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LFST

LifeStance Health Group, Inc.

LFST

LifeStance Health Group, Inc. • NASDAQ
$6.50 ▼ -0.91% (-0.06)
Market Cap $2.53 B
52w High $8.29
52w Low $3.74
Dividend Yield 0%
P/E -216.67
Volume 511.52K
Outstanding Shares 389.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $363.809M ▲ $109.172M ▲ $1.077M ▲ 0.296% ▲ $0.003 ▲ $20.943M ▲
Q2-2025 $345.311M ▲ $97.375M ▼ $-3.791M ▼ -1.098% ▼ $-0.01 ▼ $10.964M ▼
Q1-2025 $332.97M ▲ $108.187M ▼ $709K ▲ 0.213% ▲ $0.002 ▲ $15.359M ▲
Q4-2024 $325.48M ▲ $108.377M ▲ $-7.112M ▼ -2.185% ▼ $-0.019 ▼ $15.191M ▲
Q3-2024 $312.722M $100.384M $-5.957M -1.905% $-0.016 $15.146M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $203.903M ▲ $2.149B ▲ $656.228M ▼ $1.493B ▲
Q2-2025 $188.929M ▲ $2.147B ▲ $672.883M ▲ $1.474B ▲
Q1-2025 $134.336M ▼ $2.105B ▼ $647.573M ▼ $1.457B ▲
Q4-2024 $154.571M ▲ $2.118B ▲ $672.013M ▲ $1.446B ▲
Q3-2024 $102.615M $2.108B $670.848M $1.437B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.077M ▲ $27.287M ▼ $-10.291M ▼ $-2.022M ▲ $14.974M ▼ $16.996M ▼
Q2-2025 $-3.791M ▼ $64.396M ▲ $-7.755M ▼ $-2.048M ▲ $54.593M ▲ $56.641M ▲
Q1-2025 $709K ▲ $-3.092M ▼ $-7.168M ▼ $-9.975M ▼ $-20.235M ▼ $-10.26M ▼
Q4-2024 $-7.112M ▼ $62.316M ▲ $-6.301M ▼ $-4.059M ▼ $51.956M ▲ $56.015M ▲
Q3-2024 $-5.957M $22.722M $-5.051M $-2.025M $15.646M $17.671M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily each year, showing strong demand for LifeStance’s services and successful expansion. Gross profit has also improved, meaning the core business of providing care is becoming more efficient over time. That said, the company is still losing money overall. Operating losses have been persistent since going public, but they are getting smaller, and profitability metrics like EBITDA have recently swung from negative to slightly positive. This suggests the business is moving in the right direction, but it has not yet crossed the line into consistent profitability, which remains a key execution risk.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a growing healthcare services company. Total assets have grown, reflecting investment in clinics, technology, and operations. Equity is comfortably larger than debt, which gives the company some financial cushion and flexibility. Debt levels are noticeable but not extreme, and they have been relatively stable in recent years. Cash on hand is modest rather than abundant, so the company has some room to maneuver but not unlimited runway if results were to deteriorate. Overall, the financial foundation appears adequate but depends on continued progress toward stronger earnings and cash flow.

Cash Flow

Cash Flow The cash flow picture has improved meaningfully. Operating cash flow has shifted from being inconsistent to clearly positive most recently, signaling that the underlying business is starting to fund itself rather than consuming cash. Free cash flow has turned positive as well, helped by both better operations and more disciplined capital spending. Capital expenditures have been meaningful in the past, reflecting growth investments, but they have eased somewhat, which reduces cash drain. The company now looks closer to a self-sustaining model, though a setback in performance could still pressure cash, given only moderate cash reserves.

Competitive Edge

Competitive Edge LifeStance holds a strong position in outpatient mental health, with a large national footprint, thousands of clinicians, and presence in many states. Its mix of in‑person and virtual care offers flexibility for patients and makes it harder for smaller, single‑channel competitors to match its reach. Focusing on commercially insured patients generally supports better reimbursement, which can help margins. At the same time, the market is highly competitive, with many telehealth players, regional groups, and traditional providers pursuing behavioral health. The company’s scale is a clear advantage, but it must keep clinicians satisfied and productive, manage reimbursement pressures, and execute acquisitions carefully to maintain its edge.

Innovation and R&D

Innovation and R&D Innovation is a core part of LifeStance’s strategy. The company is investing heavily in technology, especially artificial intelligence, to streamline scheduling, billing, and clinical documentation. These tools aim to reduce administrative burden on clinicians, improve productivity, and enhance patient access and experience. LifeStance is also overhauling its technology stack, including evaluating a new electronic health record system and upgrading its patient-facing platforms. This can create a stronger long‑term operating backbone, but it brings execution risk: large tech projects can be costly, disruptive, and slow to deliver full benefits. How well the company rolls out AI and its new systems will likely be a major driver of future efficiency and differentiation.

Summary

LifeStance shows a clear growth story in a large and structurally expanding area of healthcare: mental and behavioral health. Revenue has risen quickly, margins are improving, and cash flows are moving from strain toward self‑funding, all supported by a sizable national platform and a hybrid in‑person/virtual model. However, the business is still not consistently profitable, and progress toward better margins needs to continue to justify its growth investments. The balance sheet offers some comfort, but not unlimited room for missteps. Competitive pressure, reimbursement dynamics, clinician recruitment and retention, and the complexity of its technology transformation all present meaningful risks. Overall, LifeStance looks like a scaling behavioral health platform that is transitioning from a heavy investment phase toward a more disciplined, efficiency‑focused phase. The key question going forward is whether management can convert its scale and tech investments into durable profitability without sacrificing growth or care quality.

NEWS

November 6, 2025 · 6:00 AM UTC

LifeStance Reports Third Quarter 2025 Results

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November 5, 2025 · 9:00 AM UTC

Nearly 7 in 10 Americans Feel Pressure to Appear Happier Than They Are This Holiday Season

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October 28, 2025 · 4:10 PM UTC

LifeStance to Present at the UBS Global Healthcare Conference

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October 28, 2025 · 9:00 AM UTC

Calm Health Partners with LifeStance Health to Help Users Access High-Quality Mental Health Care

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October 16, 2025 · 4:10 PM UTC

LifeStance to Host Third Quarter 2025 Earnings Conference Call on November 6, 2025

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