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AdaptHealth Corp. (AHCO) 10-Year Financial Performance & Capital Metrics

AHCO • • Industrial / General
HealthcareMedical DevicesDiabetes & Metabolic DevicesContinuous Glucose Monitoring
AboutAdaptHealth Corp., together with its subsidiaries, provides home medical equipment (HME), medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, such as CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; medical devices and supplies, including continuous glucose monitors and insulin pumps to patients for the treatment of diabetes; HME to patients discharged from acute care and other facilities; oxygen and related chronic therapy services in the home; and other HME devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy, and nutritional supply needs. It serves beneficiaries of Medicare, Medicaid, and commercial insurance payors. AdaptHealth Corp. is headquartered in Plymouth Meeting, Pennsylvania.Show more
  • Revenue $3.26B +1.9%
  • EBITDA $629M +453.8%
  • Net Income $90M +113.3%
  • EPS (Diluted) 0.61 +111.5%
  • Gross Margin 20.89% -2.0%
  • EBITDA Margin 19.29% +447.2%
  • Operating Margin 8.09% +143.3%
  • Net Margin 2.77% +113.1%
  • ROE 5.94% +115.9%
  • ROIC 5.43% +149.2%
  • Debt/Equity 1.35 -13.7%
  • Interest Coverage 2.08 +145.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 43.8%
  • ✓Trading at only 0.9x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y43.84%
3Y9.93%
TTM-12.7%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-16.65%
TTM137.41%

EPS CAGR

10Y-
5Y29.11%
3Y-3.08%
TTM133.55%

ROCE

10Y Avg2.2%
5Y Avg2.47%
3Y Avg-1%
Latest6.68%

Peer Comparison

Continuous Glucose Monitoring
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
PODDInsulet Corporation20.15B286.4949.5722.07%9.76%17.79%1.52%1.17
DXCMDexCom, Inc.27B69.2448.7611.34%15.96%26.44%2.34%1.23
AHCOAdaptHealth Corp.1.44B10.6417.441.9%2.81%4.93%16.36%1.35
MODDModular Medical, Inc.36.82M0.47-0.93-276.23%0.05
SENSSenseonics Holdings, Inc.297.04M7.27-2.910.37%-209.21%-82.83%
TNDMTandem Diabetes Care, Inc.1.43B21.07-14.3325.74%-20.2%-152.95%0.35%1.80

