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Side-by-side financial comparison of LifeStance Health Group, Inc. (LFST) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
LifeStance Health Group, Inc. is the larger business by last-quarter revenue ($382.2M vs $209.6M, roughly 1.8× Varex Imaging Corp). LifeStance Health Group, Inc. runs the higher net margin — 3.1% vs 1.1%, a 2.0% gap on every dollar of revenue. On growth, LifeStance Health Group, Inc. posted the faster year-over-year revenue change (17.4% vs 4.9%). LifeStance Health Group, Inc. produced more free cash flow last quarter ($46.6M vs $-26.8M). Over the past eight quarters, LifeStance Health Group, Inc.'s revenue compounded faster (12.8% CAGR vs 0.8%).
Lifestance Health (Lifestance) is an American outpatient behavioral health services provider. They provide their services in person and via tele-health. Their services include therapy, psychiatry, TMS, and ketamine therapies. They have landed in lawsuits multiple times over labor violations, leaking of customer information, and misleading investors.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
LFST vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $382.2M | $209.6M |
| Net Profit | $11.7M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 4.7% | 7.3% |
| Net Margin | 3.1% | 1.1% |
| Revenue YoY | 17.4% | 4.9% |
| Net Profit YoY | 264.1% | 866.7% |
| EPS (diluted) | — | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $382.2M | $228.9M | ||
| Q3 25 | $363.8M | $203.0M | ||
| Q2 25 | $345.3M | $212.9M | ||
| Q1 25 | $333.0M | $199.8M | ||
| Q4 24 | $325.5M | — | ||
| Q3 24 | $312.7M | $205.7M | ||
| Q2 24 | $312.3M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $11.7M | $12.2M | ||
| Q3 25 | $1.1M | $-89.1M | ||
| Q2 25 | $-3.8M | $6.9M | ||
| Q1 25 | $709.0K | $-300.0K | ||
| Q4 24 | $-7.1M | — | ||
| Q3 24 | $-6.0M | $-51.1M | ||
| Q2 24 | $-23.3M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 4.7% | 8.6% | ||
| Q3 25 | 2.0% | -39.8% | ||
| Q2 25 | -0.9% | 10.4% | ||
| Q1 25 | 0.5% | 5.6% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.0% | 5.3% | ||
| Q2 24 | -5.1% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 3.1% | 5.3% | ||
| Q3 25 | 0.3% | -43.9% | ||
| Q2 25 | -1.1% | 3.2% | ||
| Q1 25 | 0.2% | -0.2% | ||
| Q4 24 | -2.2% | — | ||
| Q3 24 | -1.9% | -24.8% | ||
| Q2 24 | -7.5% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | — | $-2.15 | ||
| Q2 25 | — | $0.17 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-1.25 | ||
| Q2 24 | — | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $248.6M | $125.6M |
| Total DebtLower is stronger | $282.8M | $367.6M |
| Stockholders' EquityBook value | $1.5B | $476.9M |
| Total Assets | $2.2B | $1.1B |
| Debt / EquityLower = less leverage | 0.19× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $248.6M | $155.1M | ||
| Q3 25 | $203.9M | $152.6M | ||
| Q2 25 | $188.9M | $223.0M | ||
| Q1 25 | $134.3M | $212.6M | ||
| Q4 24 | $154.6M | — | ||
| Q3 24 | $102.6M | $200.5M | ||
| Q2 24 | $87.0M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $282.8M | $367.5M | ||
| Q3 25 | $284.6M | $367.5M | ||
| Q2 25 | $286.4M | $567.2M | ||
| Q1 25 | $288.2M | $567.0M | ||
| Q4 24 | $290.0M | — | ||
| Q3 24 | $287.3M | $443.4M | ||
| Q2 24 | $288.0M | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $1.5B | $472.6M | ||
| Q3 25 | $1.5B | $455.3M | ||
| Q2 25 | $1.5B | $549.7M | ||
| Q1 25 | $1.5B | $540.2M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $529.1M | ||
| Q2 24 | $1.4B | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $2.2B | $1.1B | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.1B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.19× | 0.78× | ||
| Q3 25 | 0.19× | 0.81× | ||
| Q2 25 | 0.19× | 1.03× | ||
| Q1 25 | 0.20× | 1.05× | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.20× | 0.84× | ||
| Q2 24 | 0.20× | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $57.6M | $-16.1M |
| Free Cash FlowOCF − Capex | $46.6M | $-26.8M |
| FCF MarginFCF / Revenue | 12.2% | -12.8% |
| Capex IntensityCapex / Revenue | 2.9% | 5.1% |
| Cash ConversionOCF / Net Profit | 4.93× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $110.0M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $57.6M | $7.9M | ||
| Q3 25 | $27.3M | $7.7M | ||
| Q2 25 | $64.4M | $16.6M | ||
| Q1 25 | $-3.1M | $9.5M | ||
| Q4 24 | $62.3M | — | ||
| Q3 24 | $22.7M | $25.9M | ||
| Q2 24 | $44.1M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $46.6M | $2.3M | ||
| Q3 25 | $17.0M | $1.4M | ||
| Q2 25 | $56.6M | $9.8M | ||
| Q1 25 | $-10.3M | $5.3M | ||
| Q4 24 | $56.0M | — | ||
| Q3 24 | $17.7M | $19.9M | ||
| Q2 24 | $39.0M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 12.2% | 1.0% | ||
| Q3 25 | 4.7% | 0.7% | ||
| Q2 25 | 16.4% | 4.6% | ||
| Q1 25 | -3.1% | 2.7% | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 5.7% | 9.7% | ||
| Q2 24 | 12.5% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 2.9% | 2.4% | ||
| Q3 25 | 2.8% | 3.1% | ||
| Q2 25 | 2.2% | 3.2% | ||
| Q1 25 | 2.2% | 2.1% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 1.6% | 2.9% | ||
| Q2 24 | 1.6% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 4.93× | 0.65× | ||
| Q3 25 | 25.34× | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | -4.36× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LFST
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
