The company has significantly strengthened its financial position by reducing total debt from $511.0 million in 2023Q4 to $196.2 million in 2026Q1, lowering the debt-to-equity ratio to 0.13.
| Total Current Assets | 355.91M | 416.2M | 312.51M | 225.73M | 233.22M | 266.52M | 76.28M | 27.43M |
| Cash & Short-Term Investments | 194.8M | 248.64M | 154.57M | 78.82M | 108.62M | 148.03M | 18.83M | 3.48M |
| Cash Only | 194.8M | 248.64M | 154.57M | 78.82M | 108.62M | 148.03M | 18.83M | 3.48M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 122.92M | 95.71M | 132.03M | 125.64M | 101.51M | 99.31M | 43.71M | 19.13M |
| Days Sales Outstanding | 28.64 | 24.53 | 38.52 | 43.44 | 43.1 | 54.3 | 42.29 | 32.86 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 38.07M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 29.82 | - | - |
| Other Current Assets | 38.2M | 71.85M | 14.9M | 10.73M | 11M | -25.72M | 7.81M | 0 |
| Total Non-Current Assets | 1.79B | 1.79B | 1.81B | 1.88B | 1.94B | 1.66B | 1.49B | 253.35M |
| Property, Plant & Equipment | 312.99M | 311.3M | 313.92M | 358.93M | 393.62M | 152.24M | 59.35M | 22.43M |
| Fixed Asset Turnover | 4.84x | 4.58x | 3.99x | 2.94x | 2.18x | 4.38x | 6.36x | 9.48x |
| Goodwill | 1.3B | 1.29B | 1.29B | 1.29B | 1.27B | 1.2B | 1.1B | 214.61M |
| Intangible Assets | 175.14M | 177.66M | 190.8M | 221.07M | 263.29M | 300.36M | 332.8M | 14.95M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | -42.56M | -10.85M | 0 |
| Other Non-Current Assets | 4.84M | 5.42M | 7.72M | 10.89M | 10.79M | 3.45M | 2.65M | 1.36M |
| Total Assets | 2.15B | 2.2B | 2.12B | 2.11B | 2.17B | 1.93B | 1.57B | 280.78M |
| Asset Turnover | 0.69x | 0.65x | 0.59x | 0.50x | 0.40x | 0.35x | 0.24x | 0.76x |
| Asset Growth % | 9.24% | 4.04% | 0.39% | -2.94% | 12.8% | 22.77% | 459.06% | - |
| Total Current Liabilities | 239.73M | 251.96M | 228.89M | 202.87M | 176M | 116.75M | 75.92M | 55.01M |
| Accounts Payable | 4.29M | 6.12M | 7.24M | 23.21M | 24.37M | 14.15M | 7.69M | 8.3M |
| Days Payables Outstanding | 2.65 | 2.2 | 3.12 | 11.24 | 14.29 | 11.08 | 11.55 | 20.17 |
| Short-Term Debt | 47.37M | 45.54M | 7.25M | 2.92M | 2.35M | 1.32M | 3.74M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 76.06M | 0 | 0 |
| Other Current Liabilities | 188.07M | 200.3M | 18.98M | 8.93M | 16.47M | -50.83M | 19.25M | 23.17M |
| Current Ratio | 1.48x | 1.65x | 1.37x | 1.11x | 1.33x | 2.28x | 1.00x | 0.50x |
| Quick Ratio | 1.48x | 1.65x | 1.37x | 1.11x | 1.33x | 1.96x | 1.00x | 0.50x |
| Cash Conversion Cycle | 25.99 | - | - | - | - | 73.04 | - | - |
| Total Non-Current Liabilities | 428.73M | 430.96M | 443.13M | 478.17M | 479.15M | 265.33M | 495.97M | 392.13M |
| Long-Term Debt | 148.82M | 148.55M | 279.79M | 280.29M | 225.08M | 157.42M | 362.53M | 79.31M |
| Capital Lease Obligations | 287.62M | 0 | 148.7M | 181.36M | 212.59M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 46.95M | 16.41M | 14.33M | 15.57M | 38.7M | 54.28M | 81.23M | 863K |
| Other Non-Current Liabilities | 263.5M | 266M | 309K | 952K | 2.78M | 53.63M | 17.21M | 311.95M |
| Total Liabilities | 668.47M | 682.92M | 672.01M | 681.04M | 655.15M | 382.08M | 571.89M | 447.13M |
| Total Debt | 196.19M | 194.1M | 485.19M | 511.04M | 478.83M | 158.74M | 366.27M | 79.31M |
| Net Debt | 1.39M | -54.55M | 330.62M | 432.22M | 370.21M | 10.71M | 347.44M | 75.83M |
| Debt / Equity | 0.13x | 0.13x | 0.34x | 0.36x | 0.32x | 0.10x | 0.37x | - |
| Debt / EBITDA | 1.97x | 2.41x | 12.33x | - | - | - | 7.88x | 3.72x |
| Net Debt / EBITDA | 0.01x | -0.68x | 8.40x | - | - | - | 7.47x | 3.55x |
| Interest Coverage | 6.59x | 2.06x | -1.17x | -8.74x | -10.68x | -7.56x | -1.01x | 2.82x |
| Total Equity | 1.48B | 1.52B | 1.45B | 1.43B | 1.52B | 1.55B | 997.84M | -166.35M |
