LFSTLifeStance Health Group, Inc.

Services-Health Services

Revenue: $1.4B; 14% YoY
Operating margin: 1.7%; 167% YoY
EBITDA: $66M; 626% YoY
Market cap: $5.1B
Employees: 10,961; $130K revenue each
Net debt / EBITDA: 0.8×; $50M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
15× net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
60% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$130K · 21st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$847M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1M	$860M	$1.1B	$1.3B	$1.4B	14%
Operating income	−$286M	−$210M	−$189M	−$32M	$24M	176%
Net income	−$307M	−$216M	−$186M	−$57M	$10M	117%
Operating cash flow	$9M	$53M	−$17M	$107M	$146M	36%
Capex	$94M	$79M	$41M	$22M	$36M	68%
Stock-based comp	$259M	$187M	$99M	$76M	$75M	1.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $847M · 37
Net: −$847M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	32	85
FY2024	—	—	34	70
FY2023	—	—	36	68
FY2022	—	—	23	65
FY2021	—	—	43	91