BrightSpring Health Services, Inc. Common Stock
- Open
- 58.85
- Day high
- 59.07
- Day low
- 57.80
- Prev close
- 59.13
- Volume
- 1.9M
- Mkt cap
- $11.6B
- P/E (TTM)
- 40.8
- EPS (TTM)
- $1.43
- P/B
- 5.6
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.7B over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
BrightSpring Health Services, Inc. Common Stock (BTSG) is a Healthcare company listed on NASDAQ. The stock is up 145% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
BrightSpring Health Services, Inc. Common Stock (BTSG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BTSG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.40 | $0.45 | +13.6% | $3.9B | +5.8% |
| May 1, 2026 | $0.29 | $0.39 | +34.5% | $3.6B | +6.6% |
| Oct 31, 2025 | $0.26 | $0.30 | +13.9% | $3.3B | +5.3% |
| Aug 1, 2025 | $0.19 | $0.22 | +15.8% | $3.1B | -0.6% |
| May 2, 2025 | $0.08 | $0.19 | +137.5% | $2.9B | -0.9% |
| Mar 6, 2025 | $0.19 | $0.22 | +15.8% | $3.1B | +11.1% |
| Nov 1, 2024 | $0.18 | $0.11 | -38.9% | $2.9B | -1.1% |
| Aug 2, 2024 | $0.17 | $0.10 | -41.2% | $2.7B | +0.4% |
| May 2, 2024 | $0.06 | $0.12 | +100.0% | $2.6B | +11.4% |
| Feb 29, 2024 | $0.15 | $-0.06 | -140.0% | $2.4B | +0.5% |
BTSG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 28, 2026 | ROUSSEAU JON Bdirector, officer: See Remarks | Tax | 56,319 | $72.91 |
| Jun 22, 2026 | Greenwell Scott A.officer: President, PharMerica | Tax | 2,487 | $66.25 |
| Jun 12, 2026 | Shah Nigam H.director | Grant | 4,013 | — |
| Jun 5, 2026 | KKR Phoenix Aggregator L.P.10 percent owner | Sell | 14,669,771 | $58.45 |
| Jun 5, 2026 | Phipps Jennifer Aofficer: Chief Financial Officer | Option | 35,000 | $6.37 |
| Jun 5, 2026 | Phipps Jennifer Aofficer: Chief Financial Officer | Sell | 35,000 | $58.75 |
| Jun 5, 2026 | KKR Group Partnership L.P.10 percent owner | Sell | 14,669,771 | $58.45 |
| Jun 5, 2026 | ROUSSEAU JON Bdirector, officer: See Remarks | Option | 130,000 | $6.37 |
| Jun 5, 2026 | ROUSSEAU JON Bdirector, officer: See Remarks | Sell | 130,000 | $58.75 |
| Jun 5, 2026 | Nalley Lisa Aofficer: See Remarks | Option | 35,000 | $6.37 |
| Jun 5, 2026 | Nalley Lisa Aofficer: See Remarks | Sell | 35,000 | $58.75 |
| May 7, 2026 | KIRTLEY OLIVIA Fdirector | Grant | 4,983 | — |
| May 7, 2026 | Wicks Timothy Adirector | Grant | 4,983 | — |
| May 7, 2026 | Miller Steven Bdirector | Grant | 4,983 | — |
| Apr 28, 2026 | ROUSSEAU JON Bdirector, officer: See Remarks | Tax | 16,222 | $48.16 |
Source: BTSG SEC Form 4 filings, latest Jul 28, 2026. For informational purposes only — not investment advice.
See the full BTSG insider & 13F page →BrightSpring Health Services, Inc. Common Stock company profile
Overview
BrightSpring Health Services, Inc. (NYSE:BTSG) is a Louisville, Kentucky-based healthcare services company that went public in January 2024. Founded in 1974 and formerly known as Phoenix Parent Holdings Inc., the company operates one of the largest home and community-based healthcare platforms in the United States. BrightSpring serves complex patient populations through an integrated network of specialty pharmacies and healthcare providers, focusing on delivering coordinated care in patients' homes and community settings rather than traditional institutional facilities.
Business
BrightSpring operates in the home and community-based healthcare sector, which represents a growing shift away from traditional hospital and nursing home care toward treating patients in more comfortable, cost-effective settings. The company's business is organized into two primary segments that work together to provide comprehensive care. The Pharmacy Solutions segment generates approximately 78% of total revenue and includes two main components. The Specialty and Infusion division provides complex medications for conditions like cancer, autoimmune disorders, and rare diseases directly to patients' homes. This includes limited distribution drugs (LDDs) that require special handling and monitoring, as well as infusion therapy where medications are delivered intravenously in home settings. The Home and Community Pharmacy division operates traditional pharmacies that serve patients in assisted living facilities, group homes, and community settings, providing both routine medications and specialized packaging services. The Provider Services segment accounts for approximately 22% of revenue and delivers hands-on healthcare services. This includes home health care (skilled nursing, physical therapy, and medical services provided in patients' homes), hospice care for terminally ill patients, rehabilitation services for individuals with disabilities, and personal care services for daily living assistance. The company also operates a growing home-based primary care business that brings physician services directly to patients' residences. BrightSpring's platform is designed to serve patients with complex medical needs who require coordinated care across multiple specialties. The integration between pharmacy and provider services allows the company to manage both the medication and care delivery aspects of treatment, creating what management describes as a "one-stop shop" for complex patient populations.
