Latest Ratios: P/E Ratio -2.5x · EV/EBITDA 13.4x · ROE -4.6%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $997M | $1.3B | $1.3B | $980M | $2.7B | $3.3B | $2.0B | $795M | $307M | — |
| Enterprise Value | $2.8B | $3.1B | $3.3B | $3.2B | $5.0B | $5.5B | $2.7B | $1.1B | $461M | — |
| P/E Ratio → | -2.46 | — | 15.61 | — | 38.44 | 36.51 | — | — | 147.16 | — |
| P/S Ratio | 0.32 | 0.41 | 0.40 | 0.31 | 0.90 | 1.33 | 1.87 | 1.50 | 0.89 | — |
| P/B Ratio | 0.65 | 0.88 | 0.82 | 0.67 | 1.24 | 1.57 | 7.02 | — | 1.24 | — |
| P/FCF | 12.17 | 6.14 | 5.47 | 6.84 | — | 44.96 | 12.65 | 20.33 | 5.25 | — |
| P/OCF | 1.66 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 13.39 | 5.53 | 5.26 | — | 9.15 | 11.32 | 17.42 | 12.34 | 9.34 | — |
| EV / EBIT | 15.00 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 3.35 | 3.35 | 3.39 | — | 4.30 | 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 | 3.16 | 3.16 | 3.21 | — | 4.21 | 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 | — |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — |
| 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% | — | — | 0.7% | — |
| FCF Yield | 8.2% | 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 |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying AHCO stock.
AdaptHealth Corp.'s current P/E ratio is -2.5x. The historical average is 59.4x.
AdaptHealth Corp.'s current EV/EBITDA is 13.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
AdaptHealth Corp.'s return on equity (ROE) is -4.6%. The historical average is -23.9%.
Based on historical data, AdaptHealth Corp. is trading at a P/E of -2.5x. Compare with industry peers and growth rates for a complete picture.
AdaptHealth Corp. has 17.5% gross margin and 5.7% operating margin.
AdaptHealth Corp.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage against shrinking equity
Metrics are mathematically derived from official filings.
Low Multiples Reflect Earnings Distress
Based on reported figures, AHCO trades at 4.66x EV/EBITDA and 0.31x sales, cheap on headline metrics, but a negative trailing P/E of -14.10 signals the market is pricing in persistent losses rather than mispricing a healthy earnings base.
The 4.66x trailing EV/EBITDA multiple appears undemanding relative to typical healthcare services valuations, yet this figure is flattered by add-backs that may not reflect durable cash earnings. The 0.65x price-to-book ratio suggests the market is already discounting a meaningful portion of the $2.2B goodwill balance, which investors should monitor for impairment risk. Investors should monitor whether forward EBITDA estimates of 6.00x, which imply lower forward earnings, are confirmed as operating losses persist.
Margin Compression Overwhelms Gross Recovery
As reported in quarterly statements, AHCO's gross margin recovered to 15.4% in 2026Q3, yet operating margin deteriorated to -20.9%, indicating that operating cost growth has outpaced gross profit by a wide margin.
The thin gross margin of roughly 14% to 15% in recent quarters is consistent with the high-touch delivery and device cost structure of home medical equipment, leaving little room for overhead. The swing from a 6.4% operating margin in 2025Q4 to deep operating losses suggests cost deleveraging rather than a single one-time charge, though this remains an interpretation of reported figures. Earnings power appears to be impaired until operating expenses are reduced relative to revenue.
Returns Decay Into Negative Territory
Based on reported figures, AHCO's ROIC fell from a 1.7% peak in 2025Q2 to -3.5% in 2026Q3, and ROE reached -11.8%, indicating the company is currently destroying rather than compounding invested capital.
The decline in ROIC from positive single digits to negative levels suggests that the capital base, including acquisition-derived goodwill and rental fleet assets, is not generating adequate operating returns. Relative to its own 2024 history, where returns were modestly positive, the current trajectory points to structural rather than purely cyclical pressure. Investors should monitor whether fleet reinvestment and integration spending eventually restore returns above the cost of capital.
Leverage Persists Against Negative Coverage
According to recent filings, AHCO's debt-to-equity ratio rose to 1.66 in 2026Q3 while interest coverage turned to -5.45, meaning operating losses no longer cover interest expense and debt service comfort is deteriorating.
Debt-to-equity has climbed from roughly 1.17 in 2025Q3 to 1.66, reflecting shrinking equity against a relatively stable debt base near $2.0B. The negative interest coverage ratio implies that interest obligations are currently being funded from sources other than operating earnings, which warrants further investigation into refinancing terms and maturity profile. Covenant and refinancing risk may rise if losses persist, though the supplied data does not disclose covenant terms.
Thin Liquidity Buffer Against Obligations
Based on reported balance sheet figures, AHCO's current ratio of 1.13 and quick ratio of 0.98 provide only a narrow cushion, with cash of $80.7M small relative to roughly $3.0B of total liabilities.
A quick ratio near 1.0 indicates that short-term obligations are roughly covered by liquid assets excluding inventory, but the margin of safety is limited for a business with negative operating income. Under severe stress, the company would likely depend on operating cash flow or revolver access, neither of which the supplied data confirms as sufficient. Investors should monitor cash balances and working capital trends closely given the thin buffer.
Cheap Multiples May Be a Trap
The most misapplied metric here is EV/EBITDA, since AHCO's add-back-heavy EBITDA may overstate earning power, and the 4.66x multiple could look cheap only because the denominator excludes persistent operating losses and fleet reinvestment.
EV/EBITDA is commonly applied to home medical equipment as if rental fleet capex were discretionary, but reported capital expenditures of $77.3M to $166.2M per quarter suggest it is largely recurring. Free cash flow or EV/(EBITDA minus maintenance capex) would be a more conservative anchor, and on that basis the multiple likely understates the true valuation. Investors should monitor whether operating cash flow stays positive once working capital swings are stripped out.