BrightSpring Health Services, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business model works: BrightSpring serves more than 465,000 patients at any one time, grows at double-digit rates, has earned more than its interest costs since 2025 and cut leverage from 2.99x to 2.27x in a single quarter. What is missing for a green light is the substance underneath. Out of every $100 of revenue, $2.29 is operating income, and gross margin fell from 14.8 percent in 2023 to 11.8 percent in 2025 — the faster the company grows, the thinner the margin gets, because growth comes from passing expensive medicines through. Add $1,979.4 million of equity facing $2,533.6 million of goodwill, $2,497.8 million of financial debt and 68.5 percent of revenue from government programs. Red would be too harsh: interest is covered nearly twice over, cash stands at $888.8 million, the revolver is undrawn and operating cash flow is clearly positive. So yellow: a working business with one open operating question — does the margin hold when the government moves reimbursement rates? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
BrightSpring is not a bad business — it is a very large one with a very narrow edge. Revenue of $12,910.6 million in 2025, $617.6 million of adjusted EBITDA, $490.2 million of operating cash flow after $23.8 million the year before, and leverage down from 2.99x to 2.27x: that is a real improvement, and it is documented. Against it stand a 2.29 percent operating margin, a gross margin that thins with every growth year, $2.5 billion of buyout debt, goodwill larger than total equity, and a government that pays more than two-thirds of the bills. Buying here means buying volume and betting that reimbursement rates hold. Not investment advice.
Growth and market position
Revenue rose from $7,691.0 million in 2023 through $10,072.2 million in 2024 to $12,910.6 million in 2025 — 68 percent in two years. The first quarter of 2026 added another 25.6 percent, to $3,613.7 million, and it came from both segments (pharmacy up 25.2 percent, provider services up 27.9 percent). BrightSpring filled more than 43 million prescriptions in 2025 from over 175 locations across all 50 states.
Earning power
The direction is right, the level is not. Operating income quintupled from $58.1 million in 2023 to $295.3 million in 2025, and adjusted EBITDA rose 34.2 percent in 2025 to $617.6 million. Measured against revenue, that is still only 2.29 percent. Gross margin fell over the same period from 14.8 percent to 11.8 percent of revenue — growth comes mostly from expensive, low-margin drugs. In the first quarter of 2026 it recovered to 13.3 percent from 11.8 percent a year earlier; whether that is a real break in the trend will take a few more quarters to show.
Balance sheet and debt
As of March 31, 2026, $1,979.4 million of total equity stands against $2,533.6 million of goodwill and a further $536.9 million of intangible assets, so tangible equity is negative. The $2,497.8 million of financial debt dates back to the KKR buyout. On the positive side, leverage under the credit agreement fell from 2.99x to 2.27x, cash rose to $888.8 million on the sale of the Community Living business, and the $475.0 million revolver is undrawn.
Dependence on government reimbursement
In the first quarter of 2026, 68.5 percent of group revenue came from Medicare and Medicaid, with 29.7 percent from Medicare Part D alone. The quarterly report as of March 31, 2026, calls the company substantially dependent on contracts with government agencies. A cut in reimbursement rates hits the bottom line immediately at a 2.29 percent operating margin — and the Department of Justice and the Drug Enforcement Administration have an open investigation into the Embrace Hospice business.
Ownership and capital structure
KKR placed shares twice in 2026 and, per ownership filing SC 13D/A no. 5 dated June 5, 2026, still holds 26,829,880 shares, or 13.6 percent, down from 21.2 percent. The overhang is shrinking and the free float has grown to 90 percent — but the selling was done into price strength, most recently at $58.75. On top of that sits a known but easily missed dilution: on February 1, 2027, the remaining tangible equity units turn into roughly 11.7 million shares.
Valuation
From 196,588,412 shares and the $57.40 closing price of June 4, 2026, documented in the prospectus supplement, the market value works out to roughly $11.3 billion: 0.9 times 2025 revenue, 59 times 2025 earnings and about 21 times 2025 adjusted EBITDA on an enterprise value basis. As of July 24, 2026, the fundamental data show a P/E of 89.6 and a forward P/E of 38.3; the mean analyst price target of $67 sat about 8 percent below that day's closing price of $72.91 — and about 17 percent above the $57.40 closing price from which the market value above is calculated.
Worth Noting
BrightSpring reached our research list through our in-house stock scanner: the stock sits on the U.S. side of the “Fundamental Rank (A / A+)” list, which sorts companies by the quality of their numbers (as of July 26, 2026; the list currently carries 38 U.S. names). On the same date BTSG appeared on 25 lists at once, among them quality growth, institutional accumulation, William O’Neil (CAN SLIM), Ben Bennett: Power Screen and Stan Weinstein: Stage 2. The lists are recalculated daily.
