BrightSpring Health Services, Inc. Tangible Equity Unit
- Open
- 199.84
- Day high
- 201.38
- Day low
- 198.85
- Prev close
- 198.69
- Volume
- 150K
- Mkt cap
- $40.8B
- P/E (TTM)
- 140.7
- EPS (TTM)
- $1.42
- P/B
- 19.9
- P/S
- 2.8
- Yield
- 1.68%
- Per share
- $3.38
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) is a Healthcare company listed on NASDAQ. The stock is up 140% over the past year. Drillr has 1 published research article covering BTSGU.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BTSGU 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 | $0.31 | $0.39 | +26.3% | $3.6B | +6.6% |
| Aug 1, 2025 | $0.19 | $0.13 | -30.3% | $3.1B | -6.0% |
| Apr 30, 2025 | $0.09 | $0.14 | +51.1% | $2.9B | +6.1% |
| Mar 6, 2025 | $0.21 | $0.08 | -64.6% | $3.1B | +1.4% |
| Nov 1, 2024 | $0.15 | $-0.05 | -130.7% | $2.9B | +6.9% |
| Aug 2, 2024 | $0.13 | $0.12 | -13.9% | $2.7B | +4.5% |
| May 2, 2024 | $0.04 | $-0.27 | -812.3% | $2.6B | +11.4% |
| Mar 6, 2024 | $0.10 | $-0.04 | -136.5% | $2.4B | +0.5% |
BTSGU insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jan 27, 2026 | ROUSSEAU JON Bdirector, officer: See Remarks | Tax | 49,304 | $39.64 |
| Jan 27, 2026 | Phipps Jennifer Aofficer: Chief Financial Officer | Tax | 33,190 | $39.64 |
| Jan 27, 2026 | Nalley Lisa Aofficer: See Remarks | Tax | 20,556 | $39.64 |
| Jan 27, 2026 | Barnes Robert Allenofficer: President, Community Living | Tax | 6,972 | $39.64 |
| Nov 12, 2025 | ROUSSEAU JON Bdirector, officer: See Remarks | Tax | 58,746 | $33.53 |
| Nov 6, 2025 | Miller Steven Bdirector | Tax | 4,497 | $32.68 |
| Oct 28, 2025 | ROUSSEAU JON Bdirector, officer: See Remarks | Tax | 49,796 | $33.53 |
| Oct 22, 2025 | KKR Group Partnership L.P.10 percent owner | Sell | 14,745,000 | $28.78 |
| Oct 22, 2025 | KKR Phoenix Aggregator L.P.10 percent owner | Sell | 14,745,000 | $28.78 |
| Oct 22, 2025 | ROUSSEAU JON Bdirector, officer: See Remarks | Option | 235,000 | $6.37 |
| Oct 22, 2025 | ROUSSEAU JON Bdirector, officer: See Remarks | Sell | 235,000 | $28.78 |
| Oct 22, 2025 | Nalley Lisa Aofficer: See Remarks | Option | 20,000 | $6.37 |
| Oct 22, 2025 | Nalley Lisa Aofficer: See Remarks | Sell | 20,000 | $28.78 |
| Jul 29, 2025 | ROUSSEAU JON Bdirector, officer: See Remarks | Tax | 52,203 | $20.53 |
| Jul 29, 2025 | Greenwell Scott A.officer: President, PharMerica | Grant | 35,920 | $22.27 |
Source: BTSGU SEC Form 4 filings, latest Jan 27, 2026. For informational purposes only — not investment advice.
See the full BTSGU insider & 13F page →BTSGU research & analysis
BrightSpring Health Services, Inc. Tangible Equity Unit company profile
Overview
BrightSpring Health Services, Inc. (NASDAQ:BTSGU) is a healthcare services company that went public in January 2024, operating one of the largest home and community-based healthcare platforms in the United States. Founded in 1974 and headquartered in Louisville, Kentucky, the company was formerly known as Phoenix Parent Holdings Inc. before rebranding to BrightSpring Health Services in May 2021. The company serves patients through a comprehensive network of clinical providers and pharmacists, focusing on delivering care directly to patients' homes and community settings rather than traditional hospital or clinic environments.
Business
BrightSpring operates in the home and community-based healthcare services industry, which represents a growing segment of healthcare delivery that emphasizes providing medical care outside of traditional institutional settings. This approach is driven by patient preference, cost-effectiveness, and improved health outcomes for many conditions. The company's platform integrates two primary service areas. Pharmacy services constitute the larger portion of the business, representing approximately 75% of total revenue based on recent financial data. This segment includes specialty pharmacy services that focus on complex, high-cost medications for chronic conditions, home infusion therapy where medications are administered intravenously in patients' homes, and comprehensive medication management programs. These services are particularly important for patients with conditions like cancer, autoimmune disorders, and other chronic diseases requiring specialized medications and monitoring. The provider services segment accounts for roughly 25% of revenue and encompasses clinical and supportive care delivered directly in home and community settings. This includes skilled nursing care, physical and occupational therapy, behavioral health services, and personal care assistance. The company employs licensed healthcare professionals who visit patients in their homes to provide these services, often coordinating with the pharmacy services to deliver comprehensive care management. BrightSpring primarily serves patients covered by Medicare and Medicaid programs, as well as those with private insurance. The company's model is particularly well-suited to serve vulnerable populations, including elderly patients, individuals with disabilities, and those with complex chronic conditions who benefit from coordinated care delivery in familiar environments.
