AdaptHealth

AHCO · Nasdaq · Health Care · Financials, fiscal 2018 to 2025

AHCO · Last close · October 26, 2026

$5.93

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%.

AdaptHealth Corp. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001628280-26-011213 Updated October 22, 2026

Revenue

$3.2B

0.5%

Operating margin

2.8%

5.3 pts

Net income

−$71M

$90M a year earlier

Free cash flow

$219M

7.0%

Return on capital

2.1%

3.1 pts

Market cap

$807M

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2024, earnings per share fell 17.6% a year and net income grew 25.4% a year, as new shares raised the share count by 1039% and diluted each share's earnings. AdaptHealth then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value AdaptHealth yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AdaptHealth's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from AdaptHealth's fiscal 2025 free cash flow of $219M, net cash of −$1.7B at December 31, 2025 and 135 million diluted shares, from its filings. The scenarios are fitted to AdaptHealth: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 3.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Health Care Equipment), plus 1 point as a smaller company, worth $807M, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to AdaptHealth's own revenue growth, as above. Cautious: growth of 1% then 1.5% a year, 2% after year 10, a 12% discount rate. Base: growth of 3% then 3% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 5% then 4% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $5.93
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and AdaptHealth's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	150	46	77	110	106
Debt incl. finance leases	2,219	2,194	2,180	2,020	1,787
Net debt (negative means net cash)	2,070	2,148	2,103	1,910	1,680
Net debt to EBITDA	4.3x	4.0x	—	3.0x	3.5x
Debt to equity	1.1x	1.0x	1.5x	1.3x	1.2x
Interest coverage	2.4x	1.7x	−4.6x	2.1x	0.9x
Current ratio	1.3x	1.3x	1.2x	1.3x	1.0x
Quick ratio	1.1x	1.0x	1.0x	1.1x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $24.9 million of AdaptHealth shares on the open market, and 2 insiders sold $278,287, $231,137 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 7, 2026	Dale B WolfDirector	Bought	20,000	$5.86	$117,200	Form 4
Aug 6, 2026	Kenneth A SametDirector	Bought	23,500	$6.38	$149,930	Form 4
Aug 6, 2026	Dale B WolfDirector	Bought	20,000	$6.37	$127,400	Form 4
Jul 1, 2026	Russell E. Schuster IIIChief Commercial Officer	Sold plan	11,275	$10.44	$117,711	Form 4
Jun 1, 2026	Russell E. Schuster IIIChief Commercial Officer	Sold plan	11,275	$10.06	$113,426	Form 4
Mar 20, 2026	Richard M Cashin Jr10% owner	Bought	447,100	$9.91	$4.4 million	Form 4
Mar 19, 2026	Richard M Cashin Jr10% owner	Bought	727	$9.94	$7,226	Form 4
Mar 12, 2026	Richard M Cashin Jr10% owner	Bought	689,336	$9.73	$6.7 million	Form 4
Mar 11, 2026	Richard M Cashin Jr10% owner	Bought	536,827	$9.73	$5.2 million	Form 4
Mar 10, 2026	Richard M Cashin Jr10% owner	Bought	820,528	$9.73	$8.0 million	Form 4
Feb 27, 2026	Dale B WolfDirector	Bought	8,000	$8.96	$71,680	Form 4
Feb 26, 2026	Richard W. Rew IICLO and General Counsel	Bought	5,000	$8.91	$44,550	Form 4

The latest 12 of 13 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	4 of 9	8 of 9	4 of 9
Accruals ratio	−23.8%	−10.0%	−15.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put AdaptHealth side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AdaptHealth	FY25	−0.5%	2.8%	6.8%	2.1%	3.5x	4
Bruker	FY25	2.1%	2.0%	1.3%	0.9%	5.5x	4	Compare
Globus Medical	FY25	16.6%	16.3%	20.0%	11.0%	−0.7x	9	Compare
Revvity	FY25	3.7%	12.5%	17.8%	3.3%	3.0x	5	Compare
Insulet	FY25	30.7%	17.5%	13.9%	20.4%	0.4x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	345	530	1,056	2,454	2,971	3,200	3,261	3,245
Revenue growth	—	53.4%	99.5%	132.3%	21.0%	7.7%	1.9%	−0.5%
Gross profit	52	89	158	446	580	624	681	609
Research and development	—	—	—	—	—	—	—	—
Operating income	31	29	71	226	190	−598	264	91
Net income	23	−21	−162	156	69	−679	90	−71
Diluted EPS (US$)	1.95	−0.95	−3.08	0.67	0.33	−5.31	0.61	−0.52
Diluted shares (millions)	12	23	52	133	139	134	136	135
Cash flow
Cash from operations	68	60	196	276	374	481	542	602
Capital expenditure	10	21	40	203	391	338	306	382
Free cash flow	58	39	156	72	−18	143	236	219
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	0	20	0	0	14	29	0	0
Acquisitions	86	64	769	1,620	19	20	10	42
Stock-based compensation	1	11	19	25	22	22	15	22
Balance sheet at fiscal year end
Cash and short-term investments	1	77	100	150	46	77	110	106
Debt incl. finance leases	134	397	785	2,219	2,194	2,180	2,020	1,787
Total assets	369	546	1,814	5,250	5,220	4,509	4,487	4,317
Total liabilities	266	612	1,533	3,184	3,062	3,042	2,909	2,790
Shareholders' equity	5	−39	355	2,062	2,151	1,458	1,571	1,519
Margins and ratios
Gross margin	15.0%	16.8%	14.9%	18.1%	19.5%	19.5%	20.9%	18.8%
Operating margin	9.0%	5.5%	6.8%	9.2%	6.4%	−18.7%	8.1%	2.8%
Net margin	6.7%	−4.0%	−15.3%	6.4%	2.3%	−21.2%	2.8%	−2.2%
Free cash flow margin	16.9%	7.4%	14.8%	3.0%	−0.6%	4.5%	7.2%	6.8%
Return on capital	—	12.0%	9.2%	7.3%	3.4%	−12.0%	5.2%	2.1%
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%
Net debt to EBITDA	1.7x	3.5x	4.5x	4.3x	4.0x	—	3.0x	3.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AdaptHealth's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AdaptHealth.