LifeStance Health (LFST)
Market Price (10/29/2026): $13.4 | Market Cap: $5.1 BilSector: Health Care | Industry: Health Care Services
LifeStance Health (LFST)
Market Price (10/29/2026): $13.4Market Cap: $5.1 BilSector: Health CareIndustry: Health Care Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Health & Wellness Trends. Themes include Telehealth Platforms, and Mental Health Services. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 101x Stock price has recently run up significantly12M Rtn12 month market price return is 163% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% Key risksLFST key risks include [1] struggles with clinician retention rates reportedly lower than company claims and [2] numerous lawsuits and allegations over its billing practices. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Health & Wellness Trends. Themes include Telehealth Platforms, and Mental Health Services. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 101x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 163% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% |
| Key risksLFST key risks include [1] struggles with clinician retention rates reportedly lower than company claims and [2] numerous lawsuits and allegations over its billing practices. |
Qualitative Assessment
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LifeStance Health (LFST) stock has gained about 25% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Full-Year Outlook. LifeStance Health reported robust results for its fiscal Q2 2026 (ended June 30, 2026), announcing earnings on August 6, 2026. The company significantly surpassed analyst expectations, reporting an EPS of $0.06 against a consensus estimate of $0.03, representing a 100% beat. Revenue reached $435.35 million, exceeding estimates of $414.30 million by 5.1%. Following this strong performance, LifeStance Health raised its full-year 2026 revenue guidance to a range of $1.685 billion to $1.725 billion (up from $1.64 billion to $1.68 billion) and its Adjusted EBITDA guidance to $215 million to $235 million. This substantial beat and increased guidance signaled strong operational momentum and future profitability to investors.
2. Positive Analyst Sentiment and Increased Price Targets. Throughout the period, LifeStance Health received favorable coverage from financial analysts, contributing to investor confidence. Multiple analysts reiterated "Buy" ratings and raised their price targets for LFST. For instance, KeyBanc increased its target to $15 from $13 on October 5, 2026, and Barclays raised its target to $15 in September 2026. David Larsen from BTIG also increased his price target to $18 from $16 on August 19, 2026. The consensus average analyst price target stands at approximately $14.63, suggesting a potential upside from recent trading levels and reinforcing a bullish outlook for the stock.
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LifeStance Health (LFST) stock has gained about 25% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Full-Year Outlook. LifeStance Health reported robust results for its fiscal Q2 2026 (ended June 30, 2026), announcing earnings on August 6, 2026. The company significantly surpassed analyst expectations, reporting an EPS of $0.06 against a consensus estimate of $0.03, representing a 100% beat. Revenue reached $435.35 million, exceeding estimates of $414.30 million by 5.1%. Following this strong performance, LifeStance Health raised its full-year 2026 revenue guidance to a range of $1.685 billion to $1.725 billion (up from $1.64 billion to $1.68 billion) and its Adjusted EBITDA guidance to $215 million to $235 million. This substantial beat and increased guidance signaled strong operational momentum and future profitability to investors.
2. Positive Analyst Sentiment and Increased Price Targets. Throughout the period, LifeStance Health received favorable coverage from financial analysts, contributing to investor confidence. Multiple analysts reiterated "Buy" ratings and raised their price targets for LFST. For instance, KeyBanc increased its target to $15 from $13 on October 5, 2026, and Barclays raised its target to $15 in September 2026. David Larsen from BTIG also increased his price target to $18 from $16 on August 19, 2026. The consensus average analyst price target stands at approximately $14.63, suggesting a potential upside from recent trading levels and reinforcing a bullish outlook for the stock.
3. Continued Expansion and Strong Positioning in the Growing Mental Healthcare Sector. LifeStance Health maintained its status as one of the largest providers of outpatient mental healthcare, with operations spanning 35 states and more than 550 centers. The company continued to expand its clinician base, which grew by 11% to 8,542 clinicians in fiscal Q2 2026. Its differentiated hybrid model, offering both virtual and in-person care, along with a focus on specialty care (e.g., Spravato, TMS), positions it favorably within the expanding mental health services market. This growth strategy and strong market presence in a "booming" sector underpin investor optimism for sustained revenue growth and operational leverage.
