Lifestance Health Group 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.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here is expressly not about the numbers — they are good and getting better. Red is about a documented governance finding: internal control over financial reporting has been deficient since the fiscal 2019 audit, the quarterly report says it remained deficient as of March 31, 2026, the chief executive officer and the chief financial officer themselves call disclosure controls not effective, and the same weaknesses already forced a restatement of the 2018 and 2019 annual financial statements — over intangible assets acquired in business combinations, the very line item that today carries $1,297.0 million of goodwill, or 60 percent of the balance sheet. A control system its own auditors have not cleared in seven years is exactly the kind of substance finding this level exists for. Against that sits a great deal of good: a genuine earnings turnaround, $146.2 million of operating cash flow, a 69 percent equity ratio, no liquidity problem and no going-concern language. That does not make the company bad — it makes it a company whose good numbers come out of a system it does not yet vouch for. In case of doubt the more cautious level applies. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
LifeStance delivered what a turnaround is supposed to deliver: revenue rose from $667.5 million (2021) to $1,424.3 million (2025), a $307.2 million loss became a $9.7 million profit, operating cash flow climbed to $146.2 million, and the first quarter of 2026 followed up with 21 percent revenue growth and $14.2 million of income. The balance sheet carries: a 69 percent equity ratio, an undrawn revolver, debt not due until 2029. The other side is equally documented: internal control over financial reporting has been deficient since the fiscal 2019 audit and remained so as of March 31, 2026, 60 percent of the balance sheet is goodwill built on assembled workforces, and the sponsor is selling while the company pushes back with nearly its whole buyback authorization. Not investment advice.
Operating turnaround
Four years of shrinking losses, then the flip: minus $307.2 million (2021), minus $215.6 million (2022), minus $186.3 million (2023), minus $57.4 million (2024), plus $9.7 million (2025). In the first quarter of 2026 revenue rose 21 percent to $403.5 million and net income reached $14.2 million. The clinician count grew by a net 814 and visits by 18 percent to 2.5 million per quarter.
Balance sheet and funding
Equity ratio of 69 percent, Altman Z-score 3.91 and a Piotroski F-score of 8 of 9 as of July 26, 2026. Debt stands at $282.8 million principal, $232.0 million of it not due until 2029; the $100.0 million revolving facility was fully undrawn as of March 31, 2026, and net interest expense for the quarter was $1.8 million. Cash sits at $194.8 million with positive free cash flow.
Internal control
The material weaknesses in internal control over financial reporting identified in connection with the fiscal 2019 audit still existed as of March 31, 2026 according to the quarterly report; the chief executive officer and the chief financial officer conclude that disclosure controls were not effective. The same weaknesses already forced a restatement of the 2018 and 2019 financial statements. Remediation is under way but not complete.
Balance sheet quality
Of $2,145.9 million in total assets as of March 31, 2026, $1,297.0 million is goodwill and $175.1 million other intangibles. Deduct both from equity of $1,477.4 million and roughly $5.3 million of tangible substance remains. Note 7 attributes the goodwill primarily to the assembled workforce — to people who can resign.
Payor concentration
Two commercial payors accounted for 13 percent and 15 percent of revenue in the first quarter of 2026, 28 percent combined, and 88 percent of revenue comes from commercial insurers. Dependence on the larger of the two has fallen since 2023, when it was 19 percent, and government-funded work has grown to 6 percent. The concentration is not existential, but it does set prices.
Ownership and capital allocation
TPG cut its stake from 36.1 percent to 29.3 percent in the offering that closed on May 12, 2026, and Summit Partners from 7.5 percent to 6.1 percent. The company itself absorbed 6.0 million shares for $48.12 million; together with $49.1 million spent in the first quarter, $97.2 million of the authorized $100.0 million is gone. The purchase was approved by a committee of disinterested directors — the standard safeguard for related-party dealings.
Worth Noting
LifeStance reached our research list through our in-house stock scanner: rank 16 of 62 U.S. hits in the "Turnaround Candidates" list, turnaround check 7 of 8, as of July 25, 2026. The list is recalculated every day — the rank is a dated snapshot, not a standing state. Two mandatory pillars decide admission: at least 50 percent below the all-time high, and secured survival (Altman Z-score of 1.1 or better, at most one balance sheet warning flag, positive equity). Miss either one and the stock leaves the list no matter how good the turnaround check looks.
Every figure carries its own as-of date: annual data from the Form 10-K for 2025 (filed February 25, 2026) and for 2022 (filed March 9, 2023), quarterly data from the 10-Q for the quarter ended March 31, 2026 (filed May 7, 2026), buyback and ownership data from the 8-K filed May 12, 2026 and the 424B7 filed May 8, 2026, board changes from the 8-K filed July 7, 2026. Valuation ratios are as of July 26, 2026 — meant to be evergreen, with no daily price used as a buy argument. Market value was cross-checked against 381.8 million shares times $10.13 from the Form 144 filed June 26, 2026; the gap is about 7 percent.