Revenue model
BrightSpring generates revenue through a combination of insurance reimbursements and direct payments for its healthcare services. The majority of revenue comes from government payers, with Medicare and Medicaid representing the largest portion of reimbursements, supplemented by private insurance payments. For pharmacy services, the company receives payment through several mechanisms. Prescription drug reimbursements come from Medicare Part D plans, Medicaid programs, and private insurance for the cost of medications plus dispensing fees. Clinical services fees are charged for medication therapy management, patient monitoring, and specialized compounding services. The company also receives administrative fees from pharmaceutical manufacturers for services like patient support programs and outcomes tracking. Provider services generate revenue through fee-for-service payments from Medicare, Medicaid, and private insurers for home healthcare visits, therapy sessions, and care coordination activities. The company also operates under value-based care contracts where it receives bundled payments or shared savings arrangements based on patient outcomes and cost management. Several factors influence the company's margins. Positive margin drivers include the growing demand for home-based care as healthcare systems seek cost-effective alternatives to institutional care, favorable demographic trends with an aging population requiring more healthcare services, and the company's scale advantages in negotiating with pharmaceutical manufacturers and payers. Margin pressures come from regulatory changes affecting reimbursement rates, particularly Medicare and Medicaid payment adjustments, increasing competition from other home healthcare providers and retail pharmacy chains expanding into specialty services, rising labor costs for healthcare professionals, and the complexity of managing regulatory compliance across multiple states and service lines. Drug pricing volatility and changes in pharmaceutical manufacturer rebate structures also impact pharmacy service margins.
Competitive moat
BrightSpring's competitive position is built on several defensive characteristics, though the strength of these moats varies across its business segments. The company benefits from regulatory barriers and licensing requirements that create some protection from new entrants, as providing home healthcare and specialty pharmacy services requires extensive state-by-state licensing, accreditation, and compliance with complex healthcare regulations. The company's scale and network effects provide meaningful advantages, particularly in its pharmacy operations where relationships with pharmaceutical manufacturers, payers, and referral sources create switching costs and operational efficiencies. BrightSpring's size allows it to negotiate better terms with drug manufacturers and maintain comprehensive inventory management systems that smaller competitors cannot match. Patient and provider relationships create some stickiness, as patients with chronic conditions often develop ongoing relationships with their care teams, and referring physicians become familiar with the company's service quality and coordination capabilities. The complexity of managing multiple chronic conditions also creates natural switching costs for patients and their families. However, the company's moat faces several challenges. The healthcare services industry is highly fragmented with low barriers to entry for many service lines, allowing local and regional competitors to compete effectively. Reimbursement dependency on government programs creates vulnerability to policy changes and payment rate adjustments that are outside the company's control. Large healthcare systems, retail pharmacy chains like CVS and Walgreens, and technology-enabled competitors are increasingly expanding into home-based care services, bringing significant resources and established patient relationships. The company's moat is moderate but faces ongoing competitive pressures from well-capitalized incumbents and evolving healthcare delivery models.
Risks & safety
BrightSpring presents a moderate margin of safety profile with some financial stability concerns but reasonable liquidity position. • Cash and liquidity: $52.3 million in cash as of Q1 2025, down from $61.3 million in Q4 2024, indicating declining cash reserves. Current ratio of 1.73 provides adequate short-term liquidity coverage. • Debt and solvency: Debt-to-equity ratio improved significantly to 0.13 in Q1 2025 from 1.76 in Q4 2024, suggesting debt restructuring or equity infusion. Total liabilities of $4.16 billion against $5.85 billion in assets. • Cash flow concerns: Full year 2024 showed negative free cash flow of $57.1 million despite positive operating cash flow of $23.8 million. Q1 2025 showed improvement with positive free cash flow of $84.0 million. • Valuation metrics: Trading at 30.8x P/E ratio and 18.8x EV/EBITDA as of Q1 2025, suggesting premium valuation relative to earnings. Price-to-book ratio of 2.15 indicates stock trading above book value. • Profitability volatility: Net income swung from negative $20.5 million in 2024 to positive $29.0 million in Q1 2025, showing earnings instability. EBITDA margins remain relatively stable around 4-5% of revenue.
Recent development
Based on the available financial data, BrightSpring has undergone significant structural changes since going public in early 2024. The company experienced substantial revenue growth from $7.7 billion in 2022 to $11.3 billion in 2024, indicating either organic expansion or major acquisitions that significantly expanded its service footprint. The most notable recent development is the company's capital structure transformation in early 2025, evidenced by the dramatic improvement in its debt-to-equity ratio from 1.76 to 0.13 between Q4 2024 and Q1 2025. This suggests either a significant debt paydown, equity raise, or corporate restructuring that has strengthened the balance sheet considerably. Operational performance has shown signs of stabilization, with the company returning to profitability in Q1 2025 after posting losses in 2024. The improvement in free cash flow generation from negative $57.1 million for full year 2024 to positive $84.0 million in Q1 2025 indicates better working capital management and operational efficiency gains. The company appears to be focusing on margin improvement initiatives, as evidenced by EBITDA margins remaining relatively stable despite revenue volatility. However, the lack of detailed earnings call transcripts limits visibility into specific strategic initiatives, technology investments, or service line expansions that may be driving these financial improvements.
BTSGU company profile · for informational purposes only — not investment advice.
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