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Stock Movement Drivers
Fundamental Drivers
The 25.0% change in LFST stock from 6/30/2026 to 10/28/2026 was primarily driven by a 105.7% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.71 | 13.39 | 25.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,495 | 1,585 | 6.0% |
| Net Income Margin (%) | 1.6% | 3.2% | 105.7% |
| P/E Multiple | 178.8 | 101.5 | -43.2% |
| Shares Outstanding (Mil) | 387 | 384 | 1.0% |
| Cumulative Contribution | 25.0% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| LFST | 25.0% | |
| Market (SPY) | 3.4% | 7.5% |
| Sector (XLV) | 13.3% | 37.5% |
Fundamental Drivers
The 110.2% change in LFST stock from 3/31/2026 to 10/28/2026 was primarily driven by a 370.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.37 | 13.39 | 110.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,424 | 1,585 | 11.3% |
| Net Income Margin (%) | 0.7% | 3.2% | 370.6% |
| P/E Multiple | 255.1 | 101.5 | -60.2% |
| Shares Outstanding (Mil) | 387 | 384 | 0.9% |
| Cumulative Contribution | 110.2% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| LFST | 110.2% | |
| Market (SPY) | 19.1% | 8.5% |
| Sector (XLV) | 23.1% | 27.0% |
Fundamental Drivers
The 143.5% change in LFST stock from 9/30/2025 to 10/28/2026 was primarily driven by a 100.5% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.50 | 13.39 | 143.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,316 | 1,585 | 20.4% |
| P/S Multiple | 1.6 | 3.2 | 100.5% |
| Shares Outstanding (Mil) | 387 | 384 | 0.8% |
| Cumulative Contribution | 143.5% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| LFST | 143.5% | |
| Market (SPY) | 16.9% | 15.9% |
| Sector (XLV) | 30.8% | 28.6% |
Fundamental Drivers
The 94.9% change in LFST stock from 9/30/2023 to 10/28/2026 was primarily driven by a 65.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.87 | 13.39 | 94.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 959 | 1,585 | 65.2% |
| P/S Multiple | 2.6 | 3.2 | 24.6% |
| Shares Outstanding (Mil) | 363 | 384 | -5.3% |
| Cumulative Contribution | 94.9% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| LFST | 94.9% | |
| Market (SPY) | 86.9% | 24.0% |
| Sector (XLV) | 46.2% | 26.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LFST Return | -57% | -48% | 59% | -6% | -4% | 86% | -40% |
| Peers Return | -17% | 17% | 17% | 59% | 30% | 51% | 252% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| LFST Win Rate | 29% | 58% | 67% | 50% | 42% | 70% | |
| Peers Win Rate | 42% | 58% | 46% | 56% | 50% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LFST Max Drawdown | - | -61% | -45% | -45% | -54% | -17% | |
| Peers Max Drawdown | -49% | -35% | -37% | -51% | -56% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACHC, HIMS, BTSG.
[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 10/28/2026 (YTD)
How Low Can It Go
| Event | LFST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.2% | -18.8% |
| % Gain to Breakeven | 51.9% | 23.1% |
| Time to Breakeven | 328 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.8% | -9.5% |
| % Gain to Breakeven | 74.9% | 10.5% |
| Time to Breakeven | 973 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -47.7% | -24.5% |
| % Gain to Breakeven | 91.2% | 32.4% |
| Time to Breakeven | 1470 days | 427 days |
In The Past
LifeStance Health's stock fell -34.2% during the 2025 US Tariff Shock. Such a loss loss requires a 51.9% gain to breakeven.
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| Event | LFST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.2% | -18.8% |
| % Gain to Breakeven | 51.9% | 23.1% |
| Time to Breakeven | 328 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.8% | -9.5% |
| % Gain to Breakeven | 74.9% | 10.5% |
| Time to Breakeven | 973 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -47.7% | -24.5% |
| % Gain to Breakeven | 91.2% | 32.4% |
| Time to Breakeven | 1470 days | 427 days |
In The Past
LifeStance Health's stock fell -34.2% during the 2025 US Tariff Shock. Such a loss loss requires a 51.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About LifeStance Health (LFST)
LifeStance Health (LFST) is a prominent provider of outpatient mental health services across the United States. The company employs a hybrid care delivery model, offering patients the convenience of virtual treatment through its online platform alongside traditional in-person care at its centers located in 32 states. This dual approach aims to improve accessibility to essential mental healthcare for a wide population.
The core of LifeStance Health's business involves a comprehensive suite of mental health services. These offerings include psychiatric evaluations and ongoing treatment, various psychological and neuropsychological testing services, and a range of therapy options such as individual, family, and group therapy. The company's clinicians are equipped to treat a broad spectrum of mental health conditions, from prevalent issues like anxiety and depression to more complex diagnoses, including bipolar disorder, eating disorders, psychotic disorders, and post-traumatic stress disorder.
