AdaptHealth (AHCO) Financials

$9.19 -0.09 (-0.97%)

Closing price 04:00 PM Eastern

Extended Trading

$9.18 0.00 (-0.05%)

As of 04:10 PM Eastern

Annual Income Statements for AdaptHealth

This table shows AdaptHealth's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	23	-21	-162	156	69	-679	90
Consolidated Net Income / (Loss)	24	-23	-194	158	73	-675	95
Net Income / (Loss) Continuing Operations	24	-23	-194	158	73	-675	95
Total Pre-Tax Income	22	-22	-206	191	98	-724	136
Total Operating Income	31	29	71	226	190	-598	264
Total Gross Profit	52	89	158	446	580	624	681
Total Revenue	361	530	1,056	2,455	2,971	3,200	3,261
Operating Revenue	361	530	1,056	2,455	2,971	3,200	3,261
Total Cost of Revenue	309	441	899	2,009	2,390	2,576	2,580
Operating Cost of Revenue	293	441	899	2,009	2,390	2,576	2,580
Total Operating Expenses	21	60	86	220	390	1,222	417
Selling, General & Admin Expense	18	56	89	168	325	335	359
Depreciation Expense	2.73	3.07	11	63	65	57	45
Impairment Charge	-	-	-	0.00	0.00	831	13
Total Other Income / (Expense), net	-8.85	-51	-277	-35	-93	-125	-128
Interest Expense	8.85	41	47	115	0.00	0.00	2.27
Interest & Investment Income	-	-	-	-	-109	-130	-127
Other Income / (Expense), net	-	-9.82	-231	81	17	4.92	1.23
Income Tax Expense	-2.10	0.74	-12	33	25	-49	41
Net Income / (Loss) Attributable to Noncontrolling Interest	1.08	-1.26	-32	1.98	3.82	4.12	4.36
Basic Earnings per Share	-	-	($3.08)	$1.12	$0.47	($5.06)	$0.62
Weighted Average Basic Shares Outstanding	11.90M	22.56M	52.49M	126.31M	134.18M	134.16M	133.76M
Diluted Earnings per Share	-	($0.95)	($3.08)	$0.67	$0.33	($5.31)	$0.61
Weighted Average Diluted Shares Outstanding	11.90M	22.56M	52.49M	133.03M	138.99M	134.42M	135.53M
Weighted Average Basic & Diluted Shares Outstanding	11.90M	22.56M	52.49M	133.91M	135.45M	132.91M	134.87M

This table shows AdaptHealth's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.59	16	14	-454	-255	-2.13	19	23	50	-7.21	15
Consolidated Net Income / (Loss)	-1.57	17	15	-453	-254	-1.11	21	24	51	-6.08	16
Net Income / (Loss) Continuing Operations	-1.57	17	15	-453	-254	-1.11	21	24	51	-6.08	16
Total Pre-Tax Income	3.16	15	20	-487	-272	5.50	28	32	71	-5.23	52
Total Operating Income	27	26	54	-461	-218	51	52	63	98	23	79
Total Gross Profit	244	89	120	111	304	157	169	124	313	120	155
Total Revenue	780	745	793	804	858	792	806	806	857	778	800
Operating Revenue	780	745	793	804	858	792	806	806	857	778	800
Total Cost of Revenue	537	655	673	693	554	635	637	682	543	657	646
Operating Cost of Revenue	537	655	673	693	554	635	637	682	543	657	646
Total Operating Expenses	217	63	66	572	522	107	117	61	216	97	75
Selling, General & Admin Expense	200	48	50	45	192	89	99	49	205	87	97
Depreciation Expense	17	16	16	15	11	11	11	11	11	10	10
Other Operating Expenses / (Income)	-	-	-	-	-	-	0.00	-	-	-	-32
Impairment Charge	-	0.00	0.00	512	319	6.53	6.55	0.00	-	0.00	0.00
Total Other Income / (Expense), net	-24	-11	-34	-26	-54	-45	-24	-31	-27	-28	-28
Interest & Investment Income	-	-	-	-	-	-32	-33	-	-	-28	-28
Other Income / (Expense), net	6.94	21	-1.27	5.84	-20	-13	8.77	2.24	2.77	0.00	0.00
Income Tax Expense	4.73	-1.71	5.40	-35	-18	6.61	7.25	8.07	19	0.85	36
Net Income / (Loss) Attributable to Noncontrolling Interest	1.02	0.97	1.06	1.16	0.93	1.03	1.10	1.10	1.14	1.13	1.15
Basic Earnings per Share	($0.03)	$0.11	$0.10	($3.37)	($1.90)	($0.02)	$0.13	$0.16	$0.35	($0.05)	$0.10
Weighted Average Basic Shares Outstanding	134.18M	134.53M	134.30M	134.83M	134.16M	132.91M	133.22M	134.30M	133.76M	134.80M	134.99M
Diluted Earnings per Share	$0.05	($0.06)	$0.09	($3.43)	($1.91)	($0.02)	$0.13	$0.15	$0.35	($0.05)	$0.10
Weighted Average Diluted Shares Outstanding	138.99M	135.98M	136.23M	134.98M	134.42M	132.91M	136.03M	136.53M	135.53M	134.80M	137.07M
Weighted Average Basic & Diluted Shares Outstanding	135.45M	134.17M	136.11M	136.39M	132.91M	133.20M	134.47M	134.55M	134.87M	134.95M	135.30M

