AdaptHealth vs Insulet
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KIRA’s take AI analyst
I put AdaptHealth and Insulet side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
AdaptHealth
AHCO
1/11
5-year growth
Insulet
PODD
10/11
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | AHCO FY25 | PODD FY25 |
|---|---|---|
| Size | ||
| Market cap | $807M | $10.4B |
| 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 | — | 28.0x |
| Piotroski F-score | 4 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.