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LifeStance Health Group, Inc., through its subsidiaries, provides outpatient mental health services to children, adolescents, adults, and geriatrics in the United States. The company offers patients a multidisciplinary suite of mental health services, psychiatric evaluations and treatment, psychological, and neuropsychological testing, as well as individual, family, and group therapy. It also treats a range of mental health conditions, including anxiety, depression, bipolar disorder, eating disorders, psychotic disorders, and post-traumatic stress disorder. In addition, the company operates an outpatient mental health platform, as well as offers patient care virtually through its online delivery platform or in-person at its centers. LifeStance Health Group, Inc. was founded in 2017 and is headquartered in Scottsdale, Arizona.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | $79M | $10M | $110M | 0.6% | 13.9% | - |
| 2024 | $1.3B | $40M | $-57M | $86M | -4.0% | 18.5% | - |
| 2023 | $1.1B | $-105M | $-186M | $-57M | -13.0% | 22.8% | - |
| 2022 | $860M | $-144M | $-216M | $-26M | -14.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 859.54 | 1,055.66 | 1,250.97 | 1,424.29 |
| Cost Of Revenue | 622.52 | 753.57 | 848.57 | 963.19 |
| Gross Profit | 237.02 | 302.10 | 402.40 | 461.10 |
| Operating Expense | 447.19 | 491.23 | 434.01 | 436.95 |
| Operating Income | -210.17 | -189.13 | -31.61 | 24.15 |
| EBITDA | -143.60 | -104.93 | 39.87 | 78.78 |
| EBIT | -212.80 | -185.36 | -31.08 | 24.02 |
| Pretax Income | -232.73 | -206.58 | -57.61 | 12.36 |
| Tax Provision | -17.17 | -20.32 | -0.17 | 2.70 |
| Net Income | -215.56 | -186.26 | -57.44 | 9.66 |
| Net Income Common Stockholders | -215.56 | -186.26 | -57.44 | 9.66 |
| Total Expenses | 1,069.72 | 1,244.80 | 1,282.58 | 1,400.14 |
| Interest Expense | 19.93 | 21.22 | 26.54 | 11.66 |
| Selling General And Administration | 377.99 | 410.79 | 363.06 | 382.20 |
| Normalized EBITDA | -141.19 | -108.81 | 38.97 | 78.78 |
| Normalized Income | -213.33 | -189.76 | -58.34 | 9.66 |
| Basic EPS | -0.61 | -0.51 | -0.15 | 0.03 |
| Diluted EPS | -0.61 | -0.51 | -0.15 | 0.02 |
| Tax Effect Of Unusual Items | -0.18 | 0.38 | 0 | 0 |
| Tax Rate For Calcs | 0.07 | 0.10 | 0 | 0.22 |
| Total Unusual Items | -2.41 | 3.88 | 0.90 | 0 |
| Total Unusual Items Excluding Goodwill | -2.41 | 3.88 | 0.90 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -215.56 | -186.26 | -57.44 | 9.66 |
| Reconciled Depreciation | 69.20 | 80.44 | 70.95 | 54.75 |
| Reconciled Cost Of Revenue | 622.52 | 753.57 | 848.57 | 963.19 |
| Net Interest Income | -19.93 | -21.22 | -26.54 | -11.66 |
| Net Income From Continuing And Discontinued Operation | -215.56 | -186.26 | -57.44 | 9.66 |
| Total Operating Income As Reported | -210.17 | -189.13 | -31.61 | 24.15 |
| Diluted Average Shares | 355.28 | 367.46 | 379.15 | 391.14 |
| Basic Average Shares | 355.28 | 367.46 | 379.15 | 386.02 |
| Diluted NI Availto Com Stockholders | -215.56 | -186.26 | -57.44 | 9.66 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -215.56 | -186.26 | -57.44 | 9.66 |
| Net Income Continuous Operations | -215.56 | -186.26 | -57.44 | 9.66 |
| Other Income Expense | -2.63 | 3.77 | 0.54 | -0.12 |
| Other Non Operating Income Expenses | -0.22 | -0.11 | -0.36 | -0.12 |
| Special Income Charges | -2.41 | 3.88 | 0.90 | 0 |
| Restructuring And Mergern Acquisition | 2.41 | -3.88 | -0.90 | 0 |
| Net Non Operating Interest Income Expense | -19.93 | -21.22 | -26.54 | -11.66 |
| Interest Expense Non Operating | 19.93 | 21.22 | 26.54 | 11.66 |
| Depreciation Amortization Depletion Income Statement | 69.20 | 80.44 | 70.95 | 54.75 |
| Depreciation And Amortization In Income Statement | 69.20 | 80.44 | 70.95 | 54.75 |
| General And Administrative Expense | 377.99 | 410.79 | 363.06 | 382.20 |
| Other Gand A | 377.99 | 410.79 | 363.06 | 382.20 |
| Operating Revenue | 859.54 | 1,055.66 | 1,250.97 | 1,424.29 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| LifeStance Health Group, Inc.this co. | LFST | $2.9B | 371.50↑ premium | 1.90 | 0.6% | 39.06 |
| Beam Therapeutics Inc. | BEAM | $3.0B | - | 2.35 | -6.5% | -5.05 |
| Denali Therapeutics Inc. | DNLI | $3.0B | - | 2.87 | -50.6% | -3.93 |
| Alumis Inc. | ALMS | $2.9B | - | 7.95 | -80.8% | -6.02 |
| Dyne Therapeutics, Inc. | DYN |
| $2.9B |
| - |
| 2.95 |
| -45.9% |
| -4.14 |
| Erasca, Inc. | ERAS | $2.8B | - | 7.96 | -38.3% | -20.28 |
| Arcutis Biotherapeutics, Inc. | ARQT | $2.8B | - | 14.56 | -8.5% | -352.93 |
| Haemonetics Corporation | HAE | $2.7B | 16.26 | 3.03 | 20.4% | 9.88 |
| Soleno Therapeutics, Inc. | SLNO | $2.7B | 135.33 | 6.13 | 4.6% | 145.68 |
| Peer Median | - | 75.79 | 4.58 | -23.4% | -4.60 | |