LifeStance Health Group

LFST

Medical - Care Facilities · Healthcare

Price

$12.47

-0.18 (-1.42%)

Market Cap

$4.84B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Good

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Share count rising — dilution

+19.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 327.5M (2021) → 391.1M (2025)

Winston Score History

The full picture

LifeStance Health Group is one of the largest outpatient mental health care providers in the United States. It offers therapy, psychiatry, and psychological testing to patients dealing with conditions like depression, anxiety, and ADHD. Patients can see licensed clinicians either in person at a LifeStance office or through telehealth video appointments.

LifeStance makes money by billing insurance companies and patients for each clinical visit. It operates across dozens of states and employs thousands of licensed therapists and psychiatrists, making it one of the biggest networks of its kind in the country. The company's scale gives it some advantage in negotiating with insurers, but its thin operating margins mean it has little room for error — the key challenge ahead is proving it can grow revenue faster than the cost of hiring and retaining clinicians in a competitive labor market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+26.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+700.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

47.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$226M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

LifeStance Health Group grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

7.0%

Thin — 7.0% gross margin

Profit after running costs

Operating Margin

7.0%

Modest — 7.0% operating margin

Return on the money invested

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+20.4%

Fast-growing sales (+20.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

431%

Turns 431% of profit into real cash

Spare cash per sale

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.14

Conservative — low debt load (0.14)

Covers its interest

Interest Cover

7.75x

Adequate interest coverage (7.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

95.8x

Expensive — P/E 95.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+18.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (95.8 → 77.0)

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Dividends

Not applicable for this business.

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