NASDAQ : AHCO
AdaptHealth Corp. — Financial statements
Healthcare · Medical Devices · United States
Last price 5.81 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 775.11M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
AdaptHealth Corp. (AHCO) reported revenue of 3.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.36B | 3.24B | 3.26B | 3.20B | 2.97B | 2.47B |
| Cost of Revenue | 2.72B | 2.57B | 2.51B | 2.52B | 2.34B | 1.94B |
| Gross Profit | 644.93M | 677.93M | 749.16M | 681.77M | 634.32M | 524.54M |
| Selling, General & Admin | 445.00M | 432.72M | 415.86M | 346.16M | 353.31M | 235.84M |
| Operating Expenses | 486.43M | 473.36M | 460.91M | 403.25M | 418.20M | 298.93M |
| Operating Income | 158.50M | 204.57M | 288.25M | 278.53M | 216.11M | 225.60M |
| Interest Expense | -101.62M | -105.75M | -126.67M | -130.30M | -109.41M | -95.19M |
| Other Non Operating Income (Expenses) | 726.00K | 726.00K | 1.23M | 4.92M | 22.80M | 49.45M |
| EBT Excluding Unusual Items | 57.60M | 99.54M | 162.81M | 153.14M | 129.50M | 179.86M |
| Merger & Restructuring Charges | -6.07M | -6.00M | ||||
| Impairment of Goodwill | -272.23M | -128.00M | -13.08M | -830.79M | ||
| Gain (Loss) on Sale of Investments | 1.90M | |||||
| Gain (Loss) on Sale of Assets | 6.65M | 32.60M | 2.40M | |||
| Legal Settlements | -18.10M | -18.10M | -7.54M | -39.04M | -10.60M | |
| Other Unusual Items | -2.52M | -1.20M | -6.17M | -7.10M | -17.40M | 9.20M |
| Pretax Income | -234.68M | -15.15M | 136.02M | -723.78M | 97.90M | 190.96M |
| Income Tax Expense | -7.80M | 50.88M | 41.24M | -49.00M | 24.77M | 32.81M |
| Earnings From Continuing Operations | -226.87M | -66.04M | 94.78M | -674.78M | 73.13M | 158.15M |
| Earnings From Discontinued Operations | 3.49M | |||||
| Net Income to Company | -223.38M | -66.04M | 94.78M | -674.78M | 73.13M | 158.15M |
| Minority Interest in Earnings | -4.85M | -4.76M | -4.36M | -4.12M | -3.82M | -1.98M |
| Net Income | -228.23M | -70.79M | 90.42M | -678.89M | 69.32M | 156.18M |
| Preferred Dividends & Other Adjustments | -629.00K | 7.67M | 5.87M | 14.38M | ||
| Net Income to Common | -227.60M | -70.79M | 82.75M | -678.89M | 63.45M | 141.80M |
| Shares Outstanding (Basic) | 135.67M | 135.15M | 133.76M | 134.16M | 134.18M | 126.31M |
| Shares Outstanding (Diluted) | 135.67M | 135.15M | 135.53M | 134.42M | 138.99M | 133.03M |
| EPS (Basic) | -1.68 | -0.52 | 0.62 | -5.06 | 0.47 | 1.12 |
| EPS (Diluted) | -1.68 | -0.52 | 0.61 | -5.31 | 0.33 | 0.67 |
| Free Cash Flow | 97.68M | 219.38M | 235.78M | 143.20M | -17.56M | 72.37M |
| Free Cash Flow Per Share | 0.72 | 1.62 | 1.74 | 1.06 | -0.13 | 0.54 |
| Gross Margin | 19.18% | 20.89% | 22.97% | 21.30% | 21.35% | 21.28% |
| Operating Margin | 4.71% | 6.30% | 8.84% | 8.70% | 7.27% | 9.15% |
| Profit Margin | -6.77% | -2.18% | 2.54% | -21.21% | 2.14% | 5.75% |
| Free Cash Flow Margin | 2.90% | 6.76% | 7.23% | 4.47% | -0.59% | 2.94% |
| EBITDA | 583.47M | 586.49M | 653.58M | 661.31M | 567.29M | 483.66M |
