USPH Cash-Secured Put Strategy
USPH (U.S. Physical Therapy, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NYSE.
U.S. Physical Therapy, Inc., through its subsidiaries, operates 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. It operates through two segments, Physical Therapy Operations and Industrial Injury Prevention Services. The company offers industrial injury prevention services, including onsite injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments through physical therapists and specialized certified athletic trainers for Fortune 500 companies, and other clients comprising insurers and their contractors. As of December 31, 2021, it operated 591 clinics in 39 states; and managed 35 physical therapy practice facilities. The company was founded in 1990 and is based in Houston, Texas.
USPH (U.S. Physical Therapy, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $915.3M, a trailing P/E of 773.00, a beta of 1.20 versus the broader market, a 52-week range of 58.19-93.5, average daily share volume of 187K, a public-listing history dating back to 1992, approximately 4K full-time employees. These structural characteristics shape how USPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.20 places USPH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 773.00 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. USPH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on USPH?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current USPH snapshot
As of May 15, 2026, spot at $63.36, ATM IV 41.20%, IV rank 5.21%, expected move 11.81%. The cash-secured put on USPH below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this cash-secured put structure on USPH specifically: USPH IV at 41.20% is on the cheap side of its 1-year range, which means a premium-selling USPH cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.81% (roughly $7.48 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated USPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on USPH should anchor to the underlying notional of $63.36 per share and to the trader's directional view on USPH stock.
USPH cash-secured put setup
The USPH cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With USPH near $63.36, the first option leg uses a $60.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USPH chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 USPH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $60.19 | N/A |
USPH cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
USPH cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on USPH. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use cash-secured put on USPH
Cash-secured puts on USPH earn premium while a trader waits to acquire USPH stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning USPH.
USPH thesis for this cash-secured put
The market-implied 1-standard-deviation range for USPH extends from approximately $55.88 on the downside to $70.84 on the upside. A USPH cash-secured put lets a trader earn premium while waiting to acquire USPH at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current USPH IV rank near 5.21% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on USPH at 41.20%. As a Healthcare name, USPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USPH-specific events.
USPH cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. USPH positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move USPH alongside the broader basket even when USPH-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on USPH carry tail risk when realized volatility exceeds the implied move; review historical USPH earnings reactions and macro stress periods before sizing. Always rebuild the position from current USPH chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on USPH?
- A cash-secured put on USPH is the cash-secured put strategy applied to USPH (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With USPH stock trading near $63.36, the strikes shown on this page are snapped to the nearest listed USPH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are USPH cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the USPH cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 41.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a USPH cash-secured put?
- The breakeven for the USPH cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current USPH market-implied 1-standard-deviation expected move is approximately 11.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on USPH?
- Cash-secured puts on USPH earn premium while a trader waits to acquire USPH stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning USPH.
- How does current USPH implied volatility affect this cash-secured put?
- USPH ATM IV is at 41.20% with IV rank near 5.21%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.