BrightSpring Health Services (BTSG)
Market Price (8/12/2026): $58.1 | Market Cap: $12.0 BilSector: Health Care | Industry: Health Care Services
BrightSpring Health Services (BTSG)
Market Price (8/12/2026): $58.1Market Cap: $12.0 BilSector: Health CareIndustry: Health Care Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Remote Patient Monitoring, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 33x Stock price has recently run up significantly12M Rtn12 month market price return is 180% Key risksBTSG key risks include [1] a substantial debt burden, Show more. |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Remote Patient Monitoring, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 33x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 180% |
| Key risksBTSG key risks include [1] a substantial debt burden, Show more. |
Qualitative Assessment
AI Analysis | Feedback
BrightSpring Health Services (BTSG) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Performance and Upgraded Full-Year Guidance.
BrightSpring Health Services reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing analyst expectations. The company announced total revenue of $3.87 billion, a 23% year-over-year increase, beating consensus estimates of $3.65-$3.66 billion. Adjusted EBITDA surged by 44.2% year-over-year to $205.5 million. Furthermore, BrightSpring raised its full-year 2026 revenue guidance to a range of $15.1 billion to $15.425 billion and its Adjusted EBITDA guidance to between $820 million and $845 million, reflecting increased confidence in sustained growth.
2. Strong Growth Across Core Segments.
The impressive fiscal Q2 2026 results were driven by substantial growth in both of BrightSpring's primary operating segments. The Pharmacy Solutions segment saw its revenue increase by 22% and Adjusted EBITDA rise by 44% year-over-year. Within this segment, Specialty and Infusion revenues grew by 30%. The Provider Services segment also demonstrated strong performance, with revenue climbing 30% and Adjusted EBITDA improving by 33% year-over-year, particularly in Home Health Care, which experienced a 51% increase in revenue.
Show more
BrightSpring Health Services (BTSG) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Performance and Upgraded Full-Year Guidance.
BrightSpring Health Services reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing analyst expectations. The company announced total revenue of $3.87 billion, a 23% year-over-year increase, beating consensus estimates of $3.65-$3.66 billion. Adjusted EBITDA surged by 44.2% year-over-year to $205.5 million. Furthermore, BrightSpring raised its full-year 2026 revenue guidance to a range of $15.1 billion to $15.425 billion and its Adjusted EBITDA guidance to between $820 million and $845 million, reflecting increased confidence in sustained growth.
2. Strong Growth Across Core Segments.
The impressive fiscal Q2 2026 results were driven by substantial growth in both of BrightSpring's primary operating segments. The Pharmacy Solutions segment saw its revenue increase by 22% and Adjusted EBITDA rise by 44% year-over-year. Within this segment, Specialty and Infusion revenues grew by 30%. The Provider Services segment also demonstrated strong performance, with revenue climbing 30% and Adjusted EBITDA improving by 33% year-over-year, particularly in Home Health Care, which experienced a 51% increase in revenue.
3. Enhanced Financial Position Through Debt Reduction and Strategic Acquisitions.
BrightSpring strengthened its balance sheet by reducing its net leverage to 2.15x as of June 30, 2026, down from 2.27x on March 31, 2026. This improvement followed the repayment of approximately $300 million of term debt and a refinancing of its First Lien Facility, which also resulted in interest savings. Additionally, the company's prior acquisition and successful integration of Amedisys and LHC branches are expected to contribute approximately $35 million in Adjusted EBITDA for fiscal year 2026, boosting overall performance.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Analysts maintained a highly optimistic outlook on BrightSpring Health Services, with a consensus "Buy" rating. Out of 20 analysts, 18 recommended a buy, and 2 issued a strong buy rating. The average analyst price target for BTSG stood at $70.71, indicating a potential upside of 15.77% from the August 11, 2026, closing price of $61.08. Some analysts set price targets as high as $90.00, reinforcing investor confidence in the company's future growth prospects.
