Is ‘Big Day Care’ the solution to America’s childcare woes—or is it risky to mix profits and toddlers?

Is there any part of the American childcare system that isn’t broken?

The industry—and that’s what it is in the U.S., a market valued at $47.2 billion—has been in dire straits for decades, thanks to its lose, lose, lose economics: It’s expensive for parents, low-paid for workers, and low-margin for providers. And that was before COVID came along, sending many of the small daycares and providers of “center-based” childcare out of business permanently; as of this April, a third of centers have not reopened.

Still, there are a few childcare companies that have managed to survive and even grow during over the past year and a half. Call them Big Day Care: KinderCare, Learning Care Group, and Bright Horizons are the largest players in the market. With the help of their scale and resources, they’re emerging from the pandemic as the strongest remaining pieces of the nation’s decrepit childcare infrastructure.

For this story, Fortune’s Maria Aspan spoke with dozens of childcare experts, asking: What role should these growing companies play in the future of the U.S. childcare system? Are they strong enough to overcome the industry’s many long-standing problems? And are national, for-profit entities the best option for caring for America’s children?

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