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AdaptHealth

AHCO Nasdaq Health Care Equipment Financials FY2018–FY2025

AdaptHealth's revenue fell 0.5% to $3.2 billion in fiscal 2025. Its operating margin was 2.8%, down from 8.1% a year earlier. Free cash flow was $219 million, down 7.0%. The diluted share count fell 0.3%.

Last close · Oct 23, 2026

$6.02

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
0.5% vs prior year
Operating margin Operating income as a share of revenue.
2.8%
5.3 pts
Net income Profit after all expenses, interest and tax.
−$70.8M
178.3%
Free cash flow Cash from operations minus capital spending.
$219M
7.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.1%
3.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$819M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What AdaptHealth does

No business description yet.

Legal name
AdaptHealth Corp.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001628280-26-011213
0001725255

Revenue and margins

AdaptHealth had $3.2B of revenue in fiscal 2025, down 0.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $219M in fiscal 2025, 6.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

AdaptHealth returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value AdaptHealth yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$1.7B and divides by 135.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably AdaptHealth can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $150M$46.3M$77.1M$110M$106M
Debt incl. finance leases $2.2B$2.2B$2.2B$2.0B$1.8B
Net debt / EBITDA 4.3x4.0x—3.0x3.6x
Debt / equity 1.1x1.0x1.5x1.3x1.2x
Interest coverage 2.4x1.7x−4.6x2.1x0.9x
Current ratio 1.3x1.3x1.2x1.3x1.0x
Quick ratio 1.1x1.0x1.0x1.1x0.8x
Total assets $5.3B$5.2B$4.5B$4.5B$4.3B
Total liabilities $3.2B$3.1B$3.0B$2.9B$2.8B
Shareholders' equity $2.1B$2.2B$1.5B$1.6B$1.5B
Net debt (− = net cash) $2.1B$2.1B$2.1B$1.9B$1.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$24.9M

4 insiders

Sold, 12 months

$0.2M

1 insider

Of sales under plans

100%

$0.2M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Dale B WolfDirector Bought 20,000 $5.86 $0.1M Form 4
Aug 6, 2026 Dale B WolfDirector Bought 20,000 $6.37 $0.1M Form 4
Aug 6, 2026 Kenneth A SametDirector Bought 23,500 $6.38 $0.1M Form 4
Jul 1, 2026 Russell E. Schuster IIIChief Commercial Officer Sold plan 11,275 $10.44 $0.1M Form 4
Jun 1, 2026 Russell E. Schuster IIIChief Commercial Officer Sold plan 11,275 $10.06 $0.1M Form 4
Mar 20, 2026 Richard M Cashin Jr10% owner Bought 447,100 $9.91 $4.4M Form 4
Mar 19, 2026 Richard M Cashin Jr10% owner Bought 727 $9.94 $0.0M Form 4
Mar 12, 2026 Richard M Cashin Jr10% owner Bought 689,336 $9.73 $6.7M Form 4
Mar 11, 2026 Richard M Cashin Jr10% owner Bought 536,827 $9.73 $5.2M Form 4
Mar 10, 2026 Richard M Cashin Jr10% owner Bought 820,528 $9.73 $8.0M Form 4
Feb 27, 2026 Dale B WolfDirector Bought 8,000 $8.96 $0.1M Form 4
Feb 26, 2026 Richard W. Rew IICLO and General Counsel Bought 5,000 $8.91 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 4 / 98 / 94 / 9
Accruals ratio −23.8%−10.0%−15.3%
Altman Z'' −0.690.830.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
AdaptHealth AHCO $819M −0.5% 2.8% 6.8% 2.1% — 4
Bruker BRKR $8.8B 2.1% 2.0% 1.3% 0.9% — 4 Compare →
Globus Medical GMED $11.2B 16.7% 16.3% 20.0% 11.0% 20.9x 9 Compare →
Revvity RVTY $17.7B 3.7% 12.5% 17.8% 3.3% 76.0x 5 Compare →
Insulet PODD $10.3B 30.7% 17.5% 14.0% 20.4% 27.9x 7 Compare →

