BTSGBrightSpring Health Services, Inc.
Services-Home Health Care Services
- Revenue
- $12.9B
- 28% YoY
- Operating margin
- 2.3%
- 113% YoY
- EBITDA
- $460M
- 47% YoY
- Market cap
- $13.3B
- Employees
- 23,500
- $549K revenue each
- Net debt / EBITDA
- 3.2×
- $1.5B net debt
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 2 years3+ of last 5 years
- High CEO pay despite TSRNo$18M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo259% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo9% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes40% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$549K · 82nd pctBottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 46th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$13.3B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$3.4B netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $6.6B | $7.7B | $10.1B | $12.9B | 28% |
| Operating income | $119M | $58M | $108M | $295M | 173% |
| Net income | −$54M | −$155M | $21M | $189M | 822% |
| Operating cash flow | −$5M | $211M | $24M | $490M | 1962% |
| Capex | $70M | $74M | $81M | $95M | 18% |
| Stock-based comp | $4M | $4M | $69M | $70M | 1.3% |
| Buybacks | — | $650K | $650K | $43M | 6542% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 5, 2026 | KKR Phoenix Aggregator L.P. | SCHEDULE 13D/A | 13.6% | Passive |
| Mar 4, 2026 | KKR Phoenix Aggregator L.P. | SCHEDULE 13D/A | 21.7% | Passive |
| Oct 22, 2025 | KKR Phoenix Aggregator L.P. | SCHEDULE 13D/A | 34.5% | Passive |
| Jun 26, 2025 | KKR Phoenix Aggregator L.P. | SCHEDULE 13D/A | 43.7% | Active |
| Jun 12, 2025 | KKR Phoenix Aggregator L.P. | SCHEDULE 13D/A | 44.9% | Passive |
| Sep 18, 2024 | KKR Phoenix Aggregator L.P. | SC 13D | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3.4B · 12
- Net
- −$3.4B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $18M | $44M | 340 | 124 |
| FY2024 | $18M | $16M | 155 | 103 |