BrightSpring Health Services, Inc. Common Stock (BTSG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.4%

$8.86

vs $65.29 price

Levered DCF

$2.07

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.88

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.84×	-181.94×	-12.22×	-35.48×	37.93×	91.67×	-26.19×	-247.19×
P/B	4.05×	1.99×	3.22×	2.49×	2.43×	2.67×	2.87×	0×
P/S	0.59×	0.29×	0.21×	0.24×	0.28×	0.34×	0.42×	0.74×
EV / EBITDA	22.21×	15.4×	15.85×	14.16×	12.94×	13.25×	19.75×	0×
Gross margin	11.8%	14.1%	16.2%	17.5%	18.6%	18.8%	18.4%	14.8%
Operating margin	2.3%	1.8%	1.7%	2.4%	3.5%	3.0%	1.4%	3.0%
Net margin	1.5%	-0.2%	-1.8%	-0.7%	0.7%	0.4%	-1.6%	-0.3%
Current ratio	1.57×	1.33×	1.17×	1.44×	1.32×	1.74×	1.4×	0×
Debt / equity	1.44×	1.76×	6.28×	4.87×	4.87×	4.22×	3.72×	0×
Interest coverage	1.88×	0.9×	0.45×	0.8×	1.42×	1.19×	0.38×	1×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	-1.1%	-26.4%	-7.1%	6.4%	3.0%	-11.0%	0.0%
Return on invested capital	4.8%	2.6%	3.0%	4.1%	3.7%	3.4%	1.3%	0.0%
Return on assets	3.0%	-0.3%	-2.8%	-1.0%	0.9%	0.5%	-1.9%	0.0%
Free cash flow yield	5.2%	-1.7%	7.3%	-4.0%	11.2%	9.1%	3.2%	2.3%
Earnings yield	2.5%	-0.5%	-8.2%	-2.9%	2.6%	1.1%	-3.8%	-0.4%
Enterprise value	$10.2B	$6.1B	$5.5B	$5.5B	$5.6B	$4.6B	$4.3B	$0
Net debt / EBITDA	5.7×	7.14×	10.46×	9.35×	8.59×	7.82×	11.12×	0×
Cash conversion cycle (days)	17	26	30	36	37	41	45	0