This table details how cash moves in and out of AdaptHealth's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	21	52	23	50	-103	31	33
Net Cash From Operating Activities	68	60	196	276	374	481	542
Net Cash From Continuing Operating Activities	68	60	196	276	374	481	542
Net Income / (Loss) Continuing Operations	24	-23	-194	158	73	-675	95
Consolidated Net Income / (Loss)	24	-23	-194	158	73	-675	95
Depreciation Expense	48	63	82	258	351	383	365
Amortization Expense	0.48	1.31	1.88	5.38	5.23	5.23	5.67
Non-Cash Adjustments To Reconcile Net Income	18	22	252	-11	6.01	825	38
Changes in Operating Assets and Liabilities, net	-22	-2.52	53	-135	-62	-57	39
Net Cash From Investing Activities	-96	-85	-816	-1,825	-411	-357	-310
Net Cash From Continuing Investing Activities	-96	-85	-816	-1,825	-411	-357	-310
Purchase of Property, Plant & Equipment	-9.95	-21	-40	-203	-391	-337	-306
Acquisitions	-86	-64	-769	-1,620	-19	-20	-9.54
Purchase of Investments	-	0.00	-8.66	-1.13	-0.73	-0.13	0.00
Sale of Property, Plant & Equipment	-	-	-	-	0.00	0.00	5.32
Net Cash From Financing Activities	49	76	643	1,599	-66	-93	-199
Net Cash From Continuing Financing Activities	49	76	643	1,599	-66	-93	-199
Repayment of Debt	-116	-164	-561	-914	-36	-100	-430
Repurchase of Common Equity	0.00	-25	-12	-14	-14	-29	0.00
Payment of Dividends	-0.30	-251	-0.80	-1.07	-2.00	-2.50	-5.60
Issuance of Debt	165	361	941	2,265	1.62	50	254
Other Financing Activities, net	0.00	30	-93	-16	-15	-11	-18
Cash Interest Paid	7.33	23	36	74	109	126	122
Cash Income Taxes Paid	0.41	1.32	7.48	15	15	15	14

This table details how cash moves in and out of AdaptHealth's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-64	55	-56	11	21	2.43	-9.73	30	9.57	-56	15
Net Cash From Operating Activities	97	140	86	99	155	49	198	144	150	96	162
Net Cash From Continuing Operating Activities	97	140	86	99	155	49	198	144	150	96	162
Net Income / (Loss) Continuing Operations	-1.57	17	15	-453	-254	-1.11	21	24	51	-6.08	16
Consolidated Net Income / (Loss)	-1.57	17	15	-453	-254	-1.11	21	24	51	-6.08	16
Depreciation Expense	102	94	99	97	92	93	91	91	91	94	92
Amortization Expense	1.31	1.31	1.31	1.31	1.31	1.31	1.42	1.52	1.42	1.28	1.82
Non-Cash Adjustments To Reconcile Net Income	8.26	-17	9.71	507	324	19	7.10	3.83	7.57	8.30	-23
Changes in Operating Assets and Liabilities, net	-13	45	-39	-54	-8.90	-63	78	24	-0.51	-2.32	74
Net Cash From Investing Activities	-146	-90	-100	-77	-90	-88	-81	-54	-87	-96	9.60
Net Cash From Continuing Investing Activities	-146	-90	-100	-77	-90	-88	-81	-54	-87	-96	9.60
Purchase of Property, Plant & Equipment	-143	-89	-83	-77	-89	-88	-81	-60	-77	-96	-89
Net Cash From Financing Activities	-16	4.45	-42	-11	-44	41	-126	-60	-54	-56	-157
Net Cash From Continuing Financing Activities	-16	4.45	-42	-11	-44	41	-126	-60	-54	-56	-157
Repayment of Debt	-8.57	-31	-37	-9.87	-22	-27	-123	-230	-50	-25	-158
Payment of Dividends	-	-	-	-	-	0.00	-	-	-2.10	-2.05	-0.53
Issuance of Debt	1.62	51	-1.02	-	-	76	-	179	-	0.56	-0.56
Other Financing Activities, net	-8.63	-6.37	-2.20	-0.85	-1.60	-7.03	-0.35	-8.67	-1.88	-30	2.26
Cash Interest Paid	11	50	13	50	13	50	13	49	9.55	46	6.97
Cash Income Taxes Paid	4.46	0.38	5.18	0.16	9.03	-0.33	12	0.92	1.12	-0.04	22

This table presents AdaptHealth's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	0.31	369	547	1,813	5,250	5,220	4,509	4,487
Total Current Assets	0.12	91	181	363	670	585	649	756
Cash & Equivalents	0.12	25	77	100	150	46	77	110
Accounts Receivable	-	53	79	171	360	359	389	408
Inventories, net	-	7.67	13	59	123	128	114	140
Prepaid Expenses	0.00	4.92	13	33	37	52	69	45
Other Current Nonoperating Assets	-	-	-	-	-	-	0.00	53
Plant, Property, & Equipment, net	0.00	62	64	110	399	487	495	475
Total Noncurrent Assets	0.19	217	302	1,340	4,182	4,142	3,333	3,219
Goodwill	-	202	267	999	3,513	3,545	2,725	2,675
Intangible Assets	-	-	0.00	116	202	163	130	106
Noncurrent Deferred & Refundable Income Taxes	-	9.08	28	208	304	282	346	315
Other Noncurrent Operating Assets	0.19	5.05	6.85	16	163	152	132	124
Total Liabilities & Shareholders' Equity	0.31	369	547	1,813	5,250	5,220	4,509	4,487
Total Liabilities	0.29	266	612	1,533	3,184	3,062	3,042	2,909
Total Current Liabilities	0.29	136	154	422	500	456	537	567
Short-Term Debt	0.17	28	21	8.15	20	35	53	16
Accounts Payable	0.06	86	103	254	358	337	392	438
Current Deferred Revenue	-	-	9.56	11	31	32	39	35
Other Current Liabilities	0.00	22	20	149	90	52	49	71
Other Current Nonoperating Liabilities	-	-	-	-	-	-	0.00	7.04
Total Noncurrent Liabilities	0.00	233	458	1,111	2,684	2,602	2,505	2,317
Long-Term Debt	-	127	395	777	2,184	2,153	2,095	1,965
Other Noncurrent Operating Liabilities	0.00	106	63	334	500	448	410	352
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.02	0.00	-66	281	2,067	2,158	1,467	1,578
Total Preferred & Common Equity	0.02	0.00	-39	355	2,062	2,151	1,458	1,571
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.02	0.00	-39	355	2,062	2,151	1,458	1,571
Common Stock	0.03	0.00	0.01	558	2,107	2,130	2,150	2,157
Retained Earnings	-0.00	0.00	-40	-199	-43	26	-653	-562
Treasury Stock	-	-	-	-	0.00	-14	-43	-26
Accumulated Other Comprehensive Income / (Loss)	-	0.00	1.43	-4.41	-2.35	8.69	4.36	2.25
Noncontrolling Interest	-	0.00	-27	-74	4.78	6.60	8.22	6.97

