-35%

est. 2Y upside i

HealthcareSeries D+

Mental health benefits platform for employers and health plans

Rank

#2915

Sector

Healthtech

Est. Liquidity

~2Y

Data Quality

Data: Medium

The expected equity upside over 2 years is -35%, driven by a high entry multiple of 5.28x and competitive pressure.

Last updated: July 19, 2026

Bull (10%)+34%

IPO window opens within 24 months (management signals 18-24 months). Exit multiple holds at 5x, driven by category leadership and strong revenue growth to $1.02B. Expected return after 20% dilution: 33.9%.

Base (45%)-28%

Multiple converges to 3x (high end of comp range) as growth decelerates. Revenue reaches $1.02B, but entry multiple of 5.28x compresses. After 20% dilution, expected return: -27.7%.

Bear (45%)-58%

Multiple compresses to 2x due to incumbent pressure and regulatory fines. Revenue growth disappoints. After 20% dilution, common stock loses 58.5%. Preference stack of $474M not triggered.

Est. time to liquidity~2.0 years
Adjusted for competitive dynamics: -29% (raw: -35%, adjustment: +7%)

Preference Stack Risk

moderate

Funding Intensity

1440%

Total preferred stock of $474M (1x non-participating) sits behind common, representing 14.4% of entry valuation.

Dilution Risk

moderate

Potential future raise before IPO could dilute existing shareholders by ~20%.

Secondary Liquidity

none

No secondary market transactions reported; liquidity likely only via IPO.

Other — 1 role

View all 1 open roles at Spring Health →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Spring Health's data — designed to show you've done your homework.

  • 1

    “How does Spring Health plan to differentiate from incumbents like Lyra Health and maintain its growth rate?”

  • 2

    “What is the company's path to profitability, considering the recent regulatory fine and acquisition of Alma?”

  • 3

    “Given the pre-IPO status, what is the typical equity distribution timeline for employees, and how does the company think about secondary liquidity?”

Community

Valuation Sentiment

Our model estimates -35% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.