AdaptHealth Corp.
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Red is not supported by the evidence: there is no going-concern warning, equity attributable to AdaptHealth Corp. stood at $1,378.5 million as of June 30, 2026, operating cash flow was clearly positive at $239.0 million for the first half of 2026, interest coverage runs at roughly 4.6 times ($236.6 million of adjusted EBITDA against $51.8 million of interest expense), and the credit agreement covenants were met at quarter end. Green is not supported either, because two material operating questions are open. First, earning power: revenue grows double digits while adjusted EBITDA falls, the Wellness at Home segment halved in the quarter, and the full-year outlook was cut by roughly $100 million on an operating basis — AdaptHealth is structurally not a price setter, since payors and the Centers for Medicare and Medicaid Services fix the rates. Second, capital intensity: capital spending rose 56.0 percent to $287.5 million in the half, free cash flow turned to minus $48.4 million, and cash fell to $43.3 million while the Tax Receivable Agreement alone drew $26.8 million. That roughly $1.15 billion of goodwill has been written off in three and a half years, leaving tangible book value negative, does not make the balance sheet a solvency risk, but it does document a run of overpriced acquisitions. The restructuring has begun and the stock is visibly cheap after August 4, 2026 — neither changes the rating: price is not a quality attribute, and proof of durable margins in the new perimeter is still outstanding. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
AdaptHealth is the growth reflex in its purest form: revenue rose 15.9 percent organically to $740.3 million in the second quarter of 2026 — and adjusted EBITDA fell 3.2 percent to $132.0 million, because the capitated contract driving that growth costs margin. Add a $144.2 million goodwill impairment in exactly the two units whose headroom the 2025 annual report had put below 10 percent and below 20 percent five months earlier, negative free cash flow of $48.4 million for the half, and a full-year outlook cut by roughly $100 million on an operating basis. The business is real and the need is growing; the question is whether this growth will ever bring in more than it costs in devices, capital and goodwill. Not investment advice.
Business model & demand
A large, recurring care business with demographics behind it: $3,244.9 million of revenue in 2025, roughly 4.8 million patients a year across all 50 states, about a third of revenue from fixed monthly equipment reimbursements. In the second quarter of 2026 revenue grew 15.9 percent organically to $740.3 million — demand is not the problem.
Earning power & pricing
Adjusted EBITDA fell 3.2 percent to $132.0 million in the second quarter of 2026 despite record growth, and the Wellness at Home segment halved from $17.5 million to $8.7 million. On August 4, 2026 the full-year outlook came down by roughly $100 million on an operating basis ($55 million from the West Coast capitated contract, $30 million from a manufacturer price increase, $15 million from portfolio actions). Rates are set by payors and by the Centers for Medicare and Medicaid Services, not by AdaptHealth.
Capital intensity & cash flow
Growth ties up capital here: in the first half of 2026, $239.0 million of operating cash flow met $287.5 million of capital spending (up 56.0 percent), free cash flow swung from positive $73.3 million to negative $48.4 million, and cash fell from $106.1 million to $43.3 million. The company guides to $80 million to $120 million of free cash flow for full-year 2026 — that remains unproven.
Balance sheet quality
After $830.8 million (2023), $13.1 million (2024), $128.0 million (2025) and $144.2 million in the first half of 2026, goodwill impairments total roughly $1.15 billion — more than the market value on August 4, 2026. What remains is $2,370.4 million of goodwill against $1,378.5 million of attributable equity, leaving tangible book value negative by roughly $1,023.7 million. The 2025 annual report had signalled the write-down five months earlier (headroom below 10 percent and below 20 percent).
Financing & covenants
The April 2026 refinancing holds: a new credit agreement to 2031, redemption of the 6.125 percent notes in August 2026, first-half interest expense down from $55.9 million to $51.8 million, and financial covenants met as of June 30, 2026. Against that stand $1,900.0 million of debt principal (roughly 3.7 times guided adjusted EBITDA), a $238.9 million Tax Receivable Agreement liability and $265.7 million of remaining revolver capacity that is itself a function of that same earnings figure. The diabetes sale brings $235.0 million — but not before the first quarter of 2027.
Restructuring & special risks
The company is cleaning up in earnest: sale of the low-margin diabetes business (4.4 percent adjusted margin in 2025) for $235.0 million, a workforce reduction with expected annual savings of roughly $26.8 million, and a focus on three segments. Open items remain: antitrust clearance, the competitive bidding program resuming in 2026, and the June 2026 cybersecurity incident in which patient data and billing passwords were exfiltrated and whose financial consequences the company says are not yet determinable.
Worth Noting
AdaptHealth reached our research list through the event radar on SEC filings: the current report on Form 8-K of July 2, 2026 under Item 1.05 (material cybersecurity incident). The research was deepened after the quarterly report of August 4, 2026 and the accompanying guidance cut. The cut-off for this analysis is August 5, 2026; every SEC filing up to that date has been reviewed.
