BrightSpring Health Services Tangible Equity Unit (BTSGU) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTSGU SEC filings page.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) reported $15.3B in revenue over the twelve months to Sep 30, 2026, up 26.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shows rapid growth becoming cash-generative while leverage recedes, but gross profitability continues to narrow.
Cash conversion was stronger than reported earnings: operating cash flow reached$490M against net income of$191M . Free cash flow was$395M after$95M of capital expenditures, indicating that cash generation also reflected non-earnings or working-capital effects rather than profit alone.
Leverage has been materially reshaped: debt-to-equity fell from 5.7x in FY2023 to 1.3x in FY2025, changing the balance-sheet burden. Long-term debt also declined
Revenue grew
Financial Health Signals
We do not publish a peer-relative financial health score for BrightSpring Health Services, Inc. Tangible Equity Unit, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
BrightSpring Health Services, Inc. Tangible Equity Unit passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, BrightSpring Health Services, Inc. Tangible Equity Unit generates $2.57 in operating cash flow ($490.2M OCF vs $190.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
BrightSpring Health Services, Inc. Tangible Equity Unit earns $1.88 in operating income for every $1 of interest expense ($295.3M vs $157.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
BrightSpring Health Services, Inc. Tangible Equity Unit generated $4.2B in revenue in Q3 2026. This represents an increase of 26.4% from the same quarter a year earlier. Against the prior quarter it is up 8.8%.
BrightSpring Health Services, Inc. Tangible Equity Unit's EBITDA was $198.9M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.6% from the same quarter a year earlier. Against the prior quarter it is up 15.7%.
BrightSpring Health Services, Inc. Tangible Equity Unit reported $100.1M in net income in Q3 2026. This represents an increase of 79.3% from the same quarter a year earlier. Against the prior quarter it is up 18.8%.
BrightSpring Health Services, Inc. Tangible Equity Unit earned $0.45 per diluted share (EPS) in Q3 2026. This represents an increase of 73.1% from the same quarter a year earlier. Against the prior quarter it is up 18.4%.
Cash & Balance Sheet
BrightSpring Health Services, Inc. Tangible Equity Unit generated $182.2M in free cash flow in Q3 2026, representing cash available after capex. This represents an increase of 97.7% from the same quarter a year earlier. Against the prior quarter it is up 1124.3%.
BrightSpring Health Services, Inc. Tangible Equity Unit held $717.8M in cash against $2.1B in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
BrightSpring Health Services, Inc. Tangible Equity Unit's gross margin was 12.3% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
BrightSpring Health Services, Inc. Tangible Equity Unit's operating margin was 3.8% in Q3 2026, reflecting core business profitability. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
BrightSpring Health Services, Inc. Tangible Equity Unit's net profit margin was 2.4% in Q3 2026, showing the share of revenue converted to profit. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
BrightSpring Health Services, Inc. Tangible Equity Unit's quarterly ROE was 4.6% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
Capital Allocation
BrightSpring Health Services, Inc. Tangible Equity Unit repurchased no shares in Q3 2026. Against the prior quarter it is down 100.0%.
BrightSpring Health Services, Inc. Tangible Equity Unit invested $22.1M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 40.1% from the same quarter a year earlier. Against the prior quarter it is down 23.9%.
Not reported for Q3 2026.
BTSGU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.2B+26.4% | $3.9B+23.0% | $3.6B+25.6% | $3.6B+29.3% | $3.3B+14.7% | $3.1B+15.3% | $2.9B+11.7% | $2.7B+15.7% |
| Gross Profit | $518.5M+32.3% | $492.7M+31.5% | $482.2M+42.5% | $412.5M+21.8% | $392.0M+21.3% | $374.9M+20.1% | $338.4M+15.7% | $338.7M-8.1% |
| SG&A Expenses | $358.1M+17.7% | $362.4M+11.1% | $360.8M+25.4% | $304.4M+7.5% | $304.2M+3.5% | $326.3M+19.3% | $287.6M-6.6% | $283.1M-5.8% |
| Operating Income | $160.5M+82.7% | $130.4M+168.5% | $121.4M+139.4% | $108.1M+94.7% | $87.8M+201.9% | $48.6M+25.6% | $50.7Mn/m | $55.5M-18.6% |
| EBITDA | $198.9M+54.6% | $171.8M+90.1% | $160.5M+72.8% | $147.6M+33.7% | $128.6M+61.3% | $90.4M+1.9% | $92.9M+176.6% | $110.4M+265.4% |
| Interest Expense | $31.0M-18.8% | $36.9M-4.9% | $38.6M-7.5% | $38.5M-16.6% | $38.2M-18.0% | $38.8M-10.4% | $41.8M-23.3% | $46.2M+52.1% |
| Income Tax | $28.6M+136.3% | $6.9M+458.0% | $8.6Mn/m | $20.0M+294.5% | $12.1M+48.6% | $1.2Mn/m | -$240Kn/m | $5.1Mn/m |
| Net Income | $100.1M+79.3% | $84.3M+198.8% | $148.8M+403.6% | $77.1M+381.8% | $55.8Mn/m | $28.2M+41.6% | $29.5Mn/m | $16.0Mn/m |
| EPS (Basic) | $0.48+77.8% | $0.41+192.9% | $0.73+386.7% | $0.38+322.2% | $0.27n/m | $0.14+40.0% | $0.15n/m | $0.09n/m |
| EPS (Diluted) | $0.45+73.1% | $0.38+192.3% | $0.67+378.6% | $0.35+288.9% | $0.26n/m | $0.13+30.0% | $0.14n/m | $0.09n/m |
| Diluted Shares (Avg) | 220M+1.0% | 220M+1.8% | 221M+3.0% | N/A | 218M+9.8% | 216M+3.5% | 215M+22.4% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.
BTSGU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.3B+3.6% | $6.0B+0.7% | $6.2B+6.3% | $6.4B+8.2% | $6.0B+4.6% | $5.9B+6.0% | $5.8B+3.4% | $5.9B+7.1% |
| Current Assets | $2.8B-0.5% | $2.5B-6.7% | $2.7B+6.4% | $2.9B+52.9% | $2.8B+62.6% | $2.6B+74.0% | $2.5B+60.8% | $1.9B+30.0% |
| Cash & Equivalents | $717.8M+411.5% | $550.4M+685.5% | $888.8M+1598.2% | $88.4M+45.0% | $140.3M+290.1% | $70.1M+180.0% | $52.3M-9.8% | $61.0M+390.4% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $671.6M+5.1% | $575.0M-8.1% | $560.2M+5.0% | $815.2M+28.1% | $639.2M+33.6% | $625.5M+67.1% | $533.6M+42.8% | $636.6M+59.6% |
| Accounts Receivable | $1.2B+20.1% | $1.1B+17.1% | $1.1B+14.2% | $989.7M+9.6% | $1.0B-1.2% | $972.7M-1.2% | $975.3M-1.5% | $902.8M+17.7% |
| Long-Term Investments | $7.5Mn/m | $7.5Mn/m | $7.5Mn/m | $7.5M+424.2% | $0n/m | $0n/m | $0n/m | $1.4Mn/m |
| Goodwill | $2.5B+7.0% | $2.5B+7.0% | $2.5B+6.9% | $2.5B+7.7% | $2.4B-11.3% | $2.4B-9.8% | $2.4B-9.2% | $2.4B+2.7% |
| Total Liabilities | $4.1B-3.5% | $3.9B-6.4% | $4.2B+1.6% | $4.5B+5.9% | $4.2B+1.5% | $4.2B+5.0% | $4.2B+1.8% | $4.3B-13.1% |
| Current Liabilities | $1.7B+10.4% | $1.6B+3.3% | $1.5B+6.2% | $1.8B+29.5% | $1.5B+22.6% | $1.5B+31.5% | $1.5B+17.1% | $1.4B+14.4% |
| Non-Current Liabilities | $2.4B-11.5% | $2.4B-11.9% | $2.7B-0.9% | $2.7B-5.9% | $2.7B-7.7% | $2.7B-5.7% | $2.7B-4.8% | $2.8B-22.5% |
| Long-Term Debt | $2.1B-12.9% | $2.1B-13.3% | $2.4B-1.8% | $2.5B-4.2% | $2.5B-5.5% | $2.5B-3.3% | $2.5B-1.0% | $2.6B-23.1% |
| Total Equity | $2.2B+19.7% | $2.0B+17.5% | $2.0B+17.3% | $1.9B+13.8% | $1.8B+12.6% | $1.7B+9.0% | $1.7B+7.6% | $1.6B+181.8% |
| Retained Earnings | $138.6Mn/m | $38.4Mn/m | $14.1Mn/m | -$74.6Mn/m | -$108.6Mn/m | -$164.4Mn/m | -$192.6Mn/m | -$222.2Mn/m |
BTSGU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $204.3M+89.3% | $43.9M-10.5% | $122.9M+21.0% | $231.6M+155.6% | $107.9M+296.2% | $49.1Mn/m | $101.6Mn/m | $90.6M-44.2% |
| Depreciation & Amortization | $38.4M-5.8% | $41.4M-1.0% | $39.1M-7.3% | $39.5M-28.0% | $40.8M-19.5% | $41.8M-16.4% | $42.2M-13.8% | $54.9M+7.6% |
| Stock-Based Compensation | N/A | N/A | $3.7M-76.6% | N/A | N/A | N/A | $15.7M-36.9% | N/A |
| Capital Expenditures | $22.1M+40.1% | $29.0M+18.9% | $21.5M+22.2% | $37.7M+146.0% | $15.8M-21.4% | $24.4M+2.9% | $17.6M-19.2% | $15.3M-9.0% |
| Free Cash Flow | $182.2M+97.7% | $14.9M-39.6% | $101.4M+20.8% | $193.9M+157.5% | $92.2M+1179.7% | $24.7Mn/m | $84.0Mn/m | $75.3M-48.3% |
| Investing Cash Flow | -$23.2Mn/m | -$28.2Mn/m | $747.4Mn/m | -$233.9Mn/m | -$23.8Mn/m | -$23.2Mn/m | -$24.2Mn/m | -$15.8Mn/m |
| Financing Cash Flow | -$13.7Mn/m | -$354.1Mn/m | -$70.0Mn/m | -$50.5Mn/m | -$13.1M-167.1% | -$8.2M-120.7% | -$86.0M-155.6% | -$49.6Mn/m |
| Share Buybacks | $0 | $60.0M | $60.0M | N/A | N/A | N/A | N/A | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid.
