Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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

10.7

Distress distance

Clean

Earnings quality

Forensic signals

32.8

P / E (ttm)

10.2%

ROE

$40.3B

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). 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 10.7, 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 from 1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+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. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 38.8% a year and is falling.

Key fundamentals

Latest Revenue$12.91B

Revenue Growth YoY+28.2%

Net Margin1.5%

Free Cash Flow$394.7M

Return on Equity10.2%

Debt / Equity1.34x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.