Show less
Stock Movement Drivers
Fundamental Drivers
The 20.7% change in BTSG stock from 4/30/2026 to 8/11/2026 was primarily driven by a 72.4% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.97 | 57.89 | 20.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,911 | 14,372 | 11.3% |
| Net Income Margin (%) | 1.5% | 2.5% | 72.4% |
| P/E Multiple | 51.3 | 32.6 | -36.5% |
| Shares Outstanding (Mil) | 204 | 206 | -1.0% |
| Cumulative Contribution | 20.7% |
Market Drivers
4/30/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| BTSG | 20.7% | |
| Market (SPY) | 7.2% | 20.7% |
| Sector (XLV) | 15.1% | -7.4% |
Fundamental Drivers
The 47.4% change in BTSG stock from 1/31/2026 to 8/11/2026 was primarily driven by a 137.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.27 | 57.89 | 47.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,107 | 14,372 | 18.7% |
| Net Income Margin (%) | 1.1% | 2.5% | 137.9% |
| P/E Multiple | 61.7 | 32.6 | -47.1% |
| Shares Outstanding (Mil) | 203 | 206 | -1.2% |
| Cumulative Contribution | 47.4% |
Market Drivers
1/31/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| BTSG | 47.4% | |
| Market (SPY) | 11.7% | 37.5% |
| Sector (XLV) | 9.0% | 8.0% |
Fundamental Drivers
The 180.3% change in BTSG stock from 7/31/2025 to 8/11/2026 was primarily driven by a 374.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.65 | 57.89 | 180.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,665 | 14,372 | 34.8% |
| Net Income Margin (%) | 0.5% | 2.5% | 374.5% |
| P/E Multiple | 72.5 | 32.6 | -55.1% |
| Shares Outstanding (Mil) | 201 | 206 | -2.4% |
| Cumulative Contribution | 180.3% |
Market Drivers
7/31/2025 to 8/11/2026| Return | Correlation | |
|---|---|---|
| BTSG | 180.3% | |
| Market (SPY) | 22.9% | 40.4% |
| Sector (XLV) | 30.5% | 13.9% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/11/2026| Return | Correlation | |
|---|---|---|
| BTSG | ||
| Market (SPY) | 74.3% | 37.9% |
| Sector (XLV) | 31.1% | 22.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTSG Return | - | - | - | 55% | 120% | 64% | 459% |
| Peers Return | 11% | 15% | 4% | 2% | -1% | 22% | 66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| BTSG Win Rate | - | - | - | 75% | 58% | 88% | |
| Peers Win Rate | 50% | 55% | 52% | 55% | 57% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BTSG Max Drawdown | - | - | - | - | -36% | -18% | |
| Peers Max Drawdown | -30% | -36% | -24% | -29% | -34% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OPCH, ADUS, EHC, ACHC, UHS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)
How Low Can It Go
| Event | BTSG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.8% | 23.1% |
| Time to Breakeven | 14 days | 79 days |
In The Past
BrightSpring Health Services's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | BTSG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.8% | 23.1% |
| Time to Breakeven | 14 days | 79 days |
In The Past
BrightSpring Health Services's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BrightSpring Health Services (BTSG)
BrightSpring Health Services (BTSG) is a leading national provider of integrated home and community-based healthcare services. The company focuses on delivering complementary pharmacy and provider services to medically complex, high-need, and high-cost patients, primarily seniors and individuals with specialty conditions, including behavioral health challenges. BrightSpring's core mission is to improve the quality of care and reduce overall healthcare costs by offering coordinated, high-touch services directly in patients' homes and communities, addressing the often disjointed nature of healthcare for these populations.
BrightSpring's services are primarily delivered through two segments: Pharmacy Solutions and Provider Services. The Pharmacy Solutions segment offers daily medication therapy management, including specialized services for infusion, oncology, senior living, hospice, and behavioral health patients. This segment fulfilled over 34 million prescriptions in 2022 through a national network of local pharmacies. The Provider Services segment encompasses a range of clinical and supportive care, such as home health, hospice, rehab therapy, assistance with activities of daily living, and home-based primary care, tailored for seniors and specialty patients who often manage multiple chronic conditions.
With a significant presence across all 50 states, BrightSpring serves over 400,000 patients daily, many of whom have multiple chronic conditions and require ongoing care. The company's integrated model aims to manage patient outcomes holistically, emphasizing long-term relationships and reducing hospitalizations. By leveraging its market-leading scale and diversified services, BrightSpring serves Medicare, Medicaid, and commercially-insured populations, positioning itself as an essential front-line provider in the growing market for complex patient care in preferred, lower-cost home and community settings.
