LifeStance Health Group, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data LifeStance Health Group, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
213
668
860
1,056
1,251
1,424
Selling, general and administrative
41.1
434
378
411
363
382
Operating expenses
197
954
1,070
1,245
1,283
1,400
Operating income
15.2
-286
-210
-189
-31.6
24.1
Interest expense
5.41
38.9
19.9
21.2
26.5
11.7
Other non-operating income
-7.37
-46.8
-22.6
-17.4
-26
-11.8
Pre-tax income
7.88
-333
-233
-207
-57.6
12.4
Income tax
2.21
-25.9
-17.2
-20.3
-0.17
2.7
Net income
5.67
-307
-216
-186
-57.4
9.66
EBITDA
18.3
-271
-181
-152
9.06
65.8
Shares, basic (weighted)
0.33
355
367
379
386
Shares, diluted (weighted)
0.33
355
367
379
391
Balance sheet
FY2019
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
3.48
148
109
78.8
155
249
Receivables
76.1
101
125
132
95.7
Other current assets
11.7
11
10.7
14.9
19.9
Total current assets
267
233
226
313
416
Property, plant and equipment
152
194
188
166
162
Lease right-of-use assets
0
199
171
148
150
Goodwill
1,205
1,273
1,293
1,293
1,293
Intangible assets
300
263
221
191
178
Other non-current assets
3.45
10.8
10.9
7.72
5.42
Total assets
1,927
2,174
2,110
2,118
2,204
Accounts payable
14.2
12.3
7.05
7.24
6.12
Accrued liabilities
26.5
30.4
35
46.9
42.2
Short-term debt
1.32
2.35
2.93
7.25
14.5
Total current liabilities
117
176
203
229
252
Long-term debt
157
225
280
280
266
Lease liabilities
0
213
181
149
149
Other non-current liabilities
53.6
2.78
0.95
0.31
0.07
Total liabilities
382
655
681
672
683
Total debt
161
234
289
290
283
Paid-in capital
1,898
2,084
2,184
2,260
2,326
Retained earnings
-357
-573
-761
-818
-809
Other comprehensive income
0
3.27
2.3
0.93
0
Shareholders' equity
1,545
1,519
1,429
1,446
1,521
Total equity
-166
1,545
1,519
1,429
1,446
1,521
Total liabilities and equity
1,927
2,174
2,110
2,118
2,204
Shares outstanding
374
376
379
383
388
Cash flow statement
FY2019
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
5.67
-307
-216
-186
-57.4
9.66
Depreciation and amortization
3.04
15.1
28.9
37.4
40.7
41.6
Stock-based compensation
0.05
259
187
99.4
76.2
74.7
Deferred income tax
1.85
-26.9
-16.7
-21.9
-0.96
2.02
Change in receivables
-5.76
-24.2
-21.7
-24.2
-6.4
36.1
Change in payables
2.54
0.62
7.67
-5.61
0.5
-1.56
Cash from operations
17
9.42
52.8
-16.9
107
146
Capital expenditures
-14.3
-94.5
-79.3
-40.5
-21.6
-36.1
Acquisitions
-59.1
-99.6
-60.2
-19.8
0
0
Cash from investing
-73.4
-194
-139
-60.3
-21.6
-36.1
Debt issued
55.9
98.8
257
57.8
288
0
Debt repaid
-0.49
-311
-188
-2.47
-289
-7.25
Cash from financing
48.5
314
47.3
47.4
-9.95
-16
Net change in cash
-7.86
129
-39.4
-29.8
75.7
94.1
Free cash flow
2.73
-85.1
-26.5
-57.4
85.7
110
Interest paid
4.58
22.4
14.4
21
25
17.8
Income taxes paid
0.25
1.09
2.24
0.08
0.06
1.57
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.84 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
4.9%
Operating income / revenue.
EBITDA margin
7.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
4.2%
Pre-tax income / revenue.
Net margin
3.2%
Net income / revenue.
FCF margin
11.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
13.7%
Cash from operations / revenue.
Effective tax rate
24.5%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
3.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
2.3%
Net income / average total assets.
Return on invested capital (ROIC)
3.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
25.2%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
4.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.8%
Capital expenditures / revenue.
D&A / revenue
2.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
13.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
18.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y
625.6%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
36.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
40.4%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y
28.4%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
5.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
0.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
4.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
0.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
3.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.38x
Current assets / current liabilities.
Quick ratio
1.23x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.82x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.19x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
12.6%
Total debt / total assets.
Liabilities / assets
32.3%
Total liabilities / total assets.
Net debt
$49.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
0.41x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
20.2%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.13
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$4.09
Revenue / diluted weighted shares.
FCF per share
$0.45
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.56
Cash from operations / diluted weighted shares.
Book value per share
$3.87
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
89.4x
Market cap / net income. Only when net income is positive.
P/S
2.85x
Market cap / revenue.
P/B
3.06x
Market cap / shareholders' equity. Only when equity is positive.
P/FCF
26.0x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
20.8x
Market cap / cash from operations, when positive.
EV/Sales
2.89x
Enterprise value / revenue.
EV/EBIT
58.3x
Enterprise value / operating income, when both are positive.
EV/EBITDA
37.9x
Enterprise value / EBITDA, when both are positive.
EV/FCF
26.3x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.8%
Free cash flow / market cap.
Earnings yield
1.1%
Net income / market cap (the inverse of P/E).
What was LifeStance Health Group, Inc.'s revenue in fiscal 2025?
LifeStance Health Group, Inc. reported revenue of $1.42B for fiscal 2025, 13.9% higher than the year before.
Was LifeStance Health Group, Inc. profitable in fiscal 2025?
Yes. Net income was $9.7M, a net margin of 0.7%.
How much free cash flow did LifeStance Health Group, Inc. generate in fiscal 2025?
Cash from operations of $146.2M minus capital expenditures of $36.1M left free cash flow of $110.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.