Latest Ratios: P/E Ratio 545.0x · EV/EBITDA 51.9x · ROE 0.7%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $2.8B | $2.8B | $2.9B | $1.8B | $3.1B | — | — |
| Enterprise Value | $4.2B | $2.7B | $3.1B | $3.3B | $2.1B | $3.1B | — | — |
| P/E Ratio → | 545.00 | 352.00 | — | — | — | — | — | — |
| P/S Ratio | 2.97 | 1.93 | 2.23 | 2.73 | 2.04 | 4.67 | — | — |
| P/B Ratio | 2.80 | 1.81 | 1.93 | 2.01 | 1.16 | 2.02 | — | — |
| P/FCF | 38.42 | 25.03 | 32.61 | — | — | — | — | — |
| P/OCF | 28.92 | 18.84 | 26.05 | — | 33.25 | 331.00 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.90 | 2.50 | 3.13 | 2.47 | 4.69 | — | — |
| EV / EBITDA | 51.86 | 33.55 | 79.44 | — | — | — | — | — |
| EV / EBIT | 162.33 | 112.34 | — | — | — | — | — | — |
| EV / FCF | — | 24.53 | 36.47 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.5% | 28.5% | 32.2% | 28.6% | 27.6% | 30.2% | 35.6% | 29.4% |
| Operating Margin | 1.8% | 1.8% | -2.5% | -17.9% | -24.5% | -42.9% | 4.1% | 7.2% |
| Net Profit Margin | 0.7% | 0.7% | -4.6% | -17.6% | -25.1% | -46.0% | -10.1% | 2.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 0.7% | 0.7% | -4.0% | -12.6% | -14.1% | -24.2% | -9.2% | — |
| ROA | 0.4% | 0.4% | -2.7% | -8.7% | -10.5% | -17.6% | -4.1% | 2.0% |
| ROIC | 1.2% | 1.2% | -1.3% | -7.6% | -9.2% | -14.8% | 1.8% | — |
| ROCE | 1.3% | 1.3% | -1.7% | -9.7% | -11.0% | -17.3% | 1.8% | 6.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.34 | 0.36 | 0.32 | 0.10 | 0.37 | — |
| Debt / EBITDA | 2.41 | 2.41 | 12.33 | — | — | — | 7.88 | 3.72 |
| Net Debt / Equity | — | -0.04 | 0.23 | 0.30 | 0.24 | 0.01 | 0.35 | — |
| Net Debt / EBITDA | -0.68 | -0.68 | 8.40 | — | — | — | 7.47 | 3.55 |
| Debt / FCF | — | -0.50 | 3.86 | — | — | — | — | 27.74 |
| Interest Coverage | 2.06 | 2.06 | -1.17 | -8.74 | -10.68 | -7.56 | -1.01 | 2.82 |
Net cash position: cash ($249M) exceeds total debt ($194M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 1.37 | 1.11 | 1.33 | 2.28 | 1.00 | 0.50 |
| Quick Ratio | 1.65 | 1.65 | 1.37 | 1.11 | 1.33 | 1.96 | 1.00 | 0.50 |
| Cash Ratio | 0.99 | 0.99 | 0.68 | 0.39 | 0.62 | 1.27 | 0.25 | 0.06 |
| Asset Turnover | — | 0.65 | 0.59 | 0.50 | 0.40 | 0.35 | 0.24 | 0.76 |
| Inventory Turnover | — | — | — | — | — | 12.24 | — | — |
| Days Sales Outstanding | — | 24.53 | 38.52 | 43.44 | 43.10 | 54.30 | 42.29 | 32.86 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.2% | 0.3% | — | — | — | — | — | — |
| FCF Yield | 2.6% | 4.0% | 3.1% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Shares Outstanding | — | $391M | $379M | $367M | $355M | $328M | $374M | $374M |
Clinician wage inflation pressure
According to current market data, LifeStance trades at a forward P/E of 75.53, a multiple that appears to price in significant future margin expansion rather than current earnings, suggesting investors are betting on the scalability of the company's hybrid outpatient model over its immediate profitability.
The elevated P/E ratio relative to traditional healthcare facility operators implies that the market views LifeStance as a high-growth services platform rather than a mature asset. This valuation warrants caution, as it assumes the company can successfully transition from its historical 'growth at all costs' phase to a period of sustained operational efficiency without compromising its competitive moat.
Based on reported figures, LifeStance's ROIC has only recently turned positive, reaching 1.1% in 2026Q1, which highlights the difficulty of generating meaningful returns on invested capital when the business model is burdened by significant goodwill and high clinician-related variable costs.
The trend of low-to-negative ROIC over the past ten quarters suggests that the company has struggled to deploy capital effectively in its aggressive expansion phase. Investors should monitor whether the recent pivot toward organic growth can drive returns above the company's cost of capital, as current levels remain well below industry standards.
As reported in recent quarterly filings, the company's DSO has fluctuated between 24 and 50 days over the last ten quarters, indicating that the speed of cash collection remains a volatile variable that directly impacts the firm's ability to manage its day-to-day liquidity requirements.
The variability in DSO suggests potential friction in the billing and reimbursement process, which is common in fragmented outpatient mental health markets. Improving this metric is essential for the company to convert its revenue growth into consistent free cash flow, especially given the thin operating margins.
Market participants frequently rely on Adjusted EBITDA to evaluate LifeStance, yet this metric often obscures the recurring nature of center-level costs and the significant cash impact of clinician recruitment, which are essential to understanding the true underlying profitability of this professional services business model.
Using EBITDA for a labor-intensive roll-up strategy like LifeStance can be misleading because it ignores the high variable costs of clinician compensation and the ongoing need for capital to maintain the physical footprint. A more accurate assessment would focus on free cash flow margins, which better capture the actual cash generated after accounting for the necessary investments in the clinician workforce.
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Quick answers to the most common questions about buying LFST stock.
LifeStance Health Group, Inc.'s current P/E ratio is 545.0x. This places it at the 50th percentile of its historical range.
LifeStance Health Group, Inc.'s current EV/EBITDA is 51.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 56.5x.
LifeStance Health Group, Inc.'s return on equity (ROE) is 0.7%. The historical average is -10.6%.
Based on historical data, LifeStance Health Group, Inc. is trading at a P/E of 545.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LifeStance Health Group, Inc. has 28.5% gross margin and 1.8% operating margin.
LifeStance Health Group, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.