BrightSpring Health Services, I — Earnings Quality Grade F
BTSG · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 28 days, change -5 days YoY
AR growth 9.6% vs revenue growth 28.2%
Revenue 28.2%, CFFO 1961.8%. Cash follows revenue
Expense Quality
Inventory 28.1% vs COGS 29.4%. Normal
CapEx growth 18.0% vs revenue 28.2%. Normal
SG&A/Gross Profit = 80.5%, exceeds 70%
Gross margin 11.8%, change -0.8pp. Stable
Cash Flow Quality
CFFO/NI = 2.57. Profits backed by cash
FCF $0.4B, FCF/NI = 2.07
Accruals ratio = -4.7%. Low accruals
Cash $0.1B covers only 3% of debt $2.7B
Balance Sheet Health
Goodwill+Intangibles $3.1B = 165% of equity. Over 50%
Debt/EBITDA = 5.9x (>4x). Interest coverage = 1.9x (<2x). Financial stress
Other assets -98.8% vs revenue 28.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 5% YoY. Normal
Manipulation Score
M-Score = -2.57 (< -2.22). Unlikely manipulator
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25