BrightSpring Health Services, Inc.BTSG
NasdaqGS•Healthcare•Health Information Services
BrightSpring Health Services, Inc. operates as a home and community-based healthcare services platform in the United States. The company operates through two segments, Pharmacy Solutions and Provider Services. Its platform focuses on delivering pharmacy and provider services, including clinical and supportive care in home and community settings to Medicare, Medicaid, and insured populations. It also offers infused, injectable, and oral medication services; and patient-centric, highly skilled, and compassionate clinical home health care, as well as rehabilitation services, including physical, speech and occupational therapy and applied behavioral analysis. The company was formerly known as Phoenix Parent Holdings Inc. and changed its name to BrightSpring Health Services, Inc. in May 2021. BrightSpring Health Services, Inc. was founded in 1974 and is headquartered in Louisville, Kentucky.
BrightSpring Health Services, I (BTSG) reported trailing twelve months revenue of $13.65B as of March 2026, a 18.0% increase year-over-year. Quarterly revenue reached $3.61B, reflecting continued top-line momentum.
BrightSpring Health Services, I generated $309.89M in TTM net income, with quarterly EBITDA of $121.45M. The operating margin expanded from 1.8% to 3.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (3.4%) and net margin (4.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.0% a year ago, signaling stronger bottom-line efficiency.
BTSG trades at a P/E of 42.6x (a premium multiple) and a P/S of 1.0x. The price-to-book ratio of 6.7x indicates a significant premium over book value.
The company generated $101.40M in free cash flow over the trailing twelve months, a 20.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.21B in total assets with $2.44B in long-term debt against $1.98B in stockholders equity for a debt-to-equity ratio of 1.2. Data based on the most recent quarterly reports.
Competitive analysis based on 9 quarters of fundamental data
Operating margins are positive at ~2.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 9 quarters
Margins are stable or improving at ~2.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 3.6% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation