BrightSpring Health Services vs Labcorp
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KIRA’s take AI analyst
I put BrightSpring Health Services and Labcorp side by side, using each one’s latest annual report. Here is what stands out:
- Labcorp is the larger business, with $14.0B of revenue in fiscal 2025 against $12.9B for BrightSpring Health Services.
- BrightSpring Health Services grew revenue faster (28.2%, against 7.3%).
- Labcorp kept more of each dollar of sales as operating profit (9.9% operating margin, against 2.3%).
- Labcorp turned more of its sales into free cash flow (8.6% FCF margin, against 3.1%).
- Labcorp earned a higher return on the capital invested in it (8.2%, against 5.3%).
- Investors pay more for each dollar of BrightSpring Health Services’s earnings: a P/E of 35.5x against 27.3x for Labcorp.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
BrightSpring Health Services
BTSG
2/10
Revenue growthReturn on equity
Labcorp
LH
7/10
Gross marginOperating marginNet marginFCF marginReturn on capitalNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BTSG FY25 | LH FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.0B | $27.1B |
| Revenue | $12.9B | $14.0B |
| Free cash flow | $395M | $1.2B |
| Net income | $191M | $877M |
| Growth | ||
| Revenue growth | 28.2% | 7.3% |
| 5-year growth | — | −0.0% |
| Share count change | 13.9% | −0.7% |
| Profitability | ||
| Gross margin | 11.8% | 28.8% |
| Operating margin | 2.3% | 9.9% |
| Net margin | 1.5% | 6.3% |
| FCF margin | 3.1% | 8.6% |
| Return on capital | 5.3% | 8.2% |
| Return on equity | 10.8% | 10.5% |
| Balance sheet | ||
| Net debt | $2.4B | $5.1B |
| Net debt / EBITDA | 5.3x | 2.5x |
| Dividends and buybacks | $43.2M | $691M |
| Valuation & quality | ||
| P/E | 35.5x | 27.3x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.