Trading at 21x LTM (pre-COVID) EV/EBITDA and 33x FCF, the market views Bright Horizons Family Solutions (BFAM), the child-care center operator, as a secular growth story largely untouched by the current maelstrom. Prima facie, this seems justified, as the business has put up high-single-digit revenue/low-double-digit EBIT growth CAGRs over the last decade; sports impressive returns on invested capital; and didn't miss a beat during the financial crisis (EBITDA flattened out but never fell). But in my view the market has it all wrong. The reality is that BFAM's margins haven't grown in five years -