LifeStance Health serves a diverse patient base, addressing the needs of individuals across all age demographics. Its clientele spans children, adolescents, adults, and geriatrics, ensuring that a wide range of age-specific mental health challenges can be addressed. By operating across numerous states, LifeStance Health has established itself as a significant player in the national mental healthcare market, dedicated to expanding access to quality care.
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Here are 1-3 brief analogies for LifeStance Health (LFST):
One Medical for mental health: LifeStance Health provides a modern, tech-enabled, hybrid approach (virtual and in-person clinics) to mental health services, much like One Medical does for primary care.
Kaiser Permanente for mental health: LifeStance Health offers a comprehensive and integrated suite of mental health services—including therapy, psychiatric evaluations, and medication management—across a wide network, similar to how Kaiser Permanente provides broad healthcare services within its system but focused solely on mental health.
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- Psychiatric Services: Offers evaluations and ongoing treatment for various mental health conditions by psychiatrists.
- Psychological Testing: Provides comprehensive assessments of mental health, personality, and cognitive functions.
- Neuropsychological Testing: Delivers specialized evaluations of brain function and cognitive abilities.
- Individual Therapy: Offers one-on-one counseling sessions to address personal mental health challenges.
- Family Therapy: Provides counseling sessions for families to improve communication and resolve conflicts.
- Group Therapy: Facilitates therapeutic sessions for multiple individuals to share experiences and coping strategies in a supportive environment.
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LifeStance Health (LFST) primarily sells its outpatient mental health services directly to individuals. Based on the company's description, it serves the following categories of customers:
- Children
- Adolescents
- Adults and Geriatrics (often grouped as adult populations, but geriatrics can be a distinct sub-category due to specific mental health needs)
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- Global Payments Inc. (GPN)
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David Bourdon, Chief Executive Officer
Dave Bourdon was appointed Chief Executive Officer of LifeStance Health in March 2025, succeeding Ken Burdick. He joined LifeStance as Chief Financial Officer in 2022. Bourdon brings over two decades of experience in the healthcare and mental health industries. Prior to LifeStance, he served as CFO of Magellan Health, a leader in behavioral health and pharmacy management. He also held multiple CFO roles at Cigna, overseeing its U.S. and international healthcare business units. Bourdon began his career with the U.S. Coast Guard.
Ryan McGroarty, Chief Financial Officer
Ryan McGroarty was appointed Chief Financial Officer of LifeStance Health in March 2025. He has over 25 years of healthcare experience, including 15 years in CFO roles. Previously, McGroarty served as CFO of Help at Home, a leading national provider of in-home care services for seniors and people with disabilities. Help at Home has been backed by private equity firms such as Centerbridge Partners and Vistria Group. Before Help at Home, he spent over 20 years at Cigna, most recently as CFO of Government Business.
Kenneth Burdick, Executive Chairman
Ken Burdick became Executive Chairman of LifeStance Health in March 2025, after serving as CEO and Chairman since September 2022. He is a seasoned public company executive with extensive healthcare experience spanning over 45 years. Before joining LifeStance, Burdick was Executive Vice President of Markets and Products at Centene Corporation. He previously served as President and CEO of WellCare Health Plans, Inc., leading the company until its acquisition by Centene in 2020. Burdick also held leadership roles at UnitedHealth Group, including CEO of UnitedHealthcare, and at Cigna and Blue Cross and Blue Shield of Minnesota.
Stephanie Eken, Chief Medical Officer
Dr. Stephanie Eken serves as the Chief Medical Officer of LifeStance Health. She is a triple board-certified psychiatrist. Prior to joining LifeStance, Dr. Eken served as the Chief Medical Officer of Acadia Healthcare. She also spent 15 years at Rogers Behavioral Health, where she most recently held the position of Chief Medical Officer.
Ann Varanakis, Chief People Officer
Ann Varanakis is the Chief People Officer at LifeStance Health. She is responsible for the company's human resources operations and plays a key role in its growth strategy. She joined LifeStance Health after more than 20 years of experience in human capital. Previously, Varanakis was an operations director at TPG, a global investment firm, where she was part of the Global Human Capital team and partnered with TPG portfolio companies to build leadership teams and boards.
