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Operator of outpatient mental health clinics providing therapy and psychiatric services across the United States.
Operator of outpatient mental health clinics providing therapy and psychiatric services across the United States.
Bills insurers for each visit a clinician conducts, so revenue depends on how many clinicians it employs, how many visits each completes and the rates insurers agree to pay. Most patients pay through insurance rather than out of pocket. It built the network by buying small practices, and offers both in-person and video sessions.
Moat: narrow (scale, distribution). Large multi-state clinician network and payer relationships give scale advantages in a highly fragmented industry.
Headquarters: Scottsdale, Arizona · Founded: 2017 · Employees: 10,961
Size Lifestance Health (LFST) is a United States Health Care company (Medical/Nursing Services) with a market value of $5.26B, the 1151st largest of 3,117 United States companies the cockpit tracks. Shares closed at $13.77 on 6 Nov 2026.
Performance Over six months the shares gained 78.8%, against +25.8% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +11.3%); the operating margin is 5.1% (peer median 10.5%).
Valuation It trades at 62.6× forward earnings against a peer median of 24.5× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.4 points below its cost of capital (11.1% WACC).
Short interest Short interest is 3.6% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.58B | $1.42B | $1.25B | $1.06B | $860M |
| Revenue growth | — | +14% | +19% | +23% | — |
| Gross profit | $477M | $406M | $331M | $222M | $168M |
| EBITDA | $135M | $80.5M | $40.5M | -$107M | -$137M |
| Net income | $50.6M | $9.66M | -$57.4M | -$186M | -$216M |
| Free cash flow | $174M | $110M | $85.7M | -$57.4M | -$26.5M |
| Capital expenditure | $44.0M | $36.1M | $21.6M | $40.5M | $79.3M |
| Total debt | $474M | $475M | $485M | $511M | $479M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lifestance Health LFST | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% |
| Talkspace TALK | n/a | +39% | n/a | n/a | n/a | n/a |
| Universal Health Services UHS | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% |
| Acadia Healthcare ACHC | $3.44B | +47% | +4% | 10% | 18.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LFST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.2% | +9.3% | 7th highest of 21 |
| 6-month return | +78.8% | +25.8% | 3rd highest of 20 |
| Distance from 52-week high | -12.1% | -12.7% | 11th highest of 21 |
| Revenue growth (TTM) | +20.4% | +11.3% | 4th highest of 21 |
| Operating margin | 5.1% | 10.5% | 4th lowest of 21 |
| Forward P/E | 62.6× | 24.5× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 37.8% | 11.8% | 4th most demanding of 19 |
| Growth delivered (Del g) | +30.4% | +13.2% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | +7.4 pp | -2.9 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | -7.4 pp | +1.7 pp | 4th lowest of 21 |
| EV / EBITDA | 40.8× | 13.2× | 2nd most expensive of 16 |
| Net debt / EBITDA | 1.8× | 2.9× | 6th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
| Meinian Onehealth Healthcare 002044.SZ | China | $2.89B | -9% | -4% | 9% | 55.1× | 5.8% | +5.7% |
| Aveanna Healthcare AVAH | United States | $2.89B | +97% | +20% | 11% | 15.4× | 13.4% | +10.2% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Pediatrix Medical MD | United States | $2.44B | +33% | +2% | 12% | 12.9× | -4.5% | +2.0% |
| Addus HomeCare ADUS | United States | $2.32B | +25% | +12% | 11% | 16.6× | 4.9% | +13.2% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| AddLife ALIF-B.ST | Sweden | $2.29B | +25% | +2% | 8% | 40.5× | 21.6% | +14.6% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| NeoGenomics NEO | United States | $2.18B | +88% | +11% | -6% | 58.9× | n/a | n/a |