BrightSpring Health Services (BTSG)
Market Price (9/26/2026): $56.62 | Market Cap: $11.7 BilSector: Health Care | Industry: Health Care Services
BrightSpring Health Services (BTSG)
Market Price (9/26/2026): $56.62Market Cap: $11.7 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 26x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x, P/EPrice/Earnings or Price/(Net Income) is 32x Stock price has recently run up significantly12M Rtn12 month market price return is 111% 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 26x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x, P/EPrice/Earnings or Price/(Net Income) is 32x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 111% |
| Key risksBTSG key risks include [1] a substantial debt burden, Show more. |
Qualitative Assessment
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BrightSpring Health Services (BTSG) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. "Sell the News" Reaction Post-Strong Fiscal Q2 2026 Earnings.
Despite reporting robust financial results for fiscal Q2 2026 (which ended June 30, 2026), BrightSpring Health Services experienced a "sell the news" event. The company announced its Q2 2026 earnings on July 31, 2026, beating analyst expectations with an EPS of $0.45 (surpassing estimates of $0.38-$0.40) and revenue of $3.87 billion (exceeding estimates of $3.66 billion), representing a 23% year-over-year increase. Additionally, the company raised its full-year 2026 guidance. However, after a significant 92% year-to-date rally leading into the earnings report, investors appeared to take profits, contributing to the subsequent stock decline.
2. Significant Insider Selling.
In June 2026, key company executives engaged in substantial insider selling. Specifically, Jon B. Rousseau, Chairman, President, and CEO, sold 260,000 shares at $58.75 per share, realizing proceeds of $15,275,000 in a registered public offering that closed on June 5, 2026. Additionally, CFO Jennifer A. Phipps and Chief of Staff and SVP, Human Resources Lisa A. Nalley each sold 35,000 shares at $58.75 per share, totaling $2,056,250 each. These combined insider sales exceeded the $5 million threshold and likely contributed to negative investor sentiment.
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BrightSpring Health Services (BTSG) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. "Sell the News" Reaction Post-Strong Fiscal Q2 2026 Earnings.
Despite reporting robust financial results for fiscal Q2 2026 (which ended June 30, 2026), BrightSpring Health Services experienced a "sell the news" event. The company announced its Q2 2026 earnings on July 31, 2026, beating analyst expectations with an EPS of $0.45 (surpassing estimates of $0.38-$0.40) and revenue of $3.87 billion (exceeding estimates of $3.66 billion), representing a 23% year-over-year increase. Additionally, the company raised its full-year 2026 guidance. However, after a significant 92% year-to-date rally leading into the earnings report, investors appeared to take profits, contributing to the subsequent stock decline.
2. Significant Insider Selling.
In June 2026, key company executives engaged in substantial insider selling. Specifically, Jon B. Rousseau, Chairman, President, and CEO, sold 260,000 shares at $58.75 per share, realizing proceeds of $15,275,000 in a registered public offering that closed on June 5, 2026. Additionally, CFO Jennifer A. Phipps and Chief of Staff and SVP, Human Resources Lisa A. Nalley each sold 35,000 shares at $58.75 per share, totaling $2,056,250 each. These combined insider sales exceeded the $5 million threshold and likely contributed to negative investor sentiment.
3. Operational Strain from Drug Pricing Negotiations.
Management comments at a Wells Fargo healthcare conference on September 10, 2026, indicated that BrightSpring Health Services is facing operational challenges. The company highlighted ongoing drug-price negotiations and weaker generic pricing as sources of strain. These disclosures prompted traders to re-evaluate the stock's valuation, especially following its strong performance leading up to the conference.
4. Broader Market Headwinds and Valuation Concerns.
The stock's movement was also influenced by broader macroeconomic factors and existing valuation concerns. The period saw a general "risk-off sentiment" in the healthcare sector and the wider market, partly due to anticipation of Federal Reserve rate decisions. Furthermore, some analyses, as of September 10, 2026, indicated that BrightSpring Health Services was "significantly overvalued," with its price of $57.88 being 106.3% above an estimated fair value of $28.05. This perceived overvaluation, especially without corresponding insider buying, posed a risk to investors.
