LifeStance Health Group, Inc. (LFST) Stock

LifeStance Health Group, Inc. (LFST) is a Healthcare stock trading at $12.28 (as of 2026-08-25), with a market capitalization of $4.69B and a trailing P/E of 92.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

LifeStance Health Group, Inc., through its subsidiaries, provides outpatient mental health services. The company offers patients a suite of mental health services, including psychiatric evaluations and treatment, psychological, and neuropsychological testing, as well as individual, family, and group therapy. It 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 outpatient mental health platform as well as offers patients care virtually through its online delivery platform or in-person at its centers in 32 states. It serves children, adolescents, adults, and geriatrics. LifeStance Health Group, Inc. was founded in 2017 and is based in Scottsdale, Arizona.

Understand LifeStance Health Group, Inc.: how it makes money

LifeStance operates outpatient mental health clinics (therapy, psychiatric care, neuropsychological testing) across 33 states, billing patients and payers for visits. Growth is driven by adding clinicians and opening new centers in underserved markets, with roughly 550 locations and 8,349 clinicians supporting the model.

Revenue scales linearly with clinician count and visit volume, but the 7% operating margin reveals that clinician compensation absorbs most of each incremental revenue dollar, making geographic expansion the primary path to scale economics.

Business quality (Mixed): High-growth (26% YoY revenue) but low-profitability (7% operating margin, 3% ROE) and priced at a 3.6x premium to the Healthcare Services P/E norm, giving a mixed quality profile.

Valuation: At 92× earnings, LFST trades 262% above the Healthcare Services average (25×).

Bull case

  • Specialty services 40% growth step: Management projects specialty services (psychiatry, testing) will grow approximately 40% this year, a meaningful revenue-mix shift toward higher-acuity, higher-revenue-per-visit work that can lift blended pricing.
  • Repeatable clinician-visit growth algorithm: Management frames growth as a stated long-term visit-growth algorithm driven by clinician additions and rising per-clinician productivity, implying the model is scalable rather than one-time.
  • Underserved-market white space: The company sees geographic expansion potential across underserved U.S. markets, and with 550 centers already in 33 states, de novo openings can capture demand that currently has no local provider.

Bear case

  • Priced for flawless execution: At a P/E of 91.7x versus the Healthcare Services industry average of 25x (262% above), the stock already embeds years of high growth; any stumble in clinician economics resets the multiple sharply.
  • Second-half margin compression ahead: Management expects second-half investments (clinician compensation, EHR rollout) to reduce sequential EBITDA in Q3 and pressure center margins, meaning the 7% operating margin gets worse before it gets better.
  • EHR rollout introduces execution risk: The EHR migration carries a temporary clinician-productivity risk, and specialty-service expansion remains operationally gated by the company, so the 40% specialty target depends on internal bandwidth rather than pure demand.
Valuation — source: SEC EDGAR (first-party)
Price$12.28
Market Cap$4.69B
P/E Ratio92.7
EV / EBITDA39.2
Price / Book3.18
Price / Sales2.96
FCF Yield3.7%
DCF Value (model)$3.15
DCF Upside vs Price-74.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.42B
Net Margin0.7%
Revenue Growth (YoY)26.1%
FCF Growth (YoY)55.2%
Financial Health — source: SEC EDGAR
Altman Z-Score4.46 (safe)
Valuation vs Sector & Industry
Stock P/E92.7
Sector P/E (Healthcare)21.9
Industry P/E (Healthcare Services)25.4
vs Sector322.7%
vs Industry264.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderTPG GP A, LLC ($891.97M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryHealthcare Services
CEODavid Patrick Bourdon
Employees7,535
CountryUS
IPO Date2021-06-10

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LFST earnings history · LFST institutional & insider holders · LFST KPIs & operating metrics · LFST financials · LFST investor presentations & press releases · LFST SEC filings · LFST peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.