Tearsheet

BrightSpring Health Services (BTSG)

Market Price (12/4/2025): $35.6 | Market Cap: $7.2 Bil
Sector: Health Care | Industry: Health Care Services

BrightSpring Health Services (BTSG)

Market Price (12/4/2025): $35.6
Market Cap: $7.2 Bil
Sector: Health Care
Industry: Health Care Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%	Trading close to highs Dist 52W High is -3.7%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 46x
1	Low stock price volatility Vol 12M is 47%		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%
2	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Remote Patient Monitoring, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%
1	Low stock price volatility Vol 12M is 47%
2	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Remote Patient Monitoring, Show more.
3	Trading close to highs Dist 52W High is -3.7%
4	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 46x
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$35.60	$17.03
Market Cap CYE ($ Bil)	7.2	3.4	-	-	-
Total Debt ($ Bil)	2.7	2.9	3.7	3.7	3.8
Total Cash ($ Bil)	0.1	0.1	0.0	0.0	0.0
Enterprise Value ($ Bil)	9.8	6.3
Valuation Ratios
P/S TTM	0.5	0.3	0.0	0.0	0.0
P/EBIT TTM	17.9	17.0	0.0	0.0	0.0
P/E TTM	47.0	-182.0	0.0	0.0	0.0
Sector Ratios
P/S TTM (Sector)	2.3	1.9	2.2	3.8	3.5
P/EBIT TTM (Sector)	299.4	16.8	17.3	15.6	14.6
P/E TTM (Sector)	-69.7	95.4	21.3	23.7	18.6

	12/4/25	2024	2023
Share Price CYE	$35.60	$17.03
Market Cap CYE ($ Bil)	7.2	3.4	-
Total Debt ($ Bil)	2.7	2.9	3.7
Total Cash ($ Bil)	0.1	0.1	0.0
Enterprise Value ($ Bil)	9.8	6.3
Valuation Ratios
P/S TTM	0.5	0.3	0.0
P/EBIT TTM	17.9	17.0	0.0
P/E TTM	47.0	-182.0	0.0
Sector Ratios
P/S TTM (Sector)	2.3	1.9	2.2
P/EBIT TTM (Sector)	299.4	16.8	17.3
P/E TTM (Sector)	-69.7	95.4	21.3

	BTSG	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	13.3
Rev Chg Q	28.2%	7.1%
Rev Chg LTM	37.1%	6.1%
Rev Chg 3Y Avg	24.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	2.6%	18.8%
CFO/Rev LTM	2.6%	20.5%
Net Inc Mgn	1.0%	13.1%
VALUATION	MODERATE
P/S	0.5	3.2
P/CFO	17.5	15.8
P/FCF	22.1	20.5
P/E	47.1	23.5
STABILITY	FAIR
Debt/Equity	0.44	0.20
Cash/Assets	0.02	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Specialty Scripts Growth	approximately 40%	9302025	Link
Limited Distribution Drugs (LDDs)	144	9302025	Link
Total Pharmacy Script Volume	10.8 million	9302025	Link
Average Daily Census in Home Health Care	29592	9302025	Link
Patients Served Daily	over 400,000	3142024	Link
Clinical Providers and Pharmacists	approximately 10,000	6102025	Link
Accredited Locations	Over 1,000	1162025	Link

Upcoming
1/19/2026	Earnings Release	Rev: - EPS: -
3/05/2026	Earnings Release	Rev: - EPS: -

BTSG Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

BrightSpring Health Services (BTSG) experienced significant positive movement in its stock price during the approximate time period from August 31, 2025, to December 4, 2025, driven by several key factors:

1. Strong Second Quarter 2025 Financial Results and Increased Full-Year Guidance: On August 1, 2025, BrightSpring Health Services announced robust financial results for the second quarter of 2025, reporting a 29.1% increase in net revenue and a 28.8% rise in Adjusted EBITDA compared to the second quarter of 2024. This strong performance led the company to raise its full-year 2025 revenue and Adjusted EBITDA guidance.

2. Continued Positive Third Quarter 2025 Financial Results and Guidance: Building on its strong Q2 performance, BrightSpring Health Services reported favorable third-quarter 2025 financial results on October 20, 2025. The company once again increased its full-year 2025 guidance, reinforcing investor confidence in its continued growth trajectory.

3. Strategic Divestiture of Community Living Business: A key strategic move, the divestiture of BrightSpring's community living business to Sevita for $835 million, which was announced in January 2025, was anticipated to close in the fourth quarter of 2025. This move is expected to streamline operations and allow the company to focus more intently on its core home and community-based healthcare services.

4. Positive Analyst Sentiment and Ratings: Analysts maintained a generally positive outlook for BrightSpring Health Services, with a "Strong Buy" consensus and an average 12-month price target of $35.50. This sentiment was further bolstered by BMO Capital initiating coverage of BTSG with an "Outperform" recommendation on November 13, 2025.

5. Consistent Positive Short-Term Stock Performance: The stock demonstrated consistent positive momentum in the latter part of the period, with its price rising on 6 of the last 10 days and an overall increase of 11.32% over the two weeks ending December 3, 2025. Furthermore, as of November 29, 2025, BTSG recorded 22 green days out of the last 30 days, indicating sustained buying interest.