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Stock Movement Drivers
Fundamental Drivers
The -8.3% change in BTSG stock from 5/31/2026 to 9/25/2026 was primarily driven by a -21.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.68 | 56.59 | -8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,646 | 14,372 | 5.3% |
| Net Income Margin (%) | 2.3% | 2.5% | 12.1% |
| P/E Multiple | 40.7 | 31.9 | -21.8% |
| Shares Outstanding (Mil) | 205 | 206 | -0.6% |
| Cumulative Contribution | -8.3% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BTSG | -8.3% | |
| Market (SPY) | 2.2% | 15.0% |
| Sector (XLV) | 14.7% | -4.9% |
Fundamental Drivers
The 36.6% change in BTSG stock from 2/28/2026 to 9/25/2026 was primarily driven by a 72.4% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.43 | 56.59 | 36.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,911 | 14,372 | 11.3% |
| Net Income Margin (%) | 1.5% | 2.5% | 72.4% |
| P/E Multiple | 44.3 | 31.9 | -28.1% |
| Shares Outstanding (Mil) | 204 | 206 | -1.0% |
| Cumulative Contribution | 36.6% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BTSG | 36.6% | |
| Market (SPY) | 13.0% | 31.2% |
| Sector (XLV) | 7.5% | 3.2% |
Fundamental Drivers
The 138.9% change in BTSG stock from 8/31/2025 to 9/25/2026 was primarily driven by a 342.1% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.69 | 56.59 | 138.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,374 | 14,372 | 26.4% |
| Net Income Margin (%) | 0.6% | 2.5% | 342.1% |
| P/E Multiple | 73.0 | 31.9 | -56.3% |
| Shares Outstanding (Mil) | 202 | 206 | -2.1% |
| Cumulative Contribution | 138.9% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BTSG | 138.9% | |
| Market (SPY) | 20.9% | 36.9% |
| Sector (XLV) | 26.4% | 11.5% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BTSG | ||
| Market (SPY) | 77.8% | 37.0% |
| Sector (XLV) | 34.7% | 21.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTSG Return | - | - | - | 55% | 120% | 50% | 409% |
| Peers Return | 11% | 15% | 4% | 2% | -1% | 14% | 55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| BTSG Win Rate | - | - | - | 75% | 58% | 67% | |
| Peers Win Rate | 50% | 55% | 52% | 55% | 57% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| BTSG Max Drawdown | - | - | - | - | -36% | -23% | |
| 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 9/25/2026 (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.
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| 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
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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.
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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.
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- 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Peer Outperformance in Health Care Services
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 10.8% | 42.7% | 87.6% | CAH 380% · MCK 337% · COR 165% |
| Managed Health Care | 8 | 34.8% | -9.4% | 3.1% | OSCR 74% · HQY 34% · ELV 12% |
| Health Care Services ← | 20 | 21.2% | 37.1% | 0.2% | HIMS 263% · RDNT 142% · DGX 70% |
| Health Care Facilities | 24 | 4.5% | 14.6% | -0.9% | NHC 275% · THC 264% · ENSG 135% |
| Health Care Equipment | 50 | -1.7% | -1.1% | -19.3% | POCI 11475% · UFPT 375% · GKOS 205% |
| Health Care Supplies | 12 | 29.6% | -7.7% | -38.4% | LNTH 270% · HAE 52% · MMSI 21% |
| Pharmaceuticals | 62 | -8.9% | 7.3% | -41.9% | LQDA 2284% · INDV 1094% · ETON 1051% |
| Life Sciences Tools & Services | 113 | 1.3% | -10.1% | -67.2% | SNWV 1957% · NTRA 249% · MEDP 212% |
| Health Care Technology | 21 | -32.6% | -53.0% | -78.2% | SPOK 72% · HSTM 2% · VEEV -6% |
| Biotechnology | 375 | -8.7% | -23.0% | -79.7% | CELZ 1371% · DNTH 1085% · ELVN 965% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 84.89 |
