The company has significantly improved its financial stability by reducing total debt from $3.7 billion in 2023Q4 to $254.8 million in 2026Q1, resulting in a current debt-to-equity ratio of 0.13.
| Total Current Assets | 2.69B | 2.89B | 1.89B | 1.46B | 1.34B | 1.18B | 1.29B | 870.68M |
| Cash & Short-Term Investments | 888.8M | 88.37M | 61.25M | 13.07M | 13.63M | 46.73M | 262M | 18.3M |
| Cash Only | 888.8M | 88.37M | 61.25M | 13.07M | 13.63M | 46.73M | 262M | 18.3M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.11B | 989.72M | 1.15B | 1.01B | 868.35M | 805M | 700.84M | 622.28M |
| Days Sales Outstanding | 28.58 | 27.98 | 37.23 | 41.8 | 41.05 | 43.87 | 45.84 | 50.19 |
| Inventory | 560.17M | 815.18M | 640.57M | 402.78M | 430.52M | 299.22M | 300.06M | 198.47M |
| Days Inventory Outstanding | 20.1 | 26.12 | 24.16 | 19.89 | 24.68 | 20.04 | 24.17 | 19.63 |
| Other Current Assets | 126.81M | 1B | 24.59M | 13.19M | 13.51M | 12.66M | 16.41M | 23.37M |
| Total Non-Current Assets | 3.52B | 3.52B | 4.03B | 4.08B | 4.1B | 4.33B | 3.25B | 2.95B |
| Property, Plant & Equipment | 375.22M | 376.32M | 500.03M | 513.35M | 475.27M | 524.64M | 450.71M | 432.55M |
| Fixed Asset Turnover | 38.22x | 34.31x | 22.53x | 17.19x | 16.24x | 12.77x | 12.38x | 10.46x |
| Goodwill | 2.53B | 2.55B | 2.67B | 2.61B | 2.58B | 2.66B | 1.67B | 1.41B |
| Intangible Assets | 536.88M | 557.55M | 811.48M | 881.48M | 975.86M | 1.11B | 1.1B | 1.07B |
| Long-Term Investments | 14.54M | 0 | 670K | 720K | 736K | 2.66M | 2.48M | 2.37M |
| Other Non-Current Assets | 78.35M | 39.71M | 43.8M | 72.12M | 68.93M | 35.78M | 32.22M | 34.56M |
| Total Assets | 6.21B | 6.41B | 5.93B | 5.53B | 5.44B | 5.51B | 4.54B | 3.82B |
| Asset Turnover | 2.22x | 2.01x | 1.90x | 1.60x | 1.42x | 1.21x | 1.23x | 1.19x |
| Asset Growth % | 25.08% | 8.22% | 7.11% | 1.68% | -1.31% | 21.41% | 18.96% | - |
| Total Current Liabilities | 1.55B | 1.85B | 1.43B | 1.25B | 932.51M | 892.16M | 742.79M | 621.97M |
| Accounts Payable | 1.09B | 1.22B | 941.29M | 641.61M | 526.92M | 408.11M | 355.75M | 252.75M |
| Days Payables Outstanding | 32.2 | 39.02 | 35.5 | 31.68 | 30.21 | 27.33 | 28.65 | 24.99 |
| Short-Term Debt | 105.09M | 102.07M | 48.73M | 32.27M | 30.41M | 40.54M | 22.5M | 18.48M |
| Deferred Revenue (Current) | 16.53M | 0 | 11M | 30.85M | 29.04M | 10.49M | 22.76M | 3.31M |
| Other Current Liabilities | 351.89M | 529.02M | 98.84M | 118.14M | 80.73M | 95.87M | 16.18M | 14.19M |
| Current Ratio | 1.74x | 1.57x | 1.33x | 1.17x | 1.44x | 1.32x | 1.74x | 1.40x |
| Quick Ratio | 1.38x | 1.12x | 0.88x | 0.84x | 0.98x | 0.99x | 1.33x | 1.08x |
| Cash Conversion Cycle | 16.48 | 15.08 | 25.89 | 30.01 | 35.53 | 36.57 | 41.35 | 44.83 |
| Total Non-Current Liabilities | 2.68B | 2.68B | 2.85B | 3.67B | 3.72B | 3.82B | 3.06B | 2.49B |
| Long-Term Debt | 149.75M | 2.59B | 2.56B | 3.33B | 3.36B | 3.39B | 2.67B | 2.16B |
| Capital Lease Obligations | 429.92M | 149.96M | 212.6M | 224.18M | 204.91M | 252.09M | 211.95M | 190.15M |
| Deferred Tax Liabilities | 17.79M | 6.18M | 0 | 23.67M | 79.39M | 98.16M | 121.64M | 65.68M |
| Other Non-Current Liabilities | 2.52B | -68.86M | 71.76M | 91.94M | 75.94M | 77.04M | 57.98M | 65.46M |
| Total Liabilities | 4.22B | 4.53B | 4.27B | 4.92B | 4.66B | 4.71B | 3.81B | 3.11B |
| Total Debt | 254.83M | 2.84B | 2.9B | 3.67B | 3.68B | 3.77B | 2.97B | 2.44B |
| Net Debt | -633.96M | 2.75B | 2.84B | 3.66B | 3.66B | 3.72B | 2.71B | 2.43B |
| Debt / Equity | 0.13x | 1.51x | 1.76x | 5.99x | 4.69x | 4.71x | 4.04x | 3.44x |
| Debt / EBITDA | 0.45x | 4.97x | 7.07x | 10.50x | 9.39x | 8.70x | 8.58x | 11.20x |
| Net Debt / EBITDA | -1.11x | 4.81x | 6.92x | 10.46x | 9.35x | 8.59x | 7.82x | 11.12x |
| Interest Coverage | 2.13x | 2.59x | 0.85x | 0.45x | 0.80x | 1.42x | 1.19x | 0.38x |
| Total Equity | 1.98B | 1.89B | 1.65B | 612.55M | 784.08M | 800.46M | 735.38M | 710.23M |
| Equity Growth % | 52.46% | 14.22% | 169.63% | -21.88% | -2.05% | 8.85% | 3.54% | - |
| Book Value per Share | 8.94 | 8.58 | 8.56 | 3.58 | 4.58 | 4.68 | 4.30 | 4.15 |