| EBITDA Margin | 17.35% | 18.07% | 20.04% | 20.66% | 19.10% | 19.62% |
| D&A For EBITDA | 424.97M | 381.93M | 365.33M | 382.78M | 351.18M | 258.05M |
| EBIT | 158.50M | 204.57M | 288.25M | 278.53M | 216.11M | 225.60M |
| EBIT Margin | 4.71% | 6.30% | 8.84% | 8.70% | 7.27% | 9.15% |
| Effective Tax Rate | 30.32% | 25.30% | 17.18% | |||
| Advertising Expenses | 21.50M | 22.50M | 22.80M | 19.20M | 18.50M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 43.29M | 106.14M | 109.75M | 77.13M | 46.27M | 149.63M |
| Trading Asset Securities | 104.00K | 2.90M | 4.48M | 5.75M | ||
| Cash & Short-Term Investments | 43.29M | 106.24M | 112.64M | 81.61M | 52.02M | 149.63M |
| Accounts Receivable | 390.39M | 370.90M | 408.02M | 388.91M | 359.15M | 359.90M |
| Other Receivables | 17.40M | 29.20M | ||||
| Receivables | 407.79M | 400.10M | 408.02M | 388.91M | 359.15M | 359.90M |
| Inventory | 105.48M | 151.25M | 139.84M | 113.64M | 127.75M | 123.09M |
| Prepaid Expenses | 38.82M | 71.31M | 42.53M | 64.86M | 46.39M | 37.44M |
| Other Current Assets | 202.10M | 52.75M | ||||
| Total Current Assets | 797.48M | 728.90M | 755.79M | 649.02M | 585.31M | 670.06M |
| Property, Plant & Equipment | 828.37M | 674.22M | 618.36M | 637.53M | 622.01M | 546.34M |
| Long-Term Investments | 132.00K | 986.00K | 3.73M | |||
| Goodwill | 2.37B | 2.54B | 2.68B | 2.72B | 3.55B | 3.51B |
| Other Intangible Assets | 31.78M | 85.12M | 105.55M | 130.16M | 162.77M | 202.23M |
| Long-Term Deferred Tax Assets | 290.72M | 267.79M | 314.50M | 345.85M | 281.79M | 304.19M |
| Other Long-Term Assets | 22.09M | 19.12M | 17.45M | 20.14M | 18.69M | 15.10M |
| Total Assets | 4.34B | 4.32B | 4.49B | 4.51B | 5.22B | 5.25B |
| Accounts Payable | 389.52M | 352.38M | 281.85M | 211.50M | 222.50M | 248.03M |
| Accrued Expenses | 80.53M | 92.53M | 83.44M | 76.79M | 70.75M | 64.47M |
| Current Portion of Long-Term Debt | 8.12M | 20.31M | 16.25M | 53.37M | 35.00M | 25.10M |
| Current Portion of Leases | 55.37M | 48.43M | 44.26M | 38.39M | 32.21M | 46.86M |
| Current Unearned Revenue | 64.74M | 59.84M | 34.94M | 38.57M | 31.64M | 31.37M |
| Other Current Liabilities | 110.93M | 138.90M | 106.24M | 118.38M | 64.11M | 83.98M |
| Total Current Liabilities | 709.21M | 712.39M | 566.99M | 537.00M | 456.21M | 499.81M |
| Long-Term Debt | 1.88B | 1.72B | 1.96B | 2.09B | 2.15B | 2.19B |
| Long-Term Leases | 121.79M | 118.07M | 104.91M | 108.28M | 108.34M | 120.31M |
| Other Long-Term Liabilities | 243.81M | 243.80M | 272.02M | 302.09M | 344.00M | 377.76M |
| Total Liabilities | 2.95B | 2.79B | 2.91B | 3.04B | 3.06B | 3.18B |
| Common Stock | 14.00K | 13.00K | 13.00K | 13.00K | 13.00K | 13.00K |
| Additional Paid-In Capital | 2.19B | 2.18B | 2.16B | 2.15B | 2.13B | 2.11B |
| Retained Earnings | -782.94M | -632.97M | -562.18M | -652.60M | 26.30M | -43.02M |
| Treasury Stock | -25.55M | -25.55M | -25.55M | -43.27M | -13.99M | |
