BrightSpring Health Services, Inc. Common Stock
- Open
- 59.16
- Day high
- 60.58
- Day low
- 58.97
- Prev close
- 59.16
- Volume
- 1.8M
- Mkt cap
- $11.9B
- P/E (TTM)
- 42.1
- EPS (TTM)
- $1.43
- P/B
- 5.8
- 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 148% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 2 published research articles covering BTSG.
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 →BTSG research & analysis
[BTSG] BrightSpring Health Services Thesis 2026: Pharmacy Cycle Drives Home Healthcare Conversion
BrightSpring Health Services, Inc. (NASDAQ: BTSG) FY2025 revenue ~$12.0-12.6B (+20-26%) with adj. EPS ~$1.10-1.30 reflecting continued post-2024 ~$10.2-10.7B aggregate Pharmacy Solutions revenue (~85%+ aggregate revenue mix; selected primary Specialty + Infusion + Home + LTC + selected various aggregate Pharmacy + selected various aggregate post-2024 Onco360 specialty oncology) + selected continued post-2024 ~$1.85-1.95B aggregate Provider Services revenue (~15% aggregate revenue mix; selected primary Home Healthcare + Hospice + Personal Care + selected various aggregate Behavioral Health) under continued President + CEO Jon Rousseau since 2014 (~11-year tenure as BrightSpring CEO; selected post-January 2024 NYSE IPO). One of the largest US Home Healthcare + Pharmacy Services + Provider Services companies. Founded 2003 as ResCare Inc. by Ronald Geary in Louisville Kentucky (~22-year heritage); selected post-March 2019 ~$1.4B+ KKR + Walgreens Boots Alliance leveraged buyout; selected post-January 2024 NASDAQ IPO ($693M IPO proceeds); selected post-2024 Onco360 specialty oncology pharmacy acquisition; selected post-2014 Jon Rousseau CEO appointment. Headquartered in Louisville Kentucky; ~50,000+ employees globally with ~$12.0-12.6B revenue. Two primary business segments: Pharmacy Solutions (~85%+ ~$10.2-10.7B), Provider Services (~15% ~$1.85-1.95B). Geographic mix: US ~100%; selected primary 50-state US footprint. Pharmacy cycle (Specialty + Infusion + Home + LTC): ~$10.2-10.7B Pharmacy Solutions revenue; selected primary Specialty Rx (oncology + Onco360) + Infusion + Home + LTC; ~+25-30% aggregate Pharmacy Solutions revenue growth. Home Healthcare + Hospice + Personal Care conversion: ~$1.85-1.95B Provider Services revenue; selected primary Home Healthcare + Hospice + Personal Care + Behavioral Health; ~50-60% aggregate Medicare + Medicaid mix. President + CEO Jon Rousseau since 2014 (~11-year tenure); CFO Jim Mattingly. Capital position: ~$0 dividend (no dividend track post-January 2024 NYSE IPO); minimal opportunistic buybacks; ~$0.4-0.5B aggregate cash + investments balance; net leverage ratio ~4.0-4.5x; non-investment grade B1/B+ credit rating; selected ~70%+ aggregate KKR + Walgreens Boots Alliance + selected various aggregate ownership concentration. FY2026 thesis: Pharmacy cycle (Specialty + Infusion + Home + LTC + Onco360 oncology) + Home Healthcare + Hospice + Personal Care conversion + selected post-January 2024 NYSE IPO + selected projected post-2026 deleveraging + selected ~70%+ KKR + Walgreens parent ownership concentration. Risks: CVS Health Specialty + Caremark + Optum Specialty + Express Scripts + Option Care Health competition, Encompass Health + Pennant Group + Amedisys + Addus HomeCare + LHC Group competition, CMS Specialty Rx + Home Healthcare + Hospice reimbursement, sustained ~4.0-4.5x net leverage.
BTSGU: FY25 Deep Dive
BrightSpring Health TEU. FY25 (underlying) $12.91B revenue (+15%). NI $191M.
BTSGU
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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