AdaptHealth Corp. AHCO
AdaptHealth Corp. and subsidiaries ("AdaptHealth" or "the Company") is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment ("HME"), medical supplies, and related services. The Company operates under four reportable segments that align with its product categories: (i) Sleep Health, (ii) Respiratory Health, (iii) Diabetes Health, and (iv) Wellness at Home. A description of the products and services provided within each of the Company's four reportable segments is provided below.
The Sleep Health segment provides sleep therapy equipment, supplies and related services (including continuous positive airway pressure and BiLevel services) to individuals for the treatment of obstructive sleep apnea.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.24B | $3.26B | $3.20B | $2.97B | $2.45B | $1.06B | $529.6M | $345.3M | — |
| Cost of revenue | $2.64B | $2.58B | $2.58B | $2.39B | $2.01B | $898.6M | $440.7M | $293.4M | — |
| Gross profit | $609.2M | $681.1M | $624.1M | $580.1M | $445.6M | $157.8M | $88.9M | $51.9M | — |
| SG&A | $382.3M | $359.2M | $334.6M | $324.8M | $167.5M | $89.3M | $56.5M | $18.1M | — |
| Total operating expenses | $3.19B | $3.00B | $3.80B | $2.78B | $2.24B | $999.3M | $500.3M | $314.2M | — |
| Operating income | $90.9M | $263.7M | -$598.4M | $190.4M | $225.6M | $71.3M | $29.4M | $31.1M | — |
| Interest expense | — | — | $130.3M | $109.4M | $95.2M | $41.4M | $39.3M | $7.5M | — |
| Pre-tax income | -$15.2M | $136.0M | -$723.8M | $97.9M | $191.0M | -$206.0M | -$21.9M | $22.2M | — |
| Income tax | $50.9M | $41.2M | $49.0M | $24.8M | $32.8M | $12.0M | $739.0K | $2.1M | — |
| Net income | -$66.0M | $95.0M | -$675.0M | $73.0M | $158.0M | -$161.6M | -$21.3M | $23.3M | — |
| EPS, basic | -0.52 | 0.62 | -5.06 | 0.47 | 1.12 | -3.08 | -0.95 | — | — |
| EPS, diluted | -0.52 | 0.61 | -5.31 | 0.33 | 0.67 | -3.08 | -0.95 | 1.95 | — |
| Shares, diluted (wtd. avg.) | $135.1M | $135.5M | $134.4M | $139.0M | $133.0M | $52.5M | $22.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $106.1M | $109.7M | $77.1M | $46.3M | $149.6M | $100.0M | $76.9M | $25.2M | $4.3M |
| Receivables | $370.9M | $408.0M | $388.9M | $359.1M | $359.9M | $171.1M | $78.6M | $53.0M | — |
| Inventory | $151.2M | $139.8M | $113.6M | $127.8M | $123.1M | $58.8M | $13.2M | $7.7M | — |
| Total current assets | $728.9M | $755.8M | $649.0M | $585.3M | $670.1M | $363.3M | $181.4M | $90.8M | $119.8K |
| Property, plant and equipment | — | — | — | — | $398.6M | $110.5M | $63.6M | $61.6M | — |
| Goodwill | $2.54B | $2.68B | $2.72B | $3.55B | $3.51B | $998.8M | $266.8M | $202.4M | $38.6M |
| Other intangibles | $85.1M | $105.5M | $130.2M | $162.8M | $202.2M | $116.1M | — | — | — |
| Total assets | $4.32B | $4.49B | $4.51B | $5.22B | $5.25B | $1.81B | $546.5M | $369.0M | $310.6K |
| Accounts payable | $352.4M | $281.9M | $211.5M | $222.5M | $248.0M | $191.0M | $79.2M | $70.6M | $60.5K |
| Short-term debt | $20.3M | $16.2M | $53.4M | $35.0M | $20.0M | $8.1M | $1.7M | $7.1M | — |
| Total current liabilities | $712.4M | $567.0M | $537.0M | $456.2M | $499.8M | $422.1M | $154.1M | $135.7M | $286.3K |
| Long-term debt | $1.72B | $1.96B | $2.09B | $2.15B | $2.18B | $776.6M | $395.1M | $127.1M | — |
| Total liabilities | $2.79B | $2.91B | $3.04B | $3.06B | $3.18B | $1.53B | $612.3M | $266.2M | $286.3K |
| Retained earnings | -$633.0M | -$562.2M | -$652.6M | $26.3M | -$43.0M | -$199.2M | -$40.3M | -$13.4M | -$693 |
| Total equity | $1.52B | $1.57B | $1.47B | $2.16B | $2.07B | $280.8M | -$65.8M | $0 | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $601.8M | $541.8M | $480.7M | $373.9M | $275.7M | $195.6M | $60.4M | $68.4M | — |
| Depreciation and amortisation | $381.9M | $365.3M | $382.8M | $351.2M | $258.1M | $82.4M | $62.6M | $47.9M | — |
| Stock-based compensation | $21.9M | $14.9M | $22.5M | $22.4M | $25.3M | $18.7M | $11.1M | $883.4K | — |
| Capital expenditure | $382.4M | $306.1M | $337.5M | $391.4M | $203.3M | $39.8M | $21.3M | $9.9M | — |
| Investing cash flow | -$303.2M | -$310.3M | -$357.3M | -$411.2M | -$1.82B | -$815.7M | -$84.9M | -$96.3M | — |
| Financing cash flow | -$302.2M | -$198.9M | -$92.5M | -$66.1M | $1.60B | $643.2M | $76.1M | $48.8M | — |
| Buybacks | $0 | $0 | $29.3M | $14.0M | $0 | $0 | $20.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027965.
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