AdaptHealth vs Bruker
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The short version
- Bruker is the larger business, with $3.4B of revenue in fiscal 2025 against $3.2B for AdaptHealth.
- Bruker grew revenue faster (2.1%, against −0.5%).
- AdaptHealth kept more of each dollar of sales as operating profit (2.8% operating margin, against 2.0%).
- AdaptHealth turned more of its sales into free cash flow (6.8% FCF margin, against 1.3%).
- AdaptHealth earned a higher return on the capital invested in it (2.1%, against 0.9%).
| Latest fiscal year | AHCO · FY25 | BRKR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $819M | $8.8B |
| Revenue | $3.2B | $3.4B |
| Free cash flow | $219M | $43.3M |
| Net income | −$70.8M | −$8.6M |
| Growth | ||
| Revenue growth | −0.5% | 2.1% |
| 5-year growth | 25.2% | 11.6% |
| Share count change | −0.3% | 1.5% |
| Profitability | ||
| Gross margin | 18.8% | 45.9% |
| Operating margin | 2.8% | 2.0% |
| Net margin | −2.2% | −0.3% |
| FCF margin | 6.8% | 1.3% |
| Return on capital | 2.1% | 0.9% |
| Return on equity | −4.6% | −0.4% |
| Balance sheet | ||
| Net debt | $1.7B | $1.6B |
| Net debt / EBITDA | 3.6x | 5.5x |
| Dividends and buybacks | $0.0M | $32.8M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 4 | 4 |
Revenue
FY16
AHCO —
BRKR $1.6B
FY17
AHCO —
BRKR $1.8B
FY18
AHCO $345M
BRKR $1.9B
FY19
AHCO $530M
BRKR $2.1B
FY20
AHCO $1.1B
BRKR $2.0B
FY21
AHCO $2.5B
BRKR $2.4B
FY22
AHCO $3.0B
BRKR $2.5B
FY23
AHCO $3.2B
BRKR $3.0B
FY24
AHCO $3.3B
BRKR $3.4B
FY25
AHCO $3.2B
BRKR $3.4B
AHCO
BRKR
Operating margin
FY16
AHCO —
BRKR 11.3%
FY17
AHCO —
BRKR 12.4%
FY18
AHCO 9.0%
BRKR 13.8%
FY19
AHCO 5.6%
BRKR 14.5%
FY20
AHCO 6.8%
BRKR 12.5%
FY21
AHCO 9.2%
BRKR 17.1%
FY22
AHCO 6.4%
BRKR 17.1%
FY23
AHCO −18.7%
BRKR 14.7%
FY24
AHCO 8.1%
BRKR 7.5%
FY25
AHCO 2.8%
BRKR 2.0%
AHCO
BRKR
Free cash flow
FY16
AHCO —
BRKR $93.7M
FY17
AHCO —
BRKR $111M
FY18
AHCO $58.5M
BRKR $191M
FY19
AHCO $39.1M
BRKR $140M
FY20
AHCO $156M
BRKR $235M
FY21
AHCO $72.4M
BRKR $190M
FY22
AHCO −$17.6M
BRKR $145M
FY23
AHCO $143M
BRKR $243M
FY24
AHCO $236M
BRKR $136M
FY25
AHCO $219M
BRKR $43.3M
AHCO
BRKR
Return on capital
FY16
AHCO —
BRKR 21.2%
FY17
AHCO —
BRKR 14.9%
FY18
AHCO —
BRKR 23.8%
FY19
AHCO 12.0%
BRKR 21.6%
FY20
AHCO 9.2%
BRKR 16.6%
FY21
AHCO 7.3%
BRKR 25.1%
FY22
AHCO 3.4%
BRKR 21.0%
FY23
AHCO −12.0%
BRKR 17.5%
FY24
AHCO 5.2%
BRKR 4.8%
FY25
AHCO 2.1%
BRKR 0.9%
AHCO
BRKR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.