Profit & Loss

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+192.56M345.28M529.64M1.06B2.45B2.97B3.2B3.26B
Revenue Growth %-0.79%0.53%0.99%1.32%0.21%0.08%0.02%
Cost of Goods Sold+162.9M285.2M440.7M898.6M2.01B2.55B2.52B2.58B
COGS % of Revenue0.85%0.83%0.83%0.85%0.82%0.86%0.79%0.79%
Gross Profit+29.66M60.08M88.94M157.79M445.61M417.43M681.77M681.09M
Gross Margin %0.15%0.17%0.17%0.15%0.18%0.14%0.21%0.21%
Gross Profit Growth %-1.03%0.48%0.77%1.82%-0.06%0.63%-0%
Operating Expenses+6931.23M59.56M86.44M220M227.01M1.28B417.36M
OpEx % of Revenue0%0%0.11%0.08%0.09%0.08%0.4%0.13%
Selling, General & Admin6931.04M56.49M89.35M167.5M162.13M190.09M359.24M
SG&A % of Revenue0%0%0.11%0.08%0.07%0.05%0.06%0.11%
Research & Development310K0000000
R&D % of Revenue0%-------
Other Operating Expenses0197.59K3.07M-2.9M52.5M64.89M1.09B58.12M
Operating Income+-690-1.23M29.38M71.35M225.6M190.41M-598.4M263.73M
Operating Margin %-0%-0%0.06%0.07%0.09%0.06%-0.19%0.08%
Operating Income Growth %--1786.99%24.81%1.43%2.16%-0.16%-4.14%1.44%
EBITDA+27.82M49.38M91.94M153.79M483.66M613.85M-177.81M629.07M
EBITDA Margin %0.14%0.14%0.17%0.15%0.2%0.21%-0.06%0.19%
EBITDA Growth %-0.78%0.86%0.67%2.14%0.27%-1.29%4.54%
D&A (Non-Cash Add-back)27.82M50.61M62.57M82.44M258.05M423.44M420.59M365.33M
EBIT-69330.24M17.44M-164.61M286.15M207.32M-591.68M262.69M
Net Interest Income+00-39.3M-41.43M-95.19M-109.41M-130.3M-126.67M
Interest Income04.15M000000
Interest Expense04.15M39.3M41.43M95.19M109.41M130.3M126.67M
Other Income/Expense0-8.85M-51.24M-277.39M-34.65M-92.51M-125.38M-127.71M
Pretax Income+-6932.92M-21.86M-206.04M190.96M97.9M-723.78M136.02M
Pretax Margin %-0%0.01%-0.04%-0.2%0.08%0.03%-0.23%0.04%
Income Tax+0829.81K739K-11.96M32.81M24.77M-49M41.24M
Effective Tax Rate %1%0.72%0.98%0.78%0.82%0.71%0.94%0.66%
Net Income+-6932.09M-21.34M-161.63M156.18M69.32M-678.89M90.42M
Net Margin %-0%0.01%-0.04%-0.15%0.06%0.02%-0.21%0.03%
Net Income Growth %-3011.24%-11.23%-6.57%1.97%-0.56%-10.79%1.13%
Net Income (Continuing)-69324.34M-22.6M-194.09M158.15M73.13M-674.78M94.78M
Discontinued Operations00000000
Minority Interest-34.09M2.87M-26.96M-74.04M4.78M6.6M8.21M6.97M
EPS (Diluted)+0.000.070.17-1.230.670.50-5.310.61
EPS Growth %--1.54%-8.24%1.54%-0.25%-11.62%1.11%
EPS (Basic)0.000.070.17-1.231.120.52-5.320.62
Diluted Shares Outstanding31.25M31.25M72.38M52.49M133.03M138.99M134.42M135.53M
Basic Shares Outstanding31.25M31.25M72.38M52.49M126.31M134.18M134.16M133.76M
Dividend Payout Ratio--------