Currency of the data: this analysis works from the annual report 10-K for 2025 (filed February 27, 2026), the quarterly report 10-Q as of March 31, 2026 (filed May 1, 2026) and every filing submitted afterwards — in particular the current reports 8-K dated June 3, 2026 (KKR offering) and June 11, 2026 (appointment of Dr. Nigam H. Shah to the board), the prospectus supplement 424B7 dated June 5, 2026, and ownership filing SC 13D/A no. 5. The share count in the quarterly report (193,209,722 as of March 31, 2026) is therefore out of date; the 196,588,412 shares from the prospectus supplement govern.
Valuation figures are dated and evergreen. The market value of roughly $11.3 billion is calculated from filing data (196,588,412 shares times the $57.40 closing price of June 4, 2026). The metrics drawn from fundamental data carry a July 24, 2026, cut-off and run higher because the share price rose in between; that day's closing price was $72.91. Both vintages are reported separately in the text, each named with the price it refers to. Analyses are evergreen; a daily quote is not a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BTSG since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 26.90 $ to 72.90 $ · Last price: 56.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Health Information Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| BrightSpring Health Services, Inc. BTSG | 11.2 | 73.3 | 22.6 | 12.4 | 3.4 | 14.6 | 106.6 |
| Veeva Systems Inc Class A VEEV | 41.1 | 44.0 | 33.4 | 75.0 | 30.9 | 16.3 | -3.9 |
| Tempus AI, Inc. TEM | 14.2 | – | 0.0 | 64.0 | -24.3 | 83.4 | -7.0 |
| 10X Genomics Inc TXG | 10.1 | – | 148.5 | 70.1 | -11.3 | 5.3 | 498.5 |
| HealthEquity Inc HQY | 7.9 | 39.6 | 16.8 | 71.3 | 29.3 | 9.5 | 2.4 |
| Hinge Health, Inc. HNGE | 7.6 | 11.9 | 71.9 | 84.5 | 19.0 | 50.6 | 59.2 |
| Doximity Inc DOCS | 4.8 | – | 18.7 | 88.1 | 21.6 | 13.1 | -63.4 |
| Waystar Holding Corp. WAY | 4.8 | – | 14.8 | 69.1 | 25.6 | 16.5 | -31.3 |
| Heartflow, Inc. HTFL | 4.3 | – | 0.0 | 80.1 | – | 39.9 | 56.1 |
| Median of companies shown | 7.9 | 41.8 | 18.7 | 71.3 | 20.3 | 16.3 | 2.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | 2,536 | 75 | -8 | -0.04 | 76 | – | – |
| 2019 | 4,525 | 63 | -72 | -0.42 | 111 | 657 | 3,817 |
| 2020 | 5,580 | 165 | 21 | 0.12 | 223 | 705 | 4,541 |
| 2021 | 6,698 | 234 | 50 | 0.29 | 270 | 775 | 5,513 |
| 2022 | 7,721 | 188 | -54 | -0.31 | -5 | 755 | 5,441 |
| 2023 | 8,826 | 147 | -155 | -0.90 | 211 | 585 | 5,533 |
| 2024 | 11,266 | 206 | -18 | -0.09 | 24 | 1,648 | 5,926 |
| 2025 | 12,911 | 295 | 191 | 0.87 | 490 | 1,875 | 6,413 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.08 | – | 2,747 | 121.60 | 0.50 | 91 | 75 |
| 2025: Q1 | 0.14 | – | 2,878 | 25.90 | 1.00 | 102 | 84 |
| 2025: Q2 | 0.13 | 36.80 | 3,148 | 29.10 | 0.90 | 49 | 25 |
| 2025: Q3 | 0.26 | – | 3,334 | 14.70 | 1.70 | 108 | 92 |
| 2025: Q4 | 0.35 | 370.20 | 3,551 | 29.30 | 2.20 | 232 | 194 |
| 2026: Q1 | 0.67 | 378.60 | 3,614 | 25.60 | 2.10 | 123 | 101 |
| 2026: Q2 | 0.38 | 192.30 | 3,873 | 23.00 | 2.20 | 44 | 15 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 23 of our scanner strategies — each hit links to the scanner.
Growth
- Ben Bennett: Power Screen
- Patrick Walker: 30% EPS Growth
- Patrick Walker: 40, 40 Screen
- Quality Growth
- Ted Zhang: Super Stock Universe
- William O'Neil (CAN SLIM)
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Mike Webster: Swing Trading List
- Near 52-Week High
- Oliver Kell: 52 Week Highs
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.82 | 1.61 – 2.08 | 15,364 | 81.9% | 17 |
| 12/31/2027 | 2.28 | 1.67 – 2.65 | 17,424 | 25.2% | 17 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 12.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $402.4M |
|---|---|
| Market cap | $11.17B |
| Free cash flow in year ten | $1.27B |
| Terminal value as a share of market value | 59.8% |
For comparison: over the past five years free cash flow grew by 18.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Geschäftsbericht für 2025 sagt ausdrücklich, dass BrightSpring KI-Technologien zunehmend in die eigenen Abläufe einbindet — bis hin zum Training mit geschützten Patientendaten; verkauft werden KI-Produkte nicht, und als Bedrohung für das Geschäftsmodell wird KI in keinem der ausgewerteten Berichte genannt.
