Start here if you're new
what it is
BrightSpring delivers pharmacy, home health, rehab, and primary care services to more than 400,000 people a day.
how it gets paid
Last year Brightspring Health made $12.9B in revenue.
why it's growing
Revenue grew 28.2% last year. The headline is scale versus profitability. Revenue grew 181% vs. prior year.
what just happened
Revenue hit $9.4B, with EPS at $0.52 and gross margin at 11.8%.
At a glance
n/a balance sheet
93.1x trailing p/e — you're paying up for this one
2.3% return on capital — nothing to write home about
-$0.09 fy2024 eps est
$11B fy2024 rev est
xvary composite: 53/100 — below average
What they do
BrightSpring delivers pharmacy, home health, rehab, and primary care services to more than 400,000 people a day.
This business wins by showing up where patients already live. BrightSpring serves more than 400,000 customers, clients, and patients daily across all 50 states, and that scale makes it hard to replace fast. High-touch care platform → lots of services under one roof → so what: you get one company touching meds, home health, rehab, and primary care instead of four.
How they make money
$12.9B
annual revenue · their business grew +28.2% last year
total revenue
$12.9B
+28.2%
The products that matter
specialty pharmacy dispensing
Pharmacy Solutions
$7.7B · about 60% of revenue
this is the larger segment, and its gross profit rose 25% to $255M last quarter. it carries the scale side of the story.
largest segment
daily clinical care and support
Home & Community Services
$5.2B · about 40% of revenue
this segment serves the complex patient population behind the $14.5B–$15B revenue outlook. if guidance holds, this is where investors will look for operating leverage.
guidance-linked
enterprise earnings conversion
profitability
$104.8M net income in 2025
this is not a product line, but it is the thing that matters. full-year 2025 swung from a $68.9M loss in 2024 to $104.8M of profit. the stock needs more of that.
the real test
Key numbers
-$0.09
fy2024 eps est
$11B
fy2024 rev est
93.1x
trailing p/e
11.8%
gross margin
Gross profit kept about 11.8% of each revenue dollar.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $2.6B (26% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BTSG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $9.4B, with EPS at $0.52 and gross margin at 11.8%.
The headline is scale versus profitability. Revenue grew 181% vs. prior year, but the underlying business still runs on slim margins for a healthcare services platform.
$9.4B
revenue
$0.52
eps
11.8%
gross margin
the number that mattered
11.8% gross margin mattered most because gross margin → money left after direct service costs → so what: it shows how little buffer this model has before overhead and interest.
source: company earnings report, 2026
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What could go wrong
the #1 risk is government reimbursement pressure on home and pharmacy care.
med
reimbursement cuts
Most revenue comes from Medicare and Medicaid. A 5% cut in reimbursement rates would put roughly $600M–$700M of annual revenue at risk.
That matters more here than in higher-margin healthcare names because 11.8% gross margin leaves less room to absorb pricing pressure.
med
leverage plus thin economics
Brightspring carries $2.6B in long-term debt, equal to 26% of capital, while return on capital is just 2.3%.
If growth slows before margins improve, leverage stops looking manageable and starts looking like the whole story.
med
share overhang and execution scrutiny
A March 2026 secondary offering by selling shareholders moved $822.7M of stock, and the CFO sold 30,000 shares for $1.23M days earlier.
That does not break the business. It does raise the bar for clean execution when the stock already trades at 93.1x trailing earnings.
a reimbursement hit on a $12.9B business with $2.6B of long-term debt and 11.8% gross margin would pressure both earnings and the multiple at the same time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next report
the next earnings date matters more than usual
Expected April 30, 2026. You want to see progress toward the $14.5B–$15B revenue outlook without margins giving it all back.
growth vs. quality
can revenue stay hot while earnings keep improving
The business grew 27.6% last year and Q4 revenue rose 29.3%. At 93.1x trailing earnings, investors need that growth to turn into more than headline scale.
reimbursement
government payors are the real macro variable
A 5% reimbursement cut would put roughly $600M–$700M of annual revenue at risk. That is the number to keep in your head.
ownership supply
the market just absorbed a lot of stock
Selling shareholders moved $822.7M in March 2026 while the company bought back $60M. The business may be improving faster than the stock can digest new supply.
Analyst rankings
coverage snapshot
limited formal rank data
this snapshot does not include a clean timeliness or safety score from the street. in human-speak, you have estimates and reactions, not a neat institutional scoreboard.
growth expectation
still high
The company is talking about $14.5B–$15B in revenue after reporting $12.9B last year. Analysts are clearly underwriting continued scale.
valuation message
little room for slippage
A 93.1x trailing p/e tells you the market is already paying for better earnings conversion. That makes every quarter a proof test.
source: institutional data
Institutional activity
institutional ownership data for BTSG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$39
current price
n/a
target midpoint · n/a from current
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