BrightSpring Health Services, Inc.

Services-Home Health Care Services

BTSGStrained6 of 10 basics passed

$63.74

+0.13%

Market cap $12.6B

$63.74

+0.13%

Market cap $12.6B

BrightSpring Health Services Inc is a home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients. Its platform delivers clinical services and pharmacy solutions across Medicare, Medicaid, and commercially insured populations.

It is a $12.6B healthcare company. Revenue grew 14.3% over the last year, it keeps 3¢ of every dollar of sales as profit, and its net debt equals ~5.9 years of free cash flow. It trades at 34.5× earnings — in the cheapest third of its own history.

Website: brightspringhealth.com
Location: Louisville, KY
Employees: 23 500
Sector: Healthcare

Share price · 3 years

$11.00 → $63.74+479.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $14.4B
Profit: keeps 3¢ of every $1 sold; $366M
Free cash flow: cash left after running the business; $402M
Net debt: debt minus cash on hand; $2.37B
P/E: years of profit in the price; 34.5
EPS: earnings per share, TTM; $1.67
Shares: up 87% since 2021 — dilution; 219.8M
Volatility: beta vs the market — under 1 swings less; 1.90

Revenue, last 5 years

52-week range

Low $28.36$63.74High $72.91

Today's price is 79% of the way from the year's low to its high.

P/E vs its history1y

34.5×median 47.8×

Higher than 23% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

34.5×

77%

P/S

0.9×

10%

EV/EBITDA

32.3×

82%

P/B

6.1×

FCF yield

3.2%

37%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$874Knet selling

Purchases$0

Sales$874K

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$12.6Btop 72%
Revenue growth+19%top 20%
Net margin3%top 65%
Return on equity19%top 35%
P/E34.5×top 66%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth and quality; Profitability, Health and Moat lag behind.

Valuation69

P/E vs own history23th pct · 20/25
FCF yield3.2% · 12/25
P/S0.9x · 25/25
EV/EBITDA23.5x · 12/25

Growth90

Revenue CAGR17.8% · 20/25
Net income CAGR39.9% · 25/25
EPS CAGR ~5Y19.6% · 20/25
Fwd implied growth30.9% · 25/25

Profitability36

ROIC7.4% · 5/25
ROE19.0% · 20/25
Net margin2.5% · 6/25
Operating margin3.1% · 5/25

Health26

Altman Zn/a · 0/25
Current ratio1.59 · 18/25
Interest coverage1.9x · 3/25
Net cash / debtD/A 37% · 5/25

Quality84

Piotroski F7/9 · 22/25
Beneish M-2.16 · 12/25
FCF conversion110% · 25/25
Margin stabilityσ 1.2% · 25/25

Moat15

ROIC >12% years0/5 yrs · 0/25
Median gross margin14.8% · 0/25
FCF-positive years3/5 yrs · 10/25
Worst-year net marginworst -2.0% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$191M net income
FY2024Financial
Revenue crossed $10B
$11.3B for the year
FY2021Financial
First recorded profitable year
$49.8M net income
FY2021Financial
Revenue already above $1B
$6.70B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$12.9B revenue in FY2025

Revenue up 14.3% year over year

23 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 14.3% year over year
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Thin interest coverage (1.9×)
Loss-making in 3 of the recent years
Net debt equals ~5.9 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago+14.3% YoY
Profitable — makes more than it spends$366M TTM
Profit growing — earnings are higher than last year+48.1% YoY
Generates cash — cash left after running and investing$402M TTM
Debt under control — could handle its obligations~5.9y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$12.6B market cap
Not printing shares — share count not ballooning — you keep your slice+86.9% shares over ~5y
Proven track record — years of profitability behind it2/5 profitable years
Financially stable — balance sheet not near distresshealth score 28/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 34.5

Peer comparisonBrightSpring Health Services, Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BTSG this company	$12.6B	34.5	+14.3%	2.5%	Strained
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: BTSG vs LLY · BTSG vs JNJ · BTSG vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 9Buy 15Hold 1

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $14.4B · net income $366M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$14.4B

YoY 14.3%

Net income (TTM)

$366M

Margin 2.5%

Gross margin

12.4%

Operating margin

3.1%

P/E ratio

34.5

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	6.7	7.7	7.7	11.3	12.9
Gross profit	1.2	1.4	1.1	1.6	1.5
Operating income (EBIT)	0.2	0.2	0.1	0.2	0.3
Net income	0.0	-0.1	-0.2	-0.0	0.2
EPS (diluted)	0.42	-0.46	-1.31	-0.09	0.87

Cash flowFree cash flow $402M · operating cash flow $506M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$402M

Margin 2.8%

Operating cash flow (TTM)

$506M

FCF margin

2.8%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.3	-0.0	0.2	0.0	0.5
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.2	-0.1	0.1	-0.1	0.4
FCF margin	3.1%	-1.0%	1.8%	-0.5%	3.1%

Balance sheetAssets $6.41B · net debt $2.37B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $6.41B of assets is financed

71%

29%

Liabilities $4.53B — borrowed moneyEquity $1.88B — owners' stake

Cash vs debt

Total debt $2.46B − cash $88.4M = net debt $2.37B

Cash on hand covers 4% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

1.9x

EBIT ÷ interest expense

ROE

19.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.0	0.0	0.1	0.1
Total assets	5.5	5.4	5.5	5.9	6.4
Total liabilities	4.7	4.7	4.9	4.3	4.5
Total debt	3.8	3.7	3.7	2.6	2.5
Equity	0.8	0.8	0.6	1.6	1.9
Net debt	3.7	3.7	3.7	2.5	2.4

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Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $63.74 · market cap $12.6B.