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AHCO

AdaptHealth Corp.

AHCO

AdaptHealth Corp. • NASDAQ
$9.66 ▲ 0.52% (+0.05)
Market Cap $1.31 B
52w High $11.63
52w Low $7.11
Dividend Yield 0%
P/E 17.56
Volume 412.23K
Outstanding Shares 135.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $820.314M ▲ $85.911M ▲ $22.451M ▲ 2.737% ▲ $0.166 ▲ $170.938M ▼
Q2-2025 $591.811M ▲ $-133.155M ▼ $14.674M ▲ 2.48% ▲ $0.1 ▲ $171.612M ▲
Q1-2025 $580.471M ▼ $-100.143M ▼ $-7.207M ▼ -1.242% ▼ $-0.05 ▼ $117.515M ▼
Q4-2024 $856.645M ▲ $230.201M ▲ $50.262M ▲ 5.867% ▲ $0.34 ▲ $190.977M ▲
Q3-2024 $597.549M $-147.804M $22.859M 3.825% $0.16 $154.216M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $80.357M ▲ $4.384B ▲ $2.759B ▲ $1.617B ▲
Q2-2025 $68.63M ▲ $4.351B ▼ $2.757B ▼ $1.587B ▲
Q1-2025 $53.65M ▼ $4.437B ▼ $2.863B ▼ $1.568B ▼
Q4-2024 $109.747M ▲ $4.487B ▲ $2.909B ▼ $1.571B ▲
Q3-2024 $100.18M $4.47B $2.946B $1.516B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.451M ▲ $161.066M ▼ $-92.741M ▼ $-56.598M ▲ $11.727M ▼ $66.824M ▼
Q2-2025 $15.828M ▲ $161.994M ▲ $9.604M ▲ $-156.618M ▼ $14.98M ▲ $73.329M ▲
Q1-2025 $-6.079M ▼ $95.527M ▼ $-95.585M ▼ $-56.039M ▼ $-56.097M ▼ $-58K ▼
Q4-2024 $51.403M ▲ $150.415M ▲ $-86.872M ▼ $-53.976M ▲ $9.567M ▼ $73.079M ▼
Q3-2024 $27.732M $144.405M $-54.24M $-59.817M $30.348M $84.849M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Respiratory Health
Respiratory Health
 $0 ▲$170.00M ▲$170.00M ▲$180.00M ▲
Health Care Other
Health Care Other
 $70.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement AdaptHealth has grown its revenue steadily over the past five years, moving from a mid-sized player to a much larger platform in home healthcare. Profitability, however, has been uneven. After a strong stretch of positive results, the company posted a sharp loss in 2023, then bounced back to a modest profit in 2024. That rebound suggests some issues are being addressed, but it also highlights that earnings can swing with changes in costs, reimbursement, or integration expenses. Gross profit has not grown as quickly as revenue, which implies some pressure on margins and the need for ongoing cost discipline and efficiency gains as the company scales.

Balance Sheet

Balance Sheet The balance sheet shows a business built through acquisition and scale, with sizable total assets funded by a meaningful amount of debt. Debt levels have started to edge down recently, and equity has inched higher, signaling gradual strengthening of the capital base. Cash on hand is relatively small compared with the size of the business, so access to credit and consistent cash generation are important. Overall, the company carries notable leverage but appears to be moving slowly in a healthier direction, assuming it can maintain profitability and cash flow.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has improved consistently over several years, suggesting the underlying business is converting revenue into cash more effectively. Free cash flow has been mostly positive, even while the company continues to invest in equipment and technology. Capital spending is meaningful but appears manageable given current cash generation. The trend implies a business that is gradually becoming more self-funding, though it still needs to balance growth investments with debt obligations and any future acquisition plans.

Competitive Edge

Competitive Edge AdaptHealth operates at scale across the U.S. home healthcare market, with a broad offering in sleep, respiratory, diabetes, and general wellness products. Its national footprint, strong referral relationships, and ability to act as a one-stop shop for home medical equipment give it a tangible competitive edge versus smaller local providers. The value-based partnership with a large insurer, where it is an exclusive provider for many members, further deepens its moat and can make revenue more durable. At the same time, the company competes in a heavily regulated, reimbursement-driven space, facing pressure from other large durable medical equipment providers and evolving insurer demands, so maintaining service quality and cost efficiency is critical.

Innovation and R&D

Innovation and R&D Rather than traditional lab-based R&D, AdaptHealth’s innovation focus is on digital tools, data, and new care models. Its e-prescribing systems, patient app, AI-enabled customer service, and proprietary payor portal are all aimed at making ordering, support, and monitoring smoother and cheaper. The “OneAdapt” initiative seeks to standardize and modernize operations across the company, while value-based contracts and data from connected devices could turn it into more of an outcomes and insights partner, not just an equipment supplier. The key risk is execution: these initiatives must actually simplify workflows, improve patient adherence, and cut costs, or they could add complexity without delivering the expected benefits.

Summary

AdaptHealth has transformed itself into a large, tech-enabled home healthcare platform with steady revenue growth and improving cash flows, but with a history of uneven earnings and a leveraged balance sheet. Its scale, diversified service lines, and deep relationships with payors and referral sources provide a solid competitive foundation, especially as it leans into value-based care arrangements. Digital tools and operational programs like “OneAdapt” offer upside in efficiency and patient engagement if successfully executed. Key things to watch include margin stability, ongoing debt reduction, performance of its diabetes segment, and evidence that its technology and value-based strategies are translating into more consistent, durable profitability.

NEWS

November 26, 2025 · 8:30 AM UTC

AdaptHealth Corp. to Participate in Upcoming Investor Conference

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November 17, 2025 · 7:59 PM UTC

AdaptHealth Corp. Announces Upgraded S&P Global Issue-Level Rating on Senior Unsecured Debt

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November 4, 2025 · 7:00 AM UTC

AdaptHealth Corp. Announces Third Quarter 2025 Results

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October 27, 2025 · 7:00 AM UTC

Halper Sadeh LLC Encourages AdaptHealth Corp. Shareholders to Contact the Firm to Discuss Their Rights

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October 27, 2025 · 6:40 AM UTC

Halper Sadeh LLC Encourages AdaptHealth Corp. Shareholders to Contact the Firm to Discuss Their Rights

Read more