LFST

MKT CAP:$3B

LifeStance Health Group, Inc.

Market Cap

$3B

Healthcare·Medical - Care Facilities·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$6.79-$0.17 (-2.44%)

Apr 21, 2026

Company Details

LifeStance Health Group, Inc., through its subsidiaries, provides outpatient mental health services. The company offers patients a suite of mental health services, including psychiatric evaluations and treatment, psychological, and neuropsy...

CEO

David Patrick Bourdon

IPO Date

Jun 10, 2021

Website

www.lifestance.com

Key Metrics TTM

Revenue

$1.4B

+13.9% YoY

Net Income

$10M

EPS (Diluted)

$0.02

Free Cash Flow

$146M

Revenue / Share

$3.64

Gross Margin

30.4%

Operating Margin

1.7%

Net Margin

0.7%

FCF Margin

10.3%

P/S

1.9x

P/E

285.2x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$1.4B+13.9%EPS $0.02

Q4 2025

Feb 25, 2026

$382M+17.4%EPS $0.03

Q3 2025

Nov 6, 2025

$364M+16.3%EPS $0.00

Q2 2025

Aug 7, 2025

$345M+10.6%EPS -$0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$203M	$54M	-$65M
Q2 22	$210M	$60M	-$60M
Q3 22	$218M	$60M	-$39M
Q4 22	$229M	$63M	-$46M
Q1 23	$253M	$70M	-$34M
Q2 23	$260M	$73M	-$48M
Q3 23	$263M	$76M	-$74M
Q4 23	$281M	$83M	-$32M
Q1 24	$300M	$95M	-$17M
Q2 24	$312M	$98M	-$16M
Q3 24	$313M	$100M	$47.0K
Q4 24	$325M	$109M	$1M
Q1 25	$333M	$110M	$2M
Q2 25	$345M	$94M	-$3M
Q3 25	$364M	$117M	$7M
Q4 25	$382M	$113M	$18M

Valuation

Quarter	P/S	P/E
Q1 22	4.8x	—
Q2 22	2.7x	—
Q3 22	3.2x	—
Q4 22	2.1x	—
Q1 23	3.0x	—
Q2 23	3.5x	—
Q3 23	2.5x	—
Q4 23	2.7x	—
Q1 24	2.1x	—
Q2 24	1.6x	—
Q3 24	2.2x	—
Q4 24	2.3x	—
Q1 25	2.0x	—
Q2 25	1.5x	—
Q3 25	1.5x	—
Q4 25	1.9x	285.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	-$25M
Q2 22	$8M	-$18M
Q3 22	$6M	-$9M
Q4 22	$36M	$26M
Q1 23	-$8M	-$16M
Q2 23	-$434.0K	-$12M
Q3 23	-$25M	-$35M
Q4 23	$17M	$5M
Q1 24	-$22M	-$27M
Q2 24	$44M	$39M
Q3 24	$23M	$18M
Q4 24	$62M	$56M
Q1 25	-$3M	-$10M
Q2 25	$64M	$57M
Q3 25	$27M	$17M
Q4 25	$58M	$83M

Capital Expenditures

Quarter	CapEx
Q1 22	$28M
Q2 22	$26M
Q3 22	$15M
Q4 22	$10M
Q1 23	$8M
Q2 23	$12M
Q3 23	$10M
Q4 23	$11M
Q1 24	$5M
Q2 24	$5M
Q3 24	$5M
Q4 24	$6M
Q1 25	$7M
Q2 25	$8M
Q3 25	$10M
Q4 25	$25M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+41.9%	+86.1%
Q2 22	+30.5%	+30.1%
Q3 22	+25.2%	-14.1%
Q4 22	+20.7%	-9.3%
Q1 23	+24.4%	+7.0%
Q2 23	+23.9%	+14.1%
Q3 23	+20.8%	+31.5%
Q4 23	+22.3%	+13.6%
Q1 24	+18.9%	+10.6%
Q2 24	+20.3%	+6.6%
Q3 24	+19.0%	-7.3%
Q4 24	+16.0%	+3.7%
Q1 25	+10.8%	+4.5%
Q2 25	+10.6%	+6.1%
Q3 25	+16.3%	+14.0%
Q4 25	+17.4%	+12.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$60M	29.5%
Q2 22	$58M	27.4%
Q3 22	$35M	16.0%
Q4 22	$35M	15.3%
Q1 23	$24M	9.4%
Q2 23	$33M	12.7%
Q3 23	$22M	8.2%
Q4 23	$21M	7.5%
Q1 24	$21M	6.9%
Q2 24	$25M	7.9%
Q3 24	$15M	4.8%
Q4 24	$16M	5.0%
Q1 25	$19M	5.6%
Q2 25	$21M	6.1%
Q3 25	$18M	5.0%
Q4 25	$17M	4.4%

OpEx Breakdown

Quarter	G&A
Q1 22	$103M
Q2 22	$104M
Q3 22	$81M
Q4 22	$90M
Q1 23	$85M
Q2 23	$102M
Q3 23	$131M
Q4 23	$93M
Q1 24	$89M
Q2 24	$95M
Q3 24	$85M
Q4 24	$94M
Q1 25	$94M
Q2 25	$97M
Q3 25	$96M
Q4 25	$95M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$114M	$0	$114M
Q2 22	$97M	$0	$97M
Q3 22	$90M	$0	$90M
Q4 22	$109M	$0	$109M
Q1 23	$68M	$0	$68M
Q2 23	$80M	$0	$80M
Q3 23	$43M	$0	$43M
Q4 23	$79M	$0	$79M
Q1 24	$49M	$0	$49M
Q2 24	$87M	$0	$87M
Q3 24	$103M	$0	$103M
Q4 24	$155M	$0	$155M
Q1 25	$134M	$0	$134M
Q2 25	$189M	$0	$189M
Q3 25	$204M	$0	$204M
Q4 25	$249M	$0	$249M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	351M	+7.1%	-6.1%
Q2 22	354M	+0.8%	+12.8%
Q3 22	358M	+1.1%	+4.1%
Q4 22	376M	+5.2%	+14.8%
Q1 23	361M	-4.0%	+2.9%
Q2 23	363M	+0.6%	+2.7%
Q3 23	372M	+2.6%	+4.2%
Q4 23	379M	+1.7%	+0.7%
Q1 24	376M	-0.6%	+4.3%
Q2 24	379M	+0.8%	+4.5%
Q3 24	379M	-0.2%	+1.7%
Q4 24	383M	+1.1%	+1.1%
Q1 25	391M	+2.1%	+3.8%
Q2 25	385M	-1.4%	+1.5%
Q3 25	389M	+1.0%	+2.7%
Q4 25	391M	+0.6%	+2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$42.4K	5K
Q2 22	$43.7K	5K
Q3 22	$45.4K	5K
Q4 22	$29.3K	8K
Q1 23	$32.3K	8K
Q2 23	$33.2K	8K
Q3 23	$33.6K	8K
Q4 23	$30.1K	9K
Q1 24	$32.2K	9K
Q2 24	$33.5K	9K
Q3 24	$33.5K	9K
Q4 24	$31.9K	10K
Q1 25	$32.6K	10K
Q2 25	$33.8K	10K
Q3 25	$35.6K	10K
Q4 25	$34.9K	11K

Revenue / Employee