AdaptHealth Corp. (AHCO) Financial Ratios
9 years of historical data (2017–2025) · Healthcare · Medical - Devices
EV/EBITDA
↓
5.19
↓-31% vs avg
5yr avg: 7.47
30Y Low5.2·High17.4
P/FCF
↓
5.98
↓-62% vs avg
5yr avg: 15.85
30Y Low5.3·High45.0
P/B Ratio
↓
0.85
↓-18% vs avg
5yr avg: 1.04
30Y Low0.7·High7.0
ROE
↓
-4.6%
-17% vs avg
5yr avg: -3.9%
30Y Low-150%·High13%
Debt/EBITDA
↓
3.17
↓-17% vs avg
5yr avg: 3.81
30Y Low0.0·High5.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AHCO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
AdaptHealth Corp. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 6.0x P/FCF, 62% below the 5-year average of 15.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.3B | $1.3B | $980M | $2.7B | $3.3B | $2.0B | $795M | $307M | — |
| Enterprise Value | $3.1B | $3.1B | $3.3B | $3.2B | $5.0B | $5.5B | $2.7B | $1.1B | $461M | — |
| P/E Ratio → | -18.56 | — | 15.61 | — | 38.44 | 36.51 | — | 64.59 | 147.16 | — |
| P/S Ratio | 0.40 | 0.41 | 0.40 | 0.31 | 0.90 | 1.33 | 1.87 | 1.50 | 0.89 | — |
| P/B Ratio | 0.85 | 0.88 | 0.82 | 0.67 | 1.24 | 1.57 | 7.02 | — | 1.24 | — |
| P/FCF | 5.98 | 6.14 | 5.47 | 6.84 | — | 44.96 | 12.65 | 20.33 | 5.25 | — |
| P/OCF | 2.18 | 2.24 | 2.38 | 2.04 | 7.15 | 11.80 | 10.08 | 13.15 | 4.49 | — |
P/E links to full P/E history page with 30-year chart
AHCO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
AdaptHealth Corp.'s enterprise value stands at 5.2x EBITDA, 31% below its 5-year average of 7.5x. The Healthcare sector median is 14.2x, placing the stock at a 64% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.97 | 1.02 | 1.00 | 1.67 | 2.23 | 2.54 | 2.14 | 1.34 | — |
| EV / EBITDA | 5.19 | 5.24 | 5.26 | — | 8.07 | 11.32 | 17.42 | 12.34 | 9.34 | — |
| EV / EBIT | 16.69 | 34.69 | 12.60 | — | 23.90 | 19.13 | — | 65.05 | 15.26 | — |
| EV / FCF | — | 14.33 | 14.04 | 22.33 | — | 75.65 | 17.18 | 29.03 | 7.89 | — |
AHCO Profitability
Margins and return-on-capital ratios measuring operating efficiency
AdaptHealth Corp. earns an operating margin of 5.7%. Operating margins have expanded from -18.7% to 5.7% over the past 3 years, signaling improving operational efficiency. A negative ROE of -4.6% indicates the company is currently destroying shareholder equity. ROIC of 4.0% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.5% | 17.5% | 20.9% | 21.3% | 14.1% | 18.2% | 14.9% | 16.8% | 17.4% | 15.4% |
| Operating Margin | 5.7% | 5.7% | 8.1% | -18.7% | 6.4% | 9.2% | 6.8% | 5.5% | -0.4% | -0.0% |
| Net Profit Margin | -2.2% | -2.2% | 2.8% | -21.2% | 2.3% | 6.4% | -15.3% | -4.0% | 0.6% | -0.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.6% | -4.6% | 5.9% | -37.5% | 3.3% | 13.3% | -150.3% | -23.4% | 1.9% | — |
| ROA | -1.6% | -1.6% | 2.0% | -14.0% | 1.3% | 4.4% | -13.7% | -5.3% | 1.6% | -0.2% |
| ROIC | 4.0% | 4.0% | 5.4% | -11.0% | 3.3% | 6.4% | 8.5% | 6.5% | -0.5% | — |
| ROCE | 5.0% | 5.0% | 6.7% | -13.7% | 4.0% | 7.3% | 8.0% | 9.1% | -1.0% | -2.8% |
AHCO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
AdaptHealth Corp. carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (roughly in line with the sector average of 3.2x). Net debt stands at $1.8B ($1.9B total debt minus $106M cash). Interest coverage of just 0.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 1.35 | 1.56 | 1.08 | 1.15 | 2.87 | — | 0.62 | — |
| Debt / EBITDA | 3.17 | 3.17 | 3.39 | — | 3.79 | 4.90 | 5.25 | 4.53 | 3.14 | 0.01 |
| Net Debt / Equity | — | 1.18 | 1.28 | 1.51 | 1.06 | 1.07 | 2.52 | — | 0.62 | — |
