Latest Ratios: P/E Ratio -11.0x · EV/EBITDA 4.3x · 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 | $776M | $1.3B | $1.3B | $980M | $2.7B | $3.3B | $2.0B | $795M | $307M | — |
| Enterprise Value | $2.6B | $3.1B | $3.3B | $3.2B | $5.0B | $5.5B | $2.7B | $1.1B | $461M | — |
| P/E Ratio → | -10.96 | — | 15.61 | — | 38.44 | 36.51 | — | 64.59 | 147.16 | — |
| P/S Ratio | 0.24 | 0.41 | 0.40 | 0.31 | 0.90 | 1.33 | 1.87 | 1.50 | 0.89 | — |
| P/B Ratio | 0.50 | 0.88 | 0.82 | 0.67 | 1.24 | 1.57 | 7.02 | — | 1.24 | — |
| P/FCF | 3.53 | 6.14 | 5.47 | 6.84 | — | 44.96 | 12.65 | 20.33 | 5.25 | — |
| P/OCF | 1.29 | 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 | 4.29 | 5.24 | 5.26 | — | 8.07 | 11.32 | 17.42 | 12.34 | 9.34 | — |
| EV / EBIT | 13.81 | 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 | 3.17 | 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 | — |
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% | — | 1.5% | 0.7% | — |
| FCF Yield | 28.3% | 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 -11.0x. The historical average is 60.5x.
AdaptHealth Corp.'s current EV/EBITDA is 4.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
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 -11.0x. 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 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Goodwill impairment and leverage
Metrics are mathematically derived from official filings.
Margin Volatility Masks Core Erosion
Gross margin swung from -14.1% to 38.3% over ten quarters, but recent 14.1% is thin; operating margin collapsed to -18.6% in 2026Q2, per reported financials, indicating structural cost pressures.
The extreme swings in gross margin, including negative quarters, suggest significant accounting adjustments or cost mismatches rather than stable operations. The latest quarter's operating loss of -18.6% implies that administrative overhead and billing complexities are consuming the already thin spread. Investors should monitor whether the divestiture of the Diabetes business can stabilize margins, as the current trajectory appears unsustainable.
Return on Capital Decaying Sharply
ROIC fell from 2.0% in 2024Q4 to -3.0% in 2026Q2, while ROE dropped to -9.2%, per balance sheet data, indicating that the company is destroying value on its invested capital.
The decline in ROIC is driven by both margin compression and an asset base bloated by acquisitions, with goodwill representing 56% of total assets. The negative ROE reflects cumulative retained losses of -$782.9M, suggesting that past acquisitions have not generated the expected synergies. Unless operational integration improves, the company may continue to erode shareholder value.
Working Capital Efficiency Deteriorates
Cash conversion cycle improved to 7 days in 2026Q2 from 47 days in 2024Q1, but DSO remains elevated at 43 days, per reported figures, indicating persistent billing collection challenges.
The improvement in CCC is largely due to extended DPO (52 days) and reduced DIO, but the high DSO reflects the complexity of insurance reimbursements in HME. The company's ability to stretch payables may not be sustainable, and any tightening could pressure liquidity. The recent negative FCF margins suggest that working capital gains are not translating into cash generation.
Leverage Creeps Higher Amid Thin Coverage
Debt-to-equity rose to 1.49 in 2026Q2, while interest coverage turned negative at -5.21, per balance sheet data, indicating that operating income is insufficient to service debt.
The negative interest coverage in 2026Q2 is alarming, as it suggests that the company is borrowing to cover operating losses. With cash reserves down to $43.3M, the liquidity buffer is thin, and refinancing risk appears elevated. The recent divestiture may provide some relief, but the high leverage and goodwill impairment risk warrant close monitoring.
Liquidity Buffer Thins to Critical Levels
Current ratio fell to 1.12 in 2026Q2 from 1.33 a year earlier, with quick ratio at 0.98, per reported balance sheet data, signaling reduced short-term resilience.
The quick ratio below 1.0 indicates that the company may struggle to meet short-term obligations without selling inventory, which is problematic given the high-touch nature of HME. The sharp decline in cash to $43.3M against $2.1B in debt suggests that the company is vulnerable to any disruption in cash flow. Investors should monitor whether the divestiture proceeds can bolster liquidity.
EV/EBITDA Misleads on True Earnings
EV/EBITDA of 4.31 appears cheap, but adjusted EBITDA likely excludes significant integration costs and stock-based compensation, per reported financials, obscuring the true cash-generating ability.
The market may be valuing AHCO on EV/EBITDA, but the metric is commonly misapplied here because it fails to capture the high capital intensity and recurring negative net income. Adjusted EBITDA add-backs for M&A and restructuring can mask the underlying deterioration in operating margins. A more appropriate metric would be EV/EBIT or EV/FCF, which better reflect the company's actual earnings power and cash flow sustainability.