LifeStance Health Group, Inc.
- Open
- 11.22
- Day high
- 11.68
- Day low
- 11.13
- Prev close
- 11.29
- Volume
- 4.2M
- Mkt cap
- $4.4B
- P/E (TTM)
- 192.4
- EPS (TTM)
- $0.06
- P/B
- 3.0
- P/S
- 3.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$288.3M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
LifeStance Health Group, Inc. (LFST) is a Healthcare company listed on NASDAQ. The stock is up 174% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
LifeStance Health Group, Inc. (LFST) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LFST earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.01 | $0.04 | +300.0% | $404M | +4.1% |
| Feb 25, 2026 | $0.06 | $0.03 | -50.0% | $382M | -0.8% |
| Nov 6, 2025 | $-0.01 | $0.00 | +127.7% | $364M | -3.9% |
| Aug 7, 2025 | $-0.03 | $-0.01 | +66.7% | $345M | -3.6% |
| May 7, 2025 | $-0.04 | $0.00 | +104.6% | $333M | -4.5% |
| Feb 27, 2025 | $-0.04 | $-0.02 | +50.0% | $325M | -2.4% |
| Nov 7, 2024 | $-0.07 | $-0.02 | +71.4% | $313M | -0.4% |
| Aug 8, 2024 | $-0.07 | $-0.06 | +14.3% | $312M | +3.2% |
| May 9, 2024 | $-0.09 | $-0.06 | +33.3% | $300M | +0.5% |
| Feb 28, 2024 | $-0.09 | $-0.12 | -33.3% | $281M | +6.7% |
| Mar 8, 2023 | $-0.13 | $-0.13 | +0.0% | $229M | -6.9% |
| Mar 10, 2022 | $-0.37 | $-0.32 | +13.5% | $190M | -0.9% |
LFST insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Goltermann Loridirector | Grant | 35,492 | — |
| Jul 7, 2026 | Palmer Eric Pdirector | Grant | 17,746 | — |
| Jul 7, 2026 | Bessler Robertdirector | Grant | 17,746 | — |
| Jul 7, 2026 | Personette Sarahdirector | Grant | 17,746 | — |
| Jul 7, 2026 | DeLuca Teresadirector | Grant | 17,746 | — |
| Jul 7, 2026 | Justice Thurmandirector | Grant | 35,492 | — |
| Jun 30, 2026 | Bessler Robertdirector | Sell | 447,168 | $10.13 |
| Jun 30, 2026 | Bessler Robertdirector | Sell | 447,169 | $10.13 |
| Jun 15, 2026 | Paunovich Vukasinofficer: Chief Technology Officer | Tax | 17,456 | $8.61 |
| May 14, 2026 | BLACK DARREN M.director | Sell | 5,899,661 | $8.02 |
| May 14, 2026 | TPG GP A, LLC10 percent owner | Sell | 28,281,943 | $8.02 |
| May 14, 2026 | Bessler Robertdirector | Sell | 287,517 | $8.02 |
| May 14, 2026 | Shuey Ericdirector | Sell | 243,362 | $8.02 |
| May 11, 2026 | Bessler Robertdirector | Sell | 37,500 | $8.55 |
| Apr 27, 2026 | Bessler Robertdirector | Sell | 3,876 | $7.00 |
Source: LFST SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full LFST insider & 13F page →LifeStance Health Group, Inc. company profile
Overview
LifeStance Health Group, Inc. (NASDAQ:LFST) is a leading provider of outpatient mental health services in the United States. Founded in 2017 and headquartered in Scottsdale, Arizona, the company went public in June 2021. LifeStance operates one of the largest networks of mental health clinicians in the country, providing care through both virtual and in-person channels across 32 states. The company has grown rapidly through both acquisitions and organic expansion, serving nearly one million patients annually with a network of over 7,500 mental health professionals.
Business
LifeStance operates in the outpatient mental health services industry, which provides non-residential psychological and psychiatric care to patients who do not require hospitalization. This sector has experienced significant growth due to increased awareness of mental health issues, reduced stigma around seeking treatment, and expanded insurance coverage for mental health services. The company's core offering is comprehensive outpatient mental health care delivered through a network of licensed clinicians including psychiatrists, psychologists, psychiatric nurse practitioners, and licensed clinical social workers. LifeStance provides a full spectrum of mental health services including psychiatric evaluations and medication management, psychological and neuropsychological testing, and various forms of therapy such as individual, family, and group sessions. LifeStance treats a wide range of mental health conditions including anxiety disorders, depression, bipolar disorder, eating disorders, psychotic disorders, and post-traumatic stress disorder (PTSD). The company serves patients across all age groups - children, adolescents, adults, and geriatric populations - making it a comprehensive mental health provider. The company operates through a hybrid care model that combines virtual and in-person treatment options. Approximately 71% of patient visits are conducted virtually through the company's online delivery platform, while 29% occur in-person at LifeStance's physical centers. This flexibility allows patients to choose their preferred method of receiving care and has proven particularly valuable during the COVID-19 pandemic and its aftermath. LifeStance generates revenue primarily from a single business segment - outpatient mental health services - with revenue coming from insurance reimbursements and direct patient payments for clinical services provided by their network of mental health professionals.