| Net Debt / EBITDA | 3.00 | 3.00 | 3.21 | — | 3.72 | 4.59 | 4.60 | 3.70 | 3.12 | 0.00 |
| Debt / FCF | — | 8.19 | 8.57 | 15.49 | — | 30.69 | 4.54 | 8.70 | 2.64 | 0.00 |
| Interest Coverage | 0.86 | 0.86 | 2.07 | -4.54 | 1.89 | 3.01 | -3.97 | 0.44 | 7.29 | — |
AHCO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.02x means AdaptHealth Corp. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.21x to 1.02x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 1.33 | 1.21 | 1.28 | 1.34 | 0.86 | 1.18 | 1.58 | 0.42 |
| Quick Ratio | 0.81 | 0.81 | 1.09 | 1.00 | 1.00 | 1.09 | 0.72 | 1.09 | -9.39 | -16.92 |
| Cash Ratio | 0.15 | 0.15 | 0.19 | 0.14 | 0.10 | 0.30 | 0.24 | 0.50 | 1.35 | 0.42 |
| Asset Turnover | — | 0.75 | 0.73 | 0.71 | 0.57 | 0.47 | 0.58 | 0.97 | 1.36 | 619.93 |
| Inventory Turnover | 17.69 | 17.69 | 18.45 | 22.16 | 19.99 | 16.32 | 15.29 | 33.29 | 37.17 | 32.81 |
| Days Sales Outstanding | — | 41.72 | 45.67 | 44.36 | 44.13 | 53.52 | 59.11 | 54.18 | 56.04 | — |
AHCO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
AdaptHealth Corp. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 31.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 6.4% | — | 2.6% | 2.7% | — | 1.5% | 0.7% | — |
| FCF Yield | 16.7% | 16.3% | 18.3% | 14.6% | — | 2.2% | 7.9% | 4.9% | 19.0% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 3.0% | 0.5% | 0.0% | 2.2% | 3.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 3.0% | 0.5% | 0.0% | 2.2% | 34.4% | 0.0% | — |
| Shares Outstanding | — | $135M | $136M | $134M | $139M | $133M | $52M | $72M | $31M | $31M |
Peer Comparison
Compare AHCO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AHCOYou | $1B | -18.6 | 5.2 | 6.0 | 17.5% | 5.7% | -4.6% | 4.0% | 3.2 |
 HCSG | $2B | 28.3 | 23.1 | 11.8 | 13.0% | 2.6% | 11.7% | 9.0% | 0.4 |
 OPCH | $3B | 17.3 | 7.9 | 13.3 | 18.1% | 6.0% | 15.2% | 15.3% | — |
 EHAB | $707M | -152.3 | 13.5 | 10.7 | 46.9% | 6.0% | -0.8% | 4.5% | 5.8 |
 PTCT | $7B | 10.2 | 6.8 | 9.3 | 95.9% | 49.5% | — | — | 0.5 |
 PHG | $25B | 25.2 | 10.8 | 24.9 | 45.2% | 8.0% | 7.8% | 6.4% | 3.2 |
 ISRG | $144B | 51.7 | 39.0 | 58.0 | 66.0% | 29.3% | 16.6% | 15.0% | 0.1 |
 MDT | $102B | 22.0 | 14.5 | 19.6 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 RMD | $27B | 19.8 | 14.1 | 16.5 | 59.4% | 32.7% | 25.9% | 22.8% | 0.4 |
 INVA | $2B | 6.8 | 6.8 | 8.5 | 72.3% | 38.5% | 29.1% | 14.2% | 1.3 |
 HOLX | $17B | 30.5 | 17.4 | 18.4 | 61.0% | 17.4% | 11.1% | 9.4% | 2.6 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 9 years · Updated daily
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AHCO — Frequently Asked Questions
Quick answers to the most common questions about buying AHCO stock.
What is AdaptHealth Corp.'s P/E ratio?
AdaptHealth Corp.'s current P/E ratio is -18.6x. The historical average is 60.5x.
What is AdaptHealth Corp.'s EV/EBITDA?
AdaptHealth Corp.'s current EV/EBITDA is 5.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
What is AdaptHealth Corp.'s ROE?
AdaptHealth Corp.'s return on equity (ROE) is -4.6%. The historical average is -23.9%.
Is AHCO stock overvalued?
Based on historical data, AdaptHealth Corp. is trading at a P/E of -18.6x. Compare with industry peers and growth rates for a complete picture.
What are AdaptHealth Corp.'s profit margins?
AdaptHealth Corp. has 17.5% gross margin and 5.7% operating margin.
How much debt does AdaptHealth Corp. have?
AdaptHealth Corp.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.