8 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $345M $530M $1.1B $2.5B $3.0B $3.2B $3.3B $3.2B
Gross profit $51.9M $88.9M $158M $446M $580M $624M $681M $609M
Operating income $31.1M $29.4M $71.3M $226M $190M −$598M $264M $90.9M
Interest expense $7.5M $39.3M $41.4M $95.2M $109M $130M $125M $104M
Pretax income $22.2M −$21.9M −$206M $191M $97.9M −$724M $136M −$15.2M
Income tax −$2.1M $0.7M −$12.0M $32.8M $24.8M −$49.0M $41.2M $50.9M
Net income $23.3M −$21.3M −$162M $156M $69.3M −$679M $90.4M −$70.8M
Diluted EPS $1.95 −$0.95 −$3.08 $0.67 $0.33 −$5.31 $0.61 −$0.52
Diluted shares 0.01B 0.02B 0.05B 0.13B 0.14B 0.13B 0.14B 0.14B
Cash flow
Cash from operations $68.4M $60.4M $196M $276M $374M $481M $542M $602M
Capital expenditure $9.9M $21.3M $39.8M $203M $391M $338M $306M $382M
Free cash flow $58.5M $39.1M $156M $72.4M −$17.6M $143M $236M $219M
Depreciation and amortization $47.9M $62.6M $82.4M $258M $351M $383M $365M $382M
Stock-based compensation $0.9M $11.1M $18.7M $25.3M $22.4M $22.5M $14.9M $21.9M
Acquisitions $86.3M $63.5M $769M $1.6B $19.0M $19.7M $9.5M $42.4M
Share buybacks $0.0M $20.0M $0.0M $0.0M $14.0M $29.3M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $20.0M $0.0M $0.0M $14.0M $29.3M $0.0M $0.0M
Balance sheet
Cash and short-term investments $0.9M $76.9M $100M $150M $46.3M $77.1M $110M $106M
Total debt $134M $397M $785M $2.2B $2.2B $2.1B $2.0B $1.7B
Finance lease liabilities $0.0M $0.0M $0.0M $15.6M $6.2M $31.9M $38.9M $50.3M
Current assets $90.8M $181M $363M $670M $585M $649M $756M $729M
Current liabilities $136M $154M $422M $500M $456M $537M $567M $712M
Inventory $7.7M $13.2M $58.8M $123M $128M $114M $140M $151M
Property and equipment, net $61.6M $63.6M $111M $399M $487M $495M $475M $510M
Total assets $369M $547M $1.8B $5.3B $5.2B $4.5B $4.5B $4.3B
Total liabilities $266M $612M $1.5B $3.2B $3.1B $3.0B $2.9B $2.8B
Shareholders' equity $5.0M −$38.8M $355M $2.1B $2.2B $1.5B $1.6B $1.5B
Margins
Gross margin 15.0% 16.8% 14.9% 18.2% 19.5% 19.5% 20.9% 18.8%
Operating margin 9.0% 5.6% 6.8% 9.2% 6.4% −18.7% 8.1% 2.8%
EBITDA margin 22.9% 17.4% 14.6% 19.7% 18.2% −6.7% 19.3% 14.6%
Net margin 6.7% −4.0% −15.3% 6.4% 2.3% −21.2% 2.8% −2.2%
FCF margin 16.9% 7.4% 14.8% 3.0% −0.6% 4.5% 7.2% 6.8%
Returns
Return on capital — 12.0% 9.2% 7.3% 3.4% −12.0% 5.2% 2.1%
Return on capital employed — 9.4% 8.0% 7.4% 4.0% −13.7% 6.7% 2.4%
Return on equity — — −102.3% 12.9% 3.3% −37.6% 6.0% −4.6%
Return on assets — −4.7% −13.7% 4.4% 1.3% −14.0% 2.0% −1.6%
Growth
Revenue growth — 53.4% 99.5% 132.4% 21.0% 7.7% 1.9% −0.5%
Net income growth — −191.8% — — −55.6% −1,079.4% — −178.3%
EPS growth — −148.7% — — −50.8% −1,709.1% — −185.3%
FCF growth — −33.2% 298.8% −53.6% −124.3% — 64.7% −7.0%
Share count change — 89.6% 132.7% 153.5% 4.5% −3.3% 0.8% −0.3%
Financial health
Net debt / EBITDA 1.7x 3.5x 4.5x 4.3x 4.0x — 3.0x 3.6x
Debt / equity — — 2.2x 1.1x 1.0x 1.5x 1.3x 1.2x
Interest coverage 4.2x 0.8x 1.7x 2.4x 1.7x −4.6x 2.1x 0.9x
Current ratio 0.7x 1.2x 0.9x 1.3x 1.3x 1.2x 1.3x 1.0x
Quick ratio 0.6x 1.1x 0.7x 1.1x 1.0x 1.0x 1.1x 0.8x
Capital allocation
Capex / revenue 2.9% 4.0% 3.8% 8.3% 13.2% 10.6% 9.4% 11.8%
Stock comp / revenue 0.3% 2.1% 1.8% 1.0% 0.8% 0.7% 0.5% 0.7%
Payouts / FCF 0.0% 51.2% 0.0% 0.0% — 20.4% 0.0% 0.0%
Quality scores
Piotroski F-score — — 4.0 7.0 5.0 4.0 8.0 4.0
Altman Z'' −0.4 0.3 −0.1 1.2 1.2 −0.7 0.8 0.3
Accruals ratio — −17.9% −30.3% −3.4% −5.8% −23.8% −10.0% −15.3%

Source: SEC EDGAR XBRL filings (CIK 0001725255). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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