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Side-by-side financial comparison of LifeStance Health Group, Inc. (LFST) and Talkspace, Inc. (TALK), based on the latest 10-Q / 10-K filings. 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 $63.0M, roughly 6.1× Talkspace, Inc.). Talkspace, Inc. runs the higher net margin — 3.1% vs 7.6%, a 4.5% gap on every dollar of revenue. On growth, Talkspace, Inc. posted the faster year-over-year revenue change (29.3% vs 17.4%). Over the past eight quarters, Talkspace, Inc.'s revenue compounded faster (17.8% CAGR vs 12.8%).
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.
Talkspace, Inc. is an American company that provides online and mobile therapy services. Founded in 2012 by Oren and Roni Frank, Talkspace connects users with licensed therapists and psychiatrists through web and mobile platforms. The service offers communication through text, audio, and video messaging, as well as live video sessions in some cases. The company is headquartered in New York City.
LFST vs TALK — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $382.2M | $63.0M |
| Net Profit | $11.7M | $4.8M |
| Gross Margin | — | — |
| Operating Margin | 4.7% | 6.1% |
| Net Margin | 3.1% | 7.6% |
| Revenue YoY | 17.4% | 29.3% |
| Net Profit YoY | 264.1% | 292.5% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $382.2M | $63.0M | ||
| Q3 25 | $363.8M | $59.4M | ||
| Q2 25 | $345.3M | $54.3M | ||
| Q1 25 | $333.0M | $52.2M | ||
| Q4 24 | $325.5M | $48.7M | ||
| Q3 24 | $312.7M | $47.4M | ||
| Q2 24 | $312.3M | $46.1M | ||
| Q1 24 | $300.4M | $45.4M |
| Q4 25 | $11.7M | $4.8M | ||
| Q3 25 | $1.1M | $3.3M | ||
| Q2 25 | $-3.8M | $-541.0K | ||
| Q1 25 | $709.0K | $318.0K | ||
| Q4 24 | $-7.1M | $1.2M | ||
| Q3 24 | $-6.0M | $1.9M | ||
| Q2 24 | $-23.3M | $-474.0K | ||
| Q1 24 | $-21.1M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 44.6% | ||
| Q4 24 | — | 44.2% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 45.5% | ||
| Q1 24 | — | 47.8% |
| Q4 25 | 4.7% | 6.1% | ||
| Q3 25 | 2.0% | 3.7% | ||
| Q2 25 | -0.9% | -3.3% | ||
| Q1 25 | 0.5% | -2.1% | ||
| Q4 24 | 0.3% | 1.2% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | -5.1% | -7.6% | ||
| Q1 24 | -5.6% | -3.7% |
| Q4 25 | 3.1% | 7.6% | ||
| Q3 25 | 0.3% | 5.5% | ||
| Q2 25 | -1.1% | -1.0% | ||
| Q1 25 | 0.2% | 0.6% | ||
| Q4 24 | -2.2% | 2.5% | ||
| Q3 24 | -1.9% | 4.0% | ||
| Q2 24 | -7.5% | -1.0% | ||
| Q1 24 | -7.0% | -3.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | $0.02 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $0.01 | ||
| Q2 24 | — | $0.00 | ||
| Q1 24 | — | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $248.6M | $37.4M |
| Total DebtLower is stronger | $282.8M | — |
| Stockholders' EquityBook value | $1.5B | $117.0M |
| Total Assets | $2.2B | $134.9M |
| Debt / EquityLower = less leverage | 0.19× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $248.6M | $37.4M | ||
| Q3 25 | $203.9M | $39.5M | ||
| Q2 25 | $188.9M | $54.3M | ||
| Q1 25 | $134.3M | $60.1M | ||
| Q4 24 | $154.6M | $76.7M | ||
| Q3 24 | $102.6M | $119.0M | ||
| Q2 24 | $87.0M | $114.9M | ||
| Q1 24 | $49.5M | $120.3M |
| Q4 25 | $282.8M | — | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $286.4M | — | ||
| Q1 25 | $288.2M | — | ||
| Q4 24 | $290.0M | — | ||
| Q3 24 | $287.3M | — | ||
| Q2 24 | $288.0M | — | ||
| Q1 24 | $288.8M | — |
| Q4 25 | $1.5B | $117.0M | ||
| Q3 25 | $1.5B | $109.1M | ||
| Q2 25 | $1.5B | $112.9M | ||
| Q1 25 | $1.5B | $113.4M | ||
| Q4 24 | $1.4B | $117.4M | ||
| Q3 24 | $1.4B | $117.6M | ||
| Q2 24 | $1.4B | $114.0M | ||
| Q1 24 | $1.4B | $119.6M |
| Q4 25 | $2.2B | $134.9M | ||
| Q3 25 | $2.1B | $129.1M | ||
| Q2 25 | $2.1B | $132.8M | ||
| Q1 25 | $2.1B | $134.2M | ||
| Q4 24 | $2.1B | $138.7M | ||
| Q3 24 | $2.1B | $138.2M | ||
| Q2 24 | $2.1B | $133.8M | ||
| Q1 24 | $2.1B | $138.3M |
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | 0.20× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $57.6M | $5.4M |
| Free Cash FlowOCF − Capex | $46.6M | — |
| FCF MarginFCF / Revenue | 12.2% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.9% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 4.93× | 1.13× |
| TTM Free Cash FlowTrailing 4 quarters | $110.0M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $57.6M | $5.4M | ||
| Q3 25 | $27.3M | $4.7M | ||
| Q2 25 | $64.4M | $-351.0K | ||
| Q1 25 | $-3.1M | $-1.2M | ||
| Q4 24 | $62.3M | $3.7M | ||
| Q3 24 | $22.7M | $6.2M | ||
| Q2 24 | $44.1M | $4.8M | ||
| Q1 24 | $-21.8M | $-3.4M |
| Q4 25 | $46.6M | — | ||
| Q3 25 | $17.0M | — | ||
| Q2 25 | $56.6M | — | ||
| Q1 25 | $-10.3M | — | ||
| Q4 24 | $56.0M | — | ||
| Q3 24 | $17.7M | — | ||
| Q2 24 | $39.0M | $4.5M | ||
| Q1 24 | $-26.9M | $-3.8M |
| Q4 25 | 12.2% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 16.4% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | 12.5% | 9.7% | ||
| Q1 24 | -9.0% | -8.3% |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.6% | 0.7% | ||
| Q1 24 | 1.7% | 0.8% |
| Q4 25 | 4.93× | 1.13× | ||
| Q3 25 | 25.34× | 1.46× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.36× | -3.90× | ||
| Q4 24 | — | 3.02× | ||
| Q3 24 | — | 3.31× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
LFST
Segment breakdown not available.
TALK
| Payor Revenue | $47.7M | 76% |
| Dte Revenue | $11.6M | 18% |
| Consumer | $3.7M | 6% |