Revenue model
BrightSpring generates revenue primarily through product sales and service fees across its two business segments. In the Pharmacy Solutions segment, the company purchases medications from manufacturers and sells them to patients, with reimbursement coming from Medicare, Medicaid, and private insurance plans. The specialty pharmacy business operates on higher margins due to the complexity and specialized handling requirements of the medications involved. The company also benefits from manufacturer rebates and fees for value-added services like patient adherence programs and clinical monitoring. The Provider Services segment operates on a fee-for-service model, billing Medicare, Medicaid, and insurance plans for home health visits, hospice care days, rehabilitation sessions, and personal care hours. Payment rates are largely determined by government reimbursement schedules, particularly Medicare and Medicaid rates, which can vary by geography and service type. Several factors influence BrightSpring's margins and profitability. Positive margin drivers include the company's scale advantages in drug procurement, which allow for better pricing negotiations with manufacturers; the growing portfolio of limited distribution drugs that typically carry higher margins; operational efficiencies from automation and technology investments; and the integrated nature of services that can reduce overall care costs. Margin pressures come from government reimbursement rate changes, particularly Medicare and Medicaid cuts; generic drug competition that can erode specialty pharmacy margins; labor cost inflation in healthcare services; and regulatory compliance costs. The company's exposure to government reimbursement means that policy changes, such as the Inflation Reduction Act's drug pricing provisions, can significantly impact financial performance.
Competitive moat
BrightSpring's competitive position is built on several defensive characteristics, though the strength of its moat is moderate rather than exceptional. The company's primary competitive advantage lies in its scale and integrated platform, which creates operational efficiencies and allows for coordinated care delivery that smaller competitors cannot easily replicate. With over $11 billion in annual revenue, BrightSpring has significant purchasing power with drug manufacturers and can spread fixed costs across a large patient base. The limited distribution drug portfolio provides some protection, as these medications require special handling capabilities, regulatory compliance, and established relationships with manufacturers. However, this advantage is not permanent, as competitors can potentially build similar capabilities over time. The company's quality metrics and clinical outcomes create some customer stickiness, particularly in provider services where relationships with patients and referral sources matter. Competitive threats come from several directions. Large pharmacy chains like CVS Health and Walgreens are expanding their specialty pharmacy and home health capabilities, bringing significant financial resources and existing patient relationships. Health insurers are increasingly moving into direct care delivery, potentially bypassing third-party providers like BrightSpring. Technology companies are also entering healthcare with digital-first approaches that could disrupt traditional care models. The company's dependence on government reimbursement creates vulnerability to policy changes, and the fragmented nature of many of its markets means that local competitors can still win business through relationships and specialized focus.
Risks & safety
BrightSpring presents a moderate margin of safety with some financial constraints but reasonable liquidity position. • Liquidity and Cash Flow: Cash position of $52 million is relatively low for a company of this size, though operating cash flow of $102 million in Q1 2025 shows improvement from prior periods. Free cash flow generation has been inconsistent, ranging from negative $57 million in FY 2024 to positive $84 million in Q1 2025. • Debt and Leverage: Total debt-to-equity ratio of 0.13 appears low, but this reflects recent debt reduction following the IPO. Management targets leverage of 2-2.5x EBITDA long-term, currently running higher than this target. • Valuation Metrics: Trading at 30.8x P/E ratio and 18.8x EV/EBITDA, indicating relatively expensive valuation. Price-to-book ratio of 2.15x suggests premium valuation relative to tangible assets. • Other Considerations: Current ratio of 1.73x provides adequate short-term liquidity cushion. Heavy dependence on government reimbursement creates policy risk. Recent IPO status means limited public trading history and potential for continued volatility.
Recent development
Over the past few years, BrightSpring has undergone significant strategic transformation and growth initiatives. The company completed its initial public offering in January 2024, which provided capital for debt reduction and included a notable $100 million equity grant to all employees. This IPO marked a major milestone in the company's evolution from a private equity-owned entity to a public company. The company has pursued aggressive organic growth strategies, particularly in its specialty pharmacy business, where it has expanded its limited distribution drug portfolio from around 100 drugs to 127 as of Q1 2025. Management expects to add approximately 18 new limited distribution drugs over the next 15-18 months, focusing on oncology, rare diseases, and orphan drugs. The specialty pharmacy business has shown remarkable growth, with script volumes increasing 32-36% year-over-year in recent quarters. Strategic acquisitions have been a key growth driver, with the company completing the Haven Hospice acquisition in Florida and maintaining an active pipeline of tuck-in acquisitions in home health, hospice, and rehabilitation services. Management has allocated approximately $100 million annually for M&A activities, targeting deals at around 4x EBITDA multiples. The company has also made significant operational improvements, implementing over 100 procurement and workflow automation programs, investing in artificial intelligence and technology infrastructure, and focusing on quality metrics. Home health branches now achieve 80% four-star or better CMS ratings, and the company maintains industry-leading Net Promoter Scores of 98-100 for its specialty pharmacies. A major strategic decision announced in 2024 was the planned divestiture of the community living business in the second half of 2025, allowing management to focus resources on higher-growth pharmacy and provider services.
BTSG company profile · for informational purposes only — not investment advice.
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