Show less

Stock Movement Drivers

Fundamental Drivers

The 45.8% change in BTSG stock from 9/3/2025 to 12/3/2025 was primarily driven by a 86.9% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	24.08	35.12	45.85%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12568.28	13301.16	5.83%
Net Income Margin (%)	0.52%	0.97%	86.88%
P/E Multiple	74.17	55.15	-25.64%
Shares Outstanding (Mil)	201.81	203.49	-0.83%
Cumulative Contribution			45.84%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
BTSG	45.8%
Market (SPY)	6.2%	48.4%
Sector (XLV)	13.3%	27.2%

Fundamental Drivers

The 48.9% change in BTSG stock from 6/4/2025 to 12/3/2025 was primarily driven by a 101.9% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	23.58	35.12	48.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11858.83	13301.16	12.16%
Net Income Margin (%)	0.48%	0.97%	101.88%
P/E Multiple	82.82	55.15	-33.41%
Shares Outstanding (Mil)	201.00	203.49	-1.23%
Cumulative Contribution			48.92%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
BTSG	48.9%
Market (SPY)	15.1%	42.1%
Sector (XLV)	16.9%	22.1%

Fundamental Drivers

The 85.0% change in BTSG stock from 12/3/2024 to 12/3/2025 was primarily driven by a 38.3% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	18.98	35.12	85.04%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9699.79	13301.16	37.13%
P/S Multiple	0.39	0.54	38.33%
Shares Outstanding (Mil)	198.49	203.49	-2.52%
Cumulative Contribution			84.92%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
BTSG	85.0%
Market (SPY)	14.3%	47.0%
Sector (XLV)	7.0%	30.6%

Fundamental Drivers

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Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
BTSG
Market (SPY)	53.2%	38.4%
Sector (XLV)	20.8%	28.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BTSG Return	-	-	-	-	-	106%	106%
Peers Return	10%	30%	3%	-8%	0%	23%	67%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
BTSG Win Rate	-	-	-	-	73%	50%
Peers Win Rate	53%	60%	52%	40%	52%	64%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
BTSG Max Drawdown	-	-	-	-	-	-8%
Peers Max Drawdown	-37%	-9%	-21%	-23%	-17%	-9%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ADUS, CVS, CI, LH, DGX.
[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] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

BTSG has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Unique Key	Event	XLV	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-16.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	19.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	599 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-28.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	40.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	116 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-15.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	18.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-40.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	68.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1100 days	1480 days

Compare to

In The Past

SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.

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About BrightSpring Health Services (BTSG)

We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients. We have a differentiated approach to care delivery, with an integrated and scaled model that addresses critical services that the highest-need and highest-cost patients require. With a focus on Senior and Specialty patients, which includes Behavioral populations, our platform provides pharmacy and provider services (both clinical and supportive care in nature) in lower-cost home and community settings largely to Medicare, Medicaid, and commercially-insured populations. We are an essential part of our nation’s health delivery network as a front-line provider of high-quality and cost-effective care to a large and growing number of people, who increasingly require a combination of specialized solutions to enable holistic health care management. Our presence spans all 50 states, we serve over 400,000 patients daily through our approximately 10,000 clinical providers and pharmacists, and our services make a profound impact in the lives and communities of the people we serve. Our model focuses on delivering high-touch and coordinated services to medically complex clients and patients, which is a large, growing, and underserved population in the U.S. healthcare system. These high-need and high-cost Senior and Specialty patients comprise a market of over $1.0 trillion across our business. The chronic conditions and long-term health needs of these patients not only represent an outsized share of health care spend today, according to RAND, but we believe that they are expected to also drive a disproportionate share of future expenditures. Americans with five or more chronic conditions make up over 10% of the population and account for 40% of total health care spending, on average spending 10 times more on health services than those without chronic conditions. These patients most often require both pharmacy and provider services to achieve the best outcomes, but must often navigate disjointed and separately-administered health services. This can result in uncoordinated care delivery with adverse medical consequences, as compared to receiving timely, proximal, and complete care support in the home and community that improves health and reduces cost. We have built a significant presence and capability in delivering complementary and high-touch daily healthcare services and programs to complex patients in their homes and in communities in order to address their multiple health needs and requirements more completely. In pharmacy, we leverage our national infrastructure to provide daily medication therapy management to various customer and patient types wherever they reside in the community, including home and in-clinic infusion patients, oncology and other specialty patients in their homes, residents of independent and senior living communities, people receiving hospice care, neuro and Behavioral clients’ and patients’ homes, residents of skilled nursing and rehabilitation facilities, hospital patients, and the homes of Seniors who are on a significant number of medications. Within provider services, we address the clinical and supportive care needs of Senior and Specialty populations, including neuro and Behavioral patients, primarily in their homes, as well as some clinic and community settings. Our clinical services consist of home health and hospice and rehab therapy, and our supportive care services address activities of daily living and social determinants of health as well. We also provide home-based primary care for patients in senior living communities, long-term care, and individual homes to directly manage and optimize patient outcomes and to enable value-based care. By providing these complementary and necessary services for complex patients, our care model is designed to address multiple patient needs and better integrate health services delivery to improve quality and patient experiences, while reducing overall costs. We believe that our Company addresses important needs today and is also well-positioned for the long-term, as it is underpinned by capabilities and characteristics that suggest continued differentiation and growth: • Complementary pharmacy and provider services that address multiple patient needs – We have a healthcare platform that can combine pharmacy and provider care in order to address the spectrum of interrelated and chronic needs that Senior and Specialty patients possess. Through our comprehensive care capabilities, we are able to develop longitudinal relationships and views of our patients, which enables us to more closely manage daily medication requirements and adherence, provide primary care and other skilled nursing and therapy clinical services, and address social determinants of health and daily care needs. Moreover, we believe that this integrated model and capability set will increasingly be a more effective approach for providing high-need and high-cost Senior and Specialty populations the pharmacy and care services solutions they require. • Effectively serving complex patients in the home and community setting – With over 40 years of experience caring for “must-serve” client and patient populations, we deliver care in preferred and lower-cost settings with strong quality results. Our services reduce cost by providing care for many of these individuals in non-institutional home and community settings and reducing hospitalizations. For example, across our pharmacies, we achieve 99.99% order accuracy and 98.46% order completeness, “excellent” and “world class” NPS, and a reduction in hospitalizations with CCRx, while also driving savings through medication adherence and therapeutic interchanges. We achieve 99% patient satisfaction in our outpatient rehab services, an 84% overall rating of care in hospice, and, as reported by the Agency for Healthcare Research and Quality, hospitalizations 30% lower than the national average in our home-based primary care. Our complex Behavioral clients, often with three or more comorbidities and requiring eight or more medications, are still able to spend 359 days a year at home on average. We believe that we are positioned to identify potential medical problems and avoid adverse events due to our highly proximate position to patients. • Market-leading scale with a focus on operational excellence and coordinated front-line care – We manage one of the nation’s largest independent platforms of both pharmacy and provider services offered on a daily basis in home and community settings – to address the multiple needs of medically complex Senior and Specialty patients. Our leading scale across all 50 states has important benefits. Our scale provides complementary diversification and risk mitigation in payor sources, end markets, and geographies, while also creating exposure and access to a broader set of market growth opportunities. Further, we leverage economies of scale and best practices across the company, including in purchasing and all supplier contracting, quality, technology, human resources, and advocacy and payor relations. Scale from our pharmacy and provider businesses allow us to effectively deliver and coordinate integrated solutions to and across patient types and care settings, which we believe will be more important in the ongoing development of value-based care solutions. Ultimately, our track record of building market density, expanding core services to additional customer and patient types, and replicating this model across new geographies underpins both our historical results as well as our growth strategies. We are one of the largest independent providers of home and community-based health services in the United States, offering skilled, complementary, integrated, and impactful health care solutions. Almost all of the clients and patients that we serve have chronic conditions and the vast majority of them receive their services on a recurring basis over long periods of time. In our pharmacy business, patients have an average of nine prescriptions at a given time and are supported by our local pharmacy model that delivers daily services, often within an hour or two, from over 180 pharmacies, infusion centers, and specialty oncology locations across all 50 states. We have specifically focused on and built a fast, local, and “white-glove” delivery model that is supported by expert clinical teams in the field, which fulfilled over 34 million prescriptions in 2022 across customer and patient settings and types. Patients who receive our provider services average six chronic conditions per patient, and we delivered approximately 20 million hours of quality and compassionate care in 2022 to home health, hospice, rehab, and home care patients and clients. Combined, our daily pharmacy and provider services are delivered from and to approximately 9,500 office, clinic, and customer locations across the country, with over 400,000 patients serviced at any one time, including over 250,000 patients served in their homes at any one time. --- We believe the historical results of the Company are due to both our scale and diversified yet complementary services, which have underpinned historical financial stability while also enabling us to grow and pursue opportunities in attractive markets principally in home and community settings. We target customer and patient markets that exhibit strong demand, where we can leverage our scale and infrastructure, and where our services have a clear and tangible value proposition, for example improving quality and reducing healthcare system costs. We also seek to expand our services through targeted de novo locations, accretive acquisitions, and integrated care opportunities, i.e., providing care management and multiple needed services to a patient. The Pharmacy Solutions segment revenue totaled $5,264.4 million in 2022, accounting for 68.3% of total revenue, with Segment EBITDA of $344.5 million, accounting for 52.7% of total Segment EBITDA. The Provider Services segment revenue totaled $2,181.5 million in 2022, accounting for 28.2% of total revenue, with Segment EBITDA of $288.8 million, accounting for 44.2% of total Segment EBITDA. We believe that underlying market growth combined with our scale, integrated services platform, operating capabilities, and acquisition opportunity set have allowed us to grow and increase market share. From 2020 to 2022, we have grown revenue from $5,580.4 million to $7,720.6 million, primarily from organic growth along with strategic acquisitions. From 2020 to 2022, net income (loss) decreased from $21.2 million to $(54.2) million and Adjusted EBITDA increased from $407.8 million to $522.5 million. Longer term, our compound annual growth rate, or CAGR, from 2018 (including the legacy business of BrightSpring Health Holdings Corp. and its subsidiaries prior to the BHS Acquisition in March 2019 for comparability) to 2022 in Revenue and Adjusted EBITDA was 15% and 15%, respectively. For the nine months ended September 30, 2023, total revenue was $6,451.6 million, representing a 12.2% increase from $5,749.9 million in the nine months ended September 30, 2022. For the nine months ended September 30, 2023 and 2022, our net (loss) income was $(148.1) million and $2.3 million, respectively. For the nine months ended September 30, 2023, Adjusted EBITDA was $395.2 million, representing a 3.1% increase from $383.5 million in the nine months ended September 30, 2022. Impacting comparability, our results for the nine months ended September 30, 2022 included $247.4 million of revenue and $18.1 million of Segment EBITDA relating to our Other segment comprised of Workforce Solutions, which we divested in November 2022. Through our predecessors, we commenced operations in 1974 and have grown organically and through acquisitions. We were incorporated in Delaware on July 19, 2017, as Phoenix Parent Holdings Inc., in connection with KKR Stockholder’s and Walgreen Stockholder’s acquisition of PharMerica Corporation, which was completed in December 2017. In March 2019, we acquired BrightSpring Health Holdings Corp. and its subsidiaries. We changed our name to BrightSpring Health Services, Inc. in May 2021. Our principal offices are located at 805 N. Whittington Parkway, Louisville, Kentucky.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for BrightSpring Health Services (BTSG):

1. Like the home care and specialized pharmacy divisions of a major health insurer like Humana or Optum, but as an independent company. 2. The home healthcare version of Optum.

