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Sunday 8 November 2026
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BrightSpring Health Services, Inc.
BTSGHealthcare Health Information Services
BrightSpring Health Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.9 billion, up 28.2% from fiscal 2024.
- Revenue
- +26.4%
- EPS
- +79.4%
- Free cash flow
- +97.7%
- Total debt
- −13.2%
Quarter to September 2026, against a year earlier
67.15
1.29
+1.96%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 6,698 | 7,721 | 7,691 | 10,072 | 12,911 | 15,251 | +17.8% | 16,054 | 18,421 | 20,967 | +17.5% | |
| Gross margin, % | — | — | — | — | — | 18.64 | 17.54 | 14.81 | 12.57 | 11.76 | 12.50 | (6.9) pt | ||||||
| EBT | — | — | — | — | — | 69 | (46) | (214) | (95) | 138 | 375 | +19.0% | ||||||
| EBT margin, % | — | — | — | — | — | 1.03 | (0.59) | (2.78) | (0.95) | 1.07 | 2.46 | 0.0 pt | ||||||
| Net income | — | — | — | — | — | 51 | (54) | (157) | (21) | 189 | 410 | +38.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 56.96 | 65.52 | 65.25 | 52.19 | 63.74 | 73.67 | +2.8% | |||||
| Earnings | — | — | — | — | — | 0.44 | (0.46) | (1.31) | (0.09) | 0.94 | 2.00 | +21.2% | ||||||
| Cash flow | — | — | — | — | — | 2.30 | (0.04) | 1.79 | 0.12 | 2.42 | 2.91 | +1.3% | ||||||
| Capex | — | — | — | — | — | (0.50) | (0.59) | (0.62) | (0.42) | (0.47) | (0.53) | (1.7%) | ||||||
| Free cash flow | — | — | — | — | — | 1.79 | (0.63) | 1.16 | (0.30) | 1.95 | 2.38 | +2.1% | ||||||
| Book value | — | — | — | — | — | 0.00 | 6.41 | 4.97 | 8.54 | 9.26 | 10.51 | n/m | ||||||
| Shares, m | — | — | — | — | — | 118 | 118 | 118 | 193 | 203 | 205 | +14.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 39.84 | 33.50 | 8.0 | |||||
| P/S | — | — | — | — | — | 0.15 | 0.15 | 0.15 | 0.33 | 0.59 | 0.91 | 0.3 | ||||||
| P/B | — | — | — | — | — | 2.21 | 2.21 | 2.21 | 1.99 | 4.05 | 6.39 | 2.5 | ||||||
| EV/Sales | — | — | — | — | — | 0.53 | 0.53 | 0.53 | 0.58 | 0.78 | 1.01 | 0.6 | ||||||
| EV/FCF | — | — | — | — | — | 34.02 | 34.02 | 34.02 | (102.26) | 25.39 | 31.23 | 5.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | 270 | (5) | 211 | 24 | 490 | 603 | +16.1% | |||||
| Capex | — | — | — | — | — | (59) | (70) | (74) | (81) | (95) | (110) | +12.7% | ||||||
| Free cash flow | — | — | — | — | — | 211 | (75) | 137 | (57) | 395 | 492 | +17.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 412 | 208 | 465 | 1,045 | 1,055 | +36.4% | |||||
| Net debt | — | — | — | — | — | — | 3,401 | 3,374 | 2,556 | 2,434 | 1,475 | (10.6%) | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 755 | 585 | 1,648 | 1,875 | 2,177 | +35.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | (1.98) | (2.82) | (0.32) | 3.09 | 6.66 | +3.1 pt | |||||
| ROIC | — | — | — | — | — | 0.00 | 2.82 | 0.92 | 1.60 | 4.28 | 8.91 | +4.3 pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 0.00 | (23.07) | (1.62) | 10.82 | 20.54 | +10.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 35,000 | 35,000 | 37,000 | 23,500 | — | (12.4%) | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.22 | 0.22 | 0.27 | 0.55 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Pharmacy Solutions | 11,446 | 88.65% |
|---|---|---|
| Provider Services | 1,465 | 11.35% |
| Gross margin | 11.76% | |
| Operating margin | 2.29% | |
| Pre-tax margin | 1.07% |
BrightSpring Health Services, Inc. vs peers in Health Information Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| VEEV Veeva Systems Inc. | $50.2B | 48.8× | 46.5× | +17.60% (above 0%: growing) | +36.59% (above 0%: growing) | −0.62% (below 0%: shrinking) | 75.00% | 29.64% | Compare |