This table presents AdaptHealth's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	5,202	5,238	5,283	5,203	4,725	4,504	4,511	4,470	4,437	4,351
Total Current Assets	605	632	647	568	585	656	686	684	745	658
Cash & Equivalents	119	111	101	45	56	80	70	100	54	69
Accounts Receivable	355	358	353	366	371	430	437	401	418	394
Inventories, net	103	125	136	115	116	109	124	133	129	149
Prepaid Expenses	28	37	56	43	42	38	56	49	42	47
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	101	0.00
Plant, Property, & Equipment, net	455	473	503	504	490	0.00	496	475	482	488
Total Noncurrent Assets	4,142	4,133	4,126	4,116	3,629	3,848	3,291	3,272	3,169	3,164
Goodwill	3,516	3,525	3,545	3,552	3,041	2,718	2,712	2,707	2,635	2,651
Intangible Assets	183	173	153	143	136	125	119	113	100	95
Noncurrent Deferred & Refundable Income Taxes	292	286	285	280	319	341	334	328	315	302
Other Noncurrent Operating Assets	151	149	143	140	133	633	126	124	119	116
Total Liabilities & Shareholders' Equity	5,202	5,238	5,283	5,203	4,725	4,504	4,511	4,470	4,437	4,351
Total Liabilities	3,064	3,078	3,116	3,016	2,985	3,033	3,018	2,946	2,863	2,757
Total Current Liabilities	435	467	524	458	448	493	596	553	577	622
Short-Term Debt	25	59	40	40	40	81	40	16	16	16
Accounts Payable	315	347	401	338	314	340	447	430	421	477
Current Deferred Revenue	31	32	32	35	48	-	36	36	46	56
Other Current Liabilities	64	30	51	46	46	72	69	68	75	72
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	18	0.00
Total Noncurrent Liabilities	2,629	2,611	2,586	2,547	2,522	2,540	2,422	2,393	2,260	2,109
Long-Term Debt	2,171	2,162	2,169	2,136	2,127	2,159	2,040	2,014	1,941	1,793
Other Noncurrent Operating Liabilities	458	449	417	412	395	276	382	379	319	316
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,138	2,160	2,167	2,187	1,740	1,471	1,493	1,524	1,574	1,594
Total Preferred & Common Equity	2,133	2,154	2,160	2,181	1,732	1,462	1,486	1,516	1,568	1,587
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,133	2,154	2,160	2,181	1,732	1,462	1,486	1,516	1,568	1,587
Common Stock	2,119	2,126	2,135	2,140	2,145	2,155	2,160	2,153	2,161	2,167
Retained Earnings	13	29	42	56	-398	-655	-635	-612	-569	-555
Treasury Stock	-3.38	-14	-23	-23	-23	-43	-43	-26	-26	-26
Accumulated Other Comprehensive Income / (Loss)	5.24	13	5.89	8.34	8.41	5.21	4.85	1.63	1.58	1.17
Noncontrolling Interest	4.48	5.58	7.57	6.13	7.29	9.24	6.84	7.93	6.06	6.68