AI Analysis | Feedback
Analogies for BrightSpring Health Services (BTSG):
- Kaiser Permanente for home-based complex care.
- Like Optum, but focused on integrated home-based pharmacy and clinical services for complex patients.
AI Analysis | Feedback
- Pharmacy Solutions: Provides daily medication therapy management, including specialized pharmacy and infusion services, delivered rapidly to patients in various home and community settings.
- Provider Services: Offers a comprehensive suite of clinical and supportive care to medically complex patients primarily in their homes and communities.
- Home Health & Hospice Care: Delivers skilled nursing, therapy, and compassionate end-of-life care to patients in their homes.
- Rehabilitation Therapy: Provides outpatient rehabilitation services to enhance patient recovery and functional independence.
- Supportive Home Care: Assists patients with activities of daily living and addresses social determinants of health in their home environments.
- Home-based Primary Care: Offers direct primary care services to optimize patient outcomes in senior living, long-term care, and individual homes.
AI Analysis | Feedback
BrightSpring Health Services (BTSG) primarily serves individuals (patients) with complex health needs in home and community settings. The company identifies its major customer categories as:
-
Senior Patients: Elderly individuals, often with multiple chronic conditions, who require ongoing medication therapy management, home health, hospice, rehabilitation therapy, and supportive care services. This category includes residents of independent and senior living communities, as well as those living in their own homes.
-
Specialty Patients: Individuals with specific, complex medical conditions such as oncology, infusion needs, neurological disorders, and a significant focus on behavioral health populations. These patients require specialized pharmacy and provider services tailored to their unique clinical and supportive care requirements.
-
Medically Complex Patients with Chronic Conditions: This overarching category refers to high-need, high-cost individuals who typically have five or more chronic conditions. They require integrated and coordinated pharmacy and provider services to manage their long-term health, improve outcomes, and reduce overall healthcare costs by receiving care in lower-cost home and community settings.
AI Analysis | Feedback
AI Analysis | Feedback
Jon Rousseau, President and Chief Executive Officer
Jon Rousseau has served as President and Chief Executive Officer of BrightSpring Health Services since 2016 and became Chairman of the Board in 2024. Prior to joining BrightSpring, he was an executive vice president at Kindred Healthcare, Inc. from 2013 to 2016, holding leadership roles such as president of Kindred Rehabilitation Services and president of the Care Management Division and Kindred at Home. Before Kindred, he held senior leadership positions at Mylan, Inc. and Medtronic PLC from 2006 to 2013. Early in his career, he worked with the private equity firm Friedman Fleischer & Lowe LLC from 1998 to 2005 and in the Mergers and Acquisitions and Investment Banking groups at Morgan Stanley from 1996 to 1998. He also oversaw BrightSpring's acquisition by global investment firm KKR and an affiliate of Walgreens Boots Alliance Inc. in March 2019.
Jennifer Phipps, Executive Vice President and Chief Financial Officer
Jennifer Phipps was promoted to Executive Vice President and Chief Financial Officer, effective March 4, 2025, succeeding Jim Mattingly. She has been with BrightSpring Health Services for eight years. Prior to her CFO appointment, she served as Chief Accounting Officer since the company's initial public offering in January 2024, and as CFO of BrightSpring's Home Health and Hospice segment since January 2023. From 2017 to 2023, Ms. Phipps was Senior Vice President and Chief Accounting Officer. Her responsibilities at BrightSpring have included managing treasury, risk, tax, procurement, and real estate functions, and playing a key role in financial systems processes, enhancements, and acquisition and divestiture activities. Before joining BrightSpring, she held various accounting and SEC reporting leadership roles at Cardinal Health from 2009 to early 2017 and worked in public accounting at Ernst & Young from 2003 to 2009. She played a pivotal leadership role in the company's initial public offering.
Rachael Kurzer Givens, Chief Compliance Officer
Rachael Kurzer Givens is a member of the executive leadership team at BrightSpring Health Services.
