LifeStance Health Group, Inc. (LFST) Balance Sheet
LFST balance sheet, 2025
December 31, 2025 · U.S. dollars$2.20B assets = $682.9M liabilities + $1.52B equity
Both columns are drawn to the same scale: what LFST owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LFST financial health
Descriptive bands, not a rating. Fiscal 2025.
LFST balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $280.8M2019 | $2.20B2025 | +41.0%/yr | |
| Total liabilities | $447.1M2019 | $682.9M2025 | +7.3%/yr | |
| Shareholders’ equity | −$166.4M2019 | $1.52B2025 | — | |
| Cash & short-term investments | $3.5M2019 | $248.6M2025 | +103.7%/yr | |
| Total debt | $79.3M2019 | $194.1M2025 | +16.1%/yr | |
| Net cash (debt) | −$75.8M2019 | $54.5M2025 | +$130.4M | |
| Working capital | −$27.6M2019 | $164.2M2025 | +$191.8M | |
| Book value per share | −$0.452019 | $3.892025 | — | |
| Current ratio | 0.502019 | 1.652025 | +1.15 | |
| Debt / equity | 0.372020 | 0.132025 | −0.24 | |
| Shares outstanding | 373.6M2019 | 391.1M2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LFST assets
LFST liabilities and equity
LFST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LFST balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $248.6M | $154.6M | $78.8M | $108.6M | $148.0M | $18.8M | $3.5M |
| Cash & equivalents | $248.6M | $154.6M | $78.8M | $108.6M | $148.0M | $18.8M | $3.5M |
| Receivables | $95.7M | $132.0M | $125.6M | $101.5M | $76.1M | $43.7M | $19.1M |
| Inventory | $0 | $0 | $1 | $0 | $38.1M | $1 | $1.9M |
| Other current assets | $71.8M | $25.9M | $21.3M | $23.1M | $4.3M | $13.7M | $2.9M |
| Total current assets | $416.2M | $312.5M | $225.7M | $233.2M | $266.5M | $76.3M | $27.4M |
| Property, plant & equipment (net) | $311.3M | $313.9M | $358.9M | $393.6M | $152.2M | $59.3M | $22.4M |
| Goodwill & intangible assets | $1.47B | $1.48B | $1.51B | $1.54B | $1.50B | $1.43B | $229.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.4M | $7.7M | $10.9M | $10.8M | $3.4M | $2.6M | $1.4M |
| Total assets | $2.20B | $2.12B | $2.11B | $2.17B | $1.93B | $1.57B | $280.8M |
| Liabilities | |||||||
| Accounts payable | $6.1M | $7.2M | $23.2M | $24.4M | $14.2M | $7.7M | $8.3M |
| Short-term debt | $45.5M | $56.7M | $49.4M | $41.2M | $1.3M | $3.7M | $844,000 |
| Deferred revenue | — | — | — | — | $85.2M | −$3.7M | −$844,000 |
| Total current liabilities | $252.0M | $228.9M | $202.9M | $176.0M | $116.8M | $75.9M | $55.0M |
| Long-term debt | $265.9M | $279.8M | $280.3M | $225.1M | $157.4M | $362.5M | $79.3M |
| Lease obligations | $194.1M | $198.1M | $227.8M | $251.4M | $0 | — | — |
| Other long-term liabilities | $165.0M | $163.3M | $197.9M | $254.1M | $107.9M | $133.4M | $312.8M |
| Total liabilities | $682.9M | $672.0M | $681.0M | $655.1M | $382.1M | $571.9M | $447.1M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $3.9M | $3.8M | $3.8M | $3.8M | $3.7M | $1.01B | $3,000 |
| Retained earnings (deficit) | −$808.6M | −$818.3M | −$760.8M | −$572.6M | −$357.1M | −$13.1M | −$166.4M |
| Accumulated other comprehensive income | — | $929,000 | $2.3M | $3.3M | $0 | −$35.0M | −$302.9M |
| Total shareholders' equity | $1.52B | $1.45B | $1.43B | $1.52B | $1.55B | $997.8M | −$166.4M |
| Key figures | |||||||
| Total debt | $194.1M | $485.2M | $511.0M | $478.8M | $158.7M | $366.3M | $79.3M |
