Business Description
AdaptHealth Corp. is a national provider of home medical equipment (HME), medical supplies, and related services in the United States. The company offers products designed to help patients manage chronic conditions at home, including sleep therapy equipment, diabetes management supplies, and respiratory therapy devices. It primarily serves beneficiaries of Medicare, Medicaid, and commercial insurance payors.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net revenue | 3,244,857 | 3,260,975 | 3,200,177 | 2,970,595 |
| Cost of net revenue | 2,635,658 | 2,579,882 | 2,576,110 | 2,390,480 |
| General and administrative expenses | 382,293 | 359,238 | 334,594 | 324,814 |
| Depreciation and amortization, excluding patient equipment depreciation | 40,640 | 45,045 | 57,087 | 64,890 |
| Goodwill impairment | 127,995 | 13,078 | 830,787 | 0 |
| Gain on sale of businesses | (32,602) | 0 | 0 | — |
| Operating income (loss) | 90,873 | 263,732 | (598,401) | 190,411 |
| Interest expense, net | 105,753 | 126,668 | 130,299 | 109,414 |
| Loss on extinguishment of debt | 0 | 2,273 | 0 | 0 |
| Change in fair value of warrant liability | 0 | (4,021) | (34,482) | (17,158) |
| Other loss, net | 274 | 2,793 | 29,566 | 253 |
| (Loss) income before income taxes | (15,154) | 136,019 | (723,784) | 97,902 |
| Income tax expense (benefit) | 50,884 | 41,239 | (49,004) | 24,769 |
| Net (loss) income | (66,038) | 94,780 | (674,780) | 73,133 |
| Income attributable to noncontrolling interest | 4,756 | 4,358 | 4,115 | 3,817 |
| Net (loss) income attributable to AdaptHealth Corp. | (70,794) | 90,422 | (678,895) | 69,316 |
| Weighted average common shares outstanding - basic | 135,146 | 133,756 | 134,156 | 134,175 |
| Weighted average common shares outstanding - diluted | 135,146 | 135,531 | 134,418 | 138,988 |
| Basic net (loss) income per share | (0.52) | 0.62 | (5.06) | 0.47 |
| Diluted net (loss) income per share | (0.52) | 0.61 | (5.31) | 0.33 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 106,136 | 151,247 | 77,132 | 46,272 |
| Total Cash and Cash Equivalents | 106,136 | 151,247 | 77,132 | 46,272 |
| Accounts Receivable | 370,897 | 408,019 | 388,910 | 359,146 |
| Total Trade Receivables | 370,897 | 408,019 | 388,910 | 359,146 |
| Inventories | 109,747 | 139,842 | 113,642 | 127,754 |
| Other Current Assets | 100,619 | 98,180 | 69,338 | 52,136 |
| Total Current Assets | 728,899 | 755,788 | 649,022 | 585,308 |
| Net Property, Plant & Equipment | 659,725 | 632,855 | 637,528 | 622,008 |
| Net Intangible Assets | 85,121 | 105,548 | 130,160 | 162,773 |
| Goodwill | 2,541,428 | 2,675,166 | 2,724,958 | 3,545,297 |
| Other Long-Term Assets | 286,905 | 332,089 | 366,982 | 304,201 |
| Total Assets | 4,316,577 | 4,486,947 | 4,508,650 | 5,219,587 |
| Accounts Payable | 553,700 | 437,985 | 391,994 | 337,498 |
| Current Portion of Long-Term Debt | 20,313 | 16,250 | 53,368 | 35,000 |
| Current Portion of Leases | 48,430 | 44,260 | 38,392 | 32,212 |
| Unearned Revenue | 59,843 | 34,944 | 38,570 | 31,641 |
| Other Current Liabilities | 30,106 | 33,548 | 14,675 | 19,863 |
| Total Current Liabilities | 712,392 | 566,987 | 536,999 | 456,214 |
| Long-Term Debt | 1,715,983 | 1,964,921 | 2,094,614 | 2,153,267 |
| Leases | 118,074 | 104,905 | 108,275 | 108,344 |
| Other Long-Term Liabilities | 243,804 | 272,016 | 302,093 | 344,004 |