Jennifer Yowler, President, PharMerica
Jennifer Yowler serves as the President of PharMerica, BrightSpring Health Services' pharmacy solutions segment. The background information indicates that BrightSpring's predecessor company acquired PharMerica Corporation in December 2017.
Lisa Nalley, Chief of Staff and Senior Vice President, Human Resources
Lisa Nalley is part of the executive leadership team at BrightSpring Health Services.
AI Analysis | Feedback
BrightSpring Health Services (BTSG) faces several key business risks, primarily stemming from its financial performance, reliance on third-party payors, and the competitive landscape of the healthcare industry:
- Inability to achieve and sustain profitability: Despite experiencing revenue growth, BrightSpring Health Services has reported a trend of increasing net losses. Net income decreased from $21.2 million in 2020 to a net loss of $(54.2) million in 2022. This negative trend further deepened, with a net loss of $(148.1) million for the nine months ended September 30, 2023, compared to a net income of $2.3 million for the same period in 2022. This persistent decline in net income, despite rising revenues, represents a significant financial risk to the company's long-term viability.
- Dependence on government and private payor reimbursement policies and rates: The company's revenue is largely derived from Medicare, Medicaid, and commercially-insured populations. Any adverse changes in reimbursement policies, reductions in rates, or modifications to coverage criteria by these government programs or private insurers could significantly impact BrightSpring's revenue and profitability.
- Intense competition in the home and community-based healthcare market: BrightSpring Health Services operates as a leading provider in the home and community-based healthcare services sector. However, this market is competitive, with other independent and larger healthcare providers vying for market share. Intense competition could lead to pressure on pricing, increased operational costs to maintain a competitive edge, or a potential loss of market share, thereby affecting the company's financial performance and growth prospects.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for BrightSpring Health Services (BTSG)
BrightSpring Health Services anticipates several key drivers of future revenue growth over the next 2-3 years, primarily stemming from its strategic focus on complex patient populations and integrated care models:
- Strategic Acquisitions and Targeted De Novo Expansions: The company plans to expand its services by pursuing accretive acquisitions and establishing targeted de novo locations. This strategy allows BrightSpring to broaden its geographic reach and service offerings to new customer and patient types, leveraging its existing scale and infrastructure.
- Growth in Serving the High-Need Senior and Specialty Patient Population: BrightSpring is focused on a large, growing, and underserved market of Senior and Specialty patients with chronic conditions, which represents over $1.0 trillion. By providing high-touch and coordinated services in home and community settings, the company aims to capture a larger share of this demographic, addressing their multiple health needs more completely.
- Expansion and Integration of Complementary Pharmacy and Provider Services, particularly within Value-Based Care Models: The company believes its integrated platform, combining pharmacy and provider care, offers a more effective approach for high-need and high-cost patients. This integrated model is expected to be crucial in the ongoing development of value-based care solutions, enabling BrightSpring to manage and optimize patient outcomes and reduce overall healthcare costs, thereby driving revenue growth.
AI Analysis | Feedback
Share Repurchases
- BrightSpring Health Services authorized a share repurchase program of up to $60.0 million in March 2026.
- In March 2026, the company repurchased approximately 1.46 million shares at $41.15 per share as part of a secondary offering.
- In October 2025, BrightSpring repurchased 1.5 million shares from the underwriter during a secondary offering.
Share Issuance
- BrightSpring Health Services completed its Initial Public Offering (IPO) in January 2024, pricing shares at $13.00 and aiming to raise a combined total of $1.1 billion from the IPO and a concurrent tangible equity unit offering, with most proceeds allocated to debt repayment.
- In March 2026, a follow-on offering of 20 million common shares for approximately $822.72 million was completed by selling stockholders (KKR-affiliated and management); the company itself did not receive primary proceeds from this offering, except from management option exercises.
Outbound Investments
- BrightSpring Health Services completed the acquisition of 107 home health and hospice branches from Amedisys and LHC, projected to contribute approximately $30 million in Adjusted EBITDA in 2026.
- In May 2024, the company made several tuck-in acquisitions, including a home-based primary care group in Arkansas, an institutional special needs health plan in Kentucky and Tennessee, and a home and community pharmacy in Texas.