| Net cash (debt) | $54.5M | −$330.6M | −$432.2M | −$370.2M | −$10.7M | −$347.4M | −$75.8M |
| Working capital | $164.2M | $83.6M | $22.9M | $57.2M | $149.8M | $359,000 | −$27.6M |
| Tangible book value | $50.0M | −$37.9M | −$85.5M | −$17.5M | $40.1M | −$433.6M | −$395.9M |
| Book value per share | $3.89 | $3.81 | $3.89 | $4.27 | $4.72 | $2.67 | −$0.45 |
| Shares outstanding | 391.1M | 379.1M | 367.5M | 355.3M | 327.5M | 373.6M | 373.6M |
| Current ratio | 1.65 | 1.37 | 1.11 | 1.33 | 2.28 | 1.00 | 0.50 |
| Quick ratio | 1.37 | 1.25 | 1.01 | 1.19 | 1.92 | 0.82 | 0.41 |
| Debt / equity | 0.13 | 0.34 | 0.36 | 0.32 | 0.10 | 0.37 | — |
| Equity / assets | 69.0% | 68.3% | 67.7% | 69.9% | 80.2% | 63.6% | −59.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $225.9M | $194.8M | $248.6M | $203.9M | $188.9M | $134.3M | $154.6M | $102.6M | $87.0M | $49.5M | $78.8M | $42.6M |
| Cash & equivalents | $225.9M | $194.8M | $248.6M | $203.9M | $188.9M | $134.3M | $154.6M | $102.6M | $87.0M | $49.5M | $78.8M | $42.6M |
| Receivables | $111.0M | $122.9M | $95.7M | $121.1M | $129.5M | $140.4M | $132.0M | $158.2M | $167.2M | $175.9M | $125.6M | $149.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $0 |
| Other current assets | $41.1M | $38.2M | $71.8M | $35.4M | $40.4M | $29.9M | $25.9M | $26.2M | $23.6M | $18.7M | $21.3M | $71.9M |
| Total current assets | $378.0M | $355.9M | $416.2M | $360.4M | $358.8M | $304.6M | $312.5M | $287.0M | $277.7M | $244.1M | $225.7M | $264.2M |
| Property, plant & equipment (net) | $321.7M | $313.0M | $311.3M | $308.4M | $303.8M | $311.8M | $313.9M | $324.8M | $336.2M | $348.3M | $358.9M | $370.8M |
| Goodwill & intangible assets | $1.48B | $1.47B | $1.47B | $1.47B | $1.48B | $1.48B | $1.48B | $1.49B | $1.49B | $1.50B | $1.51B | $1.53B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.5M | $4.8M | $5.4M | $6.1M | $6.9M | $7.6M | $7.7M | $7.4M | $12.0M | $12.1M | $10.9M | $13.0M |
| Total assets | $2.18B | $2.15B | $2.20B | $2.15B | $2.15B | $2.10B | $2.12B | $2.11B | $2.12B | $2.11B | $2.11B | $2.18B |
| Liabilities | ||||||||||||
| Accounts payable | $11.1M | $4.3M | $6.1M | $12.2M | $7.8M | $7.4M | $7.2M | $7.3M | $10.0M | $11.9M | $23.2M | $10.4M |
| Short-term debt | $46.5M | $47.4M | $45.5M | $60.1M | $58.0M | $47.3M | $56.7M | $49.0M | $52.1M | $52.7M | $49.4M | $46.2M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | $174.6M |
| Total current liabilities | $274.8M | $239.7M | $252.0M | $228.6M | $242.3M | $207.4M | $228.9M | $217.5M | $227.7M | $207.5M | $202.9M | $240.9M |
| Long-term debt | $259.0M | $262.5M | $265.9M | $269.4M | $272.9M | $276.3M | $279.8M | $279.1M | $279.5M | $279.9M | $280.3M | $248.4M |
| Lease obligations | $200.7M | $196.2M | $194.1M | $191.6M | $190.5M | $196.7M | $198.1M | $207.6M | $214.9M | $223.0M | $227.8M | $235.1M |
| Other long-term liabilities | $170.6M | $166.3M | $165.0M | $158.3M | $157.7M | $163.9M | $163.3M | $174.3M | $182.2M | $190.0M | $197.9M | $230.8M |
| Total liabilities | $704.3M | $668.5M | $682.9M | $656.2M | $672.9M | $647.6M | $672.0M | $670.8M | $689.3M | $677.3M | $681.0M | $720.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.8M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.8M | $3.8M | $3.8M | $3.8M | $3.8M | $3.8M |