AI Generated Analysis | Feedback

Home and Community-Based Services: Provides comprehensive non-clinical and clinical support services for individuals with intellectual and developmental disabilities, seniors, and those requiring post-acute care in their homes or communities.
Pharmacy Services: Offers specialized pharmacy solutions, including institutional and home infusion pharmacy services, focusing on medication management for complex patient populations.
Rehabilitation Services: Delivers physical, occupational, and speech therapy services across various care settings, helping patients recover and improve functional abilities.

AI Generated Analysis | Feedback

BrightSpring Health Services (symbol: BTSG) primarily sells its services to other companies and entities, which act as payors or direct institutional customers for the care and pharmacy services it provides. While individuals are the ultimate recipients of care, the direct contractual relationships and payment streams are largely with these organizations. BrightSpring's major customers fall into the following categories: *

Managed Care Organizations (MCOs)

BrightSpring contracts with numerous Managed Care Organizations to provide home and community-based health services to their members, particularly those enrolled in Medicaid and Medicare Advantage plans. These organizations act as significant payors for BrightSpring's services. While BrightSpring's regulatory filings do not disclose specific revenue concentration from any single MCO, it is understood to contract with many of the leading players in the industry. Examples of major public MCOs include:

UnitedHealth Group (UNH)
Centene Corporation (CNC)
Elevance Health (ELV)

Institutional Healthcare Providers

For its Pharmacy Services segment, BrightSpring directly serves various healthcare facilities. These institutions are direct customers that contract with BrightSpring for pharmacy services. This category includes:

Long-term care facilities (e.g., nursing homes, assisted living facilities)
Correctional facilities (jails, prisons)
Behavioral health facilities
Hospice providers

BrightSpring's filings do not indicate a significant revenue concentration from any single institutional client company within this category.

AI Generated Analysis | Feedback

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Jon Rousseau, President and Chief Executive Officer

Jon Rousseau is a seasoned executive with extensive experience leading multi-billion dollar healthcare organizations, particularly in pharmacy solutions and home health services. He has a strong background in accounting and financial management, successfully navigating complex corporate strategies and executing numerous acquisitions throughout his career. Before joining BrightSpring in 2016, he was an Executive Vice President at Kindred Healthcare, Inc., serving as President of Kindred Rehabilitation Services and President of the Care Management and Kindred at Home Divisions. Earlier, he held senior leadership positions at Mylan, Inc. and Medtronic PLC. Rousseau also worked with the private equity firm Friedman Fleischer & Lowe LLC from 1998 to 2005 and in Mergers and Acquisitions and Investment Banking at Morgan Stanley from 1996 to 1998. Under his leadership, BrightSpring was acquired by global investment firm KKR and an affiliate of Walgreens Boots Alliance Inc. in March 2019, merging with PharMerica. He holds an MBA from Harvard Business School and an A.B. degree from Princeton University.

Jennifer Phipps, Executive Vice President and Chief Financial Officer

Jennifer Phipps was promoted to Chief Financial Officer on March 4, 2025, succeeding Jim Mattingly. With eight years at BrightSpring Health Services, she previously served as Chief Accounting Officer and CFO of BrightSpring's Home Health and Hospice segment. Her contributions include significant improvements in financial processes, technology implementation, and her involvement in the company's initial public offering. Prior to BrightSpring, Ms. Phipps accumulated over 20 years of experience in the healthcare sector, including senior accounting positions at Cardinal Health and six years at Ernst & Young, where she focused on auditing financial statements. She is a CPA and holds Bachelor's and Master's degrees in Accounting from The Ohio State University.

Rachael Kurzer Givens, Chief Compliance Officer

Rachael Kurzer Givens has been a key member of BrightSpring's quality and regulatory compliance team for over 20 years, holding various leadership roles. As Chief Compliance Officer, she is responsible for overseeing all compliance practices, establishing internal policies and procedures to ensure adherence to local, state, federal, and third-party regulations, and managing audits and investigations. Before joining BrightSpring, she served as a quality enhancement coordinator for a multi-state intellectual and developmental disabilities provider. Ms. Givens earned a Master of Science degree in rehabilitation counseling from Virginia Commonwealth University and a bachelor's degree from North Carolina State University. She is also certified in health care compliance.

Lisa Nalley, Chief of Staff and Senior Vice President, Human Resources

Lisa Nalley has served as Chief of Staff since February 2017 and Senior Vice President of Human Resources since August 2020, also leading the Executive Project Management Office. Her operational experience allows her to work closely with the CEO, CFO, presidents, and operating leaders. Before her tenure at BrightSpring, Ms. Nalley was a business consultant at Barrel Consulting, LLC. From 2003 to 2016, she held various business improvement roles at Kindred Healthcare, Inc., including Sr. Director of Strategic Initiatives for Kindred Rehabilitation Services and Kindred at Home. She holds an A.A.S. in Applied Science in paralegal science from Marshall University. Ms. Nalley has also engaged in insider stock sales.

