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BTSGU

BrightSpring Health Services, Inc. Tangible Equity Unit

BTSGU

BrightSpring Health Services, Inc. Tangible Equity Unit • NASDAQ
$120.49 ▼ -0.14% (-0.17)
Market Cap $21.73 B
52w High $122.33
52w Low $56.77
Dividend Yield 3.37%
P/E 0
Volume 18.85K
Outstanding Shares 180.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.334B ▲ $304.165M ▼ $55.836M ▲ 1.675% ▲ $0.19 ▲ $128.596M ▲
Q2-2025 $3.148B ▲ $326.295M ▲ $28.208M ▼ 0.896% ▼ $0.14 ▼ $90.396M ▼
Q1-2025 $2.878B ▼ $287.63M ▼ $29.542M ▲ 1.026% ▲ $0.15 ▲ $92.9M ▼
Q4-2024 $3.053B ▲ $342.846M ▼ $15.999M ▲ 0.524% ▲ $0.08 ▲ $133.934M ▲
Q3-2024 $2.907B $351.272M $-8.23M -0.283% $-0.042 $107.448M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $140.344M ▲ $6.049B ▲ $4.228B ▲ $1.819B ▲
Q2-2025 $70.07M ▲ $5.944B ▲ $4.198B ▲ $1.743B ▲
Q1-2025 $52.337M ▼ $5.847B ▼ $4.156B ▼ $1.687B ▲
Q4-2024 $61.253M ▲ $5.926B ▲ $4.275B ▲ $1.648B ▲
Q3-2024 $35.973M $5.786B $4.167B $1.615B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $38.083M ▲ $107.936M ▲ $-23.761M ▼ $-13.107M ▼ $70.274M ▲ $92.174M ▲
Q2-2025 $27.542M ▼ $49.076M ▼ $-23.243M ▲ $-8.243M ▲ $17.59M ▲ $24.651M ▼
Q1-2025 $29.01M ▲ $101.598M ▲ $-24.191M ▼ $-86.018M ▼ $-8.611M ▼ $83.966M ▲
Q4-2024 $15.404M ▲ $90.612M ▲ $-15.78M ▲ $-49.552M ▼ $25.28M ▲ $75.301M ▲
Q3-2024 $-8.981M $27.246M $-35.827M $19.527M $10.946M $7.203M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Insurance
Commercial Insurance
 $720.00M ▲$0 ▼$790.00M ▲$870.00M ▲
Medicaid
Medicaid
 $580.00M ▲$0 ▼$350.00M ▲$420.00M ▲
Product
Product
 $0 ▲$2.53Bn ▲$0 ▼$0 ▲
Service
Service
 $0 ▲$350.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily for several years, with a noticeable step up most recently, which shows the business is successfully winning more volume and expanding its services. However, profits have not kept pace with this growth. Operating income has moved around rather than rising consistently, suggesting higher costs, integration spending, or pricing pressure are absorbing some of the gains from scale. Net results have slipped from small profits earlier in the period to losses in the last few years, even as the top line has grown strongly. Overall, this looks like a company in a growth and investment phase where revenue momentum is clear, but the path to stable, healthy profitability is still being worked out.

Balance Sheet

Balance Sheet The balance sheet shows a business with meaningful assets and a much stronger equity base after its recent public listing, which gives it a larger financial cushion than it had before. Debt is still high, although it has been coming down from peak levels, so leverage remains an important risk factor to watch. Cash on hand is very thin relative to the size of the business, which can make short‑term liquidity more sensitive to any disruption in operations or credit markets. In simple terms, the company now has more capital backing it than in the past, but it still carries a heavy debt load and operates with a lean cash buffer.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been uneven. Earlier years showed solid operating cash flow, but more recently that inflow has shrunk sharply despite rising revenue, which hints at pressure from working capital needs or higher operating costs. Free cash flow has swung between positive and negative, and most recently slipped back into negative territory after accounting for ongoing investment in the business. This pattern suggests the company is still reliant, at least periodically, on external financing or balance sheet flexibility to fund its growth and capital needs. Investors will likely focus on whether operational improvements can translate into more stable and consistently positive free cash flow over time.

Competitive Edge

Competitive Edge BrightSpring operates in a niche of home and community‑based care for complex, high‑need patients, which is both specialized and difficult for generalist providers to replicate. Its combination of pharmacy services and direct care under one roof is a key differentiator, allowing tighter control over medication management and outcomes. National scale across many states gives it purchasing power, brand recognition, and the ability to partner with large payers, all of which strengthen its competitive standing. At the same time, it faces intense competition from other home health, pharmacy, and managed care players, as well as ongoing regulatory and reimbursement risk. Execution on quality, staffing, and integration of acquisitions remains critical to maintaining its edge.

Innovation and R&D

Innovation and R&D The company’s innovation focus is less about traditional laboratory research and more about building a technology‑enabled care platform. Its “Connected Home” approach, supported by electronic health records, analytics, telehealth, and its proprietary Rest Assured remote monitoring service, aims to deliver more continuous and proactive care in the home. This integrated technology and service model can deepen relationships with patients and payers, and supports its shift toward value‑based care arrangements where outcomes matter more than volume. Continued investment in data systems, remote monitoring, and workflow tools to reduce caregiver burnout will be important for both efficiency and service quality. The main risks are around execution: integrating new technologies, safeguarding data, and ensuring clinicians actually adopt and use these tools effectively.

Summary

BrightSpring is a fast‑growing home and community‑based healthcare platform with a distinctive mix of pharmacy and care services and a clear technology‑driven strategy. Its revenue trajectory and expanding service footprint indicate strong underlying demand, but profitability and cash flow are still lagging, reflecting a business that is investing heavily and has not yet fully translated scale into durable margins. The balance sheet has improved with a larger equity base, yet leverage remains significant and cash balances are lean, which raises the importance of better cash generation and disciplined capital allocation. The company’s competitive position is supported by specialization in complex patients, national scale, and a differentiated technology offering, but it operates in a highly regulated, competitive space with meaningful execution and integration risks. Going forward, the key questions center on its ability to convert its integrated, innovative care model into consistent earnings, stronger cash flow, and a more comfortable leverage profile.