Skip to content
stoqly

BrightSpring Health Services

BTSG Nasdaq Health Care Services Financials FY2022–FY2025

BrightSpring Health Services' revenue rose 28.2% to $12.9 billion in fiscal 2025. Its operating margin was 2.3%, up from 1.1% a year earlier. Free cash flow was $395 million. It paid out $43 million in dividends and buybacks, 11% of free cash flow. The diluted share count rose 13.9%.

Last close · Oct 23, 2026

$60.11

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$12.9B
28.2% vs prior year
Operating margin Operating income as a share of revenue.
2.3%
1.2 pts
Net income Profit after all expenses, interest and tax.
$191M
Free cash flow Cash from operations minus capital spending.
$395M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.3%
3.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$13.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.2x
On $1.66 EPS (TTM)

What BrightSpring Health Services does

No business description yet.

Legal name
BrightSpring Health Services, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-079454
0001865782

Revenue and margins

BrightSpring Health Services had $12.9B of revenue in fiscal 2025, up 28.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $395M in fiscal 2025, 3.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

BrightSpring Health Services returned $43.2M to shareholders in fiscal 2025, 11% of free cash flow. The diluted share count rose 13.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value BrightSpring Health Services yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.4B and divides by 219.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.2x · peers 25.7x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably BrightSpring Health Services can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25
Cash and short-term investments —$13.1M$61.0M$88.4M
Debt incl. finance leases —$3.4B$2.6B$2.5B
Net debt / EBITDA —13.0x8.3x5.3x
Debt / equity —5.8x1.6x1.4x
Interest coverage 0.8x0.2x0.6x1.9x
Current ratio —1.2x1.3x1.6x
Quick ratio —0.8x0.9x1.1x
Total assets —$5.5B$5.9B$6.4B
Total liabilities —$4.9B$4.3B$4.5B
Shareholders' equity $755M$585M$1.6B$1.9B
Net debt (− = net cash) —$3.4B$2.6B$2.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.7B

6 insiders

Of sales under plans

0%

$0.9M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Scott A. GreenwellPresident, PharMerica Sold plan 15,099 $57.91 $0.9M Form 4
Jun 5, 2026 Jennifer A PhippsChief Financial Officer Sold 35,000 $58.75 $2.1M Form 4
Jun 5, 2026 Jon B RousseauSee Remarks, Director Sold 260,000 $58.75 $15.3M Form 4
Jun 5, 2026 KKR Associates Americas XII L.P.10% owner Sold 14,669,771 $58.45 $857M Form 4
Mar 4, 2026 Jennifer A PhippsChief Financial Officer Sold 35,000 $41.15 $1.4M Form 4
Mar 4, 2026 Jon B RousseauSee Remarks, Director Sold 220,000 $41.15 $9.1M Form 4
Mar 4, 2026 KKR Phoenix Aggregator GP LLC10% owner Sold 19,715,000 $40.96 $808M Form 4
Mar 4, 2026 Lisa A NalleySee Remarks Sold 30,000 $41.15 $1.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive — ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — — ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — ✓
Current ratio rose — ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets — — ✓
F-score — / 9— / 97 / 9
Accruals ratio —−0.7%−4.9%
Altman Z'' 0.320.921.78

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
BrightSpring Health Services BTSG $13.2B 28.2% 2.3% 3.1% 5.3% 36.2x 7
DaVita DVA $12.1B 6.5% 15.0% 9.6% 17.6% 15.1x 6 Compare →
Labcorp LH $27.0B 7.3% 9.9% 8.6% 8.2% 27.2x 7 Compare →
Quest Diagnostics DGX $27.1B 11.8% 14.1% 12.3% 9.5% 24.1x 6 Compare →
Alignment Healthcare ALHC $1.7B 46.1% 0.4% 2.9% — 42.4x 5 Compare →

4 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY22FY23FY24FY25
Income statement
Revenue $7.7B $7.7B $10.1B $12.9B
Gross profit $1.4B $1.1B $1.3B $1.5B
Operating income $188M $58.1M $108M $295M
Interest expense $234M $272M $191M $157M
Pretax income −$45.8M −$214M −$95.3M $138M
Income tax $33.1M −$31.5M −$26.4M $33.1M
Net income −$53.9M −$155M −$18.1M $191M
Diluted EPS −$0.46 −$1.31 −$0.09 $0.87
Diluted shares 0.12B 0.12B 0.19B 0.22B
Cash flow
Cash from operations −$4.7M $211M $23.8M $490M
Capital expenditure $70.1M $73.5M $80.9M $95.5M
Free cash flow −$74.8M $137M −$57.1M $395M
Depreciation and amortization $204M $202M $205M $164M
Stock-based compensation $3.5M $3.9M $69.2M $70.1M
Acquisitions $42.5M $63.1M $59.8M $205M
Share buybacks $0.0M $0.7M $0.7M $43.2M
Dividends paid $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.7M $0.7M $43.2M
Balance sheet
Cash and short-term investments — $13.1M $61.0M $88.4M
Total debt — $3.4B $2.6B $2.5B
Finance lease liabilities $0.0M $33.7M $37.1M $21.3M
Current assets — $1.5B $1.9B $2.9B
Current liabilities — $1.2B $1.4B $1.8B
Inventory $0.0M $403M $637M $815M
Property and equipment, net — $246M $181M $205M
Total assets — $5.5B $5.9B $6.4B
Total liabilities — $4.9B $4.3B $4.5B
Shareholders' equity $755M $585M $1.6B $1.9B
Margins
Gross margin 17.5% 14.8% 12.6% 11.8%
Operating margin 2.4% 0.8% 1.1% 2.3%
EBITDA margin 5.1% 3.4% 3.1% 3.6%
Net margin −0.7% −2.0% −0.2% 1.5%
FCF margin −1.0% 1.8% −0.6% 3.1%
Returns
Return on capital — — 2.1% 5.3%
Return on capital employed — — 2.5% 6.5%
Return on equity — — −1.6% 10.8%
Return on assets — — −0.3% 3.1%
Growth
Revenue growth — −0.4% 31.0% 28.2%
FCF growth — — −141.6% —
Share count change — 0.0% 63.7% 13.9%
Financial health
Net debt / EBITDA — 13.0x 8.3x 5.3x
Debt / equity — 5.8x 1.6x 1.4x
Interest coverage 0.8x 0.2x 0.6x 1.9x
Current ratio — 1.2x 1.3x 1.6x
Quick ratio — 0.8x 0.9x 1.1x
Capital allocation
Capex / revenue 0.9% 1.0% 0.8% 0.7%
Stock comp / revenue 0.1% 0.1% 0.7% 0.5%
Payouts / FCF — 0.5% — 10.9%
Quality scores
Piotroski F-score — — — 7.0
Altman Z'' — 0.3 0.9 1.8
Accruals ratio — — −0.7% −4.9%

Source: SEC EDGAR XBRL filings (CIK 0001865782). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open