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Here are the key risks to LifeStance Health (LFST):
- Dependence on Reimbursement Rates and Payer Concentration: LifeStance Health's financial performance is heavily reliant on reimbursement rates from third-party payers, particularly commercial in-network insurers, which accounted for 90% of its revenue in 2025. Changes in these rates, or policy shifts from major payers like UnitedHealthcare and Elevance Health, which represent a substantial portion of the company's revenue, could materially harm its business. Additionally, projected federal reimbursement rate reductions for 2025 pose a risk to overall revenue per visit.
- Clinician Recruitment, Retention, and Rising Labor Costs: The ability to attract and retain qualified mental health professionals is critical for LifeStance Health's operations and growth. The company faces intense competition in recruiting psychiatrists, advanced practice nurses (APNs), psychologists, and therapists. Increased labor costs and the ongoing competition for experienced clinicians could negatively impact profitability and the company's capacity to deliver services.
- Intense Competition and Market Fragmentation: LifeStance Health operates in a highly competitive and fragmented mental health market. The company competes with a diverse range of providers, including traditional healthcare facilities, medical practices, and numerous digital health and telehealth platforms. The entry of new competitors and the ongoing consolidation within the behavioral health sector, such as the acquisition of rival platforms, could exert pressure on LifeStance's margins and market share, requiring continuous innovation to remain competitive.
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- The total addressable market for outpatient mental healthcare in the U.S. was approximately $116 billion in 2020.
- This market is projected to reach approximately $215 billion in the U.S. by 2025.
Other relevant market sizes for mental and behavioral health services in the U.S. include:
- The U.S. behavioral health market was estimated at $89.10 billion in 2024 and is expected to reach around $165.38 billion by 2034.
- The U.S. mental health treatment market was valued at $118 billion in 2025 and is projected to grow to $159 billion by 2030. Within this, revenues from outpatient facilities were $38.2 billion in 2025.
- The U.S. outpatient psychiatry market size was estimated at $15.88 billion in 2024 and is expected to grow to $39.22 billion by 2033.
- The U.S. digital mental health market, which includes virtual care services, was valued at $7.46 billion in 2025 and is projected to expand to $47.13 billion by 2035.
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LifeStance Health (LFST) is expected to drive future revenue growth over the next two to three years through several key initiatives:
- Organic Clinician Growth: The company consistently highlights its ability to attract and retain clinicians as a primary driver for increasing visit volumes and, consequently, revenue. In the first quarter of 2024, LifeStance added 221 net clinicians, representing 15% entirely organic growth in its clinician base. This focus on expanding its clinician base is a fundamental element of its growth strategy.
- Increased Patient Visit Volumes: Directly linked to clinician growth and enhanced productivity, LifeStance anticipates continued growth in patient visit volumes. The company has observed strong demand for outpatient mental health services, providing a significant tailwind for future volume increases.
- Payer Rate Increases: LifeStance Health has demonstrated success in securing favorable payer rate increases, which contribute to higher total revenue per visit. The company actively evaluates its payer relationships to align with partners who support expanding access to mental healthcare.
- Improved Clinician Productivity: Beyond simply growing its clinician count, LifeStance is focused on improving the productivity of its existing clinicians, which means increasing the number of visits each clinician provides. This involves optimizing operational efficiencies and the "middle of the funnel" activities to maximize visit delivery.
- Strategic Mergers and Acquisitions (M&A) and De Novo Expansion: After a period of prioritizing operational standardization, LifeStance Health plans to re-engage in disciplined mergers and acquisitions (M&A) in 2025 and beyond to further drive growth. Additionally, the company is expanding its physical footprint by opening new de novo centers, with plans to open 25 to 30 new facilities in 2025, which enhances its reach and capacity for patient care.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- LifeStance Health's board authorized a $100 million share repurchase program in February 2026.
- This program permits the company to repurchase up to 3.6% of its outstanding shares.
- The share repurchase program is planned to be funded using cash on hand.
Share Issuance
- The company completed its Initial Public Offering (IPO) on June 10, 2021, offering 32.8 million shares at $18.00 per share.
- The net proceeds from the IPO were intended for repayment of existing indebtedness and general corporate purposes, including working capital, operating expenses, and capital expenditures.
- In February 2026, certain stockholders planned a secondary offering of 25 million shares, from which LifeStance Health would not receive proceeds; concurrently, the company authorized a purchase of 7 million shares from the underwriter.
Inbound Investments
- Prior to its IPO, private equity firm TPG Capital acquired a majority interest in LifeStance Health for $1.2 billion in May 2020.
- Early growth was fueled by a $250 million investment from private equity backers Summit Partners and Silversmith Capital Partners starting in 2015, used for acquisitions.
