Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 10, 2026

Lifestance Health Group, Inc. (LFST)

A forensic read on Lifestance Health Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

5.8

Distress distance

Clean

Earnings quality

Forensic signals

173.4

P / E (ttm)

0.6%

ROE

$4.2B

Market cap

13.9%

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.

Lifestance Health Group, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.8, 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

1.1%

FY2025

Return on invested capital. Return on invested capital is 1.1% in the latest fiscal year and rising from -9% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+3.3%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +10% over the last 3 years to FY2025 (+3.3%/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 ~3.3% 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 FY2022 has been diluted ~9%.

5% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 5% of revenue and 68% of free cash flow in FY2025 — about $0.19 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 3.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.

Key fundamentals

Latest Revenue$1.42B

Revenue Growth YoY+13.9%

Revenue CAGR (3yr)+18.3%

Net Margin0.7%

Free Cash Flow$110.0M

Return on Equity0.6%

Debt / Equity0.18x

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.