MEDIUMBuilt-inGeographic
53%
10 states
“10-K Item 1: 'approximately 53% of our revenue in 10 states for the year ended December 31, 2025'”
BTSG · Concentration risk · 10-K extracted
BrightSpring Health Services, I (BTSG) concentration risks
Updated
The most significant concentration BrightSpring Health Services, I discloses is 10 states at 53%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: BrightSpring Health Services, I’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inCustomer
Medicare and Medicaid
“10-K Item 1A: 'We derive substantial revenue from government healthcare programs, primarily Medicare and Medicaid.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a geographic tilt and a government payor dependency, both of moderate share by disclosed size and each structural in character. On the geographic side, approximately 53% of revenue was generated across ten states for the year ended December 31, 2025 — a moderate concentration reflecting the state-by-state distribution of the company's home-based and community care operations. Because Medicaid programs are administered at the state level, this geographic footprint also maps directly to specific state policy environments; changes in Medicaid managed care contracting, reimbursement rates, or eligibility rules in any of those ten key states could have a disproportionate effect on revenue. The government payor dependency reinforces that dynamic: the company derives substantial revenue from Medicare and Medicaid, a moderate structural exposure where a large portion of the income stream is subject to federal and state reimbursement determinations rather than commercial pricing negotiations. Medicare and Medicaid rates are set through regulatory processes, and reductions in reimbursement schedules or coverage criteria changes can compress revenue without any corresponding decline in clinical activity or patient volumes. Together, these two exposures are closely linked: geographic concentration in ten states combined with dependence on government payors means that state-level Medicaid policy decisions in those specific markets are the primary joint risk channel. On balance, the disclosed profile is coherent — a healthcare services business where geography and payor mix both point toward government reimbursement as the key variable to monitor.
For the engine’s reasoning on BTSG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Health Information Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| HQY | HealthEquity, Inc. | 1 | 1 | 1 | 3 |
| HNGE | Hinge Health, Inc. | 1 | 0 | 3 | 4 |
| HTFL | Heartflow, Inc. | 1 | 0 | 0 | 1 |
| BTSG● | BrightSpring Health Services, I | 0 | 2 | 0 | 2 |
| DOCS | Doximity, Inc. | 0 | 1 | 1 | 2 |
| PRVA | Privia Health Group, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.