This table displays calculated financial ratios and metrics derived from AdaptHealth's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	46.69%	99.45%	132.35%	21.02%	7.73%	1.90%
EBITDA Growth	0.00%	5.03%	-189.85%	859.96%	-1.06%	-136.45%	409.52%
EBIT Growth	0.00%	-37.08%	-914.27%	292.31%	-32.33%	-386.27%	144.64%
NOPAT Growth	0.00%	-39.56%	142.86%	274.13%	-23.87%	-394.49%	143.87%
Net Income Growth	0.00%	-192.87%	-758.75%	181.49%	-53.76%	-1,022.68%	114.05%
EPS Growth	0.00%	0.00%	-224.21%	121.75%	-50.75%	-1,709.09%	111.49%
Operating Cash Flow Growth	0.00%	-11.70%	223.80%	40.92%	35.62%	28.57%	12.73%
Free Cash Flow Firm Growth	0.00%	0.00%	-420.16%	-362.52%	98.81%	1,143.85%	-11.49%
Invested Capital Growth	0.00%	110.73%	252.51%	326.74%	4.31%	-18.35%	-4.09%
Revenue Q/Q Growth	0.00%	-28.54%	23.19%	16.83%	2.70%	2.50%	-0.05%
EBITDA Q/Q Growth	0.00%	37.18%	-165.50%	63.84%	-0.06%	-369.00%	112.67%
EBIT Q/Q Growth	0.00%	-67.84%	-525.42%	122.66%	-10.93%	-84.53%	459.61%
NOPAT Q/Q Growth	0.00%	-58.72%	90.54%	32.42%	-20.18%	-69.10%	607.42%
Net Income Q/Q Growth	0.00%	-278.31%	-67.40%	258.06%	-25.51%	-59.61%	145.09%
EPS Q/Q Growth	0.00%	0.00%	0.00%	155.37%	-53.52%	-58.51%	136.97%
Operating Cash Flow Q/Q Growth	0.00%	-46.47%	20.37%	22.47%	-1.06%	13.82%	-0.89%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.84%	-5.79%	84.38%	107.91%	-16.27%
Invested Capital Q/Q Growth	0.00%	11.84%	5.15%	6.61%	0.66%	-8.71%	-1.50%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	14.37%	16.79%	14.94%	18.15%	19.53%	19.50%	20.89%
EBITDA Margin	22.00%	15.75%	-7.10%	23.21%	18.98%	-6.42%	19.50%
Operating Margin	8.61%	5.55%	6.75%	9.19%	6.41%	-18.70%	8.09%
EBIT Margin	8.61%	3.69%	-15.08%	12.48%	6.98%	-18.55%	8.13%
Profit (Net Income) Margin	6.74%	-4.27%	-18.37%	6.44%	2.46%	-21.09%	2.91%
Tax Burden Percent	109.43%	103.38%	94.20%	82.82%	74.70%	93.23%	69.68%
Interest Burden Percent	71.53%	-111.75%	129.35%	62.34%	47.22%	121.95%	51.34%
Effective Tax Rate	-9.43%	0.00%	0.00%	17.18%	25.30%	0.00%	30.32%
Return on Invested Capital (ROIC)	26.17%	10.18%	8.06%	7.35%	3.38%	-10.73%	5.35%
ROIC Less NNEP Spread (ROIC-NNEP)	18.72%	-8.20%	-39.58%	5.25%	0.08%	-22.96%	0.70%
Return on Net Nonoperating Assets (RNNOA)	0.00%	58.53%	-188.55%	6.13%	0.08%	-26.51%	0.88%
Return on Equity (ROE)	0.00%	68.71%	-180.49%	13.47%	3.46%	-37.24%	6.23%
Cash Return on Invested Capital (CROIC)	0.00%	-61.09%	-103.55%	-116.71%	-0.84%	9.47%	9.52%
Operating Return on Assets (OROA)	16.84%	4.27%	-13.50%	8.67%	3.96%	-12.20%	5.89%
Return on Assets (ROA)	13.18%	-4.94%	-16.45%	4.48%	1.40%	-13.87%	2.11%
Return on Common Equity (ROCE)	0.00%	40.55%	-265.26%	13.87%	3.45%	-37.08%	6.19%
Return on Equity Simple (ROE_SIMPLE)	0.00%	58.22%	-54.69%	7.67%	3.40%	-46.27%	6.03%
Net Operating Profit after Tax (NOPAT)	34	21	50	187	142	-419	184
NOPAT Margin	9.42%	3.88%	4.73%	7.61%	4.79%	-13.09%	5.64%
Net Nonoperating Expense Percent (NNEP)	7.45%	18.38%	47.64%	2.10%	3.30%	12.23%	4.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	3.27%	-11.59%	5.16%
Cost of Revenue to Revenue	85.63%	83.21%	85.06%	81.85%	80.47%	80.50%	79.11%
SG&A Expenses to Revenue	5.00%	10.67%	8.46%	6.82%	10.93%	10.46%	11.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.76%	11.25%	8.18%	8.96%	13.12%	38.20%	12.80%
Earnings before Interest and Taxes (EBIT)	31	20	-159	306	207	-593	265
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	79	83	-75	570	564	-205	636
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	9.49	1.57	1.20	0.68	0.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.85	0.65	3.19	1.32	0.87	0.31	0.39
Price to Earnings (P/E)	13.21	0.00	0.00	20.71	37.36	0.00	14.17
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.57%	0.00%	0.00%	4.83%	2.68%	0.00%	7.06%
Enterprise Value to Invested Capital (EV/IC)	3.36	2.39	4.12	1.28	1.10	0.88	0.94
Enterprise Value to Revenue (EV/Rev)	1.21	1.24	3.77	2.16	1.60	0.96	0.97
Enterprise Value to EBITDA (EV/EBITDA)	5.50	7.86	0.00	9.29	8.41	0.00	4.97
Enterprise Value to EBIT (EV/EBIT)	14.06	33.53	0.00	17.28	22.85	0.00	11.92
Enterprise Value to NOPAT (EV/NOPAT)	12.85	31.89	79.64	28.33	33.31	0.00	17.19
Enterprise Value to Operating Cash Flow (EV/OCF)	6.39	10.86	20.33	19.20	12.67	6.39	5.83
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	8.31	9.65
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-6.33	2.79	1.07	1.01	1.46	1.26
Long-Term Debt to Equity	0.00	-6.01	2.77	1.06	1.00	1.43	1.25
Financial Leverage	0.00	-7.14	4.76	1.17	0.99	1.15	1.26
Leverage Ratio	15,191.81	-13.92	10.97	3.01	2.48	2.68	2.95
Compound Leverage Factor	10,866.68	15.55	14.19	1.88	1.17	3.27	1.52
Debt to Total Capital	100.00%	118.75%	73.64%	51.60%	50.35%	59.42%	55.66%