- AustralianSuper Pty Ltd acquired a new stake of approximately $17 million (3.1 million shares) around February 2026.
Outbound Investments
- LifeStance Health has historically employed a "rollup" strategy, acquiring nearly 100 mental health practices to build scale prior to September 2024.
- Net cash used in investing activities for acquisitions of businesses was approximately $19.8 million in 2025, $21.6 million in 2024, and $60.3 million in 2023.
- As of March 2025, the company stated a "disciplined" approach to future mergers and acquisitions, prioritizing organic growth and focusing on deals that expand capabilities or services.
Capital Expenditures
- Capital expenditures for the full year 2025 were approximately $36 million.
- The company plans to invest $20 million to $30 million in Electronic Health Record (EHR) implementation across 2026 and 2027.
- LifeStance Health intends to open 20 to 30 new centers in 2026.
Peer Outperformance in Health Care Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 8.6% | 52.6% | 97.9% | CAH 468% · MCK 380% · COR 183% |
| Health Care Services ← | 20 | 40.1% | 49.1% | 16.2% | HIMS 271% · RDNT 137% · DGX 86% |
| Health Care Facilities | 25 | 1.3% | 24.8% | 0.5% | THC 274% · NHC 254% · EHC 152% |
| Managed Health Care | 8 | 26.0% | -1.0% | -4.3% | OSCR 78% · HQY 54% · ELV 3% |
| Health Care Equipment | 50 | -3.3% | 13.8% | -18.1% | UFPT 358% · GKOS 297% · PLSE 160% |
| Pharmaceuticals | 61 | -16.2% | 9.8% | -32.5% | LQDA 1113% · KNSA 770% · LLY 432% |
| Health Care Supplies | 11 | 19.3% | 1.8% | -38.4% | LNTH 337% · HAE 76% · MMSI 36% |
| Life Sciences Tools & Services | 107 | -7.5% | 8.2% | -65.2% | NTRA 262% · AXGN 226% · MEDP 215% |
| Biotechnology | 365 | -22.5% | -17.6% | -80.0% | DNTH 1140% · ELVN 1127% · TRVI 1107% |
| Health Care Technology | 21 | -30.9% | -55.8% | -82.1% | VEEV 1% · DOCS -51% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.17 |
| Mkt Cap | 5.9 |
| Rev LTM | 2,973 |
| Op Inc LTM | 209 |
| FCF LTM | 118 |
| FCF 3Y Avg | 91 |
| CFO LTM | 241 |
| CFO 3Y Avg | 232 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.4% |
| Rev Chg 3Y Avg | 20.1% |
| Rev Chg Q | 24.6% |
| QoQ Delta Rev Chg LTM | 5.7% |
| Op Inc Chg LTM | 57.7% |
| Op Inc Chg 3Y Avg | 223.4% |
| Op Mgn LTM | 4.0% |
| Op Mgn 3Y Avg | 0.9% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 8.2% |
| CFO/Rev 3Y Avg | 8.1% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | 3.6% |
Price Behavior
| Market Price | $13.39 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 06/10/2021 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $12.45 | $9.27 |
| DMA Trend | up | up |
| Distance from DMA | 7.5% | 44.4% |
| 3M | 1YR | |
| Volatility | 37.8% | 52.6% |
| Downside Capture | -17.18 | -15.81 |
| Upside Capture | 104.37 | 102.09 |
| Correlation (S&P 500) | 5.3% | 13.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.07 | 0.12 | 0.15 | 0.31 | 0.64 | 0.83 |
| Up Beta | -1.30 | -2.00 | -1.59 | 0.35 | 0.78 | 0.95 |
| Down Beta | -0.89 | 3.23 | 1.69 | 1.28 | 0.99 | 0.62 |
| Up Capture | 23% | 86% | 63% | 70% | 92% | 73% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 22 | 31 | 70 | 133 | 371 |
| Down Capture | 57% | -37% | 3% | -126% | 3% | 96% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 19 | 32 | 54 | 110 | 350 |
[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 LFST | |
|---|---|---|---|---|
| LFST | 163.0% | 52.6% | 2.00 | - |
