BrightSpring Health Services, Inc. BTSG
We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients. We have a differentiated approach to care delivery, with an integrated and scaled model that addresses critical services that the highest-need and highest-cost patients require. With a focus on Senior and Specialty patients, which includes Behavioral populations, our platform provides pharmacy and provider services (both clinical and supportive care in nature) in lower-cost home and community settings largely to Medicare, Medicaid, and commercially-insured populations. We are an essential part of our nation's health delivery network as a front-line provider of high-quality and cost-effective care to a large and growing number of people, who increasingly require a combination of specialized solutions to enable holistic health care management. Our presence spans all 50 states, we serve over 465,000 patients daily through our approximately 10,500 clinical providers and pharmacists, and our services make a profound impact in the lives and communities of the people we serve.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $12.91B | $10.07B | $7.69B | $6.64B | — |
| Gross profit | $1.52B | $1.27B | $1.14B | $1.08B | — |
| SG&A | $1.22B | $1.16B | $1.08B | $925.2M | — |
| Operating income | $295.3M | $108.0M | $58.1M | $118.9M | — |
| Interest expense | $157.3M | $190.5M | $271.9M | $199.8M | — |
| Pre-tax income | $137.9M | -$95.3M | -$213.8M | -$81.0M | — |
| Income tax | $33.1M | $26.4M | $31.5M | $33.1M | — |
| Net income | $189.1M | $20.5M | -$154.6M | -$53.9M | — |
| EPS, basic | 0.94 | -0.09 | -1.31 | -0.46 | — |
| EPS, diluted | 0.87 | -0.09 | -1.31 | -0.46 | — |
| Shares, diluted (wtd. avg.) | $219.8M | $193.0M | $117.9M | $117.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $88.4M | $61.0M | $12.4M | — | — |
| Receivables | $989.7M | $902.8M | $881.6M | — | — |
| Inventory | $815.2M | $636.6M | $402.8M | — | — |
| Total current assets | $2.89B | $1.89B | $1.46B | — | — |
| Property, plant and equipment | $204.7M | $180.6M | $245.9M | — | — |
| Goodwill | $2.55B | $2.36B | $2.30B | $2.58B | — |
| Other intangibles | $557.6M | $595.2M | $881.5M | — | — |
| Total assets | $6.41B | $5.93B | $5.53B | — | — |
| Accounts payable | $1.22B | $923.9M | $641.6M | — | — |
| Short-term debt | $52.3M | $48.7M | $32.3M | — | — |
| Total current liabilities | $1.85B | $1.43B | $1.25B | — | — |
| Long-term debt | $2.46B | $2.56B | $3.33B | — | — |
| Total liabilities | $4.53B | $4.27B | $4.92B | — | — |
| Retained earnings | -$74.6M | -$222.2M | -$200.3M | — | — |
| Total equity | $1.88B | $1.65B | $585.4M | $754.8M | $774.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $490.2M | $23.8M | $210.8M | -$4.7M | — |
| Depreciation and amortisation | $71.8M | $66.8M | $57.3M | $55.1M | — |
| Stock-based compensation | $70.1M | $69.2M | $3.9M | $3.5M | — |
| Capital expenditure | $95.5M | $80.9M | $73.5M | $70.1M | — |
| Investing cash flow | -$305.1M | -$140.2M | -$134.4M | $45.4M | — |
| Financing cash flow | -$157.9M | $164.6M | -$76.9M | -$73.8M | — |
| Buybacks | $43.2M | $650.0K | $650.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-151207.
Others in SIC 8082
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CHE | CHEMED CORP | $6.79B | 28.3x | 4.1% |
| OPCH | Option Care Health, Inc. | $3.80B | 19.1x | 13.0% |
| AVAH | Aveanna Healthcare Holdings, Inc. | $2.96B | 12.9x | 20.2% |
| ADUS | Addus HomeCare Corp | $2.22B | 22.8x | 23.2% |
| AHCO | AdaptHealth Corp. | $884.9M | — | -0.5% |