| Total Shareholders' Equity | 1.98B | 1.88B | 1.65B | 584.74M | 754.78M | 774.82M | 704.98M | 656.87M |
| Common Stock | 1.93M | 1.92M | 1.74M | 1.18M | 1.18M | 1.18M | 745.17M | 745.88M |
| Retained Earnings | 14.13M | -74.65M | -222.16M | -200.32M | -45.72M | 971K | -51.75M | -94.28M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.26M | -6.69M | 1.42M | 12.54M | 21.19M | 217K | 185K | 132K |
| Minority Interest | 10.51M | 11.3M | 3.73M | 27.81M | 29.31M | 25.65M | 30.39M | 53.36M |
High leverage and goodwill
According to recent quarterly filings, BrightSpring has significantly reduced its total debt from $3.7 billion in 2023Q4 to $254.8 million by 2026Q1, signaling a material shift in the company's capital structure as it transitions from private equity-backed expansion toward a more sustainable public market profile.
The dramatic reduction in debt levels suggests a concerted effort to improve the balance sheet, which was previously burdened by high leverage ratios. This trajectory indicates that the company is prioritizing financial flexibility, though investors should monitor whether this deleveraging is sustainable given the thin net margins.
As reported in financial statements, the debt-to-equity ratio plummeted from 5.99 in 2023Q4 to 0.13 in 2026Q1, reflecting a substantial improvement in the company's leverage profile that may reduce interest expense volatility and enhance the durability of future cash flows.
The sharp decline in debt suggests that the company has successfully utilized capital to pay down obligations, likely following its public listing. This shift significantly lowers the risk of insolvency, although the company must now demonstrate that it can maintain this lower leverage while continuing to fund its operational requirements.
Based on the company's reported figures, goodwill accounts for approximately $2.5 billion of the $6.2 billion total assets as of 2026Q1, indicating that the firm's asset base is heavily reliant on past acquisitions rather than tangible property, plant, or equipment.
The high concentration of goodwill suggests that the company's valuation is sensitive to potential impairment charges if acquired businesses fail to meet performance expectations. This asset mix highlights the risks inherent in a roll-up strategy, where the value of the enterprise is tied to intangible synergies.
As indicated by the latest quarterly data, the current ratio has improved to 1.74 in 2026Q1 from a low of 1.17 in 2023Q4, providing a more robust buffer against short-term operational shocks and potential delays in government reimbursement cycles.
The improvement in liquidity appears to be driven by a significant increase in cash reserves, which reached $888.8 million in the most recent quarter. This enhanced cash position provides the company with greater flexibility to manage working capital volatility and fund ongoing clinical service requirements.
According to the balance sheet data, retained earnings shifted from a deficit of $200.3 million in 2023Q4 to a positive $14.1 million in 2026Q1, marking a critical milestone in the company's transition toward generating sustainable shareholder value.
This reversal in retained earnings suggests that the company is beginning to retain profits rather than solely relying on external financing or equity dilution. While the amount remains modest, it indicates a potential inflection point in the company's ability to self-fund its growth initiatives.
Quick answers to the most common questions about buying BTSG stock.
As of 2025, BrightSpring Health Services, Inc. Common Stock (BTSG) had total assets of $6.41B including $2.89B in current assets.
BrightSpring Health Services, Inc. Common Stock (BTSG) carries total debt of $2.84B, offset by $88.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BrightSpring Health Services, Inc. Common Stock (BTSG) has total shareholders' equity (book value) of $1.88B ($8.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BrightSpring Health Services, Inc. Common Stock (BTSG) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.