| Sector ETF (XLV) | 24.5% | 16.3% | 1.15 | 28.8% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | 13.1% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | 4.9% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -7.5% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 12.8% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 5.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LFST | |
|---|---|---|---|---|
| LFST | 3.0% | 62.9% | 0.30 | - |
| Sector ETF (XLV) | 8.3% | 15.2% | 0.34 | 32.4% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 36.0% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | 4.8% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 3.3% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 32.7% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 24.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LFST | |
|---|---|---|---|---|
| LFST | -4.6% | 65.9% | 0.15 | - |
| Sector ETF (XLV) | 11.7% | 16.7% | 0.57 | 29.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 33.3% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 4.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 3.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 29.7% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 23.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 1.7% | 14.6% | 19.4% |
| 5/7/2026 | -13.0% | -10.8% | -17.1% |
| 2/25/2026 | -6.1% | -1.1% | -9.7% |
| 11/6/2025 | 0.6% | 1.0% | 3.7% |
| 8/7/2025 | 13.2% | 44.6% | 45.3% |
| 5/7/2025 | 5.4% | 4.2% | 6.0% |
| 2/27/2025 | 0.6% | 1.8% | -13.4% |
| 11/7/2024 | -4.2% | -5.9% | -3.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 11 |
| # Negative | 13 | 10 | 10 |
| Median Positive | 2.9% | 6.3% | 17.5% |
| Median Negative | -5.6% | -8.4% | -19.2% |
| Max Positive | 17.3% | 44.6% | 45.3% |
| Max Negative | -46.5% | -38.8% | -29.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 1.7% | 14.6% | 19.4% |
| 5/7/2026 | -13.0% | -10.8% | -17.1% |
| 2/25/2026 | -6.1% | -1.1% | -9.7% |
| 11/6/2025 | 0.6% | 1.0% | 3.7% |
| 8/7/2025 | 13.2% | 44.6% | 45.3% |
| 5/7/2025 | 5.4% | 4.2% | 6.0% |
| 2/27/2025 | 0.6% | 1.8% | -13.4% |
| 11/7/2024 | -4.2% | -5.9% | -3.3% |
| 8/8/2024 | -5.6% | -1.5% | 17.5% |
| 5/9/2024 | -3.7% | 3.5% | -24.9% |
| 2/28/2024 | -4.1% | -16.9% | -29.2% |
| 11/8/2023 | -3.4% | 5.2% | 14.9% |
| 8/9/2023 | 2.4% | -5.0% | -10.7% |
| 5/10/2023 | -0.2% | -0.6% | 2.9% |
| 3/8/2023 | 3.4% | 6.6% | 40.2% |
| 11/8/2022 | -28.9% | -17.9% | -21.4% |
| 8/9/2022 | 17.3% | 19.4% | 42.8% |
| 5/9/2022 | -6.1% | 6.3% | 20.0% |
| 3/10/2022 | -5.1% | 8.8% | 13.2% |
| 11/8/2021 | -24.2% | -17.5% | -26.0% |
| 8/11/2021 | -46.5% | -38.8% | -25.7% |
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 11 |
| # Negative | 13 | 10 | 10 |
| Median Positive | 2.9% | 6.3% | 17.5% |
| Median Negative | -5.6% | -8.4% | -19.2% |
| Max Positive | 17.3% | 44.6% | 45.3% |
| Max Negative | -46.5% | -38.8% | -29.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/17/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 06/11/2021 | 424B4 |
| 12/31/2020 | 03/09/2023 | 10-K |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Center Margin | Reported | 1.4E10% | 1.46E10% | 1.52E10% | ||||
| Q3 2026 Revenue | Reported | 420.00 Mil | 430.00 Mil | 440.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | Reported | 49.00 Mil | 54.00 Mil | 59.00 Mil | ||||
| 2026 Center Margin | Reported | 5.7E10% | 5.82E10% | 5.94E10% | 4.1% | Raised | Guidance: 5.59E10% for 2026 | |