Bob Barnes, President, ResCare Community Living

Bob Barnes has been President of ResCare Community Living, a BrightSpring Health Services brand, since July 2018, bringing over 20 years of experience in the health services field. In his role, he focuses on core operational processes and growth strategies, utilizing technology-led initiatives to enhance quality and outcome-based care. Prior to joining BrightSpring, Mr. Barnes was the Senior Vice President of Operations at Trilogy Health Services, LLC from 2016 to 2018, where he managed national healthcare operations. His previous experience also includes serving as Chief Operating Officer at Affinity Health Services, Inc. and holding operational leadership positions at Guardian Elder Care Holdings, Inc. Mr. Barnes holds a Bachelor of Science degree in nursing from Mount Aloysius College and a Nursing Home Administration certification from Slippery Rock University.

AI Generated Analysis | Feedback

BrightSpring Health Services (BTSG) faces a clear emerging threat from the aggressive vertical integration and direct care delivery expansion by large payers and healthcare conglomerates. Major entities such as Optum (UnitedHealth Group), CVS Health (through acquisitions like Signify Health and Oak Street Health), and Humana (via its CenterWell brand) are rapidly building comprehensive, integrated care networks that encompass home-based care, pharmacy services, and behavioral health. This strategic shift aims to control more of the care continuum, manage costs, and improve outcomes within their own ecosystems, potentially reducing reliance on independent third-party providers like BrightSpring. As these powerful players internalize services that BrightSpring traditionally provides, they exert significant competitive pressure on contract terms, market share, and the overall demand for external specialized healthcare services.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

BrightSpring Health Services (BTSG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Expansion in Specialty and Infusion Pharmacy: The company anticipates continued strong growth in its Pharmacy Solutions segment, particularly within specialty and infusion pharmacy services. This growth is fueled by strategic initiatives such as expanding its portfolio of limited distribution drugs (LDDs) and launching new LDDs. Management expects 16 to 18 additional LDD launches over the next 12 to 18 months, which is projected to drive significant script growth in these high-value areas.
Strategic Acquisitions and Organic Growth in Provider Services: BrightSpring is focused on both strategic acquisitions and organic growth initiatives within its Provider Services segment, specifically in home healthcare and rehabilitation care. The company anticipates closing recent acquisitions of Amedisys and LHC Home Health branches, which are expected to contribute to market penetration and revenue growth in this segment.
Investments in Operational Efficiency and Technology: The company is making significant investments in operational efficiency, including the adoption of AI technology and lean methodologies across its service lines. While not a direct revenue driver, these improvements are expected to support overall financial performance by enhancing service delivery, optimizing operations, and potentially allowing for increased capacity to serve more customers.
Leveraging Favorable Demographic Trends and Integrated Care Models: BrightSpring is well-positioned to capitalize on demographic trends, such as an aging population and increasing demand for home- and community-based healthcare services. The company's diversified and integrated home- and community-based pharmacy and health solutions are designed to meet the needs of complex populations, driving market share gains and supporting sustainable long-term top-line growth.

AI Generated Analysis | Feedback

BrightSpring Health Services (BTSG) has made the following significant capital allocation decisions over the last 3-5 years:

Share Repurchases

BrightSpring authorized a concurrent repurchase of 1,500,000 shares, or up to $50 million, from an underwriter as part of a secondary offering by existing stockholders that closed on October 22, 2025.

Share Issuance

BrightSpring completed its Initial Public Offering (IPO) in January 2024, pricing 53,333,334 shares of common stock at $13.00 per share.
Concurrently with the IPO, the company offered 8,000,000 of its 6.75% tangible equity units at $50.00 per unit.
The net proceeds from these IPO offerings amounted to $656.5 million for common stock and $389.0 million for the tangible equity units, after deducting offering-related expenses. These proceeds were used to repay debt and for general corporate purposes.

Outbound Investments

BrightSpring has pursued a strategy of "tuck-in acquisitions" to enhance market penetration and density, including a Maryland home health operation (January 2024), a Michigan behavioral therapy company (March 2024), and a Montana long-term care pharmacy (March 2024).
The company finalized the acquisition of Haven Hospice assets in North Central Florida for $60 million, marking its entry into the Florida market for comprehensive hospice care.
BrightSpring anticipates the acquisition of Amedisys and LHC Home Health Branch assets to close in the fourth quarter of 2025.
In January 2025, BrightSpring announced a definitive agreement to divest its Community Living business (ResCare Community Living) to Sevita for $835 million in cash, with the transaction expected to close in the first quarter of 2026. The after-tax cash proceeds of approximately $715 million are primarily intended for debt reduction.

Capital Expenditures

The Community Living business, which BrightSpring is divesting, was expected to incur approximately $23 million in capital expenditures and capital leases in 2024.