Short-Term Debt to Total Capital	17.98%	6.12%	0.76%	0.47%	0.81%	1.48%	0.46%
Long-Term Debt to Total Capital	82.02%	112.63%	72.88%	51.13%	49.55%	57.95%	55.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-7.69%	-6.95%	0.11%	0.15%	0.23%	0.20%
Common Equity to Total Capital	0.00%	-11.07%	33.31%	48.29%	49.50%	40.35%	44.14%
Debt to EBITDA	1.95	4.99	-10.47	3.87	3.88	-10.45	3.12
Net Debt to EBITDA	1.64	4.07	-9.13	3.60	3.80	-10.08	2.94
Long-Term Debt to EBITDA	1.60	4.74	-10.36	3.83	3.82	-10.19	3.09
Debt to NOPAT	4.56	20.26	15.71	11.79	15.38	-5.13	10.78
Net Debt to NOPAT	3.82	16.52	13.71	10.99	15.06	-4.94	10.18
Long-Term Debt to NOPAT	3.74	19.21	15.55	11.69	15.14	-5.00	10.69
Altman Z-Score	1.80	1.38	1.42	1.30	1.24	0.30	1.06
Noncontrolling Interest Sharing Ratio	0.00%	40.99%	-46.97%	-2.95%	0.27%	0.41%	0.50%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.67	1.18	0.86	1.34	1.28	1.21	1.33
Quick Ratio	0.58	1.01	0.64	1.02	0.89	0.87	0.91
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-123	-642	-2,968	-35	370	327
Operating Cash Flow to CapEx	687.71%	283.23%	492.10%	135.60%	95.51%	142.44%	180.17%
Free Cash Flow to Firm to Interest Expense	0.00	-2.98	-13.73	-25.72	0.00	0.00	144.00
Operating Cash Flow to Interest Expense	7.73	1.46	4.19	2.39	0.00	0.00	238.38
Operating Cash Flow Less CapEx to Interest Expense	6.61	0.94	3.33	0.63	0.00	0.00	106.07
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	1.96	1.16	0.90	0.69	0.57	0.66	0.73
Accounts Receivable Turnover	0.00	8.05	8.46	9.25	8.26	8.56	8.18
Inventory Turnover	0.00	42.15	24.95	22.09	19.06	21.34	20.36
Fixed Asset Turnover	0.00	8.46	12.14	9.64	6.71	6.52	6.73
Accounts Payable Turnover	7.22	4.68	5.04	6.56	6.87	7.06	6.22
Days Sales Outstanding (DSO)	0.00	45.36	43.14	39.48	44.17	42.66	44.60
Days Inventory Outstanding (DIO)	0.00	8.66	14.63	16.52	19.15	17.10	17.93
Days Payable Outstanding (DPO)	50.54	77.97	72.49	55.65	53.13	51.68	58.71
Cash Conversion Cycle (CCC)	-50.54	-23.95	-14.73	0.35	10.20	8.08	3.82
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	130	274	966	4,121	4,298	3,510	3,366
Invested Capital Turnover	2.78	2.62	1.70	0.97	0.71	0.82	0.95
Increase / (Decrease) in Invested Capital	0.00	144	692	3,155	178	-789	-144
Enterprise Value (EV)	437	656	3,977	5,293	4,738	3,073	3,159
Market Capitalization	307	343	3,367	3,234	2,590	994	1,281
Book Value per Share	$0.00	($1.24)	$3.96	$15.60	$15.97	$10.69	$11.68
Tangible Book Value per Share	($6.48)	($9.78)	($8.48)	($12.50)	($11.56)	($10.24)	($8.99)
Total Capital	155	351	1,066	4,270	4,346	3,615	3,559
Total Debt	155	417	785	2,204	2,188	2,148	1,981
Total Long-Term Debt	127	395	777	2,184	2,153	2,095	1,965
Net Debt	130	340	685	2,054	2,142	2,071	1,871
Capital Expenditures (CapEx)	9.95	21	40	203	391	337	301
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-42	-28	-151	41	118	88	95
Debt-free Net Working Capital (DFNWC)	-17	49	-51	190	164	165	205
Net Working Capital (NWC)	-45	27	-59	170	129	112	189
Net Nonoperating Expense (NNE)	9.69	43	244	29	69	256	89
Net Nonoperating Obligations (NNO)	130	340	685	2,054	2,141	2,043	1,788
Total Depreciation and Amortization (D&A)	48	64	84	263	356	388	371
Debt-free, Cash-free Net Working Capital to Revenue	-11.68%	-5.29%	-14.26%	1.65%	3.97%	2.76%	2.92%
Debt-free Net Working Capital to Revenue	-4.70%	9.22%	-4.80%	7.75%	5.52%	5.17%	6.29%
Net Working Capital to Revenue	-12.43%	5.17%	-5.57%	6.94%	4.35%	3.50%	5.79%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	$0.00	$0.00	$0.00	$0.47	($5.06)	$0.62
Adjusted Weighted Average Basic Shares Outstanding	31.25M	73.31M	0.00	126.31M	134.18M	134.16M	133.76M
Adjusted Diluted Earnings per Share	($0.13)	$0.00	$0.00	$0.67	$0.33	($5.31)	$0.61
Adjusted Weighted Average Diluted Shares Outstanding	31.25M	73.31M	0.00	133.03M	138.99M	134.42M	135.53M
Adjusted Basic & Diluted Earnings per Share	($0.13)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	31.25M	22.56M	0.00	133.91M	135.45M	132.91M	134.87M
Normalized Net Operating Profit after Tax (NOPAT)	22	21	50	187	142	163	193
Normalized NOPAT Margin	6.03%	3.88%	4.73%	7.61%	4.79%	5.08%	5.92%
Pre Tax Income Margin	6.16%	-4.13%	-19.50%	7.78%	3.30%	-22.62%	4.17%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	3.51	0.47	-3.41	2.66	0.00	0.00	116.57
NOPAT to Interest Expense	3.84	0.50	1.07	1.62	0.00	0.00	80.85
EBIT Less CapEx to Interest Expense	2.39	-0.04	-4.26	0.89	0.00	0.00	-15.74
NOPAT Less CapEx to Interest Expense	2.72	-0.02	0.22	-0.14	0.00	0.00	-51.46
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	1.23%	-1,112.07%	-0.41%	0.68%	2.73%	-0.37%	5.91%
Augmented Payout Ratio	1.23%	-1,220.69%	-6.45%	9.42%	21.87%	-4.71%	5.91%

