LifeStance Health
Delivers outpatient psychiatry, testing, and therapy through virtual visits and U.S. centers.
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Profile
Provides psychiatric care, psychological and neuropsychological testing, and therapy through virtual visits and U.S. centers. Revenue comes mainly from fee-for-service visits covered by commercial in-network insurance, with operations split between owned subsidiaries and clinician-owned supported practices.
Delivers outpatient mental-health care through virtual visits and centers across the United States. Psychiatrists, advanced practice nurses, psychologists, and therapists provide psychiatric evaluations and treatment, psychological and neuropsychological testing, and individual, family, and group therapy.
Generates revenue mainly from fee-for-service patient visits covered by commercial in-network insurance, with smaller government-payor and self-pay contributions. Centralized recruiting, credentialing, scheduling, billing, technology, and payor contracting support clinicians and help match available capacity with patients.
Growth depends on hiring and retaining clinicians, improving clinician productivity, sustaining patient demand, and maintaining reimbursement and network access. In states restricting corporate medical ownership, care is delivered through clinician-owned supported practices under long-term management-services contracts, making the operating model dependent on those relationships and state healthcare rules.
Company facts
Key statistics
Year to date +76.7% · Average volume (30d) 3.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | BTIG | Reiterate | Buy | $16 | $19 | |
| Aug 7, 2026 | Morgan Stanley | Reiterate | Overweight | $13 | ||
| Aug 7, 2026 | BMO Capital | Reiterate | Outperform | $10 | $13 | |
| Aug 7, 2026 | BTIG | Reiterate | Buy | $15 | $16 | |
| Jul 24, 2026 | BTIG | Reiterate | Buy | $11 | $15 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.03 | $0.06 | +83.2% | $414.6M | $435.4M | +5.0% | +2.80% |
| May 7, 2026Q1 FY26 | $0.01 | $0.04 | +300.0% | $387.5M | $403.5M | +4.1% | −12.99% |
| Feb 25, 2026Q4 FY25 | $0.00 | $0.03 | — | $378.4M | $382.2M | +1.0% | −6.07% |
| Nov 6, 2025Q3 FY25 | −$0.01 | $0.00 | +127.7% | $378.5M | $363.8M | −3.9% | +0.64% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $333.0M | $345.3M | $363.8M | $382.2M | $403.5M | $435.4M | |
| Gross profit | $109.8M | $108.4M | $116.6M | $126.3M | $135.9M | $153.0M | |
| Operating income | $1.6M | −$3.0M | $7.4M | $18.1M | $22.3M | $30.7M | |
| Net income | $709.0K | −$3.8M | $1.1M | $11.7M | $14.2M | $23.6M | |
| Diluted EPS | $0.00 | −$0.01 | $0.00 | $0.03 | $0.04 | $0.06 | |
| Gross margin | 33.0% | 31.4% | 32.0% | 33.0% | 33.7% | 35.2% | |
| Operating margin | 0.5% | -0.9% | 2.0% | 4.7% | 5.5% | 7.0% |
Fiscal years (4-quarter sums)FY21 $667.5M · FY22 $859.5M · FY23 $1.06B · FY24 $1.25B · FY25 $1.42B
Balance sheet, Jun 30, 2026Cash & short-term investments $225.9M · Total debt $200.7M · Total assets $2.18B · Shareholders' equity $1.48B
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 387.83M · Float 203.03M · 52.4% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| TPG GP A, LLC · 10 percent owner | 98.10M | 25.29% | Form 4 | Aug 12, 2026 |
| FMR LLC | 58.25M | 15.02% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 32.03M | 8.30% | 13G | Jul 29, 2026 |
| Summit Partners L P | 23.31M | 6.01% | 13F | Jul 30, 2026 |
| Darren M. Black · director | 23.31M | 6.01% | Form 4 | May 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Teresa DeLuca | director | −7,500 | $12.68 |
| Aug 13, 2026 | Teresa DeLuca | director | −20,441 | $12.23 |
| Aug 11, 2026 | Kenneth A. Burdick | director | −500,000 | $11.51 |
| Aug 10, 2026 | TPG GP A, LLC | 10 percent owner | −13,643,207 | $10.62 |
| Aug 10, 2026 | Vukasin Paunovich | officer: Chief Technology Officer | −44,394 | $10.85 |
Peers
- Talkspace
Virtual therapy and psychiatry platform with payer and employer access
- Teladoc Health
Virtual care operator with BetterHelp and integrated mental health
- Acadia Healthcare
Behavioral-health facility operator across acute and specialty care
- Universal Health Services
Hospital operator with a large behavioral-health services segment
- Hims & Hers Health
Consumer telehealth platform with mental-health treatment access
- Amwell
Enterprise hybrid-care platform with digital mental-health tools
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| LifeStance Health | $12.36 | +0.49% | $4.77B | 94.9 | 56.0 | 3.0 | +26.1% |
| Talkspace | $5.25 | 0.00% | $879.4M | — | 31.8 | 3.6 | +13.6% |
| Teladoc Health | $6.50 | 0.00% | $1.18B | — | — | 0.5 | −4.0% |
| Acadia Healthcare | $28.55 | −0.04% | $2.66B | — | 17.2 | 0.8 | −0.4% |
| Universal Health Services | $172.00 | +0.09% | $10.39B | 7.0 | 7.4 | 0.6 | +8.3% |
| Hims & Hers Health | $28.86 | +0.10% | $6.43B | — | 110.6 | 2.5 | +38.3% |
| Amwell | $11.93 | +0.34% | $202.9M | — | — | 0.9 | −26.6% |
| Median | 7.0 | 24.5 | 0.9 | +3.9% |