- In March 2024, BrightSpring acquired a Maryland home health operation, completed the acquisition of the remaining 30% equity interest in a Michigan behavioral therapy joint venture, and acquired a Montana long-term care pharmacy.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 87.39 |
| Mkt Cap | 6.9 |
| Rev LTM | 5,950 |
| Op Inc LTM | 393 |
| FCF LTM | 353 |
| FCF 3Y Avg | 226 |
| CFO LTM | 427 |
| CFO 3Y Avg | 290 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 11.0% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 14.5% |
| Op Inc Chg 3Y Avg | 20.5% |
| Op Mgn LTM | 10.0% |
| Op Mgn 3Y Avg | 10.0% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 8.1% |
| CFO/Rev 3Y Avg | 8.6% |
| FCF/Rev LTM | 4.9% |
| FCF/Rev 3Y Avg | 4.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pharmacy Solutions | 11,446 | 8,754 | 6,522 | 5,264 | 4,389 |
| Provider Services | 1,465 | 1,318 | 1,169 | 2,181 | 1,963 |
| Other | 275 | 346 | |||
| Total | 12,911 | 10,072 | 7,691 | 7,721 | 6,698 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pharmacy Solutions | 544 | 395 | 371 | 344 | 321 |
| Provider Services | 233 | 205 | 169 | 289 | 262 |
| Depreciation and amortization | -28 | -26 | -22 | -22 | -199 |
| Segment depreciation and amortization | -135 | -136 | -139 | -182 | |
| Selling, general, and administrative expenses | -318 | -330 | -322 | -220 | -181 |
| Goodwill impairment loss | -41 | 0 | |||
| Other | 20 | 32 | |||
| Total | 295 | 108 | 58 | 188 | 234 |
Price Behavior
| Market Price | $57.89 | |
| Market Cap ($ Bil) | 11.9 | |
| First Trading Date | 01/26/2024 | |
| Distance from 52W High | -20.6% | |
| 50 Days | 200 Days | |
| DMA Price | $65.48 | $47.52 |
| DMA Trend | up | up |
| Distance from DMA | -11.6% | 21.8% |
| 3M | 1YR | |
| Volatility | 53.2% | 44.2% |
| Downside Capture | 84.56 | 115.44 |
| Upside Capture | 87.03 | 207.75 |
| Correlation (SPY) | 20.7% | 40.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.52 | 0.42 | 0.65 | 1.27 | 1.36 | 0.02 |
| Up Beta | 1.65 | 1.60 | 1.21 | 1.01 | 0.91 | 0.03 |
| Down Beta | 0.25 | 0.34 | 0.30 | 1.21 | 1.23 | 0.33 |
| Up Capture | -100% | -6% | 105% | 203% | 350% | 156% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 40 | 75 | 152 | 341 |
| Down Capture | 132% | 15% | 10% | 100% | 104% | 86% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 17 | 21 | 49 | 98 | 276 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTSG | |
|---|---|---|---|---|
| BTSG | 179.7% | 44.1% | 2.46 | - |
| Sector ETF (XLV) | 30.9% | 15.5% | 1.53 | 15.5% |
| Equity (SPY) | 22.1% | 12.8% | 1.28 | 40.3% |
| Gold (GLD) | 28.2% | 28.4% | 0.86 | 15.5% |
| Commodities (DBC) | 37.4% | 20.1% | 1.47 | -9.9% |
| Real Estate (VNQ) | 12.5% | 13.8% | 0.61 | 16.5% |
| Bitcoin (BTCUSD) | -45.3% | 42.9% | -1.28 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTSG | |
|---|---|---|---|---|
| BTSG | 39.4% | 45.1% | 1.60 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 22.9% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 37.9% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 9.9% |
| Commodities (DBC) | 9.3% | 19.6% | 0.36 | 0.0% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 26.1% |
| Bitcoin (BTCUSD) | 10.9% | 52.8% | 0.39 | 21.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTSG | |
|---|---|---|---|---|