Avoid confusion: the ticker LFST belongs to LifeStance Health Group, Inc. of Scottsdale (CIK 0001845257). The SEC registration lists no former names. The company should not be confused with purely virtual mental health providers — LifeStance explicitly treats in person as well, across 572 of its own centers. Through July 26, 2026 no SEC filing disclosed an acquisition, a going-private transaction or a merger.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at LFST since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.80 $ to 13.40 $ · Last price: 12.60 $ (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: Medical Care Facilities
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Lifestance Health Group Inc LFST | 4.8 | 204.7 | 39.5 | 33.6 | 5.5 | 13.9 | 144.9 |
| HCA Healthcare, Inc. HCA | 95.2 | 15.2 | 9.0 | 42.6 | 15.0 | 7.1 | 8.2 |
| Tenet Healthcare Corporation THC | 22.6 | 14.0 | 5.8 | 41.7 | 17.9 | 3.1 | 42.8 |
| Encompass Health Corp EHC | 12.2 | 21.3 | 9.8 | 43.9 | 19.0 | 10.5 | -0.2 |
| DaVita HealthCare Partners Inc DVA | 11.7 | 18.1 | 8.9 | 32.4 | 13.9 | 6.5 | 43.0 |
| Universal Health Services Inc UHS | 10.9 | 7.9 | 5.5 | 44.6 | 11.2 | 9.7 | -3.1 |
| The Ensign Group Inc ENSG | 10.2 | 29.2 | 19.3 | 16.6 | 9.0 | 18.7 | 5.6 |
| Chemed Corp CHE | 6.7 | 29.8 | 15.7 | 33.1 | 12.9 | 4.1 | 11.2 |
| PACS Group, Inc. PACS | 6.5 | – | 20.3 | 17.3 | 8.5 | 29.3 | 274.9 |
| Median of companies shown | 10.9 | 19.7 | 9.8 | 33.6 | 12.9 | 9.7 | 11.2 |
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) |
|---|---|---|---|---|---|---|---|
| 2019 | 213 | 15 | 6 | 0.02 | 17 | -166 | 281 |
| 2020 | 377 | 15 | -38 | -0.10 | -9 | 998 | 1,570 |
| 2021 | 668 | -286 | -307 | -0.94 | 9 | 1,545 | 1,927 |
| 2022 | 860 | -210 | -216 | -0.61 | 53 | 1,519 | 2,174 |
| 2023 | 1,056 | -189 | -186 | -0.51 | -17 | 1,429 | 2,110 |
| 2024 | 1,251 | -32 | -57 | -0.15 | 107 | 1,446 | 2,118 |
| 2025 | 1,424 | 24 | 10 | 0.02 | 146 | 1,521 | 2,204 |
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.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· 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 | -0.02 | – | 326 | 16.00 | -2.20 | 62 | 56 |
| 2025: Q1 | 0.00 | – | 333 | 10.80 | 0.20 | -3 | -10 |
| 2025: Q2 | -0.01 | – | 345 | 10.60 | -1.10 | 64 | 57 |
| 2025: Q3 | 0.00 | – | 364 | 16.30 | 0.30 | 27 | 17 |
| 2025: Q4 | 0.03 | – | 382 | 17.40 | 3.10 | 58 | 83 |
| 2026: Q1 | 0.04 | 1,886.40 | 404 | 21.20 | 3.50 | 33 | 22 |
| 2026: Q2 | – | – | 435 | 26.10 | 5.40 | 100 | 88 |
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 17 of our scanner strategies — each hit links to the scanner.
Growth
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
- Near 52-Week High
- Power Trend
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Value & GARP
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 | 0.40 | 0.32 – 0.54 | 1,708 | 116.8% | 5 |
| 12/31/2027 | 0.53 | 0.38 – 0.93 | 1,954 | 34.2% | 5 |
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 9.4% 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) | $210.0M |
|---|---|
| Market cap | $4.76B |
| Free cash flow in year ten | $516.0M |
| Terminal value as a share of market value | 57.1% |
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 nennt KI erstmals als konkretes Risiko für das eigene Modell: Wenn Patienten einen Teil ihrer psychischen Versorgung einer KI überlassen, sinkt die Zahl der Patienten, die zu zugelassenen Klinikern gehen — LifeStance selbst verkauft keine KI-Leistungen.
View the full file — quotes, sources, reviewed filings
„If patients elect to rely on AI for a portion of their mental health care, the number of patients seeking care from licensed clinicians may decline, negatively impacting our business."
Wenn Patienten sich entscheiden, für einen Teil ihrer psychischen Gesundheitsversorgung auf KI zu setzen, kann die Zahl der Patienten sinken, die Behandlung bei zugelassenen Klinikern suchen, was unser Geschäft beeinträchtigen würde.