This table displays calculated financial ratios and metrics derived from AdaptHealth's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.13%	5.44%	9.03%	6.28%	9.99%	6.43%	1.60%	0.23%	-0.19%	-1.84%	-0.70%
EBITDA Growth	-0.23%	-5.90%	17.71%	-345.97%	-205.25%	-6.96%	-0.13%	144.31%	233.12%	-10.11%	13.06%
EBIT Growth	-43.03%	-35.39%	6.61%	-986.83%	-807.43%	-19.06%	14.77%	114.44%	142.17%	-38.98%	30.31%
NOPAT Growth	-127.44%	-35.90%	6.65%	-906.93%	-1,047.94%	-134.92%	-3.66%	114.71%	146.57%	259.21%	-36.95%
Net Income Growth	-106.69%	-60.51%	-1.35%	-2,729.13%	-16,040.99%	-106.65%	36.50%	105.29%	120.27%	-448.15%	-22.91%
EPS Growth	-88.37%	-175.00%	0.00%	-3,218.18%	-3,920.00%	66.67%	44.44%	104.37%	118.32%	-150.00%	-23.08%
Operating Cash Flow Growth	-3.97%	111.05%	-16.58%	-7.65%	60.20%	-65.04%	129.36%	46.11%	-3.12%	94.81%	-18.18%
Free Cash Flow Firm Growth	93.85%	93.88%	89.61%	128.18%	433.20%	1,315.42%	1,603.06%	361.42%	-66.28%	-29.01%	-80.13%
Invested Capital Growth	4.31%	1.73%	2.34%	-9.97%	-18.35%	-12.56%	-19.55%	-11.11%	-4.09%	-9.57%	-4.35%
Revenue Q/Q Growth	3.14%	-4.57%	6.53%	1.35%	6.74%	-7.66%	1.70%	-0.01%	6.30%	-9.19%	2.89%
EBITDA Q/Q Growth	-5.27%	3.43%	8.14%	-332.15%	59.47%	191.44%	16.07%	3.00%	21.76%	-38.25%	45.99%
EBIT Q/Q Growth	-34.40%	39.34%	12.95%	-958.98%	47.67%	115.94%	60.16%	8.08%	52.81%	-76.93%	242.05%
NOPAT Q/Q Growth	-133.21%	319.67%	36.86%	-908.24%	52.76%	93.32%	477.61%	23.44%	49.52%	-77.16%	49.54%
Net Income Q/Q Growth	-109.12%	1,161.43%	-9.80%	-3,111.24%	44.01%	99.56%	1,951.31%	16.68%	114.58%	-111.83%	360.37%
EPS Q/Q Growth	-54.55%	-220.00%	250.00%	-3,911.11%	44.31%	98.95%	750.00%	15.38%	133.33%	-114.29%	300.00%
Operating Cash Flow Q/Q Growth	-9.44%	44.70%	-38.45%	14.50%	57.10%	-68.42%	303.76%	-27.06%	4.16%	-36.49%	69.58%
Free Cash Flow Firm Q/Q Growth	47.68%	77.31%	-35.38%	275.33%	518.56%	-17.22%	67.42%	-46.18%	-54.80%	74.28%	-53.15%
Invested Capital Q/Q Growth	0.66%	-0.58%	0.93%	-10.87%	-8.71%	6.47%	-7.13%	-1.52%	-1.50%	0.38%	-1.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.23%	11.98%	15.11%	13.75%	35.47%	19.87%	15.76%	15.39%	36.57%	15.48%	19.32%
EBITDA Margin	17.60%	19.08%	19.36%	-44.35%	-16.84%	16.68%	19.03%	19.61%	22.46%	15.27%	21.67%
Operating Margin	3.43%	3.52%	6.84%	-57.34%	-25.38%	6.38%	6.46%	7.88%	11.40%	2.98%	9.90%
EBIT Margin	4.32%	6.30%	6.68%	-56.61%	-27.75%	4.79%	7.55%	8.16%	11.72%	2.98%	9.90%
Profit (Net Income) Margin	-0.20%	2.24%	1.90%	-56.33%	-29.55%	-0.14%	2.55%	2.97%	6.00%	-0.78%	1.98%
Tax Burden Percent	-49.68%	111.46%	73.59%	92.91%	93.33%	-20.16%	73.91%	74.79%	72.69%	116.26%	30.60%
Interest Burden Percent	9.39%	31.89%	38.57%	107.10%	114.06%	14.49%	45.68%	48.73%	70.40%	-22.57%	65.26%
Effective Tax Rate	149.68%	-11.46%	26.41%	0.00%	0.00%	120.16%	26.09%	25.21%	27.31%	0.00%	69.40%
Return on Invested Capital (ROIC)	-1.20%	2.78%	3.63%	-30.89%	-14.56%	-1.04%	4.00%	5.29%	7.86%	1.90%	2.89%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.64%	2.19%	2.45%	-37.07%	-19.40%	-0.63%	3.12%	4.12%	6.84%	0.81%	2.44%
Return on Net Nonoperating Assets (RNNOA)	-0.64%	2.13%	2.38%	-40.06%	-22.39%	-0.75%	3.48%	5.04%	8.60%	1.08%	2.92%
Return on Equity (ROE)	-1.84%	4.92%	6.01%	-70.95%	-36.95%	-1.80%	7.48%	10.34%	16.47%	2.98%	5.82%
Cash Return on Invested Capital (CROIC)	-0.84%	1.14%	0.59%	4.38%	9.47%	3.37%	11.30%	10.77%	9.52%	14.82%	8.87%
Operating Return on Assets (OROA)	2.45%	3.62%	3.95%	-35.48%	-18.26%	3.18%	5.07%	5.79%	8.50%	2.16%	7.24%
Return on Assets (ROA)	-0.11%	1.29%	1.12%	-35.31%	-19.44%	-0.09%	1.71%	2.11%	4.35%	-0.57%	1.45%
Return on Common Equity (ROCE)	-1.83%	4.90%	5.99%	-70.71%	-36.80%	-1.79%	7.46%	10.29%	16.38%	2.97%	5.79%
Return on Equity Simple (ROE_SIMPLE)	0.00%	2.20%	2.17%	-24.40%	0.00%	-47.38%	-46.24%	-13.86%	0.00%	5.73%	0.00%
Net Operating Profit after Tax (NOPAT)	-13	29	40	-323	-152	-10	38	47	71	16	24
NOPAT Margin	-1.70%	3.92%	5.03%	-40.14%	-17.76%	-1.29%	4.77%	5.89%	8.29%	2.09%	3.03%
Net Nonoperating Expense Percent (NNEP)	-0.56%	0.60%	1.18%	6.18%	4.83%	-0.42%	0.87%	1.18%	1.02%	1.10%	0.46%
Return On Investment Capital (ROIC_SIMPLE)	-0.31%	-	-	-	-4.22%	-0.27%	-	-	1.99%	0.46%	0.71%
Cost of Revenue to Revenue	68.77%	88.02%	84.89%	86.25%	64.53%	80.13%	84.24%	84.61%	63.43%	84.52%	80.68%
SG&A Expenses to Revenue	25.65%	6.38%	6.31%	5.62%	22.35%	11.24%	7.07%	6.11%	23.88%	11.17%	12.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.80%	8.47%	8.27%	71.09%	60.85%	13.49%	9.30%	7.51%	25.17%	12.50%	9.42%
Earnings before Interest and Taxes (EBIT)	34	47	53	-455	-238	38	61	66	100	23	79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	137	142	154	-357	-145	132	153	158	192	119	173
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.20	0.78	0.75	0.71	0.68	1.07	0.90	1.00	0.82	0.93	0.80
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.87	0.56	0.53	0.40	0.31	0.48	0.41	0.46	0.39	0.45	0.39
Price to Earnings (P/E)	37.36	38.91	37.78	0.00	0.00	0.00	0.00	0.00	14.17	17.13	15.79
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.68%	2.57%	2.65%	0.00%	0.00%	0.00%	0.00%	0.00%	7.06%	5.84%	6.33%
Enterprise Value to Invested Capital (EV/IC)	1.10	0.89	0.87	0.87	0.88	1.03	0.97	1.01	0.94	1.00	0.91
Enterprise Value to Revenue (EV/Rev)	1.60	1.26	1.23	1.08	0.96	1.18	1.03	1.06	0.97	1.04	0.93
Enterprise Value to EBITDA (EV/EBITDA)	8.41	6.85	6.52	43.94	0.00	0.00	0.00	11.53	4.97	5.42	4.70
Enterprise Value to EBIT (EV/EBIT)	22.85	20.92	20.39	0.00	0.00	0.00	0.00	0.00	11.92	13.48	11.24
Enterprise Value to NOPAT (EV/NOPAT)	33.31	31.47	30.50	0.00	0.00	0.00	0.00	0.00	17.19	19.90	20.09
Enterprise Value to Operating Cash Flow (EV/OCF)	12.67	8.49	8.76	7.95	6.39	9.87	6.68	6.31	5.83	5.73	5.47
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	78.76	150.76	18.87	8.31	28.47	7.61	8.82	9.65	6.40	10.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.01	1.02	0.99	1.25	1.46	1.59	1.39	1.33	1.26	1.24	1.13
Long-Term Debt to Equity	1.00	1.00	0.98	1.22	1.43	1.54	1.37	1.32	1.25	1.23	1.12
Financial Leverage	0.99	0.98	0.97	1.08	1.15	1.20	1.12	1.22	1.26	1.34	1.20
Leverage Ratio	2.48	2.45	2.41	2.55	2.68	2.69	2.64	2.82	2.95	2.94	2.87
