LifeStance Health Group, Inc. (LFST) 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

+31.2%

$17.39

vs $13.26 price

Levered DCF

$6.76

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.72

Safe zone

Rating

B-

Overall 3 / 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
P/E	234.67×	-49.13×	-15.35×	-8.1×	-9.07×	-26.39×	-136.88×
P/B	1.79×	1.93×	2.01×	1.16×	2.02×	8.2×	-49.19×
P/S	1.91×	2.23×	2.73×	2.04×	4.67×	21.69×	38.5×
EV / EBITDA	33.8×	78.37×	-31.54×	-14.8×	-13.03×	973.12×	426.17×
Gross margin	32.4%	32.2%	28.6%	27.6%	30.2%	35.6%	29.4%
Operating margin	1.7%	-2.5%	-17.9%	-24.5%	-42.9%	4.1%	7.2%
Net margin	0.7%	-4.6%	-17.6%	-25.1%	-46.0%	-10.1%	2.7%
Current ratio	1.65×	1.37×	1.11×	1.33×	2.28×	1×	0.5×
Debt / equity	0.13×	0.34×	0.36×	0.32×	0.1×	0.37×	-0.48×
Interest coverage	2.07×	-1.19×	-8.91×	-10.55×	-7.36×	0.7×	2.82×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.6%	-4.0%	-13.0%	-14.2%	-19.9%	-3.8%	-3.4%
Return on invested capital	0.9%	-1.6%	-8.7%	-9.5%	-14.6%	0.9%	4.9%
Return on assets	0.4%	-2.7%	-8.8%	-9.9%	-15.9%	-2.4%	2.0%
Free cash flow yield	4.0%	3.1%	-2.0%	-1.5%	-2.7%	-0.6%	0.0%
Earnings yield	0.4%	-2.1%	-6.5%	-12.3%	-9.9%	-0.5%	0.1%
Enterprise value	$2.7B	$3.1B	$3.3B	$2.1B	$3.1B	$8.5B	$8.3B
Net debt / EBITDA	-0.69×	8.29×	-4.12×	-2.58×	-0.04×	39.64×	3.91×
Cash conversion cycle (days)	22	35	32	29	73	31	13