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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% | -116.8% |
| 2024 | $1.3B | $40M | $-57M | $86M | -4.0% | 18.5% | -69.2% |
| 2023 | $1.1B | $-105M | $-186M | $-57M | -13.0% | 22.8% | -13.6% |
| 2022 | $860M | $-144M | $-216M | $-26M | -14.2% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 859.54 | 1,055.66 | 1,250.97 | 1,424.28 |
| Operating Revenue | - | 859.54 | 1,055.66 | 1,250.97 | 1,424.28 |
| 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 |
| Selling General And Administration | - | 377.99 | 410.79 | 363.06 | 382.20 |
| Total Expenses | - | 1,069.72 | 1,244.80 | 1,282.58 | 1,400.14 |
| Operating Income | - | -210.17 | -189.13 | -31.61 | 24.15 |
| Total Operating Income As Reported | - | -210.17 | -189.13 | -31.61 | 24.15 |
| EBITDA | - | -143.60 | -104.93 | 39.87 | 78.78 |
| Normalized EBITDA | - | -141.19 | -108.81 | 38.97 | 78.78 |
| EBIT | - | -212.80 | -185.36 | -31.08 | 24.02 |
| Interest Expense | - | 19.93 | 21.22 | 26.54 | 11.66 |
| Net Interest Income | - | -19.93 | -21.22 | -26.54 | -11.66 |
| Other Non Operating Income Expenses | - | -0.22 | -0.11 | -0.36 | -0.12 |
| Other Income Expense | - | -2.63 | 3.77 | 0.54 | -0.12 |
| Interest Expense Non Operating | - | 19.93 | 21.22 | 26.54 | 11.66 |
| Net Non Operating Interest Income Expense | - | -19.93 | -21.22 | -26.54 | -11.66 |
| Pretax Income | - | -232.73 | -206.58 | -57.61 | 12.36 |
| Tax Provision | - | -17.17 | -20.32 | -0.17 | 2.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.18 | 0.38 | 0 | 0 |
| Net Income Continuous Operations | - | -215.56 | -186.26 | -57.44 | 9.66 |
| Net Income From Continuing And Discontinued Operation | - | -215.56 | -186.26 | -57.44 | 9.66 |
| Net Income From Continuing Operation Net Minority Interest | - | -215.56 | -186.26 | -57.44 | 9.66 |
| Net Income | - | -215.56 | -186.26 | -57.44 | 9.66 |
| Net Income Common Stockholders | - | -215.56 | -186.26 | -57.44 | 9.66 |
| Net Income Including Noncontrolling Interests | - | -215.56 | -186.26 | -57.44 | 9.66 |
| Normalized Income | - | -213.33 | -189.76 | -58.34 | 9.66 |
| Diluted NI Availto Com Stockholders | - | -215.56 | -186.26 | -57.44 | 9.66 |
| Basic Average Shares | - | 355.28 | 367.46 | 379.15 | 386.02 |
| Diluted Average Shares | - | 355.28 | 367.46 | 379.15 | 391.14 |
| Reconciled Depreciation | - | 69.20 | 80.44 | 70.95 | 54.75 |
| Reconciled Cost Of Revenue | - | 622.52 | 753.57 | 848.57 | 963.19 |
| Total Unusual Items | - | -2.41 | 3.88 | 0.90 | 0 |
| Total Unusual Items Excluding Goodwill | - | -2.41 | 3.88 | 0.90 | 0 |
| Special Income Charges | - | -2.41 | 3.88 | 0.90 | 0 |
| Restructuring And Mergern Acquisition | - | 2.41 | -3.88 | -0.90 | 0 |
| 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 |
| Otherunder Preferred Stock Dividend | 36.75 | 0 | 0 | - | - |
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 | 301.90 | 1.92 | 0.6% | 39.90 |
| Alignment Healthcare, Inc. | ALHC | $3.1B | - | 17.38 | -0.4% | 62.69 |
| Dyne Therapeutics, Inc. | DYN | $3.0B | -6.82 | 3.13 | -45.9% | -5.30 |
| Warby Parker Inc. | WRBY | $3.0B | 1803.71 | 8.05 | 0.4% | 64.67 |
| Adaptive Biotechnologies Corporation | ADPT |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.9B |
| - |
| 13.23 |
| -27.2% |
| - |
| GRAIL, Inc. | GRAL | $2.9B | -6.99 | 1.11 | -15.8% | -7.04 |
| Brookdale Senior Living Inc. | BKD | $2.8B | -10.81 | -63.45 | 587.0% | 23.48 |
| Soleno Therapeutics, Inc. | SLNO | $2.8B | 132.26 | 6.14 | 4.6% | 96.72 |
| Arcutis Biotherapeutics, Inc. | ARQT | $2.7B | -170.10 | 14.49 | -8.5% | 1582.53 |
| Peer Median | - | -6.91 | 7.09 | -4.5% | 62.69 | |