.2% YoY
Net Debt
$334M
Cash & Equiv.
$28M
5Y CAGR: +13.0%
5Y CAGR: -8.0%
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