View the full file — quotes, sources, reviewed filings
„Our company is increasingly integrating Artificial Intelligence (AI) technologies into our operations to enhance efficiency, decision-making, and customer experience."
Unser Unternehmen bindet Technologien der künstlichen Intelligenz (KI) zunehmend in seine Abläufe ein, um Effizienz, Entscheidungsfindung und Kundenerlebnis zu verbessern.
10-K · 2026-02-27 · View SEC filing
„To the extent we use PHI to train AI, we are required to follow laws, regulations, and contractual requirements on uses and disclosures of PHI, which may require us to obtain patient authorizations, or to de-identify PHI."
Soweit wir geschützte Gesundheitsdaten zum Training von KI verwenden, müssen wir Gesetze, Vorschriften und vertragliche Vorgaben zur Nutzung und Weitergabe dieser Daten einhalten; das kann von uns verlangen, Einwilligungen der Patienten einzuholen oder die Daten zu anonymisieren.
10-K · 2026-02-27 · View SEC filing
„Emerging technologies may increase our operational, privacy, cybersecurity, and intellectual property risks, including errors, bias, data leakage, and claims related to training data and generated outputs, and may increase expenses. We may also be dependent on third-party AI models and vendors, whose availability, reliability, performance, or terms of use may change."
Neu aufkommende Technologien können unsere Risiken im Betrieb, beim Datenschutz, bei der IT-Sicherheit und beim geistigen Eigentum erhöhen — darunter Fehler, Verzerrungen, Datenabfluss und Ansprüche im Zusammenhang mit Trainingsdaten und erzeugten Ausgaben — und die Kosten steigern. Wir können außerdem von KI-Modellen und Anbietern Dritter abhängig sein, deren Verfügbarkeit, Zuverlässigkeit, Leistung oder Nutzungsbedingungen sich ändern können.
10-K · 2026-02-27 · View SEC filing
Filings Reviewed: 10-K 2026-02-27 · 10-Q 2026-05-01 · 10-Q 2025-10-28 · 10-Q 2025-08-01 · 10-K 2025-03-06 · 8-K 2026-06-12
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 18.7%
- More than 10% revenue growth is expected for the coming year 13.6%
- Share count grows by less than 3% a year 8.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 17.7%
- Gross margin at 40% or higher and without meaningful erosion 11.8%
- Goodwill from acquisitions does not grow faster than revenue 39.7%
- Net debt below twice EBITDA 5.7 x EBITDA
- Operating cash flow covers the profits of the last three years 707 m
- Return on capital at 15% or higher, or up versus two years ago 6.5%
- Insiders hold at least 10% or are net buyers 3.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 26.2%
- Exp. sales growth 3Y > 5% 16.2%
- EBIT growth 10Y > 5% 21.7%
- Exp. EBIT growth 3Y > 5% 62.0%
- Net debt < 4x EBIT 8.9x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 37.2%
- Return on equity > 15% –
- ROCE > 15% 6.5%
- Expected return > 10% 67.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Greenwell Scott A. | President, PharMerica | Sell | 15,099 | 57.91 | 874,383 |
| Sep 14, 2026 | Greenwell Scott A. | President, PharMerica | Other | 11,973 | 22.27 | 266,639 |
| Jul 25, 2026 | Rousseau Jon B | See Remarks | Other | 56,319 | 72.91 | 4,106,218 |
The company
About the Company
BrightSpring Health Services, Inc. ist eine Plattform für häusliche und gemeindenahe Gesundheitsdienste in den USA.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 23,500
- Headquarters
- Louisville, KY
- Address
- 805 North Whittington Parkway, 40222 Louisville, United States
- Phone
- 502 394 2100
- Website
- brightspringhealth.com
- IPO Date
- 01/26/2024
- ISIN
- US10950A1060
Management
| Name | Title | Birth Year |
|---|---|---|
| Jon B. Rousseau | Chairman, President & CEO | 1974 |
| Jennifer A. Phipps | CFO, Executive VP & Corporate Secretary | 1981 |
| Lisa Nalley | Chief of Staff & Senior VP of Human Resources | 1973 |
| Jennifer Yowler | Senior VP of Sales & Account Management - PharMerica | 1977 |
| Scott Greenwell Pharm.D. | Executive VP & President of PharMerica | – |
| Charles H. Wardrip | Chief Information Officer | – |
| David J. Deuchler C.F.A. | Senior VP of Strategic Finance & IR and Executive Director of BrightSpring Health Foundation | – |
| Rachael Kurzer Givens | Chief Compliance Officer | – |
| Jeffrey A, Hopper Esq. | Legal Counsel | – |
| Mike McMaude | Consultant | 1968 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/31/2026 BrightSpring Health Services, Inc. (BTSG): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.