Balance Sheet

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+119.82K1.11M181.41M363.25M670.06M585.31M649.02M755.79M
Cash & Short-Term Investments119.82K947.1K76.88M99.96M149.63M46.27M77.13M109.75M
Cash Only119.82K947.1K76.88M99.96M149.63M46.27M77.13M109.75M
Short-Term Investments00000000
Accounts Receivable053.02M78.62M171.06M359.9M359.15M388.91M408.02M
Days Sales Outstanding-56.0454.1859.1153.5244.1344.3645.67
Inventory4.96M7.67M13.24M58.78M123.09M127.75M113.64M139.84M
Days Inventory Outstanding11.129.8210.9623.8822.3618.2616.4719.78
Other Current Assets0-60.69M00052.14M69.34M98.18M
Total Non-Current Assets+190.79K253.02M365.12M1.45B4.58B4.63B3.86B3.73B
Property, Plant & Equipment35.57M61.6M63.56M110.47M546.34M622.01M637.53M618.36M
Fixed Asset Turnover5.41x5.61x8.33x9.56x4.49x4.78x5.02x5.27x
Goodwill38.63M202.44M266.79M998.81M3.51B3.55B2.72B2.68B
Intangible Assets000116.06M202.23M162.77M130.16M105.55M
Long-Term Investments0-276.9M000000
Other Non-Current Assets-74.01M253.02M6.85M16.48M15.1M22.41M21.13M17.58M
Total Assets+310.62K254.12M546.54M1.81B5.25B5.22B4.51B4.49B
Asset Turnover619.93x1.36x0.97x0.58x0.47x0.57x0.71x0.73x
Asset Growth %-817.13%1.15%2.32%1.9%-0.01%-0.14%-0%
Total Current Liabilities+286.31K699.39K154.05M422.05M499.81M456.21M537M566.99M
Accounts Payable60.51K40.77K79.24M191.04M248.03M222.5M211.5M284.6M
Days Payables Outstanding0.140.0565.6377.645.0631.8130.6540.27
Short-Term Debt174.24K27.9M1.72M8.15M20M35M53.37M16.25M
Deferred Revenue (Current)01000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities-9.95M-27.9M20.3M126.37M43.19M19.86M14.68M33.55M
Current Ratio0.42x1.58x1.18x0.86x1.34x1.28x1.21x1.33x
Quick Ratio-16.92x-9.39x1.09x0.72x1.09x1.00x1.00x1.09x
Cash Conversion Cycle-65.81-0.485.3930.8230.5830.1725.19
Total Non-Current Liabilities+54.91M7.88M458.27M1.11B2.68B2.61B2.5B2.34B
Long-Term Debt52.7M127.09M395.11M776.57M2.18B2.15B2.09B1.96B
Capital Lease Obligations0172.47K233.14K0120.18M108.34M108.28M104.91M
Deferred Tax Liabilities03.78M000000
Other Non-Current Liabilities-52.7M-119.39M62.92M334.01M380.25M344M302.09M272.02M
Total Liabilities286.31K8.57M612.32M1.53B3.18B3.06B3.04B2.91B
Total Debt+174.24K155.17M416.82M807M2.37B2.33B2.29B2.13B
Net Debt54.42K154.22M339.94M707.03M2.22B2.28B2.22B2.02B
Debt / Equity-0.62x-2.87x1.15x1.08x1.56x1.35x
Debt / EBITDA0.01x3.14x4.53x5.25x4.90x3.79x-3.39x
Net Debt / EBITDA0.00x3.12x3.70x4.60x4.59x3.72x-3.21x
Interest Coverage--0.30x0.75x1.72x2.37x1.74x-4.59x2.08x
Total Equity+-34.07M248.42M-65.78M280.85M2.07B2.16B1.47B1.58B
Equity Growth %-8.29%-1.26%5.27%6.36%0.04%-0.32%0.08%
Book Value per Share-1.097.95-0.915.3515.5415.5210.9111.64
Total Shareholders' Equity24.31K245.55M-38.82M354.89M2.06B2.15B1.46B1.57B
Common Stock719240.55M7K9K13K13K13K13K
Retained Earnings-6932.09M-40.26M-199.2M-43.02M26.3M-652.6M-562.18M
Treasury Stock00000-13.99M-43.27M-25.55M
Accumulated OCI001.43M-4.41M-2.35M8.69M4.36M2.25M
Minority Interest-34.09M2.87M-26.96M-74.04M4.78M6.6M8.21M6.97M

