BrightSpring Health Services
BTSG on Nasdaq. BrightSpring Health Services sells pharmacy and home healthcare services to seniors and complex patients. Market value $12.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.19 of spare cash in the past 12 months. A savings account pays about $4.
You pay 31.9 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$63.75 a share, 135% above its 1-year low
Over the past year the price has ranged from $27.11 to $73.75.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $10.1bn | $12.9bn |
| Operating margin | ||
| Operating margin | 1.1% | 2.3% |
| Debt to equity | ||
| Debt to equity | 1.61 | 1.35 |
| Shares outstanding | ||
| Shares outstanding | 0.18bn | 0.20bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.35× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 10% more shares since 2024
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.9 billion last quarter, up 23% on a year ago.
- Profit: $84 million, up 199% on a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
- Spare cash over the past 12 months: $402 million, up from $191 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.7 billion more than cash, down from $2.5 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.9bn |
| December 2024 | Not reported |
| March 2025 | $2.9bn |
| June 2025 | $3.1bn |
| September 2025 | $3.3bn |
| December 2025 | $3.6bn |
| March 2026 | $3.6bn |
| June 2026 | $3.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$8m |
| December 2024 | $16m |
| March 2025 | $30m |
| June 2025 | $28m |
| September 2025 | $56m |
| December 2025 | $77m |
| March 2026 | $149m |
| June 2026 | $84m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
3 long-term investors we follow own it, up from 1 last quarter. 421 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $113m | 0.3% | New |
| Gotham Asset ManagementJoel Greenblatt | $10m | <0.1% | New |
| Royce & AssociatesChuck Royce | $5m | <0.1% | Cut |
Largest holders overall
- Kohlberg Kravis Roberts & Co. L.P.$1.9bnCut
- BlackRock$1.7bnAdded
- FMR$934mCut
- Invesco$833mAdded
- Vanguard Portfolio Management$694mAdded
- Price T Rowe Associates$690mCut
- Vanguard Capital Management$510mAdded
- State Street$437mAdded
- T. Rowe Price Investment Management$421mCut
- Geode Capital Management$376mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Henry R. Kravisat least 13.7%−8.1 pts(filed with 11 related holders)Since 3 June 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On June 3, 2026, KKR Phoenix Aggregator L.P., as a selling stockholder, the Issuer, and the other selling stockholders identified therein, entered into an underwriting agreement (the "Underwriting…
Read the filing - BlackRock, Inc.Passive investor12.0%+1.4 ptsSince 30 June 2026
- FMR LLCPassive investorat least 7.0%−3.9 pts(filed with 1 related holder)Since 30 June 2026
- T. Rowe Price Associates, Inc.Passive investor5.7%Since 30 September 2025
- Invesco Ltd.Passive investor5.3%Since 30 June 2025
- Vanguard Portfolio ManagementPassive investor5.2%Since 30 June 2026
- Norges BankPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Walgreens Boots Alliance, Inc.Passive investorSold down below 5%Since 7 May 2025
| Holder | Stake | Since | |
|---|---|---|---|
Henry R. Kravis | at least 13.7%−8.1 pts (filed with 11 related holders) | 3 June 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On June 3, 2026, KKR Phoenix Aggregator L.P., as a selling stockholder, the Issuer, and the other selling stockholders identified therein, entered into an underwriting agreement (the "Underwriting… Read the filing |
BlackRock, Inc. Passive investor | 12.0%+1.4 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 7.0%−3.9 pts (filed with 1 related holder) | 30 June 2026 | |
T. Rowe Price Associates, Inc. Passive investor | 5.7% | 30 September 2025 | |
Invesco Ltd. Passive investor | 5.3% | 30 June 2025 | |
Vanguard Portfolio Management Passive investor | 5.2% | 30 June 2026 | |
Norges Bank Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Walgreens Boots Alliance, Inc. Passive investor | Sold down below 5% | 7 May 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $39m, $874,383 of it under preset trading plans.
- Greenwell Scott A.President, PharMericaSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 15,099
- Price
- $57.91
- Value
- $874,383
- ROUSSEAU JON BSee Remarks, DirectorSold
- Date
- 5 June 2026
- Shares
- 260,000
- Price
- $58.75
- Value
- $15m
- Nalley Lisa ASee RemarksSold
- Date
- 5 June 2026
- Shares
- 35,000
- Price
- $58.75
- Value
- $2m
- Phipps Jennifer AChief Financial OfficerSold
- Date
- 5 June 2026
- Shares
- 35,000
- Price
- $58.75
- Value
- $2m
- Nalley Lisa ASee RemarksSold
- Date
- 4 March 2026
- Shares
- 30,000
- Price
- $41.15
- Value
- $1m
- ROUSSEAU JON BSee Remarks, DirectorSold
- Date
- 4 March 2026
- Shares
- 220,000
- Price
- $41.15
- Value
- $9m
- Phipps Jennifer AChief Financial OfficerSold
- Date
- 4 March 2026
- Shares
- 35,000
- Price
- $41.15
- Value
- $1m
- ROUSSEAU JON BSee Remarks, DirectorSold
- Date
- 22 October 2025
- Shares
- 235,000
- Price
- $28.78
- Value
- $7m
- Nalley Lisa ASee RemarksSold
- Date
- 22 October 2025
- Shares
- 20,000
- Price
- $28.78
- Value
- $575,600
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Greenwell Scott A. President, PharMerica | Sold under a preset trading plan | 15,099 | $57.91 | $874,383 |
| 5 June 2026 | ROUSSEAU JON B See Remarks, Director | Sold | 260,000 | $58.75 | $15m |
| 5 June 2026 | Nalley Lisa A See Remarks | Sold | 35,000 | $58.75 | $2m |
| 5 June 2026 | Phipps Jennifer A Chief Financial Officer | Sold | 35,000 | $58.75 | $2m |
| 4 March 2026 | Nalley Lisa A See Remarks | Sold | 30,000 | $41.15 | $1m |
| 4 March 2026 | ROUSSEAU JON B See Remarks, Director | Sold | 220,000 | $41.15 | $9m |
| 4 March 2026 | Phipps Jennifer A Chief Financial Officer | Sold | 35,000 | $41.15 | $1m |
| 22 October 2025 | ROUSSEAU JON B See Remarks, Director | Sold | 235,000 | $28.78 | $7m |
| 22 October 2025 | Nalley Lisa A See Remarks | Sold | 20,000 | $28.78 | $575,600 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 31.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.