AdaptHealth Corp. AHCO

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 6.28 USD on Nov 3, 2026, −36.9% year to date

Quant rating

Quant rating C Rank 311 of 565 in Health Care

Growth B 86 of 565
Valuation A 20 of 565
Quality B 183 of 565
Revisions D 477 of 565
Momentum D 480 of 565

Wall Street consensus Buy (1.57)Average target 8.86 USD +41.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 856M
Enterprise value: 2.8B
52-week range: 5.21 – 13.43
3-year range: 5.21 – 13.43
Dividend yield: –
Beta (5 years): 1.31
Shares outstanding: 136M
Next earnings: Nov 3, 2026

About the company

AdaptHealth Corp. and subsidiaries are engaged in providing patient-centered, healthcare-at-home solutions including home medical equipment (HME), medical supplies, and related services. The Company operates under three segments that align with its product categories: Sleep Health, Respiratory Health, and Wellness at Home. The Sleep Health segment provides sleep therapy equipment, supplies and related services (including continuous positive airway pressure and BiLevel services) to individuals for the treatment of obstructive sleep apnea. The Respiratory Health segment provides oxygen and home mechanical ventilation equipment and supplies and related chronic therapy services to individuals for the treatment of respiratory diseases, such as chronic obstructive pulmonary disease and chronic respiratory failure. The Wellness at Home segment provides home medical equipment and services to patients in their homes, including those who have been discharged from acute care and other facilities.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,245	3,261	3,200	2,971	2,455	–
Revenue growth	−0.5%	1.9%	7.7%	21.0%	132.4%	25.2%
EPS (basic, normalized)	−0.52	0.61	−5.06	0.33	0.67	–
EPS growth	–	–	–	−50.7%	–	–
Gross margin	21.7%	23.8%	17.8%	16.9%	21.0%	20.2%
Net margin	−2.2%	2.5%	−21.2%	2.1%	5.8%	−2.6%
ROE	−4.6%	6.0%	−37.6%	3.3%	12.9%	−4.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	80.7
Current ratio	1.12x
Long-term debt (mil)	1,905
Net debt (mil)	1,897
Total equity (mil)	1,226
Net debt / equity	1.55x
Net debt / EBITDA	3.08x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,245	−0.5%	0.8x	617	−7.1%	4.5x	−0.52	−185.2%	−12.1x
2026	2,963	−8.7%	0.9x	531	−14.0%	5.2x	−0.56	−7.7%	−11.2x
2027	3,085	+4.1%	0.9x	583	+9.9%	4.7x	0.30	+154.3%	20.7x
2028	3,240	+5.0%	0.8x	645	+10.6%	4.3x	0.67	+119.1%	9.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,963	+0.1%	−6.9%	−15.0%	−0.56	0.0%	−261.3%	−161.4%
2027	3,085	+0.1%	−4.9%	−17.0%	0.30	−0.7%	−49.3%	−74.9%
2028	3,240	−1.7%	−7.0%	−17.2%	0.67	−19.0%	−62.4%	−54.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	792	806	806	857	778	800	820	846	820	740
Sales mean (mil)	770	803	809	829	765	804	799	832	797	849
Surprise	+2.9%	+0.4%	−0.4%	+3.3%	+1.7%	−0.4%	+2.6%	+1.8%	+2.9%	−12.8%
EPS reported	−0.02	0.13	0.15	0.34	−0.05	−0.13	0.16	−0.76	−0.12	0.09
EPS mean	0.05	0.16	0.17	0.25	0.00	0.12	0.24	0.35	0.02	0.17
Surprise	−141.2%	−17.7%	−9.6%	+38.2%	−1,350.0%	−213.0%	−34.0%	−317.1%	−800.1%	−47.1%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AHCO AdaptHealth Corp.	856M	3.08x	−2.2%	0.62x	−11.2x	20.7x	5.2x	4.7x
COR Cencora, Inc.	65.0B	1.93x	0.5%	21.30x	19.0x	17.3x	13.8x	12.9x
MDLN Medline Inc.	44.8B	5.02x	4.1%	3.87x	22.2x	21.8x	18.5x	16.9x
EVH Evolent Health, Inc.	486M	5.63x	−30.9%	1.26x	22.3x	11.2x	10.5x	8.6x
ACH Accendra Health, Inc.	22M	4.56x	−3.7%	−0.04x	−37.7x	1.9x	5.8x	5.2x
Mean		4.04x	−6.4%	5.40x	2.9x	14.6x	10.7x	9.7x
Median		4.56x	−2.2%	1.26x	19.0x	17.3x	10.5x	8.6x