| Retained earnings (deficit) | −$770.8M | −$794.4M | −$808.6M | −$820.3M | −$821.4M | −$817.6M | −$818.3M | −$811.2M | −$805.2M | −$781.9M | −$760.8M | −$715.9M |
| Accumulated other comprehensive income | — | — | — | $0 | $345,000 | $612,000 | $929,000 | $771,000 | $2.6M | $2.9M | $2.3M | $4.4M |
| Total shareholders' equity | $1.48B | $1.48B | $1.52B | $1.49B | $1.47B | $1.46B | $1.45B | $1.44B | $1.43B | $1.43B | $1.43B | $1.46B |
| Key figures | ||||||||||||
| Total debt | $200.7M | $196.2M | $194.1M | $473.6M | $474.2M | $473.0M | $485.2M | $486.7M | $497.3M | $505.8M | $511.0M | $486.1M |
| Net cash (debt) | $25.3M | −$1.4M | $54.5M | −$269.7M | −$285.3M | −$338.7M | −$330.6M | −$384.1M | −$410.4M | −$456.3M | −$432.2M | −$443.5M |
| Working capital | $103.2M | $116.2M | $164.2M | $131.8M | $116.6M | $97.2M | $83.6M | $69.5M | $50.1M | $36.7M | $22.9M | $23.4M |
| Tangible book value | −$213,000 | $5.3M | $50.0M | $18.6M | −$3.4M | −$23.6M | −$37.9M | −$51.6M | −$63.4M | −$72.9M | −$85.5M | −$72.0M |
| Book value per share | $3.81 | $3.74 | $3.87 | $3.84 | $3.81 | $3.73 | $3.81 | $3.78 | $3.77 | $3.80 | $3.84 | $3.91 |
| Shares outstanding | 387.3M | 395.1M | 393.1M | 388.9M | 386.7M | 390.7M | 379.8M | 380.4M | 379.4M | 376.3M | 371.9M | 372.5M |
| Current ratio | 1.38 | 1.48 | 1.65 | 1.58 | 1.48 | 1.47 | 1.37 | 1.32 | 1.22 | 1.18 | 1.11 | 1.10 |
| Quick ratio | 1.23 | 1.33 | 1.37 | 1.42 | 1.31 | 1.32 | 1.25 | 1.20 | 1.12 | 1.09 | 1.01 | 0.80 |
| Debt / equity | 0.14 | 0.13 | 0.13 | 0.32 | 0.32 | 0.32 | 0.34 | 0.34 | 0.35 | 0.35 | 0.36 | 0.33 |
| Equity / assets | 67.7% | 68.8% | 69.0% | 69.5% | 68.7% | 69.2% | 68.3% | 68.2% | 67.5% | 67.8% | 67.7% | 66.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
LFST financial position
At the end of fiscal 2025 (December 31, 2025), LifeStance Health had total assets of $2.2 billion (up 4.0% from a year earlier), total liabilities of $682.9 million and shareholders' equity of $1.5 billion. It held $248.6 million in cash and short-term investments against $194.1 million of debt, a net cash position of $54.5 million. Its current ratio was 1.65. In the latest quarter (ended June 30, 2026) total assets were $2.2 billion and equity $1.5 billion.
Related: LFST income statement, LFST cash flow statement, LFST key metrics. See the LFST stock overview for the latest quote and news.
LFST balance sheet FAQ
What are LifeStance Health's total assets?
LifeStance Health reported total assets of $2.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.1 billion a year earlier.
How much debt does LifeStance Health have?
LifeStance Health had $194.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.13.
How much cash does LifeStance Health have?
LifeStance Health held $248.6 million in cash and short-term investments at the end of fiscal 2025; with $194.1 million of debt that is net cash of $54.5 million.
What is LifeStance Health's book value?
LifeStance Health's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $3.89 per share.
What is LifeStance Health's current ratio?
LifeStance Health had current assets of $416.2 million and current liabilities of $252.0 million, a current ratio of 1.65 (it can cover its short-term obligations).
How much goodwill does LifeStance Health have?
LifeStance Health carried $1.5 billion of goodwill and intangible assets, 66.7% of total assets, at the end of fiscal 2025.