| Mkt Cap | 7.1 |
| 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 | $56.59 | |
| Market Cap ($ Bil) | 11.7 | |
| First Trading Date | 01/26/2024 | |
| Distance from 52W High | -22.4% | |
| 50 Days | 200 Days | |
| DMA Price | $61.84 | $51.57 |
| DMA Trend | up | down |
| Distance from DMA | -8.5% | 9.7% |
| 3M | 1YR | |
| Volatility | 54.4% | 44.2% |
| Downside Capture | 180.41 | 115.88 |
| Upside Capture | 36.28 | 180.02 |
| Correlation (SPY) | 15.0% | 37.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.72 | 1.04 | 0.66 | 1.19 | 1.34 | 0.00 |
| Up Beta | 0.46 | 1.07 | 1.22 | 0.97 | 0.85 | -0.20 |
| Down Beta | -1.03 | -0.36 | -0.15 | 0.84 | 0.98 | -0.23 |
| Up Capture | 209% | 45% | 53% | 183% | 347% | 178% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 34 | 74 | 151 | 351 |
| Down Capture | 383% | 223% | 89% | 110% | 116% | 90% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 22 | 28 | 51 | 98 | 287 |
[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 | 108.4% | 44.2% | 1.78 | - |
| Sector ETF (XLV) | 26.9% | 16.2% | 1.28 | 12.2% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 37.7% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 13.9% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -11.6% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 17.3% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 17.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTSG | |
|---|---|---|---|---|
| BTSG | 38.8% | 44.8% | 1.51 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 21.3% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 37.0% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 9.5% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -0.6% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 25.9% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 21.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTSG | |
|---|---|---|---|---|
| BTSG | 17.8% | 44.8% | 1.51 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 21.3% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 37.0% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 9.5% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | -0.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 25.9% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 21.0% |
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Returns Analyses
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -18.1% | -16.8% | -18.9% |
| 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 | 2 |
| Median Positive | 6.7% | 10.4% | 11.7% |
| Median Negative | -7.6% | -5.8% | -11.1% |
| Max Positive | 16.6% | 26.4% | 33.7% |
| Max Negative | -18.1% | -16.8% | -18.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -18.1% | -16.8% | -18.9% |
| 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 | 2 |
| Median Positive | 6.7% | 10.4% | 11.7% |
| Median Negative | -7.6% | -5.8% | -11.1% |
| Max Positive | 16.6% | 26.4% | 33.7% |
| Max Negative | -18.1% | -16.8% | -18.9% |
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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 15.10 Bil | 15.26 Bil | 15.43 Bil | 1.9% | Raised | Guidance: 14.97 Bil for 2026 | |
| 2026 Pharmacy Segment Revenue | Reported | 13.20 Bil | 13.35 Bil | 13.50 Bil | 2.1% | Raised | Guidance: 13.07 Bil for 2026 | |
| 2026 Provider Segment Revenue | Reported | 1.90 Bil | 1.91 Bil | 1.93 Bil | 0.7% | Raised | Guidance: 1.90 Bil for 2026 | |
| 2026 Total Adjusted EBITDA | Reported | 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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 14.72 Bil | 14.97 Bil | 15.22 Bil | 1.7% | Raised | Guidance: 14.72 Bil for 2026 | |
| 2026 Revenue Growth | Reported | 14.1% | 16.0% | 17.9% | ||||
| 2026 Pharmacy Segment Revenue | Reported | 12.85 Bil | 13.07 Bil | 13.30 Bil | 1.8% | Raised | Guidance: 12.85 Bil for 2026 | |