Technical analysis

1M+12.1%
3M−42.0%
1Y−30.9%
3Y−25.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AdaptHealth Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,245	3,261	3,200	2,971	2,455	1,056
Cost of revenue	2,540	2,486	2,630	2,470	1,940	877
Gross profit	705	775	570	501	515	180
Selling, general & administrative expenses	444	425	255	221	235	111
Research & development	–	–	–	–	–	–
Depreciation/amortization	40.6	45.0	57.1	64.9	63.1	11.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	129	47.4	886	36.4	11.6	−9.0
Other operating expenses	0	0	0	0	0	0
Operating income	90.9	258	−628	179	205	66.0
Net interest income (expense)	−106	−126	−130	−109	−95.2	−38.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.3	4.0	34.2	28.2	80.7	−234
Net income before taxes	−15.2	136	−724	97.9	191	−206
Provision for taxes	50.9	41.2	−49.0	24.8	32.8	−12.0
Minority interest	−4.8	−4.4	−4.1	−3.8	−2.0	32.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−70.8	90.4	−679	69.3	156	−162
Extraordinary items	–	–	–	–	–	–
Net income	−70.8	90.4	−679	69.3	156	−162
EBIT, normalized	228	308	258	216	276	86.8
EBITDA, normalized	625	685	641	567	534	169
Basic EPS, normalized	−0.52	0.61	−5.06	0.33	0.67	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AdaptHealth Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	106	110	77.1	46.3	150	100.0
Receivables	371	408	389	359	360	171
Total inventory	151	140	114	128	123	58.8
Prepaid expenses	101	45.4	69.3	52.1	37.4	33.4
Other current assets	0	52.7	0	0	0	0
Total current assets	729	756	649	585	670	363
Property, plant & equipment	674	618	638	622	546	110
Goodwill	2,541	2,675	2,725	3,545	3,513	999
Intangibles	85.1	106	130	163	202	116
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	287	332	367	304	319	225
Total assets	4,317	4,487	4,509	5,220	5,250	1,813
Liabilities
Accounts payable	352	285	212	223	248	191
Payable/accrued	59.0	69.9	46.4	44.2	45.9	25.4
Accrued expenses	173	113	163	101	95.9	37.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	38.0	30.6	62.5	37.2	35.4	30.4
Other current liabilities	89.9	68.5	53.2	51.5	74.6	137
Total current liabilities	712	567	537	456	500	422
Long-term debt	1,749	1,990	2,117	2,157	2,184	777
Minority interest	7.8	7.0	8.2	6.6	4.8	−74.0
Other liabilities	329	352	388	448	500	333
Total liabilities	2,798	2,916	3,050	3,068	3,189	1,459
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,177	2,157	2,150	2,130	2,107	558
Retained earnings (accumulated deficit)	−633	−562	−653	26.3	−43.0	−199
Treasury stock	−25.5	−25.5	−43.3	−14.0	–	–
Other equity	0.1	2.3	4.4	8.7	−2.4	−4.4
Total equity	1,519	1,571	1,458	2,151	2,062	355
Total liabilities & shareholders' equity	4,317	4,487	4,509	5,220	5,250	1,813

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AdaptHealth Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−66.0	94.8	−675	73.1	158	−58.7
Depreciation, depletion & amortization	382	365	383	351	258	82.4
Deferred taxes	47.2	32.0	−62.6	18.0	22.4	−21.1
Non-cash items	172	75.7	860	39.5	−9.6	116
Changes in working capital	66.6	−26.1	−25.1	−108	−153	76.9
Cash from operations	602	542	481	374	276	196
Investing activities
Capital expenditures	−382	−306	−337	−391	−203	−39.8
Other investing cash flows	79.2	−4.2	−19.8	−19.7	−1,621	−776
Cash from investing	−303	−310	−357	−411	−1,825	−816
Financing activities
Financing cash flow items	−33.7	−19.8	−12.1	−18.4	−71.9	−104
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−268	−179	−80.5	−47.7	1,671	747
Cash from financing	−302	−199	−92.5	−66.1	1,599	643
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−3.6	32.6	30.9	−103	49.7	23.1
Free cash flow	219	236	143	−17.6	72.4	156

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.