That's true, but I ran my model for every ticker in the Healthcare Sector, and comparatively, this is way under priced using the same analysis. I used 1% growth after 5 years for terminal value and analyst estimates for growth in years 1 and 2. If a company were to make an offer for USPH they would do precisely this analysis.
Also, below are some healthy ratios in my book.
Insolvency predictors Altmann Springate and Fulmer are all a healthy passing grade.

PE 13.0
beta 1.09
PEG 0.79
Altmann 8.156175859
Springate 2.31021387
Fulmer 6.830611082