| 2026 Provider Segment Revenue | Reported | 1.88 Bil | 1.90 Bil | 1.93 Bil | 1.3% | Raised | Guidance: 1.88 Bil for 2026 | |
| 2026 Total Adjusted EBITDA | Reported | 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 | Reported | 30.00 Mil | ||||||
Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 14.45 Bil | 14.72 Bil | 15.00 Bil | 16.4% | Higher New | Actual: 12.65 Bil for 2025 | |
| 2026 Pharmacy Segment Revenue | Reported | 12.60 Bil | 12.85 Bil | 13.10 Bil | 15.0% | Higher New | Actual: 11.18 Bil for 2025 | |
| 2026 Provider Segment Revenue | Reported | 1.85 Bil | 1.88 Bil | 1.90 Bil | 27.1% | Higher New | Actual: 1.48 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 12.50 Bil | 12.65 Bil | 12.80 Bil | 2.0% | Raised | Guidance: 12.40 Bil for 2025 | |
| 2025 Pharmacy Segment Revenue | Reported | 11.05 Bil | 11.18 Bil | 11.30 Bil | 2.3% | Raised | Guidance: 10.93 Bil for 2025 | |
| 2025 Provider Segment Revenue | Reported | 1.45 Bil | 1.48 Bil | 1.50 Bil | 0 | Affirmed | Guidance: 1.48 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 605.00 Mil | 610.00 Mil | 615.00 Mil | 2.1% | Raised | Guidance: 597.50 Mil for 2025 | |
Insider Activity
Updated 9/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Greenwell, Scott A | President, PharMerica | Direct | Sell | 9162026 | 57.91 | 15,099 | 874,383 | 1,809,456 | Form |
| 2 | Kkr, Group Partnership LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 3 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 4 | Rousseau, Jon B | See Remarks | Direct | Sell | 6052026 | 58.75 | 130,000 | 7,637,500 | 70,177,051 | Form |
| 5 | Rousseau, Jon B | See Remarks | The Margaret Rousseau Children Trust | Sell | 6052026 | 58.75 | 130,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Greenwell, Scott A | President, PharMerica | Direct | Sell | 9162026 | 57.91 | 15,099 | 874,383 | 1,809,456 | Form |
| 2 | Kkr, Group Partnership LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 3 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 6052026 | 58.45 | 14,669,771 | 857,492,124 | 1,587,261,287 | Form | |
| 4 | Rousseau, Jon B | See Remarks | Direct | Sell | 6052026 | 58.75 | 130,000 | 7,637,500 | 70,177,051 | Form |
| 5 | Rousseau, Jon B | See Remarks | The Margaret Rousseau Children Trust | Sell | 6052026 | 58.75 | 130,000 | Form | ||
| 6 | Nalley, Lisa A | See Remarks | Direct | Sell | 6052026 | 58.75 | 35,000 | 2,056,250 | 7,751,945 | Form |
| 7 | Phipps, Jennifer A | Chief Financial Officer | Direct | Sell | 6052026 | 58.75 | 35,000 | 2,056,250 | 14,700,660 | Form |
| 8 | Nalley, Lisa A | See Remarks | Direct | Sell | 3062026 | 41.15 | 30,000 | 1,234,500 | 4,550,943 | Form |
| 9 | Rousseau, Jon B | See Remarks | Direct | Sell | 3062026 | 41.15 | 220,000 | 9,053,000 | 42,132,662 | Form |
| 10 | Phipps, Jennifer A | Chief Financial Officer | Direct | Sell | 3062026 | 41.15 | 35,000 | 1,440,250 | 8,099,966 | Form |
| 11 | Kkr, Group Partnership LP | See Footnotes | Sell | 3042026 | 40.96 | 19,715,000 | 807,546,115 | 1,729,661,458 | Form | |
| 12 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 3042026 | 40.96 | 19,715,000 | 807,546,115 | 1,729,661,458 | Form | |
| 13 | Kkr, Group Partnership LP | See Footnotes | Sell | 10222025 | 28.78 | 14,745,000 | 424,390,590 | 1,794,596,182 | Form | |
| 14 | Kkr, Phoenix Aggregator LP | See Footnotes | Sell | 10222025 | 28.78 | 14,745,000 | 424,390,590 | 1,794,596,182 | Form | |
| 15 | Rousseau, Jon B | See Remarks | Direct | Sell | 10222025 | 28.78 | 235,000 | 6,763,770 | 32,579,209 | Form |
| 16 | Nalley, Lisa A | See Remarks | Direct | Sell | 10222025 | 28.78 | 20,000 | 575,640 | 3,774,759 | Form |
Investor Activity (13F)
Updated Sep 26, 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 |
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