US Physicalrapy Inc (USPH)
Debt-to-capital ratio
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 138,991 | 141,496 | 143,460 | 182,681 | 175,831 | 146,690 | 148,889 | 122,128 | 117,587 | 35,265 | 38,821 | 16,571 | 16,596 | 7,509 | 33,685 | 118,602 | 50,361 | 55,292 | 66,316 | 29,516 |
| Total stockholders’ equity | US$ in thousands | 476,194 | 491,971 | 488,498 | 318,058 | 315,793 | 317,146 | 307,177 | 300,971 | 295,606 | 289,783 | 283,848 | 276,184 | 276,160 | 264,919 | 255,254 | 241,064 | 240,257 | 235,485 | 229,256 | 219,768 |
| Debt-to-capital ratio | 0.23 | 0.22 | 0.23 | 0.36 | 0.36 | 0.32 | 0.33 | 0.29 | 0.28 | 0.11 | 0.12 | 0.06 | 0.06 | 0.03 | 0.12 | 0.33 | 0.17 | 0.19 | 0.22 | 0.12 |
December 31, 2023 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $138,991K ÷ ($138,991K + $476,194K)
= 0.23
The debt-to-capital ratio of U.S. Physical Therapy, Inc. has shown some fluctuations over the last eight quarters. In Q4 2023 and Q2 2023, the ratio was 0.24, indicating that debt represented 24% of the company's total capital. This suggests a relatively stable level of debt compared to its capital during these periods. However, in Q1 2023, the ratio increased significantly to 0.37, signaling a higher proportion of debt in the capital structure.
Looking back at Q4 2022 and Q3 2022, the debt-to-capital ratio remained constant at 0.37, which was the same as the elevated level seen in Q1 2023. This consistency indicates a sustained higher debt component relative to capital during that period. In Q2 2022 and Q1 2022, the ratio was at 0.33 and 0.29, respectively, reflecting moderate levels of debt compared to capital.
Overall, the trend in the debt-to-capital ratio suggests some variability in U.S. Physical Therapy, Inc.'s capital structure over the past two years. Persistent levels of elevated debt relative to capital in some quarters may indicate potential financial leverage, which could affect the company's risk profile and financial stability. Monitoring this ratio over time can provide insights into the company's debt management strategies and overall financial health.
Peer comparison
Dec 31, 2023