US Physical Therapy (STU:UPH) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

STU:UPH US Physical Therapy Inc STU:UPH
87 GF Score
Price €71.00
GF Value €89.92
! 9 Warning Signs
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What is US Physical Therapy Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


US Physical Therapy  (STU:UPH) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


US Physical Therapy Cyclically Adjusted PB Ratio Related Terms


US Physical Therapy Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for US Physical Therapy's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

US Physical Therapy Cyclically Adjusted PB Ratio Chart

US Physical Therapy Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - 2.63 1.91

US Physical Therapy Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.97 2.05 1.98 1.79 1.63

STU:UPH vs PNTG, NUTX, AMN: Cyclically Adjusted PB Ratio Comparison

For the Medical Care Facilities subindustry, US Physical Therapy's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


US Physical Therapy Cyclically Adjusted PB Ratio vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, US Physical Therapy's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where US Physical Therapy's Cyclically Adjusted PB Ratio falls into.


STU:UPH
87GF Score
US Physical Therapy Inc STU:UPH
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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US Physical Therapy Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

US Physical Therapy's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, US Physical Therapy's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=44.933/333.9520*333.9520
=44.933

Current CPI (Jun. 2026) = 333.9520.

US Physical Therapy Quarterly Data

Book Value per Share CPI Adj_Book
201609 16.138 241.428 22.323
201612 19.531 241.432 27.016
201703 20.283 243.801 27.783
201706 20.323 244.955 27.707
201709 19.923 246.819 26.956
201712 20.430 246.524 27.675
201803 20.316 249.554 27.187
201806 22.265 251.989 29.507
201809 23.213 252.439 30.709
201812 24.194 251.233 32.160
201903 25.010 254.202 32.856
201906 25.029 256.143 32.632
201909 27.080 256.759 35.221
201912 26.462 256.974 34.389
202003 27.162 258.115 35.142
202006 27.274 257.797 35.331
202009 26.921 260.280 34.541
202012 26.072 260.474 33.427
202103 27.456 264.877 34.616
202106 27.972 271.696 34.381
202109 28.658 274.310 34.889
202112 30.814 278.802 36.909
202203 31.839 287.504 36.983
202206 33.860 296.311 38.161
202209 36.646 296.808 41.232
202212 34.921 296.797 39.293
202303 34.087 301.836 37.714
202306 40.090 305.109 43.880
202309 42.111 307.789 45.691
202312 39.396 306.746 42.890
202403 41.292 312.332 44.150
202406 41.463 314.175 44.073
202409 39.861 315.301 42.219
202412 48.563 315.605 51.386
202503 46.253 319.799 48.300
202506 42.897 322.561 44.412
202509 43.798 324.800 45.032
202512 43.365 324.054 44.690
202603 44.612 330.213 45.117
202606 44.933 333.952 44.933

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is US Physical Therapy (STU:UPH) Overvalued in 2026?

Based on GuruFocus' analysis, US Physical Therapy stock appears to be undervalued. The current stock price of €71.00 is trading 21% below its estimated GF Value™ of €89.92.

Key valuation signals for STU:UPH:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €89.92 vs. price of €71.00 (21% below fair value)
  • GF Score™: 87/100 with 9 warning signs

No single metric tells the full story. See the STU:UPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


US Physical Therapy Business Description

Other Exchanges USPH:USA
Address 1300 West Sam Houston Parkway South, Suite 300, Houston, TX, USA, 77042
US Physical Therapy Inc through its subsidiaries operate outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. The principal payment sources for the clinics' services are managed care programs, commercial health insurance, Medicare/Medicaid, workers' compensation insurance, and proceeds from personal injury cases. Its operating segment includes Physical therapy operations and Industrial injury prevention services. The company generates maximum revenue from the Physical therapy operations segment.
87GF Score

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Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€71.00
Price
€89.92
GF Value