Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 24, 2026
Brightspring Health Services, Inc. (BTSGU)
A forensic read on Brightspring Health Services, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
9.9
Distress distance
Clean
Earnings quality
3
Forensic signals
30.7
P / E (ttm)
10.2%
ROE
$37.1B
Market cap
28.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Brightspring Health Services, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 9.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.0%
FY2025
Return on invested capital.Return on invested capital is 5.0% in the latest fiscal year and rising across FY2023–FY2025 from 1%. The capital base behind it barely moved across FY2023–FY2025 ($4.3B to $4.5B, +5%), so there has been little new capital for that return to be earned on.
+36.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +86% over the last 2 years to FY2025 (+36.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~36.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~46%.
0.5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.5% of revenue and 18% of free cash flow in FY2025 — about $0.32 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 38.8% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$12.91B
Revenue Growth YoY+28.2%
Revenue CAGR (2yr)+29.5%
Net Margin1.5%
Free Cash Flow$394.7M
Return on Equity10.2%
Debt / Equity1.34x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Brightspring Health Services, Inc.'s actual 10-K/10-Q/8-K filings?