Mind the comparability: since the second quarter of 2026 the diabetes business has been reported as discontinued operations, and all prior-year figures were recast accordingly. Figures for 2023 to 2025 come from the Form 10-K for 2025 and cover the total company including diabetes — annual and quarterly series must not be mixed without that caveat.
Valuation figures are dated and deliberately kept as orders of magnitude: the anchor price is the August 4, 2026 close ($6.71; prior day $10.83) applied to 136,344,196 shares per the cover page of the quarterly report. The analyst consensus (price target $14.14, eight ratings, as of August 5, 2026) partly predates the guidance cut and should be read with that in mind.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AHCO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.20 $ to 13.40 $ · Last price: 5.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Devices
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| AdaptHealth Corp. AHCO | 1.3 | – | 9.7 | 19.2 | 0.7 | -0.5 | -35.4 |
| Abbott Laboratories ABT | 173.9 | 29.8 | 17.4 | 56.9 | 13.5 | 5.7 | -22.0 |
| Medtronic PLC MDT | 117.8 | 25.8 | 13.2 | 65.3 | 22.1 | 8.4 | 1.3 |
| Stryker Corporation SYK | 105.8 | 35.0 | 16.8 | 65.6 | 17.8 | 11.2 | -24.9 |
| Boston Scientific Corp BSX | 63.0 | 18.8 | 13.2 | 69.2 | 20.6 | 19.9 | -55.8 |
| Edwards Lifesciences Corp EW | 50.8 | 48.2 | 27.7 | 77.8 | 31.2 | 11.6 | 18.9 |
| DexCom Inc DXCM | 33.9 | 37.1 | 20.1 | 62.5 | 21.4 | 15.6 | 14.1 |
| GE HealthCare Technologies Inc. GEHC | 27.9 | 15.8 | 10.1 | 39.5 | 11.1 | 4.8 | -17.9 |
| STERIS plc STE | 20.3 | 27.3 | 13.7 | 44.4 | 20.0 | 8.7 | -15.5 |
| Median of companies shown | 50.8 | 28.5 | 13.7 | 62.5 | 20.0 | 8.7 | -17.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 174 | 2 | -4 | -0.12 | 30 | – | – |
| 2017 | 193 | 0 | 0 | 0.00 | 46 | 0 | 0 |
| 2018 | 345 | -1 | 2 | 0.07 | 68 | 246 | 254 |
| 2019 | 530 | 29 | -21 | -0.95 | 60 | 15 | 228 |
| 2020 | 1,056 | 71 | -162 | -3.08 | 196 | 355 | 1,813 |
| 2021 | 2,455 | 226 | 156 | 1.17 | 276 | 2,062 | 5,250 |
| 2022 | 2,971 | 190 | 69 | 0.50 | 374 | 2,151 | 5,220 |
| 2023 | 3,200 | -598 | -679 | -5.05 | 481 | 1,458 | 4,509 |
| 2024 | 3,261 | 264 | 90 | 0.67 | 542 | 1,571 | 4,487 |
| 2025 | 3,245 | 186 | -71 | -0.52 | 602 | 1,519 | 4,317 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.22 | 10.00 | 595 | 2.00 | 3.30 | 198 | 117 |
| 2024: Q3 | 0.15 | 104.40 | 598 | 2.40 | 3.80 | 144 | 85 |
| 2024: Q4 | 0.42 | 122.00 | 857 | -42.00 | 5.90 | 150 | 73 |
| 2025: Q1 | 0.02 | -86.70 | 581 | -2.30 | -1.20 | 96 | 0 |
| 2025: Q2 | 0.07 | -68.20 | 592 | -0.50 | 2.50 | 162 | 73 |
| 2025: Q3 | 0.16 | 6.70 | 603 | 0.90 | 4.10 | 161 | 67 |
| 2025: Q4 | 0.27 | -35.90 | 846 | -1.20 | -12.10 | 183 | 79 |
| 2026: Q1 | -0.12 | -700.00 | 820 | 41.20 | -2.00 | 94 | -28 |
| 2026: Q2 | -0.99 | -1,000.00 | 740 | 12.70 | -18.10 | 145 | -21 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.45 | -1.46 – -0.10 | 2,877 | -183.6% | 5 |
| 12/31/2027 | -0.13 | -0.27 – 0.11 | 2,987 | 71.8% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 1.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $97.7M |
|---|---|
| Market cap | $1.27B |
| Free cash flow in year ten | $117.4M |
| Terminal value as a share of market value | 48.5% |
For comparison: over the past five years free cash flow grew by 7.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
AdaptHealth setzt KI und generative KI nach eigener Darstellung im Geschäftsbericht 10-K für 2025 intern ein, um Patienten- und Betriebsabläufe zu verbessern — unter anderem über strategische Partnerschaften und seit dem 2. Quartal 2026 über ein KI-gestütztes Werkzeug zur Maskenanpassung in der eigenen Patienten-App; verkauft wird KI nicht, das Geschäft ist die Versorgung mit Medizintechnik zu Hause.