| BTSG | 18.1% | 45.1% | 1.60 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 22.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 37.9% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 9.9% |
| Commodities (DBC) | 7.9% | 18.0% | 0.35 | 0.0% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 26.1% |
| Bitcoin (BTCUSD) | 59.4% | 66.1% | 0.99 | 21.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -18.1% | -16.8% | |
| 5/1/2026 | 9.6% | 10.4% | 25.0% |
| 2/27/2026 | 3.2% | 4.1% | 5.5% |
| 10/28/2025 | 0.1% | -5.8% | 7.3% |
| 8/1/2025 | -4.9% | -0.9% | 14.7% |
| 5/2/2025 | 16.6% | 25.8% | 33.7% |
| 3/6/2025 | -6.3% | -3.4% | -3.3% |
| 11/1/2024 | 15.2% | 26.4% | 27.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 5 | 9 |
| # Negative | 5 | 6 | 1 |
| Median Positive | 6.7% | 10.4% | 11.7% |
| Median Negative | -7.6% | -5.8% | -3.3% |
| Max Positive | 16.6% | 26.4% | 33.7% |
| Max Negative | -18.1% | -16.8% | -3.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -18.1% | -16.8% | |
| 5/1/2026 | 9.6% | 10.4% | 25.0% |
| 2/27/2026 | 3.2% | 4.1% | 5.5% |
| 10/28/2025 | 0.1% | -5.8% | 7.3% |
| 8/1/2025 | -4.9% | -0.9% | 14.7% |
| 5/2/2025 | 16.6% | 25.8% | 33.7% |
| 3/6/2025 | -6.3% | -3.4% | -3.3% |
| 11/1/2024 | 15.2% | 26.4% | 27.5% |
| 8/2/2024 | -8.7% | -5.8% | 2.6% |
| 5/2/2024 | 3.8% | 6.7% | 5.5% |
| 2/29/2024 | -7.6% | -6.6% | 11.7% |
| SUMMARY STATS | |||
| # Positive | 6 | 5 | 9 |
| # Negative | 5 | 6 | 1 |
| Median Positive | 6.7% | 10.4% | 11.7% |
| Median Negative | -7.6% | -5.8% | -3.3% |
| Max Positive | 16.6% | 26.4% | 33.7% |
| Max Negative | -18.1% | -16.8% | -3.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 01/26/2024 | 424B4 |
| 06/30/2023 | 11/09/2023 | DRS/A |
| 09/30/2021 | 01/04/2022 | S-1/A |
| 06/30/2021 | 10/18/2021 | S-1 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 01/26/2024 | 424B4 |
| 06/30/2023 | 11/09/2023 | DRS/A |
| 09/30/2021 | 01/04/2022 | S-1/A |
| 06/30/2021 | 10/18/2021 | S-1 |
Recent Forward Guidance
Updated 8/1/2026Latest: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 15.10 Bil | 15.26 Bil | 15.43 Bil | 1.9% | Raised | Guidance: 14.97 Bil for 2026 | |
| 2026 Pharmacy Segment Revenue | 13.20 Bil | 13.35 Bil | 13.50 Bil | 2.1% | Raised | Guidance: 13.07 Bil for 2026 | |
| 2026 Provider Segment Revenue | 1.90 Bil | 1.91 Bil | 1.93 Bil | 0.7% | Raised | Guidance: 1.90 Bil for 2026 | |
| 2026 Total Adjusted EBITDA | 820.00 Mil | 832.50 Mil | 845.00 Mil | 2.8% | Raised | Guidance: 810.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 14.72 Bil | 14.97 Bil | 15.22 Bil | 1.7% | Raised | Guidance: 14.72 Bil for 2026 | |
| 2026 Revenue Growth | 14.1% | 16.0% | 17.9% | ||||
| 2026 Pharmacy Segment Revenue | 12.85 Bil | 13.07 Bil | 13.30 Bil | 1.8% | Raised | Guidance: 12.85 Bil for 2026 | |
| 2026 Provider Segment Revenue | 1.88 Bil | 1.90 Bil | 1.93 Bil | 1.3% | Raised | Guidance: 1.88 Bil for 2026 | |
| 2026 Total Adjusted EBITDA | 795.00 Mil | 810.00 Mil | 825.00 Mil | 4.5% | Raised | Guidance: 775.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Contribution from Amedysis and LHC | 30.00 Mil | ||||||
Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 14.45 Bil | 14.72 Bil | 15.00 Bil | 16.4% | Higher New | Actual: 12.65 Bil for 2025 | |
