Loading financials from SEC filings…
Medical care facilities · Healthcare · Fiscal year ends Dec 31
LifeStance Health reported revenue of $1.4B in the fiscal year ended Dec 2025, up 13.9% from the year before. Operating income was $24M, an operating margin of 1.7%, and net income was $10M. Operating cash flow of $146M less capital expenditure of $36M left free cash flow of $110M. Net debt was $32M.
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1.4 | 860 | 1,056 | 1,251 | 1,424 |
| Selling, general & admin | 434 | 378 | 411 | 363 | 382 |
| Operating income | −286 | −210 | −189 | −31.6 | 24.1 |
| Interest expense | 38.9 | 19.9 | 21.2 | 26.5 | 11.7 |
| Pre-tax income | −333 | −233 | −207 | −57.6 | 12.4 |
| Income tax | −25.9 | −17.2 | −20.3 | −0.2 | 2.7 |
| Net income | −307 | −216 | −186 | −57.4 | 9.7 |
| Diluted shares | 0.3 | 355 | 367 | 379 | 391 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 148 | 109 | 78.8 | 155 | 249 |
| Receivables | 76.1 | 101 | 125 | 132 | 95.7 |
| Current assets | 267 | 233 | 226 | 313 | 416 |
| Net PP&E | 152 | 194 | 188 | 166 | 162 |
| Goodwill | 1,205 | 1,273 | 1,293 | 1,293 | 1,293 |
| Total assets | 1,927 | 2,174 | 2,110 | 2,118 | 2,204 |
| Payables | 14.2 | 12.3 | 7.1 | 7.2 | 6.1 |
| Current liabilities | 117 | 176 | 203 | 229 | 252 |
| Short-term debt | 1.3 | 2.3 | 2.9 | 7.3 | 14.5 |
| Long-term debt | 157 | 225 | 280 | 280 | 266 |
| Total liabilities | 382 | 655 | 681 | 672 | 683 |
| Shareholders' equity | 1,545 | 1,519 | 1,429 | 1,446 | 1,521 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 9.4 | 52.8 | −16.9 | 107 | 146 |
| Capital expenditure | 94.5 | 79.3 | 40.5 | 21.6 | 36.1 |
| Free cash flow | −85.1 | −26.5 | −57.4 | 85.7 | 110 |
| Depreciation & amortisation | 15.1 | 28.9 | 37.4 | 40.7 | 41.6 |
| Stock-based compensation | 259 | 187 | 99.4 | 76.2 | 74.7 |
| Acquisitions | 99.6 | 60.2 | 19.8 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 59383.9% | 22.8% | 18.5% | 13.9% |
| Operating margin | −19816.8% | −24.5% | −17.9% | −2.5% | 1.7% |
| Net margin | −21259.3% | −25.1% | −17.6% | −4.6% | 0.7% |
| Return on equityBlank when equity is negative | −19.9% | −14.2% | −13.0% | −4.0% | 0.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.8% | −10.5% | −9.9% | −1.7% | 1.2% |
| Free cash flow margin | −5887.3% | −3.1% | −5.4% | 6.9% | 7.7% |
| Cash conversion (CFO ÷ net income) | −0.03x | −0.24x | 0.09x | −1.87x | 15.1x |
| Receivable days | 19217 | 43 | 43 | 38 | 25 |
| Interest cover | −7.36x | −10.5x | −8.91x | −1.19x | 2.07x |
| Debt ÷ equity | 0.10x | 0.15x | 0.20x | 0.20x | 0.18x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 10.7 | 119 | 204 | 132 | 31.8 |
| Current ratio | 2.28x | 1.33x | 1.11x | 1.37x | 1.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.