Compound Leverage Factor	0.23	0.78	0.93	2.74	3.06	0.39	1.21	1.37	2.08	-0.66	1.87
Debt to Total Capital	50.35%	50.48%	49.87%	55.47%	59.42%	61.45%	58.23%	57.11%	55.66%	55.43%	53.16%
Short-Term Debt to Total Capital	0.81%	0.91%	0.92%	1.02%	1.48%	2.12%	1.12%	0.46%	0.46%	0.46%	0.48%
Long-Term Debt to Total Capital	49.55%	49.57%	48.95%	54.44%	57.95%	59.34%	57.11%	56.66%	55.21%	54.97%	52.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.15%	0.17%	0.14%	0.19%	0.23%	0.24%	0.19%	0.22%	0.20%	0.17%	0.20%
Common Equity to Total Capital	49.50%	49.35%	49.99%	44.35%	40.35%	38.31%	41.58%	42.66%	44.14%	44.40%	46.65%
Debt to EBITDA	3.88	3.98	3.76	28.37	-10.45	-10.89	-9.65	6.79	3.12	3.14	2.82
Net Debt to EBITDA	3.80	3.80	3.69	27.63	-10.08	-10.52	-9.33	6.45	2.94	3.06	2.71
Long-Term Debt to EBITDA	3.82	3.91	3.70	27.84	-10.19	-10.51	-9.47	6.73	3.09	3.12	2.79
Debt to NOPAT	15.38	18.30	17.60	-8.75	-5.13	-5.84	-5.16	-56.05	10.78	11.55	12.03
Net Debt to NOPAT	15.06	17.46	17.24	-8.52	-4.94	-5.64	-4.98	-53.28	10.18	11.24	11.58
Long-Term Debt to NOPAT	15.14	17.97	17.28	-8.59	-5.00	-5.64	-5.06	-55.60	10.69	11.46	11.93
Altman Z-Score	1.13	0.96	0.99	0.51	0.56	0.90	0.86	0.93	0.94	0.92	0.91
Noncontrolling Interest Sharing Ratio	0.27%	0.30%	0.25%	0.33%	0.41%	0.46%	0.35%	0.47%	0.50%	0.50%	0.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.28	1.23	1.24	1.31	1.21	1.33	1.15	1.24	1.33	1.29	1.06
Quick Ratio	0.89	0.87	0.90	0.95	0.87	1.03	0.85	0.91	0.91	0.82	0.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-191	-43	-59	103	636	527	882	475	215	374	175
Operating Cash Flow to CapEx	67.82%	157.37%	104.49%	128.21%	175.15%	55.79%	243.61%	242.47%	194.50%	99.94%	182.70%
Free Cash Flow to Firm to Interest Expense	0.00	-1.36	-1.80	3.18	0.00	0.00	26.69	14.08	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	4.39	2.65	3.06	0.00	0.00	5.99	4.28	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.60	0.11	0.67	0.00	0.00	3.53	2.52	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.57	0.59	0.63	0.66	0.66	0.67	0.71	0.73	0.73	0.73
Accounts Receivable Turnover	8.26	8.32	8.53	8.56	8.56	8.30	8.12	8.45	8.18	7.66	7.80
Inventory Turnover	19.06	22.16	24.59	22.52	21.34	20.90	23.00	21.89	20.36	21.88	19.15
Fixed Asset Turnover	6.71	6.48	6.41	6.48	6.52	0.00	6.52	6.76	6.73	0.00	6.59
Accounts Payable Turnover	6.87	7.28	8.20	8.23	7.06	6.89	7.00	7.34	6.22	6.84	5.65
Days Sales Outstanding (DSO)	44.17	43.86	42.80	42.62	42.66	43.98	44.93	43.18	44.60	47.67	46.78
Days Inventory Outstanding (DIO)	19.15	16.47	14.84	16.21	17.10	17.47	15.87	16.67	17.93	16.68	19.06
Days Payable Outstanding (DPO)	53.13	50.14	44.53	44.35	51.68	52.95	52.11	49.70	58.71	53.40	64.56
Cash Conversion Cycle (CCC)	10.20	10.19	13.11	14.47	8.08	8.49	8.68	10.15	3.82	10.96	1.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,298	4,273	4,313	3,844	3,510	3,737	3,470	3,417	3,366	3,379	3,319
Invested Capital Turnover	0.71	0.71	0.72	0.77	0.82	0.81	0.84	0.90	0.95	0.91	0.95
Increase / (Decrease) in Invested Capital	178	73	99	-426	-789	-537	-843	-427	-144	-358	-151
Enterprise Value (EV)	4,738	3,799	3,770	3,357	3,073	3,845	3,349	3,448	3,159	3,372	3,020
Market Capitalization	2,590	1,684	1,633	1,239	994	1,570	1,332	1,510	1,281	1,462	1,273
Book Value per Share	$15.97	$15.95	$16.25	$12.73	$10.69	$11.00	$11.15	$11.28	$11.68	$11.62	$11.76
Tangible Book Value per Share	($11.56)	($11.36)	($11.29)	($10.61)	($10.24)	($10.39)	($10.10)	($9.70)	($8.99)	($8.66)	($8.59)
Total Capital	4,346	4,377	4,363	3,907	3,615	3,816	3,573	3,554	3,559	3,531	3,403
Total Debt	2,188	2,209	2,176	2,167	2,148	2,345	2,080	2,030	1,981	1,957	1,809
Total Long-Term Debt	2,153	2,169	2,136	2,127	2,095	2,264	2,040	2,014	1,965	1,941	1,793
Net Debt	2,142	2,108	2,130	2,111	2,071	2,266	2,011	1,930	1,871	1,904	1,740
Capital Expenditures (CapEx)	143	89	83	77	89	88	81	60	77	96	89
Debt-free, Cash-free Net Working Capital (DFCFNWC)	118	61	105	121	88	164	61	47	95	131	-16
Debt-free Net Working Capital (DFNWC)	164	162	150	177	165	244	130	147	205	185	52
Net Working Capital (NWC)	129	122	110	137	112	163	90	131	189	168	36
Net Nonoperating Expense (NNE)	-12	13	25	130	101	-9.08	18	24	20	22	8.43
Net Nonoperating Obligations (NNO)	2,141	2,106	2,126	2,105	2,043	2,266	1,977	1,893	1,788	1,805	1,725
Total Depreciation and Amortization (D&A)	104	95	101	99	94	94	93	92	92	96	94
Debt-free, Cash-free Net Working Capital to Revenue	3.97%	2.02%	3.42%	3.87%	2.76%	5.06%	1.86%	1.44%	2.92%	4.04%	-0.51%
Debt-free Net Working Capital to Revenue	5.52%	5.39%	4.89%	5.67%	5.17%	7.51%	4.00%	4.51%	6.29%	5.69%	1.61%
Net Working Capital to Revenue	4.35%	4.06%	3.59%	4.38%	3.50%	5.03%	2.77%	4.01%	5.79%	5.19%	1.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.03)	$0.11	$0.10	($3.37)	($1.90)	($0.02)	$0.13	$0.16	$0.35	($0.05)	$0.10
Adjusted Weighted Average Basic Shares Outstanding	134.18M	134.53M	134.30M	134.83M	134.16M	132.91M	133.22M	134.30M	133.76M	134.80M	134.99M
Adjusted Diluted Earnings per Share	$0.05	($0.06)	$0.09	($3.43)	($1.91)	($0.02)	$0.13	$0.15	$0.35	($0.05)	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	138.99M	135.98M	136.23M	134.98M	134.42M	132.91M	136.03M	136.53M	135.53M	134.80M	137.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.45M	134.17M	136.11M	136.39M	132.91M	133.20M	134.47M	134.55M	134.87M	134.95M	135.30M
Normalized Net Operating Profit after Tax (NOPAT)	19	18	40	36	71	40	43	47	71	16	55
Normalized NOPAT Margin	2.40%	2.46%	5.03%	4.43%	8.25%	5.04%	5.37%	5.89%	8.29%	2.09%	6.93%
Pre Tax Income Margin	0.41%	2.01%	2.58%	-60.63%	-31.66%	0.69%	3.45%	3.97%	8.25%	-0.67%	6.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.47	1.63	-14.09	0.00	0.00	1.84	1.95	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.91	1.23	-9.99	0.00	0.00	1.16	1.41	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-1.32	-0.91	-16.48	0.00	0.00	-0.62	0.18	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-1.88	-1.31	-12.38	0.00	0.00	-1.30	-0.36	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.73%	0.00%	5.28%	-0.59%	-0.37%	0.00%	-0.51%	-1.67%	5.91%	8.51%	5.49%
Augmented Payout Ratio	21.87%	48.80%	47.16%	-2.77%	-4.71%	0.00%	-3.43%	-11.20%	5.91%	8.51%	5.49%