| 2026 Revenue | Reported | 1.69 Bil | 1.71 Bil | 1.73 Bil | 2.7% | Raised | Guidance: 1.66 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 215.00 Mil | 225.00 Mil | 235.00 Mil | 7.1% | Raised | Guidance: 210.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Center Margin | Reported | 1.35E10% | 1.41E10% | 1.47E10% | ||||
| Q2 2026 Revenue | Reported | 405.00 Mil | 415.00 Mil | 425.00 Mil | ||||
| Q2 2026 Adjusted EBITDA | Reported | 50.00 Mil | 55.00 Mil | 60.00 Mil | ||||
| 2026 Center Margin | Reported | 5.47E10% | 5.59E10% | 5.71E10% | 3.9% | Raised | Guidance: 5.38E10% for 2026 | |
| 2026 Revenue | Reported | 1.64 Bil | 1.66 Bil | 1.68 Bil | 1.5% | Raised | Guidance: 1.64 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 200.00 Mil | 210.00 Mil | 220.00 Mil | 7.7% | Raised | Guidance: 195.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Center Margin | Reported | 1.18E10% | 1.25E10% | 1.32E10% | 4.2% | Higher New | Actual: 1.2E10% for Q4 2025 | |
| Q1 2026 Revenue | Reported | 380.00 Mil | 390.00 Mil | 400.00 Mil | 3.2% | Higher New | Actual: 378.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | 39.00 Mil | 42.00 Mil | 45.00 Mil | 5.0% | Higher New | Actual: 40.00 Mil for Q4 2025 | |
| 2026 Center Margin | Reported | 5.26E10% | 5.38E10% | 5.5E10% | 18.2% | Higher New | Actual: 4.55E10% for 2025 | |
| 2026 Revenue | Reported | 1.61 Bil | 1.64 Bil | 1.66 Bil | 15.1% | Higher New | Actual: 1.42 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 185.00 Mil | 195.00 Mil | 205.00 Mil | 30.9% | Higher New | Actual: 149.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Center Margin | Reported | 1.13E10% | 1.2E10% | 1.27E10% | ||||
| Q4 2025 Revenue | Reported | 368.00 Mil | 378.00 Mil | 388.00 Mil | ||||
| Q4 2025 Adjusted EBITDA | Reported | 37.00 Mil | 40.00 Mil | 43.00 Mil | ||||
| 2025 Center Margin | Reported | 4.48E10% | 4.55E10% | 4.62E10% | 0.4% | Raised | Guidance: 4.53E10% for 2025 | |
| 2025 Revenue | Reported | 1.41 Bil | 1.42 Bil | 1.43 Bil | 0 | Affirmed | Guidance: 1.42 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 146.00 Mil | 149.00 Mil | 152.00 Mil | 2.8% | Raised | Guidance: 145.00 Mil for 2025 | |
Insider Activity
Updated 9/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tpg, Gp A, Llc | See Explanation of Responses | Sell | 9152026 | 12.29 | 18,409,705 | 226,255,274 | 979,411,018 | Form | |
| 2 | Paunovich, Vukasin | Chief Technology Officer | Direct | Sell | 9042026 | 12.87 | 42,067 | 541,402 | 2,643,228 | Form |
| 3 | Deluca, Teresa | Direct | Sell | 8182026 | 12.68 | 7,500 | 95,100 | 1,231,139 | Form | |
| 4 | Deluca, Teresa | Direct | Sell | 8142026 | 12.23 | 20,441 | 249,993 | 1,279,172 | Form | |
| 5 | Burdick, Kenneth A | Direct | Sell | 8132026 | 11.51 | 500,000 | 5,755,000 | 34,194,023 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tpg, Gp A, Llc | See Explanation of Responses | Sell | 9152026 | 12.29 | 18,409,705 | 226,255,274 | 979,411,018 | Form | |
| 2 | Paunovich, Vukasin | Chief Technology Officer | Direct | Sell | 9042026 | 12.87 | 42,067 | 541,402 | 2,643,228 | Form |
| 3 | Deluca, Teresa | Direct | Sell | 8182026 | 12.68 | 7,500 | 95,100 | 1,231,139 | Form | |
| 4 | Deluca, Teresa | Direct | Sell | 8142026 | 12.23 | 20,441 | 249,993 | 1,279,172 | Form | |
| 5 | Burdick, Kenneth A | Direct | Sell | 8132026 | 11.51 | 500,000 | 5,755,000 | 34,194,023 | Form | |
| 6 | Paunovich, Vukasin | Chief Technology Officer | Direct | Sell | 8122026 | 10.85 | 44,394 | 481,675 | 2,684,789 | Form |
