USPH Long 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 long put on USPH?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
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 long 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 long put structure on USPH specifically: USPH IV at 41.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a USPH long put, 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 long put setup
The USPH long 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 $63.36 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) |
|---|---|---|---|
| Buy 1 | Put | $63.36 | N/A |
USPH long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
USPH long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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 long put on USPH
Long puts on USPH hedge an existing long USPH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying USPH exposure being hedged.
USPH thesis for this long 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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long USPH position with one put per 100 shares held. 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 long put positions are structurally bearish; 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. Long-premium structures like a long put on USPH are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current USPH chain quotes before placing a trade.
Frequently asked questions
- What is a long put on USPH?
- A long put on USPH is the long put strategy applied to USPH (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the USPH long 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 long put?
- The breakeven for the USPH long 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 long put on USPH?
- Long puts on USPH hedge an existing long USPH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying USPH exposure being hedged.
- How does current USPH implied volatility affect this long 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.