10-K · 2026-02-25 · View SEC filing
„We also expect our competitors to continue to improve their technology infrastructure, including with the use of artificial intelligence (“AI”) and machine learning solutions, to interact with patients, clinicians and payors, sell their services, utilize their data and support and grow their patient base."
Wir erwarten außerdem, dass unsere Wettbewerber ihre technische Ausstattung weiter verbessern, auch mit Lösungen für künstliche Intelligenz (KI) und maschinelles Lernen, um mit Patienten, Klinikern und Kostenträgern in Kontakt zu treten, ihre Leistungen zu verkaufen, ihre Daten zu nutzen und ihren Patientenstamm zu stützen und auszubauen.
10-K · 2026-02-25 · View SEC filing
„In addition, new developments in cloud computing, AI, and machine learning have made it easier to enter our markets due to lower up-front technology costs."
Zudem haben neue Entwicklungen bei Cloud-Rechenleistung, KI und maschinellem Lernen den Eintritt in unsere Märkte erleichtert, weil die anfänglichen Technikkosten gesunken sind.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-02-25 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-07 · 10-K 2025-02-27
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 18.3%
- More than 10% revenue growth is expected for the coming year 13.9%
- Share count grows by less than 3% a year 3.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 21.6%
- Gross margin at 40% or higher and without meaningful erosion 32.4%
- Goodwill from acquisitions does not grow faster than revenue 58.7%
- Net debt below twice EBITDA 55 m net cash
- Operating cash flow covers the profits of the last three years 471 m
- Return on capital at 15% or higher, or up versus two years ago 1.2%
- Insiders hold at least 10% or are net buyers 4.5%
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% 37.3%
- Exp. sales growth 3Y > 5% 17.1%
- EBIT growth 10Y > 5% 8.0%
- Exp. EBIT growth 3Y > 5% 363.6%
- Net debt < 4x EBIT -2.3x
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 19.3%
- ROCE > 15% 1.2%
- Expected return > 10% 374.3%
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 11, 2026 | Tpg Gp A, Llc | 10% Owner | Sell | 18,409,705 | 12.29 | 226,255,274 |
| Sep 2, 2026 | Bourdon David | Chief Executive Officer | Other | 150,000 | 0.00 | – |
| Sep 2, 2026 | Paunovich Vukasin | Chief Technology Officer | Sell | 42,067 | 12.87 | 541,402 |
| Aug 24, 2026 | Varanakis Ann | Chief People Officer | Other | 8,156 | 12.16 | 99,177 |
| Aug 14, 2026 | DeLuca Teresa | Director | Sell | 7,500 | 12.68 | 95,100 |
| Aug 13, 2026 | DeLuca Teresa | Director | Sell | 20,441 | 12.23 | 249,993 |
| Aug 11, 2026 | Burdick Kenneth A | Director | Sell | 500,000 | 11.51 | 5,755,000 |
| Aug 10, 2026 | Tpg Gp A, Llc | 10% Owner | Sell | 13,643,207 | 10.62 | 144,890,858 |
| Aug 10, 2026 | Paunovich Vukasin | Chief Technology Officer | Sell | 44,394 | 10.85 | 481,675 |
| Aug 10, 2026 | Miller Lisa K | Chief Operating Officer | Sell | 47,912 | 10.85 | 519,845 |
The company
About the Company
LifeStance Health Group, Inc. bietet über ihre Tochtergesellschaften ambulante psychische Gesundheitsdienste für Kinder, Jugendliche, Erwachsene und Senioren in den USA an.
- Employees
- 8,542
- Headquarters
- Scottsdale, AZ
- Address
- 4800 North Scottsdale Road, 85251 Scottsdale, United States
- Phone
- 602 767 2100
- Website
- lifestance.com
- IPO Date
- 06/10/2021
- ISIN
- US53228F1012
Management
| Name | Title | Birth Year |
|---|---|---|
| Kenneth Alan Burdick J.D. | Executive Chairman | 1959 |
| David Patrick Bourdon | CEO & Director | 1969 |
| Ryan Bruce McGroarty | CFO & Treasurer | 1973 |
| Vukasin Paunovich | Chief Technology Officer | 1972 |
| Ryan Pardo J.D. | Chief Legal Officer & Secretary | 1977 |
| Ann Varanakis | Chief People Officer | 1978 |
| Lisa Keise Miller | Chief Operating Officer & Principal Operating Officer | 1974 |
| Monica Prokocki | Vice President of Investor Relations | – |
| Brooke Matthews | Director of Public Relations | – |
| Richard Hall | Chief Shared Services Officer | – |
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).
- 09/11/2026 LifeStance Health Group, Inc. (LFST): Other Events; Financial Statements and Exhibits SEC ↗
- 08/06/2026 LifeStance Health Group, Inc. (LFST): Results of Operations and Financial Condition; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 07/07/2026 LifeStance Health Group, Inc. (LFST): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers 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.