LifeStance Health Group, Inc.
LFST Healthcare Medical Care Facilities
LifeStance Health Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 13.9% from fiscal 2024. In the quarter to June 2026, revenue grew 26.1%, EPS grew 700.0%, free cash flow grew 55.2% and total debt fell 5.08%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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LifeStance Health Group, Inc. (LFST) Beneish M-score
LifeStance Health Group, Inc.'s Beneish M-score for fiscal 2025 is −2.96; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.96 | (0.13) |
| FY2024 | −2.83 | (0.10) |
| FY2023 | −2.73 | 0.02 |
| FY2022 | −2.75 | 0.07 |
| FY2021 | −2.82 | (1.35) |
| FY2020 | −1.48 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.64 | — | 0.59 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.95 | — | 0.39 | |
| Sales growth index | 1.14 | — | 1.02 | |
| Depreciation index | 1.19 | — | 0.14 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.06) | — | −0.29 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.96 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ACHC Acadia Healthcare Company, Inc. compare | −3.6× |
| LFST LifeStance Health Group, Inc. | −3.0× |
| GRDN Guardian Pharmacy Services, Inc. compare | −3.0× |
| CHE Chemed Corporation compare | −2.8× |
| PACS PACS Group, Inc. compare | −2.7× |
| NHC National HealthCare Corporation compare | −2.6× |
| CON Concentra Group Holdings Parent, Inc. compare | −2.5× |
| OPCH Option Care Health, Inc. compare | −2.4× |
| AVAH Aveanna Healthcare Holdings Inc. compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI