TakeoverPE & activists

BTSGBrightSpring Health Services, Inc.

Services-Home Health Care Services · $13.3B market cap · 23,500 employees

5.6×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • TSR below peersNo
    0 of 2 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $18M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    259% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    9% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $549K · 82nd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.5 per 10K words · 46th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    3.2× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $13.3B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    4 of 10
    10-K business scored 5+ of 10 as an AI-rollup target

Key numbers

Revenue
$12.9BFY2022: $6.6BFY2023: $7.7BFY2024: $10.1BFY2025: $12.9B
28% YoY
Operating margin
2.3%FY2022: 1.8%FY2023: 0.8%FY2024: 1.1%FY2025: 2.3%
113% YoY
EBITDA
$460MFY2022: $323MFY2023: $260MFY2024: $312MFY2025: $460M
47% YoY
Net debt / EBITDA
3.2×
$1.5B net debt

Financials

MetricFY2022FY2023FY2024FY2025YoYTrend
Revenue$6.6B$7.7B$10.1B$12.9B 28% FY2022: $6.6BFY2023: $7.7BFY2024: $10.1BFY2025: $12.9B
Operating income$119M$58M$108M$295M 173% FY2022: $119MFY2023: $58MFY2024: $108MFY2025: $295M
Net income−$54M−$155M$21M$189M 822% FY2022: −$54MFY2023: −$155MFY2024: $21MFY2025: $189M
Operating cash flow−$5M$211M$24M$490M 1962% FY2022: −$5MFY2023: $211MFY2024: $24MFY2025: $490M
Capex$70M$74M$81M$95M 18% FY2022: $70MFY2023: $74MFY2024: $81MFY2025: $95M
Stock-based comp$4M$4M$69M$70M 1.3% FY2022: $4MFY2023: $4MFY2024: $69MFY2025: $70M
Buybacks—$650K$650K$43M 6542% FY2023: $650KFY2024: $650KFY2025: $43M

13D filers

FiledFilerFormStakeIntent
Jun 5, 2026KKR Phoenix Aggregator L.P.SCHEDULE 13D/A13.6%Passive
Mar 4, 2026KKR Phoenix Aggregator L.P.SCHEDULE 13D/A21.7%Passive
Oct 22, 2025KKR Phoenix Aggregator L.P.SCHEDULE 13D/A34.5%Passive
Jun 26, 2025KKR Phoenix Aggregator L.P.SCHEDULE 13D/A43.7%Active
Jun 12, 2025KKR Phoenix Aggregator L.P.SCHEDULE 13D/A44.9%Passive
Sep 18, 2024KKR Phoenix Aggregator L.P.SC 13D—Passive

Insider trading

−$3.4Bnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $3.4B · 12 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$18M$44M340124
FY2024$18M$16M155103