| Total Long-Term Liabilities | 2,077,861 | 2,341,842 | 2,504,982 | 2,605,615 |
| Total Liabilities | 2,790,253 | 2,908,829 | 3,041,981 | 3,061,829 |
| Preferred Stock | — | — | 1 | 1 |
| Common Stock | — | — | 13 | 13 |
| Treasury Stock | (25,548) | (25,548) | (43,267) | (13,992) |
| Additional Paid-in Capital | 2,176,990 | 2,156,604 | 2,149,951 | 2,130,148 |
| Accumulated Other Comprehensive Income | 78 | 2,253 | 4,356 | 8,693 |
| Retained Earnings | — | — | (652,600) | 26,295 |
| Total Common Shareholders' Equity | 2,151,520 | 2,133,309 | 1,458,454 | 2,151,158 |
| Minority Interests and Other | 7,762 | 6,973 | 8,215 | 6,600 |
| Total Shareholders' Equity | 2,159,282 | 2,140,282 | 1,466,669 | 2,157,758 |
| Total Liabilities and Shareholders' Equity | 4,316,577 | 4,486,947 | 4,508,650 | 5,219,587 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (66,038) | 94,780 | (674,780) | 73,133 |
| Depreciation & Amortization | 381,927 | 365,334 | 382,783 | 351,178 |
| Share-Based Compensation Expense | 21,876 | 14,880 | 22,468 | 22,397 |
| Other Adjustments | 197,427 | 92,904 | 775,304 | 35,155 |
| Changes in Trade Receivables | 30,986 | (26,217) | (28,862) | (209) |
| Changes in Inventories | (11,491) | (28,065) | 15,531 | (6,300) |
| Changes in Other Operating Activities | 47,084 | 28,223 | (11,778) | (101,487) |
| Cash from Operating Activities | 601,771 | 541,839 | 480,666 | 373,867 |
| Capital Expenditure | (382,388) | (306,055) | (337,463) | (391,423) |
| Proceeds from Sale of Property, Plant & Equipment | — | 5,316 | — | — |
| Purchases of Investments | — | — | (128) | (731) |
| Payments for Business Acquisitions | (42,378) | (9,536) | (19,687) | (19,017) |
| Proceeds from Business Divestments | 121,576 | — | — | — |
| Cash from Investing Activities | (303,190) | (310,275) | (357,278) | (411,171) |
| Issuance of Long-Term Debt | — | 253,477 | 50,000 | — |
| Repayments of Long-Term Debt | (250,000) | (423,477) | (95,000) | (20,000) |
| Net Issuance / (Repayments) of Long-Term Debt | (250,000) | (170,000) | (45,000) | (20,000) |
| Issuance of Common Shares | 1,211 | 1,741 | 2,618 | 4,126 |
| Repurchases of Common Shares | — | — | (29,275) | (13,992) |
| Net Issuance / (Repurchases) of Common Shares | 1,211 | 1,741 | (26,657) | (9,866) |
| Other Financing Activities | (53,403) | (30,690) | (20,871) | (36,185) |
| Cash from Financing Activities | (302,192) | (198,949) | (92,528) | (66,051) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (3,611) | 32,615 | 30,860 | (103,355) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.32B |
| P/E | -19.15x |
| P/S | 0.41x |
| EV/EBITDA | 6.61x |
| Return on Equity | -3.1% |
| Return on Invested Capital | 10.6% |
| Current Ratio | 1.02x |
| Free Cash Flow Margin | 6.8% |
Margins
Gross margin
18.8%
Operating margin
2.8%
Net margin
-2.0%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $820M | +5.4% | 0.7% | $5M |
| Q4 2025 | $846M | -1.2% | -8.7% | $-73M |
| Q3 2025 | $820M | +1.8% | 7.5% | $62M |
| Q2 2025 | $800M | -0.7% | 9.9% | $79M |
| Q1 2025 | $778M | — | 3.0% | $23M |
| Q4 2024 | $857M | — | 11.4% | $98M |
| Q3 2024 | $806M | — | 7.9% | $63M |
| Q2 2024 | $806M | — | 6.5% | $52M |
More on AdaptHealth Corp.
Figures compiled from public company filings.
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