AdaptHealth Corp. (AHCO) Balance Sheet

The rise in the debt-to-equity ratio in the most recent quarter reflects equity erosion rather than new borrowing, since total debt has held roughly flat around $2.0B. Retained earnings have declined steadily across the ten quarters, which suggests cumulative losses are consuming the equity base. Investors should monitor whether further losses continue to shrink equity, as this would weaken the company's capacity to absorb shocks.

Total debt has remained near $2.0B across the period, so leverage has increased primarily because the equity denominator has contracted. With operating margins turning negative in the latest quarters, the company's ability to service this debt from operating income appears constrained. Refinancing terms and interest coverage warrant further investigation, as the reported figures do not disclose maturity schedules in the supplied data.

A cash position of $80.7M is small relative to the company's $4.2B asset base and $3.0B liability load, suggesting limited short-term flexibility. The current ratio improved from 0.92 in 2026Q1 but remains only modestly above 1, which may indicate reliance on receivables and operating cash conversion. Liquidity would likely be more sensitive to a reimbursement shock or working capital reversal than the headline ratio implies.

Goodwill of $2.2B is the largest asset category and reflects the roll-up acquisition history, which carries impairment risk if the earnings base continues to decline. Net PP&E has grown from $618.4M to $807.5M, consistent with continued fleet reinvestment in rental equipment. Given persistent net losses, investors should monitor whether goodwill impairment testing becomes a material risk to reported equity.