BTSGU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.3%+0.6pp | 12.7%+0.8pp | 13.3%+1.6pp | 11.6%-0.7pp | 11.8%+0.6pp | 11.9%+0.5pp | 11.8%+0.4pp | 12.3%-3.2pp |
| Operating Margin | 3.8%+1.2pp | 3.4%+1.8pp | 3.4%+1.6pp | 3.0%+1.0pp | 2.6%+1.6pp | 1.5%+0.1pp | 1.8%+2.4pp | 2.0%-0.9pp |
| Net Margin | 2.4%+0.7pp | 2.2%+1.3pp | 4.1%+3.1pp | 2.2%+1.6pp | 1.7%+1.9pp | 0.9%+0.2pp | 1.0%+2.8pp | 0.6%+0.9pp |
| Return on Equity | 4.6%+1.5pp | 4.1%+2.5pp | 7.5%+5.8pp | 4.1%+3.1pp | 3.1%+3.6pp | 1.6%+0.4pp | 1.8%+4.7pp | 1.0%+2.1pp |
| Return on Assets | 1.6%+0.7pp | 1.4%+0.9pp | 2.4%+1.9pp | 1.2%+0.9pp | 0.9%+1.1pp | 0.5%+0.1pp | 0.5%+1.3pp | 0.3%+0.4pp |
| Current Ratio | 1.62-0.2x | 1.59-0.2x | 1.740.0x | 1.57+0.2x | 1.79+0.4x | 1.76+0.4x | 1.73+0.5x | 1.33+0.2x |
| Debt-to-Equity | 0.99-0.4x | 1.05-0.4x | 1.24-0.2x | 1.31-0.2x | 1.36-0.3x | 1.42-0.2x | 1.48-0.1x | 1.55-4.1x |
| Liabilities-to-Equity | 1.87-0.5x | 1.92-0.5x | 2.13-0.3x | 2.41-0.2x | 2.33-0.3x | 2.41-0.1x | 2.46-0.1x | 2.59-5.8x |
| Asset Turnover | 0.67+0.1x | 0.65+0.1x | 0.58+0.1x | 0.55+0.1x | 0.550.0x | 0.530.0x | 0.490.0x | 0.460.0x |
| FCF Margin | 4.3%+1.6pp | 0.4%-0.4pp | 2.8%-0.1pp | 5.5%+2.7pp | 2.8%+2.5pp | 0.8%+2.2pp | 2.9%+6.8pp | 2.7%-3.4pp |
Where BrightSpring Health Services, Inc. Tangible Equity Unit Ranks
Frequently Asked Questions
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) reported $12.9B in total revenue for fiscal year 2025. This represents a 28.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) revenue grew by 28.2% year-over-year, from $10.1B to $12.9B in fiscal year 2025.
Yes, BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) reported a net income of $410.3M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $190.7M, with a net profit margin of 1.5%.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had EBITDA of $459.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had $88.4M in cash and equivalents against $2.5B in long-term debt.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had a gross margin of 11.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had an operating margin of 2.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had a net profit margin of 1.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) has a return on equity of 10.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) generated $394.7M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) generated $490.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had $6.4B in total assets as of fiscal year 2025, including both current and long-term assets.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) invested $95.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had a debt-to-equity ratio of 1.31 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had a liabilities-to-equity ratio of 2.41 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) had a return on assets of 3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) has an earnings quality ratio of 2.57x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) has an interest coverage ratio of 1.88x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.