View the full file — quotes, sources, reviewed filings
„We are deploying innovative programs, which use artificial intelligence, including generative artificial intelligence and similar tools and technologies (collectively, “AI”), to improve or enhance patient and operational workflows. AI deployment involves internal resources as well as strategic partnerships focused on patient experience and operational efficiencies."
Wir setzen innovative Programme ein, die künstliche Intelligenz nutzen — einschließlich generativer künstlicher Intelligenz und ähnlicher Werkzeuge und Technologien (zusammen „KI“) —, um Patienten- und Betriebsabläufe zu verbessern oder zu erweitern. Der KI-Einsatz umfasst interne Ressourcen ebenso wie strategische Partnerschaften mit Schwerpunkt auf Patientenerlebnis und betrieblicher Effizienz.
10-K · 2026-02-24 · View SEC filing
„AI technologies offer numerous potential benefits, such as creating or increasing operational efficiencies, and we expect the use of AI and generative AI by us, third parties on our behalf, and other market participants, including our competitors, to increase."
KI-Technologien bieten zahlreiche mögliche Vorteile, etwa das Schaffen oder Steigern betrieblicher Effizienz, und wir erwarten, dass der Einsatz von KI und generativer KI durch uns, durch Dritte in unserem Auftrag und durch andere Marktteilnehmer einschließlich unserer Wettbewerber zunehmen wird.
10-K · 2026-02-24 · View SEC filing
„Grew registered myAPP users to more than 512,000, up 56% from year end 2025 and launched an AI-powered mask-fitting tool, advancing patient digital engagement and expanding self-service capabilities."
Die Zahl der registrierten myAPP-Nutzer wuchs auf mehr als 512.000, ein Plus von 56 Prozent gegenüber dem Jahresende 2025; zudem wurde ein KI-gestütztes Werkzeug zur Maskenanpassung eingeführt, das die digitale Patientenbindung vorantreibt und die Selbstbedienungsmöglichkeiten erweitert.
8-K · 2026-08-04 · View SEC filing
Filings Reviewed: 10-Q 2026-08-04 · 8-K 2026-08-04 · 8-K 2026-07-20 · 8-K 2026-07-07 · 8-K 2026-07-02 · 8-K 2026-04-13 · 10-K 2026-02-24
Rated on August 5, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 3.0%
- More than 10% revenue growth is expected for the coming year -72.7%
- Share count grows by less than 3% a year -0.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 6.3%
- Gross margin at 40% or higher and without meaningful erosion 17.5%
- Goodwill from acquisitions does not grow faster than revenue 58.9%
- Net debt below twice EBITDA 3.6 x EBITDA
- Operating cash flow covers the profits of the last three years 2,284 m
- Return on capital at 15% or higher, or up versus two years ago 5.2%
- Insiders hold at least 10% or are net buyers 8.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 38.4%
- Exp. sales growth 3Y > 5% -4.1%
- EBIT growth 10Y > 5% 62.8%
- Exp. EBIT growth 3Y > 5% -4.1%
- Net debt < 4x EBIT 9.6x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 5.2%
- Expected return > 10% 12.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Currie Harriss T | CHIEF FINANCIAL OFFICER | Other | 141,372 | 0.00 | – |
| Aug 7, 2026 | Wolf Dale B | Director | Buy | 20,000 | 5.86 | 117,200 |
| Aug 6, 2026 | Samet Kenneth A | Director | Buy | 23,500 | 6.38 | 149,930 |
| Aug 6, 2026 | Wolf Dale B | Director | Buy | 20,000 | 6.37 | 127,400 |
The company
About the Company
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.
- Employees
- 10,900
- Headquarters
- Conshohocken, PA
- Address
- 555 East North Lane, 19428 Conshohocken, United States
- Phone
- 610 424 4515
- Website
- adapthealth.com
- IPO Date
- 05/24/2018
- ISIN
- US00653Q1022
Management
| Name | Title | Birth Year |
|---|---|---|
| Suzanne M. Foster M.P.H. | CEO & Director | 1970 |
| Jason A. Clemens C.F.A. | Chief Financial Officer | 1979 |
| Albert A. Prast | CTO & Chief Innovation Officer | 1960 |
| Russell E. Schuster III | Chief Commercial Officer | 1977 |
| Daniel McFadden | Chief Operations Officer | 1971 |
| Christine E. Archbold | Chief Accounting Officer | 1974 |
| Nalin Narayanam | Chief Information Officer | – |
| Wendy Russalesi | Chief Compliance Officer | – |
| Richard W. Rew II | Chief Legal Officer, General Counsel & Secretary | 1968 |
| Kelly Morgan | Chief Human Resources Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/08/2026 AdaptHealth Corp. (AHCO): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/04/2026 AdaptHealth Corp. (AHCO): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/20/2026 AdaptHealth Corp. (AHCO): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 07/07/2026 AdaptHealth Corp. (AHCO): Regulation FD Disclosure SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.