| Equity Growth % | 13.5% | 5.17% | 1.21% | -5.91% | -1.7% | 54.84% | 699.82% | - |
| Book Value per Share | 3.74 | 3.89 | 3.81 | 3.89 | 4.27 | 4.72 | 2.67 | -0.45 |
| Total Shareholders' Equity | 1.48B | 1.52B | 1.45B | 1.43B | 1.52B | 1.55B | 997.84M | -166.35M |
| Common Stock | 3.88M | 3.88M | 3.83M | 3.79M | 3.76M | 3.74M | 1.01B | 3K |
| Retained Earnings | -794.38M | -808.63M | -818.29M | -760.85M | -572.64M | -357.07M | -13.13M | -166.36M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 929K | 2.3M | 3.27M | 0 | -35M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinician labor cost inflation
According to recent quarterly filings, LifeStance has successfully reduced its total debt from $511.0 million in 2023Q4 to $196.2 million by 2026Q1, signaling a deliberate shift toward a more conservative capital structure that enhances the company's long-term financial resilience in a volatile healthcare services market.
The consistent reduction in debt levels suggests that management is prioritizing balance sheet health over aggressive, debt-funded expansion. This trajectory implies a lower interest burden, which may provide additional flexibility to navigate potential labor cost pressures or future operational investments.
As reported in financial statements, the company's debt-to-equity ratio has improved significantly, falling from 0.36 in 2023Q4 to 0.13 in 2026Q1, which indicates a substantial decrease in financial risk and a more sustainable approach to managing the firm's capital structure over the long term.
The sharp decline in leverage suggests that the company is moving away from the debt-heavy acquisition strategy that characterized its earlier growth phase. Investors should monitor whether this deleveraging trend continues to provide a buffer against potential macroeconomic headwinds or if it signals a lack of attractive internal investment opportunities.
Based on reported figures, the current ratio has expanded from 1.11 in 2023Q4 to 1.48 in 2026Q1, reflecting a strengthened liquidity position that provides a necessary cushion for managing the inherent volatility of outpatient billing cycles and clinician-related working capital requirements.
The improvement in the current ratio suggests that the company is better positioned to meet its short-term obligations without relying on external financing. This liquidity buffer appears essential given the company's reliance on variable clinician compensation and the potential for lumpy cash collections from payors.
Data from the latest balance sheet reveals that goodwill remains a massive component of total assets at $1.3 billion, representing over 60% of the $2.1 billion total asset base, which warrants further investigation into the potential for future impairment risks if acquisition synergies fail to materialize.
The heavy concentration of intangible assets suggests that the company's valuation is highly dependent on the historical premiums paid for past acquisitions. If the company's organic growth strategy does not yield expected returns, the carrying value of this goodwill may become a significant point of vulnerability for the balance sheet.
Quick answers to the most common questions about buying LFST stock.
As of 2025, LifeStance Health Group, Inc. (LFST) had total assets of $2.20B including $416.2M in current assets.
LifeStance Health Group, Inc. (LFST) carries total debt of $194.1M, offset by $248.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
LifeStance Health Group, Inc. (LFST) has total shareholders' equity (book value) of $1.52B ($3.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
LifeStance Health Group, Inc. (LFST) reported a current ratio of 1.65x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.