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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Sleep Health
- Respiratory Health
- Diabetes Health
- Wellness at Home
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Sleep Health | $1.38B | $1.35B | $1.29B |
| Respiratory Health | $691.2M | $651.1M | $614.6M |
| Diabetes Health | $592.4M | $614.4M | $660.0M |
| Wellness at Home | $583.1M | $646.2M | $633.9M |
As the company reported it, from the “Segment Information - Schedule of Segment Reporting Information, by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $345.3M | $529.6M | $1.06B | $2.45B | $2.97B | $3.20B | $3.26B | $3.24B |
| Gross profit | — | $51.9M | $88.9M | $157.8M | $445.6M | $580.1M | $624.1M | $681.1M | $609.2M |
| Net income | — | $23.3M | -$21.3M | -$161.6M | $158.0M | $73.0M | -$675.0M | $95.0M | -$66.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Cybersecurity incident A cybersecurity incident the company has determined to be material. Required since December 2023. Item 1.05
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 8082
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BTSG | BrightSpring Health Services, Inc. | $11.89B | 69.1x | 28.2% |
| CHE | CHEMED CORP | $6.70B | 28.0x | 4.1% |
| OPCH | Option Care Health, Inc. | $4.90B | 24.6x | 13.0% |
| AVAH | Aveanna Healthcare Holdings, Inc. | $2.92B | 12.7x | 20.2% |
| ADUS | Addus HomeCare Corp | $2.27B | 23.3x | 23.2% |