| Comprehensive Income & Other | 78.00K | 2.25M | 4.36M | 8.69M | -2.35M | |
| Total Common Equity | 1.38B | 1.52B | 1.57B | 1.46B | 2.15B | 2.06B |
| Minority Interest | 7.79M | 7.76M | 6.97M | 8.21M | 6.60M | 4.78M |
| Shareholders' Equity | 1.39B | 1.53B | 1.58B | 1.47B | 2.16B | 2.07B |
| Total Liabilities & Equity | 4.34B | 4.32B | 4.49B | 4.51B | 5.22B | 5.25B |
| Total Debt | 2.07B | 1.90B | 2.13B | 2.29B | 2.33B | 2.38B |
| Net Cash (Debt) | -2.02B | -1.80B | -2.02B | -2.21B | -2.28B | -2.23B |
| Net Cash Per Share | -14.90 | -13.29 | -14.89 | -16.46 | -16.38 | -16.75 |
| Filing Date Shares Outstanding | 133.41M | 135.91M | 134.87M | 132.91M | 135.45M | 133.91M |
| Total Common Shares Outstanding | 133.37M | 132.52M | 131.67M | 128.70M | 133.68M | 133.84M |
| Working Capital | 88.26M | 16.51M | 188.80M | 112.02M | 129.09M | 170.25M |
| Book Value Per Share | 10.34 | 11.46 | 11.93 | 11.33 | 16.09 | 15.41 |
| Tangible Book Value | -1.02B | -1.11B | -1.21B | -1.40B | -1.56B | -1.65B |
| Tangible Book Value Per Share | -7.68 | -8.36 | -9.19 | -10.85 | -11.65 | -12.35 |
| Machinery | 1.18B | 1.01B | 969.50M | 911.88M | 854.21M | 569.97M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -228.23M | -70.79M | 90.42M | -678.89M | 69.32M | 156.18M |
| Depreciation & Amortization | 424.97M | 381.93M | 365.33M | 382.78M | 351.18M | 258.05M |
| Other Amortization | 4.92M | 5.69M | 5.67M | 5.23M | 5.23M | 9.43M |
| Loss (Gain) From Sale of Assets | -6.65M | -32.60M | ||||
| Asset Writedown & Restructuring Costs | 273.41M | 128.00M | 13.08M | 830.79M | ||
| Loss (Gain) From Sale of Investments | -367.00K | -1.80M | -2.94M | -2.93M | ||
| Stock-Based Compensation | 22.54M | 21.88M | 14.88M | 22.47M | 22.40M | 25.32M |
| Other Operating Activities | 73.94M | 101.10M | 78.89M | -54.80M | 36.67M | -17.07M |
| Change in Accounts Receivable | 2.63M | 30.99M | -26.22M | -28.86M | -209.00K | -29.69M |
| Change in Inventory | 10.29M | -11.49M | -28.07M | 15.53M | -6.30M | -14.92M |
| Change in Other Net Operating Assets | 5.46M | 47.08M | 28.22M | -11.78M | -101.49M | -108.69M |
| Operating Cash Flow | 583.27M | 601.77M | 541.84M | 480.67M | 373.87M | 275.68M |
| Capital Expenditures | -485.59M | -382.39M | -306.06M | -337.46M | -391.42M | -203.31M |
| Sale of Property, Plant & Equipment | 1.44M | 1.16M | 5.32M | |||
| Cash Acquisitions | -151.24M | -42.38M | -9.54M | -19.69M | -19.02M | -1.62B |
| Divestitures | 11.02M | 120.42M | ||||
| Investment in Securities | -128.00K | -731.00K | -1.12M | |||
| Investing Cash Flow | -624.38M | -303.19M | -310.27M | -357.28M | -411.17M | -1.82B |
| Long-Term Debt Issued | 253.48M | 50.00M | 2.27B | |||
| Long-Term Debt Repaid | -268.48M | -433.34M | -101.77M | -36.18M | -869.43M | |
| Net Debt Issued (Repaid) | 56.75M | -268.48M | -179.87M | -51.77M | -36.18M | 1.40B |
| Issuance of Common Stock | 1.60M | 1.21M | 1.74M | 2.62M | 4.13M | 292.19M |
| Repurchase of Common Stock | -3.71M | -2.70M | -2.07M | -35.12M | -17.51M | -3.56M |