Better Bets than BrightSpring Health Services (BTSG)

	BTSG	Better Performance than BTSG
Metric	Value	INDUSTRY: Health Care Services
Rev Chg LTM	37.1%	HIMS (78.0%)
Rev Chg 3Y Avg	24.3%	HIMS (71.0%)
Op Mgn LTM	2.6%	DVA (14.6%), DGX (14.1%), LH (9.9%), HIMS (5.2%), CVS (2.7%)
CFO/Rev LTM	2.6%	DGX (17.4%), CHE (16.6%), HIMS (14.7%), DVA (14.2%), LH (13.1%)
FCF/Rev LTM	2.1%	CHE (14.2%), DGX (12.8%), LH (10.0%), DVA (9.7%), HIMS (5.4%)
Total Yield	2.2%	CI (8.6%), DVA (8.1%), DGX (6.2%), LH (4.6%), CVS (4.0%)
P/S	0.5	CVS (0.2), AMN (0.3), CI (0.3)
P/Op Inc	17.6	DVA (4.9), CVS (8.9), SHC (13.0), DGX (13.9), LH (17.5)

	BTSG	Better Performance than BTSG
Metric	Value	SECTOR: Health Care
Rev Chg LTM	37.1%	MDGL (864.2%), TEM (72.6%), BBIO (62.5%), ALNY (53.2%), NTRA (38.2%)
Rev Chg 3Y Avg	24.3%	BBIO (727.6%), ALNY (51.4%), NTRA (40.2%), PODD (26.6%), NBIX (24.6%)
Op Mgn LTM	2.6%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), UNH (6.1%)
CFO/Rev LTM	2.6%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), UNH (4.8%)
FCF/Rev LTM	2.1%	ABBV (33.0%), MRK (20.3%), JNJ (20.3%), TMO (14.0%), UNH (4.0%)
Total Yield	2.2%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), ABBV (3.4%), LLY (2.7%)
P/S	0.5	COR (0.2), CVS (0.2), MCK (0.2), CI (0.3), ELV (0.4)
P/Op Inc	17.6	MRK (9.4), PFE (9.4), UNH (11.9), GILD (12.4), AMGN (17.5)

	BTSG	Better Performance than BTSG
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	37.1%	APP (86.4%), NVDA (71.6%), MU (48.9%), APH (47.4%), PLTR (47.2%)
Rev Chg 3Y Avg	24.3%	NVDA (92.0%), APP (36.0%), ANET (29.4%), PLTR (29.3%), SHOP (26.8%)
Op Mgn LTM	2.6%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	2.6%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	2.1%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	2.2%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	0.5	F (0.3), GM (0.3), PSX (0.4), VLO (0.4), MPC (0.4)
P/Op Inc	17.6	XOM (12.4), CAT (15.8), V (16.6), HD (16.8), PG (17.5)

		Best Bets In Health Care Sector
	BTSG
What You Pay
P/E	46.4
P/EBIT	17.6
What You Get
Rev Chg Q	28.2%
Rev Chg LTM	37.1%
Rev Chg 3Y Avg	24.3%
FCF/Rev 3Y Avg	0.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	BrightSpring Health Services Stock Jump Looks Great, But How Secure Is That Gain?	Return
2	Why BrightSpring Health Services Stock Moved: BTSG Stock Has Gained 103% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	BrightSpring Health Services (BTSG) Valuation Ratios Comparison	Financials
4	BrightSpring Health Services (BTSG) Operating Cash Flow Comparison	Financials
5	BrightSpring Health Services (BTSG) Net Income Comparison	Financials
6	BrightSpring Health Services (BTSG) Operating Income Comparison	Financials
7	BrightSpring Health Services (BTSG) Revenue Comparison	Financials
8	ARTICLES
9	Small Cap Stocks Trading At 52-Week High		November 25th, 2025

	Title
0	DASHBOARDS
1	BrightSpring Health Services Stock Jump Looks Great, But How Secure Is That Gain?
2	Why BrightSpring Health Services Stock Moved: BTSG Stock Has Gained 103% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	BrightSpring Health Services (BTSG) Valuation Ratios Comparison
4	BrightSpring Health Services (BTSG) Operating Cash Flow Comparison
5	BrightSpring Health Services (BTSG) Net Income Comparison
6	BrightSpring Health Services (BTSG) Operating Income Comparison
7	BrightSpring Health Services (BTSG) Revenue Comparison
8	ARTICLES
9	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select past ideas related to BTSG. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.8%	-9.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.0%	6.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.7%	9.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.8%	-9.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.0%	6.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.7%	9.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for BrightSpring Health Services

Peers to compare with:

Financials

	BTSG	ADUS	CVS	CI	LH	DGX	Median
Name	BrightSp.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
Mkt Price	35.12	117.89	75.00	268.81	265.76	182.61	150.25
Mkt Cap	7.1	2.1	95.2	71.6	22.1	20.5	21.3
Rev LTM	13,301	1,347	394,084	261,220	13,765	10,850	13,533
Op Inc LTM	341	123	10,751	-	1,365	1,531	1,365
FCF LTM	276	96	6,293	3,944	1,381	1,393	1,387
FCF 3Y Avg	55	107	6,427	7,773	1,080	1,004	1,042
CFO LTM	349	103	9,109	5,292	1,804	1,885	1,844
CFO 3Y Avg	132	115	9,277	9,197	1,531	1,454	1,492

Growth & Margins

	BTSG	ADUS	CVS	CI	LH	DGX	Median
Name	BrightSp.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
Rev Chg LTM	37.1%	18.8%	6.8%	20.9%	8.3%	13.7%	16.3%
Rev Chg 3Y Avg	24.3%	13.3%	7.7%	13.6%	8.6%	2.2%	10.9%
Rev Chg Q	28.2%	25.0%	7.8%	11.2%	8.6%	13.2%	12.2%
QoQ Delta Rev Chg LTM	5.8%	5.7%	1.9%	2.7%	2.1%	3.1%	2.9%
Op Mgn LTM	2.6%	9.2%	2.7%	-	9.9%	14.1%	9.2%
Op Mgn 3Y Avg	1.8%	8.8%	3.3%	-	9.6%	13.1%	8.8%
QoQ Delta Op Mgn LTM	0.3%	0.0%	0.1%	-	0.8%	0.1%	0.1%
CFO/Rev LTM	2.6%	7.7%	2.3%	2.0%	13.1%	17.4%	5.1%
CFO/Rev 3Y Avg	1.0%	10.0%	2.5%	4.4%	11.9%	14.5%	7.2%
FCF/Rev LTM	2.1%	7.2%	1.6%	1.5%	10.0%	12.8%	4.6%
FCF/Rev 3Y Avg	0.3%	9.2%	1.8%	3.8%	8.4%	10.0%	6.1%