| BTSG BrightSpring Health Services, Inc. | $13.1B | 33.5× | 39.9× | +26.37% (above 0%: growing) | +79.44% (above 0%: growing) | +97.70% (above 0%: growing) | 12.31% | 3.81% | |
| TEM Tempus AI, Inc. | $12.9B | — (loss-making) | — (loss-making) | +23.14% (above 0%: growing) | n/m | +95.67% (above 0%: growing) | 64.81% | (13.82%) | Compare |
| HNGE Hinge Health Inc. | $9.4B | 85.8× | 50.5× | +53.00% (above 0%: growing) | n/m | +441.14% (above 0%: growing) | 86.44% | 19.00% | Compare |
| HQY HealthEquity, Inc. | $8.6B | 37.1× | 35.2× | +7.64% (above 0%: growing) | +14.49% (above 0%: growing) | −3.44% (below 0%: shrinking) | 73.55% | 28.14% | Compare |
| DOCS Doximity, Inc. | $5.9B | 43.3× | 49.3× | +3.57% (above 0%: growing) | −42.42% (below 0%: shrinking) | +1.87% (above 0%: growing) | 85.48% | 25.16% | Compare |
| WAY Waystar Holding Corp. | $5.6B | 40.4× | 36.7× | +21.21% (above 0%: growing) | −10.22% (below 0%: shrinking) | +23.36% (above 0%: growing) | 69.53% | 18.81% | Compare |
| HTFL Heartflow, Inc. | $4.5B | — (loss-making) | — (loss-making) | +47.57% (above 0%: growing) | n/m | +62.62% (above 0%: growing) | 83.00% | (27.93%) | Compare |
| PRVA Privia Health Group, Inc. | $3.1B | 88.6× | 84.5× | +13.19% (above 0%: growing) | +90.67% (above 0%: growing) | −44.35% (below 0%: shrinking) | 10.42% | 3.13% | Compare |
| Median of peers | $7.2B | 46.1× | 47.9× | +19.41% | +14.49% | +12.62% | 74.28% | 18.91% |
From the latest earnings call
- CEO Jon Rousseau said specialty and infusion prescription growth supported pharmacy revenue, while investments in technology and processes helped Home and Community Pharmacy grow EBITDA despite lower revenue.
- CFO Jennifer Phipps said acquired home health branches contributed to revenue growth, while some of the quarter’s working-capital benefit from payment timing was one-time in nature.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
105.03%
Held by the ten largest
65.81%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | 26.83m | 13.58% | −14.99m |
| BlackRock | 24.03m | 12.17% | +4.43m |
| Vanguard | 18.65m | 9.44% | +3.17m |
| T. Rowe Price | 15.94m | 8.07% | −2.36m |
| Fidelity (FMR) | 13.39m | 6.78% | −7.59m |
| Invesco | 11.94m | 6.05% | +459.86k |
| State Street | 6.26m | 3.17% | +1.33m |
| Geode Capital Management | 5.18m | 2.62% | +1.62m |
| AllianceBernstein | 4.32m | 2.19% | +770.21k |
| Manulife | 3.43m | 1.74% | −826.84k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 10 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 17.84m | 44.11m | 340.45 |
| 2024 | 17.67m | 15.86m | 154.82 |
Ownership
Directors and executive officers, together
2.80%
KKR Stockholder
21.70%
FMR LLC
11.90%
Blackrock Inc.
9.40%
Vanguard Group
6.50%
Price (T. Rowe) Associates
5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
BrightSpring Health Services, Inc. (BTSG) Latest News
2 Nov
31 Oct
30 Oct
29 Oct
14 Oct
BTSG metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Beneish M-score
BrightSpring Health Services provides pharmacy and healthcare services to people with complex medical needs, largely in their homes and communities. Its patients include older adults, people with chronic illnesses and people who need specialty or behavioral care. Jon Rousseau is its chief executive officer.
The business has two parts. Pharmacy Solutions supplies and supports medications for patients at home, in clinics and in facilities such as senior living communities. Its services include home and community pharmacy, specialty medicines and infusion therapy, where medication is administered intravenously. Pharmacists and nurses help patients manage treatment, while specialty pharmacy teams also help with insurance access and coordinate with physicians.