LifeStance Health Group, Inc. (LFST) intrinsic value & 10-year financials

LifeStance Health Group, Inc. (LFST) has a Graham intrinsic value of $0.82 per share. At $11.74 on Oct 17, 2026, the stock trades 1332% above that value. Over the last 8 fiscal years revenue grew 37.3% a year to $1.4B, with an average return on invested capital of -7.9%.

Graham intrinsic value
$0.82
Share price (Oct 17, 2026)
$11.74
Price vs Graham value
1332% above
Market cap
$4.6B
Revenue (FY2025)
$1.4B
Revenue growth (8-yr CAGR)
37.3%
ROIC (10-yr avg)
-7.9%
Free cash flow (FY2025)
$110.0M

LFST 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $1.4B $9.7M — $110.0M 1.7% 1.1%
FY2024 $1.3B -$57.4M — $85.7M -2.5% -1.8%
FY2023 $1.1B -$186.3M — -$57.4M -17.9% -9.3%
FY2022 $859.5M -$215.6M — -$26.5M -24.5% -11.4%
FY2021 $1.4M -$307.2M — -$85.1M -19816.8% -18.2%
FY2020 — — — — — —
FY2019 $212.5M $5.7M — $2.7M 7.2% -8.0%
FY2018 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

LifeStance Health Group, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

LifeStance Health Group, Inc. has historically struggled to out-earn its cost of capital, averaging just -7.9% ROIC.

LifeStance Health Group, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, LifeStance Health Group, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.82 per share.

LFST stock: frequently asked questions

What is the intrinsic value of LifeStance Health Group, Inc. (LFST) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, LFST's intrinsic value is about $0.82 per share.

Is LFST stock undervalued?

At $11.74 (close on Oct 17, 2026), LFST trades 1332% above its Graham value of $0.82. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

Does LifeStance Health Group, Inc. generate free cash flow?

LifeStance Health Group, Inc. generated $110.0M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 3 of the last 6 reported years.

What is LFST's return on invested capital?

Average ROIC over the last 8 fiscal years was -7.9%, and average return on equity was -9.7%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this LFST data come from?

From LifeStance Health Group, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 6, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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