Valuation

	BTSG	ADUS	CVS	CI	LH	DGX	Median
Name	BrightSp.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
Mkt Cap	7.1	2.1	95.2	71.6	22.1	20.5	21.3
P/S	0.5	1.6	0.2	0.3	1.7	2.0	1.0
P/EBIT	17.6	16.8	16.0	9.2	17.9	13.6	16.4
P/E	46.4	24.9	204.0	15.3	27.9	22.0	26.4
P/CFO	17.2	20.7	10.5	14.5	13.2	11.3	13.9
Total Yield	2.2%	4.0%	4.0%	8.6%	4.6%	6.2%	4.3%
Dividend Yield	0.0%	0.0%	3.5%	2.1%	1.0%	1.6%	1.3%
FCF Yield 3Y Avg	-	5.6%	7.1%	9.0%	5.4%	5.6%	5.6%
D/E	0.4	0.1	0.9	0.4	0.3	0.3	0.4
Net D/E	0.4	0.0	0.7	0.3	0.2	0.3	0.3

Returns

	BTSG	ADUS	CVS	CI	LH	DGX	Median
Name	BrightSp.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
1M Rtn	4.9%	-0.9%	-4.4%	3.9%	3.3%	2.1%	2.7%
3M Rtn	45.8%	4.2%	3.1%	-10.5%	-2.7%	2.2%	2.7%
6M Rtn	48.9%	5.2%	20.2%	-12.9%	5.0%	6.0%	5.6%
12M Rtn	85.0%	-3.5%	32.1%	-18.2%	11.7%	14.9%	13.3%
3Y Rtn	-	4.7%	-18.0%	-13.4%	12.3%	28.9%	4.7%
1M Excs Rtn	4.9%	-0.9%	-4.4%	4.0%	3.4%	2.1%	2.8%
3M Excs Rtn	40.4%	0.1%	-2.7%	-16.9%	-8.5%	-3.5%	-3.1%
6M Excs Rtn	34.2%	-9.5%	5.5%	-27.6%	-9.7%	-8.7%	-9.1%
12M Excs Rtn	68.4%	-17.6%	17.1%	-32.5%	-2.1%	0.8%	-0.6%
3Y Excs Rtn	-	-63.8%	-89.0%	-84.1%	-59.0%	-42.7%	-63.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	3/6/2025	3/6/2024	1/26/2024	3/6/2024	1/4/2022	1/4/2022
Key Financials
Total Revenue	13,301	11,266	8,826	7,721	6,698	5,580	4,525
EBITDA	521	398	350	392	433	347	218
Operating Income	341	206	147	229	234	165	63
Net Income	130	-18	-155	-54	50	21	-72
EPS	0.64	-0.09	-0.90	-0.31	0.29	0.12	-0.42
Growth Rates
Total Revenue Growth	37.1%	27.6%	14.3%	15.3%	20.0%	23.3%	78.4%
EBITDA Growth	68.8%	13.9%	-10.8%	-9.6%	25.0%	58.9%	50.5%
Operating Income Growth	182.7%	40.2%	-35.6%	-2.3%	41.8%	160.9%	-0.7%
Net Income Growth	419.2%	88.3%	-186.8%	-208.2%	139.3%	128.8%	-849.8%
Margins
EBITDA Margin	3.9%	3.5%	4.0%	5.1%	6.5%	6.2%	4.8%
Operating Income Margin	2.6%	1.8%	1.7%	3.0%	3.5%	3.0%	1.4%
Net Income Margin	1.0%	-0.2%	-1.8%	-0.7%	0.7%	0.4%	-1.6%
Cash & Debt
Total Cash	140	61	13	14	47	262	18
Total Debt	2,699	2,905	3,671	3,677	3,771	2,974	2,443
Net Debt / (Cash)	2,559	2,844	3,658	3,663	3,724	2,712	2,425
Cash Flows
Net Cash from Operations	349	24	211	-5	270	223	111
Free Cash from Operations	276	-57	137	-75	211	171	60
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	1	1	-0	0	1	12