Cash Flow

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+45.93M68.43M60.42M195.63M275.68M373.87M480.67M541.84M
Operating CF Margin %0.24%0.2%0.11%0.19%0.11%0.13%0.15%0.17%
Operating CF Growth %-0.49%-0.12%2.24%0.41%0.36%0.29%0.13%
Net Income-6902.09M12.24M-194.09M158.15M73.13M-678.89M94.78M
Depreciation & Amortization27.82M50.61M11.28M82.44M258.05M351.18M420.59M365.33M
Stock-Based Compensation48.75K884K11.07M18.67M25.32M22.4M22.47M14.88M
Deferred Taxes0-2.88M895.3K-21.1M22.38M18.04M-62.59M32.05M
Other Non-Cash Items12.02M65.91M43.12M232.8M-34.92M17.12M804.2M60.85M
Working Capital Changes690429.32K-18.19M76.91M-153.31M-108M-25.11M-26.06M
Change in Receivables-3.04M-21.34M-11.81M-29.52M-29.69M-209K-28.86M-26.22M
Change in Inventory1.14M2.31M-14.26M-19.43M-14.92M-6.3M15.53M-28.07M
Change in Payables0-19.73K8.78M00000
Cash from Investing+-15.08M-248.87M-386K-815.7M-1.82B-411.17M-357.28M-310.27M
Capital Expenditures-6.85M-9.95M-21.33M-39.76M-203.31M-391.42M-337.46M-306.06M
CapEx % of Revenue0.04%0.03%0.04%0.04%0.08%0.13%0.11%0.09%
Acquisitions--------
Investments--------
Other Investing280.51K-238.92M20.38M00005.32M
Cash from Financing+119.82K251.33M-13.89M643.15M1.6B-66.05M-92.53M-198.95M
Debt Issued (Net)--------
Equity Issued (Net)--------
Dividends Paid00-250M00000
Share Repurchases--------
Other Financing-573.96K1.51M-70.84M-34.92M-75.68M-15.88M-11.48M-19.08M
Net Change in Cash--------
Free Cash Flow+39.08M58.48M39.09M155.88M72.37M-17.56M143.2M235.78M
FCF Margin %0.2%0.17%0.07%0.15%0.03%-0.01%0.04%0.07%
FCF Growth %-0.5%-0.33%2.99%-0.54%-1.24%9.16%0.65%
FCF per Share1.251.870.542.970.54-0.131.071.74
FCF Conversion (FCF/Net Income)-66277.97x32.80x-2.83x-1.21x1.77x5.39x-0.71x5.99x
Interest Paid0023.07M35.77M73.63M108.89M126.23M122.07M
Taxes Paid001.32M7.48M14.79M14.95M14.76M14.14M

Key Ratios

Metric20172018201920202021202220232024
Return on Equity (ROE)-1.95%-23.37%-150.31%13.31%3.28%-37.46%5.94%
Return on Invested Capital (ROIC)--0.5%6.51%8.48%6.41%3.27%-11.05%5.43%
Gross Margin15.4%17.4%16.79%14.94%18.15%14.05%21.3%20.89%
Net Margin-0%0.6%-4.03%-15.3%6.36%2.33%-21.21%2.77%
Debt / Equity-0.62x-2.87x1.15x1.08x1.56x1.35x
Interest Coverage--0.30x0.75x1.72x2.37x1.74x-4.59x2.08x
FCF Conversion-66277.97x32.80x-2.83x-1.21x1.77x5.39x-0.71x5.99x
Revenue Growth-79.31%53.4%99.45%132.35%21.02%7.73%1.9%

Revenue by Segment

20202021202220232024
Respiratory Health----651.15M
Respiratory Health Growth-----
Diabetes-541.21M687.09M660.04M-
Diabetes Growth--26.96%-3.94%-
Health Care, Other--261.62M301.15M-
Health Care, Other Growth---15.11%-
Supplies To Home145.62M----
Supplies To Home Growth-----

Frequently Asked Questions

Valuation & Price

AdaptHealth Corp. (AHCO) has a price-to-earnings (P/E) ratio of 17.4x. This is roughly in line with market averages.

Growth & Financials

AdaptHealth Corp. (AHCO) reported $2.85B in revenue for fiscal year 2024. This represents a 1380% increase from $192.6M in 2017.

AdaptHealth Corp. (AHCO) grew revenue by 1.9% over the past year. Growth has been modest.

Yes, AdaptHealth Corp. (AHCO) is profitable, generating $80.2M in net income for fiscal year 2024 (2.8% net margin).

Dividend & Returns

AdaptHealth Corp. (AHCO) has a return on equity (ROE) of 5.9%. This is below average, suggesting room for improvement.

AdaptHealth Corp. (AHCO) generated $213.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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