| 2026 Pharmacy Segment Revenue | 12.60 Bil | 12.85 Bil | 13.10 Bil | 15.0% | Higher New | Actual: 11.18 Bil for 2025 | |
| 2026 Provider Segment Revenue | 1.85 Bil | 1.88 Bil | 1.90 Bil | 27.1% | Higher New | Actual: 1.48 Bil for 2025 | |
| 2026 Adjusted EBITDA | 760.00 Mil | 775.00 Mil | 790.00 Mil | 27.0% | Higher New | Actual: 610.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 12.50 Bil | 12.65 Bil | 12.80 Bil | 2.0% | Raised | Guidance: 12.40 Bil for 2025 | |
| 2025 Pharmacy Segment Revenue | 11.05 Bil | 11.18 Bil | 11.30 Bil | 2.3% | Raised | Guidance: 10.93 Bil for 2025 | |
| 2025 Provider Segment Revenue | 1.45 Bil | 1.48 Bil | 1.50 Bil | 0 | Affirmed | Guidance: 1.48 Bil for 2025 | |
| 2025 Adjusted EBITDA | 605.00 Mil | 610.00 Mil | 615.00 Mil | 2.1% | Raised | Guidance: 597.50 Mil for 2025 | |
Insider Activity
Updated 7/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kkr, Group Partnership LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 2 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 3 | Rousseau, Jon B | See Remarks | Direct | Sell | 6052026 | 58.75 | 130,000 | 7,637,500 | 70,177,051 | Form |
| 4 | Rousseau, Jon B | See Remarks | The Margaret Rousseau Children Trust | Sell | 6052026 | 58.75 | 130,000 | Form | ||
| 5 | Nalley, Lisa A | See Remarks | Direct | Sell | 6052026 | 58.75 | 35,000 | 2,056,250 | 7,751,945 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kkr, Group Partnership LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 2 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 3 | Rousseau, Jon B | See Remarks | Direct | Sell | 6052026 | 58.75 | 130,000 | 7,637,500 | 70,177,051 | Form |
| 4 | Rousseau, Jon B | See Remarks | The Margaret Rousseau Children Trust | Sell | 6052026 | 58.75 | 130,000 | Form | ||
| 5 | Nalley, Lisa A | See Remarks | Direct | Sell | 6052026 | 58.75 | 35,000 | 2,056,250 | 7,751,945 | Form |
| 6 | Phipps, Jennifer A | Chief Financial Officer | Direct | Sell | 6052026 | 58.75 | 35,000 | 2,056,250 | 14,700,660 | Form |
| 7 | Nalley, Lisa A | See Remarks | Direct | Sell | 3062026 | 41.15 | 30,000 | 1,234,500 | 4,550,943 | Form |
| 8 | Rousseau, Jon B | See Remarks | Direct | Sell | 3062026 | 41.15 | 220,000 | 9,053,000 | 42,132,662 | Form |
| 9 | Phipps, Jennifer A | Chief Financial Officer | Direct | Sell | 3062026 | 41.15 | 35,000 | 1,440,250 | 8,099,966 | Form |
| 10 | Kkr, Group Partnership LP | See Footnotes | Sell | 3042026 | 40.96 | 19,715,000 | 807,546,115 | 1,729,661,458 | Form | |
| 11 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 3042026 | 40.96 | 19,715,000 | 807,546,115 | 1,729,661,458 | Form | |
| 12 | Kkr, Group Partnership LP | See Footnotes | Sell | 10222025 | 28.78 | 14,745,000 | 424,390,590 | 1,794,596,182 | Form | |
| 13 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 10222025 | 28.78 | 14,745,000 | 424,390,590 | 1,794,596,182 | Form | |
| 14 | Rousseau, Jon B | See Remarks | Direct | Sell | 10222025 | 28.78 | 235,000 | 6,763,770 | 32,579,209 | Form |
| 15 | Nalley, Lisa A | See Remarks | Direct | Sell | 10222025 | 28.78 | 20,000 | 575,640 | 3,774,759 | Form |
Investor Activity (13F)
Updated Aug 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Services Resources |
| HealthLeaders Media |
| Medical Economics |
| Physicians Practice |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.