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	8/1/2025	5/2/2025	3/6/2025	11/1/2024	8/2/2024	5/2/2024	3/6/2024	1/26/2024	11/9/2023	5/2/2024	1/26/2024
Key Financials Quarterly
Total Revenue	3,334	3,148	2,878	3,941	2,601	2,438	2,286	2,375	2,257	2,167	2,028	1,971
Ebitda	129	90	93	209	80	89	21	119	-1	130	102	77
Operating Income	88	49	51	154	29	39	-15	68	-52	80	52	49
Net Income	56	28	30	16	-8	20	-46	-7	-131	4	-21	-56
EPS	0.27	0.14	0.15	0.08	-0.04	0.10	-0.26	-0.04	-0.76	0.02	-0.12	-0.33
Key Financials TTM
Total Revenue TTM	13,301	12,568	11,859	11,266	9,700	9,355	9,084	8,826	8,422	8,147	7,782	7,490
Ebitda TTM	521	472	470	398	309	227	268	350	307	396	381	396
Operating Income TTM	341	282	272	206	121	39	80	147	128	232	215	231
Net Income TTM	130	66	57	-18	-41	-163	-179	-155	-204	-96	-85	-47
Growth Rates Quarterly
Total Revenue Growth	28.2%	29.1%	25.9%	66.0%	15.3%	12.5%	12.7%	20.5%	13.9%	20.3%	16.8%	34.1%
EBITDA Growth	61.3%	1.9%	345.3%	75.1%	5489.1%	-31.7%	-79.5%	55.1%	-101.7%	13.0%	-13.2%	-12.0%
Operating Income Growth	201.9%	25.6%	430.9%	125.5%	155.7%	-51.5%	-129.7%	39.2%	-201.4%	26.4%	-24.1%	30.8%
Net Income Growth	778.4%	41.6%	164.6%	344.7%	93.7%	399.5%	-114.0%	88.4%	-475.9%	-73.5%	-227.7%	-12663.2%
Margins Quarterly
EBITDA Margin	3.9%	2.9%	3.2%	5.3%	3.1%	3.6%	0.9%	5.0%	-0.1%	6.0%	5.0%	3.9%
Operating Income Margin	2.6%	1.5%	1.8%	3.9%	1.1%	1.6%	-0.7%	2.9%	-2.3%	3.7%	2.5%	2.5%
Net Income Margin	1.7%	0.9%	1.0%	0.4%	-0.3%	0.8%	-2.0%	-0.3%	-5.8%	0.2%	-1.1%	-2.8%
Cash & Debt
Total Cash	140	70	52	61	36	25	58	13	12	11	-	14
Total Debt	2,699	2,712	2,717	2,905	2,960	2,912	2,885	3,671	3,774	3,744	0	3,677
Net Debt / (Cash)	2,559	2,642	2,665	2,844	2,924	2,887	2,827	3,658	3,763	3,732	-	3,663
Cash Flows Quarterly
FCF from Operations	108	49	102	91	27	-15	-79	162	34	-25	40	-97
Cash Flows TTM
FCF from Operations TTM	349	269	204	24	96	102	92	211	-48	-145	-141	-92
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	0	0	0	0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	5.9%	3.7%	4.5%	9.8%	2.4%	3.3%	-0.9%	3.0%	-4.4%	7.0%	-	4.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.9%	3.9%	4.7%	2.6%	1.7%	0.6%	1.4%	2.9%	2.7%	4.8%	-	5.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Pharmacy Solutions	6,522	5,264	4,389	3,636	3,022
Provider Services	2,304	2,181	1,963	1,684	1,287
Other		275	346	261	216
Total	8,826	7,721	6,698	5,580	4,525

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Pharmacy Solutions	371	344	321	275	250
Provider Services	307	289	262	230	154
Goodwill impairment loss	0	-41	0	0
Depreciation and amortization	-22	-22	-199	-182	-155
Segment depreciation and amortization	-180	-182
Selling, general, and administrative expenses	-328	-220	-181	-180	-204
Other		20	32	22	18
Total	147	188	234	165	63

Price Behavior

Price Behavior

Market Price	$35.12
Market Cap ($ Bil)	7.1
First Trading Date	01/26/2024
Distance from 52W High	-3.7%
	50 Days	200 Days
DMA Price	$31.81	$23.82
DMA Trend	up	up
Distance from DMA	10.4%	47.4%
	3M	1YR
Volatility	40.5%	46.8%
Downside Capture	137.48	91.58
Upside Capture	275.52	140.54
Correlation (SPY)	49.0%	47.1%

BTSG Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.78	1.59	1.61	1.52	1.11	0.17
Up Beta	1.13	1.71	0.73	1.48	1.01	0.07
Down Beta	2.38	1.68	1.19	1.45	1.21	-0.03
Up Capture	298%	250%	375%	224%	183%	50%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	14	29	44	69	133	244
Down Capture	130%	100%	123%	121%	94%	69%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	5	12	18	52	110	207

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

null

Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	8,670,372
Short Interest: % Change Since 10312025	-50.5%
Average Daily Volume	2,222,715
Days-to-Cover Short Interest	3.90
Basic Shares Quantity	203,487,000
Short % of Basic Shares	4.3%

Returns Analyses

	Title
0	BrightSpring Health Services Stock Jump Looks Great, But How Secure Is That Gain?

SEC Filings

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Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	8012025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	3062025	10-K 12/31/2024
9302024	11012024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	3062024	10-K 12/31/2023
6302023	11092023	DRS/A 6/30/2023
12312022	1262024	424B4 12/31/2022
6302021	10182021	S-1 6/30/2021
12312020	1042022	S-1/A 12/31/2020

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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BrightSpring Health Services (BTSG)

Market Price (12/4/2025): $35.6 | Market Cap: $7.2 BilSector: Health Care | Industry: Health Care Services

BrightSpring Health Services (BTSG)

Market Price (12/4/2025): $35.6Market Cap: $7.2 BilSector: Health CareIndustry: Health Care Services

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About BrightSpring Health Services (BTSG)

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Market Price (12/4/2025): $35.6 | Market Cap: $7.2 Bil
Sector: Health Care | Industry: Health Care Services

Market Price (12/4/2025): $35.6
Market Cap: $7.2 Bil
Sector: Health Care
Industry: Health Care Services