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Lifestance Health

LFST Nasdaq Health Care Services Financials FY2019–FY2025

Lifestance Health's revenue rose 13.8% to $1.4 billion in fiscal 2025. Its operating margin was 1.7%, up from −2.5% a year earlier. Free cash flow was $110 million, up 28.4%. The diluted share count rose 3.2%.

Last close · Oct 23, 2026

$12.93

2.9%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
13.9% vs prior year
Operating margin Operating income as a share of revenue.
1.7%
4.2 pts
Net income Profit after all expenses, interest and tax.
$9.7M
Free cash flow Cash from operations minus capital spending.
$110M
28.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.2%
2.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
99.5x
On $0.13 EPS (TTM)

What Lifestance Health does

No business description yet.

Legal name
LifeStance Health Group, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-071462
0001845257

Revenue and margins

Lifestance Health had $1.4B of revenue in fiscal 2025, up 13.9% 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 $110M in fiscal 2025, 7.7% 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

Lifestance Health returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.2%.

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

Value Lifestance Health 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 −$34.2M and divides by 391.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 99.5x · peers 31.8x · sector 27.9x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $148M$109M$78.8M$155M$249M
Debt incl. finance leases $161M$234M$290M$290M$283M
Net debt / EBITDA ———14.9x0.5x
Debt / equity 0.1x0.2x0.2x0.2x0.2x
Interest coverage −7.4x−10.6x−8.9x−1.2x2.1x
Current ratio 2.3x1.3x1.1x1.4x1.7x
Quick ratio 2.3x1.3x1.1x1.4x1.7x
Total assets $1.9B$2.2B$2.1B$2.1B$2.2B
Total liabilities $382M$655M$681M$672M$683M
Shareholders' equity $1.5B$1.5B$1.4B$1.4B$1.5B
Net debt (− = net cash) $13.2M$125M$211M$135M$34.2M

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

$667M

7 insiders

Of sales under plans

2%

$10.1M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Tpg Gp A Llc10% owner Sold 18,409,705 $12.29 $226M Form 4
Sep 2, 2026 Vukasin PaunovichChief Technology Officer Sold 42,067 $12.87 $0.5M Form 4
Aug 14, 2026 Teresa DeLucaDirector Sold 7,500 $12.68 $0.1M Form 4
Aug 13, 2026 Teresa DeLucaDirector Sold 20,441 $12.23 $0.2M Form 4
Aug 11, 2026 Kenneth A BurdickDirector Sold 500,000 $11.51 $5.8M Form 4
Aug 10, 2026 Lisa K MillerChief Operating Officer Sold plan 47,912 $10.85 $0.5M Form 4
Aug 10, 2026 Tpg Gp A Llc10% owner Sold 13,643,207 $10.62 $145M Form 4
Aug 10, 2026 Vukasin PaunovichChief Technology Officer Sold plan 44,394 $10.85 $0.5M Form 4
Jun 26, 2026 Robert BesslerDirector Sold plan 894,337 $10.13 $9.1M Form 4
May 12, 2026 Darren M. BlackDirector Sold 5,899,661 $8.02 $47.3M Form 4
May 12, 2026 Robert BesslerDirector Sold 575,034 $8.02 $4.6M Form 4
May 12, 2026 Tpg Gp A Llc10% owner Sold 28,281,943 $8.02 $227M 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 3 / 85 / 87 / 8
Accruals ratio −7.9%−7.8%−6.3%
Altman Z'' 0.501.161.70

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
Lifestance Health LFST $5.0B 13.9% 1.7% 7.7% 1.2% 99.5x 7
Addus HomeCare ADUS $2.3B 23.2% 9.7% 7.3% 9.4% 21.3x 5 Compare →
Tempus AI TEM $13.5M 83.4% −19.9% −18.8% — — 5 Compare →
Sotera Health SHC $5.2B 5.7% — 12.8% 6.7% 31.8x 7 Compare →
CorVel CRVL $4.3B 7.0% — 11.5% — 37.3x — Compare →

6 years of figures

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

Download CSV
Fiscal yearFY19FY21FY22FY23FY24FY25
Income statement
Revenue $213M $668M $860M $1.1B $1.3B $1.4B
Operating income $15.2M −$286M −$210M −$189M −$31.6M $24.1M
Interest expense $5.4M $38.9M $19.9M $21.2M $26.5M $11.7M
Pretax income $7.9M −$333M −$233M −$207M −$57.6M $12.4M
Income tax $2.2M −$25.9M −$17.2M −$20.3M −$0.2M $2.7M
Net income $5.7M −$307M −$216M −$186M −$57.4M $9.7M
Diluted EPS — −$1.05 −$0.61 −$0.51 −$0.15 $0.02
Diluted shares — 0.33B 0.36B 0.37B 0.38B 0.39B
Cash flow
Cash from operations $17.0M $9.4M $52.8M −$16.9M $107M $146M
Capital expenditure $14.3M $94.5M $79.3M $40.5M $21.6M $36.1M
Free cash flow $2.7M −$85.1M −$26.5M −$57.4M $85.7M $110M
Depreciation and amortization $3.0M $15.1M $28.9M $37.4M $40.7M $41.6M
Stock-based compensation $0.1M $259M $187M $99.4M $76.2M $74.7M
Acquisitions $59.1M $99.6M $60.2M $19.8M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $3.5M $148M $109M $78.8M $155M $249M
Total debt — $161M $234M $290M $290M $283M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $267M $233M $226M $313M $416M
Current liabilities — $117M $176M $203M $229M $252M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $152M $194M $188M $166M $162M
Total assets — $1.9B $2.2B $2.1B $2.1B $2.2B
Total liabilities — $382M $655M $681M $672M $683M
Shareholders' equity −$166M $1.5B $1.5B $1.4B $1.4B $1.5B
Margins
Operating margin 7.2% −42.9% −24.5% −17.9% −2.5% 1.7%
EBITDA margin 8.6% −40.6% −21.1% −14.4% 0.7% 4.6%
Net margin 2.7% −46.0% −25.1% −17.6% −4.6% 0.7%
FCF margin 1.3% −12.7% −3.1% −5.4% 6.9% 7.7%
Returns
Return on capital — — −10.4% −9.1% −1.6% 1.2%
Return on capital employed — — −11.0% −9.7% −1.7% 1.3%
Return on equity — — −14.1% −12.6% −4.0% 0.7%
Return on assets — — −10.5% −8.7% −2.7% 0.5%
Growth
Revenue growth — — 28.8% 22.8% 18.5% 13.9%
FCF growth — — — — — 28.4%
Share count change — — 8.5% 3.4% 3.2% 3.2%
Financial health
Net debt / EBITDA — — — — 14.9x 0.5x
Debt / equity — 0.1x 0.2x 0.2x 0.2x 0.2x
Interest coverage 2.8x −7.4x −10.6x −8.9x −1.2x 2.1x
Current ratio — 2.3x 1.3x 1.1x 1.4x 1.7x
Quick ratio — 2.3x 1.3x 1.1x 1.4x 1.7x
Capital allocation
Capex / revenue 6.7% 14.2% 9.2% 3.8% 1.7% 2.5%
Stock comp / revenue 0.0% 38.9% 21.8% 9.4% 6.1% 5.2%
Payouts / FCF 0.0% — — — 0.0% 0.0%
Quality scores
Piotroski F-score — — — 3.0 5.0 7.0
Altman Z'' — 3.2 1.1 0.5 1.2 1.7
Accruals ratio — — −13.1% −7.9% −7.8% −6.3%

Source: SEC EDGAR XBRL filings (CIK 0001845257). Data updated October 22, 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.

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