BrightSpring Health Services vs Labcorp
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The short version
- 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 36.2x against 27.2x for Labcorp.
| Latest fiscal year | BTSG · FY25 | LH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.2B | $27.0B |
| 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 | 36.2x | 27.2x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
BTSG —
LH $9.6B
FY17
BTSG —
LH $10.3B
FY18
BTSG —
LH $11.3B
FY19
BTSG —
LH $11.6B
FY20
BTSG —
LH $14.0B
FY21
BTSG —
LH $13.1B
FY22
BTSG $7.7B
LH $11.9B
FY23
BTSG $7.7B
LH $12.2B
FY24
BTSG $10.1B
LH $13.0B
FY25
BTSG $12.9B
LH $14.0B
BTSG
LH
Operating margin
FY16
BTSG —
LH 13.3%
FY17
BTSG —
LH 12.7%
FY18
BTSG —
LH 11.7%
FY19
BTSG —
LH 11.5%
FY20
BTSG —
LH 17.5%
FY21
BTSG —
LH 23.2%
FY22
BTSG 2.4%
LH 12.1%
FY23
BTSG 0.8%
LH 6.0%
FY24
BTSG 1.1%
LH 8.4%
FY25
BTSG 2.3%
LH 9.9%
BTSG
LH
Free cash flow
FY16
BTSG —
LH $918M
FY17
BTSG —
LH $1.2B
FY18
BTSG —
LH $926M
FY19
BTSG —
LH $1.0B
FY20
BTSG —
LH $1.8B
FY21
BTSG —
LH $2.7B
FY22
BTSG −$74.8M
LH $1.5B
FY23
BTSG $137M
LH $874M
FY24
BTSG −$57.1M
LH $1.1B
FY25
BTSG $395M
LH $1.2B
BTSG
LH
Return on capital
FY16
BTSG —
LH 7.9%
FY17
BTSG —
LH 10.9%
FY18
BTSG —
LH 7.1%
FY19
BTSG —
LH 7.6%
FY20
BTSG —
LH 12.6%
FY21
BTSG —
LH 16.6%
FY22
BTSG —
LH 8.0%
FY23
BTSG —
LH 3.7%
FY24
BTSG 2.1%
LH 6.9%
FY25
BTSG 5.3%
LH 8.2%
BTSG
LH
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.