| Other Financing Activities | -38.87M | -32.22M | -18.76M | -8.26M | -16.49M | -85.45M |
| Financing Cash Flow | 15.76M | -302.19M | -198.95M | -92.53M | -66.05M | 1.60B |
| Net Cash Flow | -25.34M | -3.61M | 32.62M | 30.86M | -103.36M | 49.66M |
| Free Cash Flow | 97.68M | 219.38M | 235.78M | 143.20M | -17.56M | 72.37M |
| Free Cash Flow Margin | 2.90% | 6.76% | 7.23% | 4.47% | -0.59% | 2.94% |
| Free Cash Flow Per Share | 0.72 | 1.62 | 1.74 | 1.06 | -0.13 | 0.54 |
| Levered Free Cash Flow | -80.69M | 246.52M | 166.32M | 187.78M | 2.37M | -43.97M |
| Unlevered Free Cash Flow | -22.09M | 306.92M | 239.82M | 263.98M | 65.52M | 6.10M |
| Cash Interest Paid | 97.84M | 101.24M | 122.07M | 126.23M | 108.89M | 73.63M |
| Cash Income Tax Paid | 24.28M | 14.14M | 14.76M | 14.95M | 14.79M | |
| Change in Working Capital | 18.38M | 66.58M | -26.06M | -25.11M | -108.00M | -153.31M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 775.11M | 1.32B | 1.25B | 984.09M | 2.59B | 3.23B |
| Enterprise Value | 2.80B | 3.15B | 3.34B | 3.23B | 4.81B | 5.29B |
| Last Close Price | 5.81 | 9.96 | 9.52 | 7.29 | 19.22 | 24.46 |
| PE Ratio | 15.14 | 40.81 | 22.81 | |||
| Forward PE | 11.60 | 9.91 | 9.86 | 15.29 | 15.36 | |
| PS Ratio | 0.23 | 0.41 | 0.38 | 0.31 | 0.87 | 1.31 |
| PB Ratio | 0.56 | 0.86 | 0.79 | 0.67 | 1.20 | 1.56 |
| P/FCF Ratio | 7.94 | 6.01 | 5.31 | 6.87 | 44.69 | |
| P/OCF Ratio | 1.33 | 2.19 | 2.31 | 2.05 | 6.93 | 11.73 |
| PEG Ratio | 1.06 | 1.36 | 0.57 | 0.85 | 0.59 | |
| EV/Sales Ratio | 0.83 | 0.97 | 1.02 | 1.01 | 1.62 | 2.15 |
| EV/EBITDA Ratio | 4.79 | 5.37 | 5.11 | 4.89 | 8.47 | 10.95 |
| EV/EBIT Ratio | 17.65 | 15.40 | 11.58 | 11.60 | 22.25 | 23.47 |
| EV/FCF Ratio | 28.63 | 14.36 | 14.15 | 22.57 | 73.15 | |
| Debt / Equity Ratio | 1.49 | 1.25 | 1.35 | 1.56 | 1.08 | 1.15 |
| Debt / EBITDA Ratio | 3.14 | 2.90 | 2.95 | 3.19 | 3.75 | 4.46 |
| Debt / FCF Ratio | 21.14 | 8.67 | 9.04 | 16.02 | 32.86 | |
| Net Debt / Equity Ratio | 1.46 | 1.18 | 1.28 | 1.51 | 1.05 | 1.08 |
| Net Debt / EBITDA Ratio | 3.46 | 3.06 | 3.09 | 3.35 | 4.01 | 4.61 |
| Net Debt / FCF Ratio | 20.70 | 8.19 | 8.56 | 15.45 | -129.69 | 30.79 |
| Asset Turnover | 0.77 | 0.74 | 0.72 | 0.66 | 0.57 | 0.70 |
| Inventory Turnover | 21.38 | 17.64 | 19.82 | 20.86 | 18.63 | 21.34 |
| Quick Ratio | 0.64 | 0.71 | 0.92 | 0.88 | 0.90 | 1.02 |
| Current Ratio | 1.12 | 1.02 | 1.33 | 1.21 | 1.28 | 1.34 |
| Return on Equity (ROE) | -15.22% | -4.25% | 6.23% | -37.23% | 3.46% | 13.47% |
| Return on Assets (ROA) | 2.28% | 2.90% | 4.00% | 3.58% | 2.58% | 3.99% |
| Return on Invested Capital (ROIC) | 4.61% | 5.91% | 5.52% | 6.87% | 3.70% | 7.05% |
| Return on Capital Employed (ROCE) | 4.40% | 5.70% | 7.40% | 7.00% | 4.50% | 4.70% |
| Earnings Yield | -28.87% | -5.37% | 7.22% | -68.99% | 2.68% | 4.83% |
| FCF Yield | 12.60% | 16.62% | 18.82% | 14.55% | -0.68% | 2.24% |
| Buyback Yield / Dilution | -0.40% | 0.28% | -0.83% | 3.29% | -4.48% | -153.46% |