| 7 | Tpg, Gp A, Llc | See Explanation of Responses | Sell | 8122026 | 10.62 | 13,643,207 | 144,890,858 | 1,041,836,942 | Form | |
| 8 | Miller, Lisa K | Chief Operating Officer | Direct | Sell | 8122026 | 10.85 | 47,912 | 519,845 | 3,051,986 | Form |
| 9 | Bessler, Robert | Vitthal LLC | Sell | 6302026 | 10.13 | 447,168 | 4,529,812 | 5,467,799 | Form | |
| 10 | Bessler, Robert | Shama LLC | Sell | 6302026 | 10.13 | 447,169 | 4,529,822 | 6,650,953 | Form | |
| 11 | Bessler, Robert | Vitthal LLC | Sell | 5142026 | 8.02 | 287,517 | 2,305,886 | 7,915,187 | Form | |
| 12 | Bessler, Robert | Shama LLC | Sell | 5142026 | 8.02 | 287,517 | 2,305,886 | 8,851,907 | Form | |
| 13 | Shuey, Eric | Trust | Sell | 5142026 | 8.02 | 243,362 | 1,951,763 | 6,957,847 | Form | |
| 14 | Black, Darren M | See Footnotes. | Sell | 5142026 | 8.02 | 5,899,661 | 47,315,281 | 186,947,122 | Form | |
| 15 | Tpg, Gp A, Llc | See Explanation of Responses | Sell | 5142026 | 8.02 | 28,281,943 | 226,821,183 | 896,191,804 | Form | |
| 16 | Bessler, Robert | Vitthal LLC | Sell | 5112026 | 8.55 | 37,500 | 320,625 | 10,575,905 | Form | |
| 17 | Bessler, Robert | Shama LLC | Sell | 5112026 | 8.55 | 37,500 | 320,625 | 11,574,528 | Form | |
| 18 | Bessler, Robert | Vitthal LLC | Sell | 4272026 | 7.05 | 31,073 | 219,065 | 8,984,858 | Form | |
| 19 | Bessler, Robert | Shama LLC | Sell | 4272026 | 7.05 | 31,074 | 219,072 | 9,808,284 | Form | |
| 20 | Bessler, Robert | Vitthal LLC | Sell | 4272026 | 7.00 | 3,876 | 27,132 | 9,138,647 | Form | |
| 21 | Bessler, Robert | Shama LLC | Sell | 4272026 | 7.00 | 3,876 | 27,132 | 9,956,240 | Form | |
| 22 | Bessler, Robert | Vitthal LLC | Sell | 4232026 | 7.01 | 2,551 | 17,883 | 9,178,873 | Form | |
| 23 | Bessler, Robert | Shama LLC | Sell | 4232026 | 7.01 | 2,550 | 17,876 | 9,997,634 | Form | |
| 24 | Tpg, Gp A, Llc | See Explanation of Responses | Sell | 3042026 | 7.01 | 20,685,061 | 145,002,278 | 981,586,165 | Form | |
| 25 | Black, Darren M | See Footnotes. | Sell | 3042026 | 7.01 | 4,314,939 | 30,247,722 | 204,760,530 | Form | |
| 26 | Bessler, Robert | Vitthal LLC | Sell | 12232025 | 7.04 | 850 | 5,984 | 9,279,656 | Form | |
| 27 | Bessler, Robert | Shama LLC | Sell | 12232025 | 7.04 | 851 | 5,991 | 10,101,921 | Form | |
| 28 | Bessler, Robert | Vitthal LLC | Sell | 12232025 | 7.04 | 59,971 | 422,196 | 9,285,640 | Form | |
| 29 | Bessler, Robert | Shama LLC | Sell | 12232025 | 7.04 | 59,971 | 422,196 | 10,107,912 | Form | |
| 30 | Bessler, Robert | Vitthal LLC | Sell | 12192025 | 7.00 | 3,221 | 22,547 | 9,652,678 | Form | |
| 31 | Bessler, Robert | Shama LLC | Sell | 12192025 | 7.00 | 3,221 | 22,547 | 10,470,278 | Form | |
| 32 | Varanakis, Ann | Chief People Officer | Direct | Sell | 12192025 | 6.90 | 50,000 | 345,000 | 2,177,709 | Form |
| 33 | Bessler, Robert | Vitthal LLC | Sell | 12162025 | 7.00 | 6,186 | 43,302 | 9,631,923 | Form | |
| 34 | Bessler, Robert | Shama LLC | Sell | 12162025 | 7.00 | 6,185 | 43,295 | 10,449,530 | Form | |
| 35 | Bessler, Robert | Vitthal LLC | Sell | 12162025 | 7.01 | 39,815 | 279,103 | 9,689,047 | Form | |
| 36 | Bessler, Robert | Shama LLC | Sell | 12162025 | 7.01 | 39,815 | 279,103 | 10,507,815 | Form | |
| 37 | Miller, Lisa K | See Remarks | Direct | Sell | 11252025 | 6.43 | 57,240 | 368,053 | 1,680,108 | Form |
Investor Activity (13F)
Updated Oct 29, 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.
| Active Manager |
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