AdaptHealth vs Insulet
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The short version
- AdaptHealth is the larger business, with $3.2B of revenue in fiscal 2025 against $2.7B for Insulet.
- Insulet grew revenue faster (30.7%, against −0.5%).
- Insulet kept more of each dollar of sales as operating profit (17.5% operating margin, against 2.8%).
- Insulet turned more of its sales into free cash flow (14.0% FCF margin, against 6.8%).
- Insulet earned a higher return on the capital invested in it (20.4%, against 2.1%).
| Latest fiscal year | AHCO · FY25 | PODD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $819M | $10.3B |
| Revenue | $3.2B | $2.7B |
| Free cash flow | $219M | $378M |
| Net income | −$70.8M | $247M |
| Growth | ||
| Revenue growth | −0.5% | 30.7% |
| 5-year growth | 25.2% | 24.5% |
| Share count change | −0.3% | −2.7% |
| Profitability | ||
| Gross margin | 18.8% | 71.6% |
| Operating margin | 2.8% | 17.5% |
| Net margin | −2.2% | 9.1% |
| FCF margin | 6.8% | 14.0% |
| Return on capital | 2.1% | 20.4% |
| Return on equity | −4.6% | 18.1% |
| Balance sheet | ||
| Net debt | $1.7B | $233M |
| Net debt / EBITDA | 3.6x | 0.4x |
| Dividends and buybacks | $0.0M | $59.6M |
| Valuation & quality | ||
| P/E | — | 27.9x |
| Piotroski F-score | 4 | 7 |
Revenue
FY16
AHCO —
PODD $367M
FY17
AHCO —
PODD $464M
FY18
AHCO $345M
PODD $564M
FY19
AHCO $530M
PODD $738M
FY20
AHCO $1.1B
PODD $904M
FY21
AHCO $2.5B
PODD $1.1B
FY22
AHCO $3.0B
PODD $1.3B
FY23
AHCO $3.2B
PODD $1.7B
FY24
AHCO $3.3B
PODD $2.1B
FY25
AHCO $3.2B
PODD $2.7B
AHCO
PODD
Operating margin
FY16
AHCO —
PODD −2.9%
FY17
AHCO —
PODD −1.6%
FY18
AHCO 9.0%
PODD 4.9%
FY19
AHCO 5.6%
PODD 6.8%
FY20
AHCO 6.8%
PODD 5.7%
FY21
AHCO 9.2%
PODD 11.5%
FY22
AHCO 6.4%
PODD 2.9%
FY23
AHCO −18.7%
PODD 13.0%
FY24
AHCO 8.1%
PODD 14.9%
FY25
AHCO 2.8%
PODD 17.5%
AHCO
PODD
Free cash flow
FY16
AHCO —
PODD −$6.2M
FY17
AHCO —
PODD −$32.5M
FY18
AHCO $58.5M
PODD −$122M
FY19
AHCO $39.1M
PODD −$65.3M
FY20
AHCO $156M
PODD −$45.0M
FY21
AHCO $72.4M
PODD −$180M
FY22
AHCO −$17.6M
PODD −$3.9M
FY23
AHCO $143M
PODD $70.1M
FY24
AHCO $236M
PODD $305M
FY25
AHCO $219M
PODD $378M
AHCO
PODD
Return on capital
FY16
AHCO —
PODD −5.0%
FY17
AHCO —
PODD −1.6%
FY18
AHCO —
PODD 3.6%
FY19
AHCO 12.0%
PODD 7.3%
FY20
AHCO 9.2%
PODD 5.5%
FY21
AHCO 7.3%
PODD 11.9%
FY22
AHCO 3.4%
PODD 1.7%
FY23
AHCO −12.0%
PODD 16.1%
FY24
AHCO 5.2%
PODD 20.0%
FY25
AHCO 2.1%
PODD 20.4%
AHCO
PODD
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.