Revenue model
LifeStance operates on a fee-for-service healthcare model where revenue is generated primarily through insurance reimbursements and direct patient payments for mental health services. The company bills insurance companies (including Medicare and Medicaid) and patients for individual therapy sessions, psychiatric evaluations, medication management visits, and specialized services like neuropsychological testing. The company's paying customers are primarily insurance companies and health plans that reimburse LifeStance for covered mental health services provided to their members. A smaller portion of revenue comes from direct patient payments, either from uninsured patients or for services not covered by insurance. The company has contracts with a wide range of commercial insurance plans, government programs, and managed care organizations. LifeStance's revenue model is based on visit volume and reimbursement rates. In Q1 2025, the company conducted 2.1 million patient visits at an average revenue per visit of $159. The company's ability to grow revenue depends on increasing both the number of patient visits (through clinician recruitment and improved productivity) and negotiating favorable reimbursement rates with payers. Several factors influence LifeStance's margins and profitability. Positive margin drivers include the company's ability to negotiate higher reimbursement rates with insurance companies, improved clinician productivity and utilization rates, operational efficiencies from scale, and the lower cost structure of virtual visits compared to in-person care. The company is also expanding higher-margin specialty services like neuropsychological testing and treatment-resistant depression programs. Margin pressures come from the competitive market for mental health clinicians, which drives up compensation costs as the company competes for talent. Administrative complexity from managing contracts with numerous insurance companies also creates overhead costs. Additionally, the company faces ongoing investments in technology infrastructure, electronic health records systems, and business development to maintain growth. Economic downturns could potentially impact patient volumes, though mental health services often see increased demand during stressful economic periods.
Competitive moat
LifeStance's competitive moat is moderate but growing, primarily built around network effects and operational scale rather than proprietary technology or unique clinical capabilities. The company's main competitive advantage lies in its large network of mental health clinicians - over 7,500 professionals across 32 states - which creates value for both patients and insurance companies through broad geographic coverage and appointment availability. The company benefits from network effects where its large scale makes it an attractive partner for insurance companies seeking comprehensive mental health coverage, while simultaneously making it an appealing workplace for clinicians who value the administrative support, technology infrastructure, and professional collaboration that comes with joining a large organization. LifeStance's hybrid virtual-physical model also provides flexibility that many smaller practices cannot match. Operational scale advantages include the ability to negotiate better reimbursement rates with insurance companies, spread technology and administrative costs across a large clinician base, and invest in specialized services like neuropsychological testing that require significant upfront investment. The company's standardized operating procedures and centralized support functions create efficiencies that individual practitioners or small group practices struggle to achieve. However, LifeStance's moat faces several challenges. The mental health services industry has relatively low barriers to entry for new competitors, as licensed clinicians can establish independent practices or join competing networks. Large healthcare systems and telehealth companies are increasingly expanding into mental health services, bringing significant resources and established patient relationships. Technology-enabled competitors like BetterHelp and Cerebral have demonstrated that innovative service delivery models can quickly gain market share, though these companies serve somewhat different market segments. The company's competitive position is also vulnerable to clinician turnover, as mental health professionals can relatively easily move between employers or start independent practices. LifeStance must continuously invest in clinician recruitment, retention, and value proposition enhancement to maintain its network advantage.
Risks & safety
LifeStance demonstrates moderate financial safety with improving fundamentals but some areas of concern given its growth stage and competitive market dynamics. **Liquidity and Solvency:** - Strong cash position of $134 million as of Q1 2025 - Current ratio of 1.47 indicates adequate short-term liquidity - Debt-to-equity ratio of 0.13 shows conservative leverage - Positive free cash flow of $86 million in 2024, a significant improvement from negative $57 million in 2023 **Profitability Trends:** - Achieved first positive quarterly net income ($709,000) in Q1 2025 - Adjusted EBITDA margins improving to 10.4% in Q1 2025 vs. 3.2% in 2023 - Revenue growth remains strong at 11% year-over-year in Q1 2025 **Valuation Concerns:** - High EV/EBITDA multiple of 71x based on trailing twelve months - Trading at 1.75x book value, reasonable for a growing healthcare services company - Stock price has declined significantly from IPO levels, suggesting market skepticism **Other Considerations:** - Highly competitive market for clinician talent creates ongoing cost pressures - Dependence on insurance reimbursement rates and healthcare policy changes - Execution risk around achieving projected margin expansion to mid-to-high teens
Recent development
Over the past few years, LifeStance has undergone a significant strategic transformation from acquisition-driven growth to operational optimization. The company shifted away from its initial strategy of rapid expansion through acquisitions to focus on organic growth, operational efficiency, and margin improvement. Key operational initiatives include implementing a "One Stance" operating model that standardizes operations across all 33 states, consolidating the company's real estate footprint by closing underperforming centers (82 centers consolidated in 2023), and streamlining payer relationships by terminating approximately 30% of low-volume insurance contracts to reduce administrative complexity. The company has made substantial technology investments including rolling out digital patient check-in tools across 21 states, implementing digital matching tools for booking new patients, and evaluating a new Electronic Health Record (EHR) system to improve clinician efficiency. LifeStance also transitioned to a biweekly payroll system for clinicians and introduced new cash-based incentive programs while sunsetting stock-based compensation. Leadership changes marked a significant development with Dave Bourdon being appointed as CEO in March 2025, replacing Ken Burdick who moved to Executive Chairman. Ryan McGroarty joined as the new CFO. These changes reflect the company's evolution from a growth-stage startup to a more mature operational entity. The company is expanding its specialty services portfolio with focus areas including neuropsychological testing, treatment-resistant depression programs, and women's health integration through partnerships. LifeStance is also investing in business development with accelerated hiring of referral source representatives to drive patient acquisition. Recent financial milestones include achieving the company's first positive quarterly net income as a public company, reaching double-digit adjusted EBITDA margins, and generating positive free cash flow a year ahead of expectations. The company has also successfully refinanced its debt with more favorable terms.
LFST company profile · for informational purposes only — not investment advice.
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