AdaptHealth (AHCO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

AdaptHealth

NasdaqCM•Healthcare•Medical Devices

$5.74-0.17(-0.03%)Market open

Market Cap

$804.47M

P/S

0.2x

P/B

0.6x

AdaptHealth Corp., together with its subsidiaries, distributes home medical equipment (HME), medical supplies, and home and related services in the United States. It operates through Sleep Health, Respiratory Health, Diabetes Health, and Wellness at Home segments. The company offers sleep therapy equipment, supplies, and related services, such as continuous positive airway pressure and BiLevel services to individuals suffering from obstructive sleep apnea; oxygen and home mechanical ventilation equipment and supplies and related chronic therapy services; and medical devices, including continuous glucose monitors and insulin pumps for the treatment of diabetes; HME to patients discharged from acute care and other facilities; and other HME devices and supplies. It also provides PAP machines, wheelchairs, hospital beds, oxygen concentrators, ventilators, insulin pumps, diabetes management and wound care supplies, orthopedic bracing, breast pumps and supplies, walkers, commodes, enteral supplies, and incontinence supplies. The company services beneficiaries of Medicare, Medicaid, and commercial insurance payors. AdaptHealth Corp. was founded in 2012 and is headquartered in Conshohocken, Pennsylvania.

How this company scores

WeakMetricSide Score: 28/100

Strongest: Cash & Earnings Quality (13/25); weakest: Profitability (0/25).

Profitability0/25

Growth5/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality13/25

Strengths

Cash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 14.3x5y range 7.6x – 35.7x

Currently near its 12-quarter median.

P/S · 0.2x5y range 0.2x – 0.7x

Currently below its 20-quarter median.

P/B · 0.6x5y range 0.6x – 1.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 159.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $804.47M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $3.23B
Q. Revenue: $740.31M
TTM EBITDA: $278.13M
TTM Op. Income: $-143.86M
Q. Op. Income: $-137.80M
TTM Net Income: $-228.23M
Q. Net Income: $-133.93M
EPS: $-0.99
Shares Out.: $136.12M

$3.23B in TTM revenue declined 0.4% YoY, reaching $740.31M last quarter. TTM EBITDA of $278.13M and TTM operating income of $-143.86M show growth is flowing through to the bottom line. However, net income is negative at $228.23M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 0% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -2.4%
Op. Margin: -18.6%
Net Margin: -18.1%

Op. margin of -18.6% is down 28.5% YoY — costs are rising relative to revenue. Net margin at -18.1% Over the past year, operating margin is down 288% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.2x
P/B Ratio: 0.6x

P/S of 0.2x and P/B of 0.6x. P/S is low relative to typical market levels. Across the last 4 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.34B
Cash: N/A
Long-Term Debt: $1.88B
Book Value: $1.38B
D/E Ratio: 1.4
Debt/EBITDA: N/A

With $4.34B in assets and $1.88B in long-term debt, D/E is 1.4and book value is $1.38B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $145.30M
TTM Free Cash Flow: $97.68M
FCF Margin: 3.0%
FCF / Net Income: -0.4

TTM FCF of $97.68M on $145.30M in operating cash flow. The FCF / Net Income ratio of -0.4x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.