Key Financial Trends

AdaptHealth (NASDAQ: AHCO) has shown mixed financial performance over the past few years, but the most recent quarters indicate some areas of improvement and ongoing challenges.

Positive Trends:

Revenue Growth: The company’s operating revenue has generally increased over the past several quarters, reaching $800.4 million in Q2 2025, up from approximately $727.6 million in Q2 2022, indicating steady top-line growth.
Gross Profit Improvement: Gross profit for Q2 2025 stood at about $154.7 million, a slight decrease compared to some prior quarters but still reflective of strong overall revenue generation capabilities.
Operating Income Rebound: In Q2 2025, AdaptHealth reported an operating income of $79.3 million, a significant rebound from Q1 2025’s operating income of $23.2 million, showing improved operational efficiency.
Net Income Turnaround: The company swung from a net loss of $6.1 million in Q1 2025 to a net income of $15.8 million in Q2 2025, signaling a positive trend in profitability.
Strong Operating Cash Flow: Net cash from continuing operating activities increased to $162 million in Q2 2025 compared to $95.5 million in Q1 2025, improving cash generation from core business operations.
Reduction in Debt: The company continued to repay long-term and short-term debt, with $158 million repaid in Q2 2025, reflecting efforts to reduce leverage.
Healthy Equity Position: Total common equity increased slightly to $1.59 billion as of Q2 2025, indicating a stable shareholder base and financial buffer.
Depreciation and Amortization: High but relatively stable non-cash charges (around $92 million depreciation in Q2 2025) reflect ongoing investments in assets and amortization of intangibles.
CapEx and Acquisitions: Substantial capital expenditures and acquisition spending continue (e.g., $88.7 million in property, plant, & equipment in Q2 2025), showing continued investment in business growth but leading to cash outflows.

Neutral Observations:

Accounts Receivable and Inventory Levels: Current assets like receivables ($394 million) and inventories ($149 million) remain significant, indicating working capital requirements that management will need to monitor closely to optimize cash flow.
Cash & Equivalents Fluctuations: Cash and equivalents grew from $53.6 million in Q1 2025 to $68.6 million in Q2 2025, an improvement but relatively low compared to total liabilities.

Potential Concerns:

Interest and Other Expense Impact: Significant interest expenses and other costs have continued to weigh on pre-tax income, evident from Q2 2025's $27.5 million net other expense, impacting net profitability.
Leverage Levels: Despite repayments, long-term debt remains high at approximately $1.79 billion and total liabilities over $2.75 billion, posing financial risk if earnings volatility increases.
Fluctuating Quarterly Earnings: The company has faced quarterly periods of losses, such as in Q1 2025 (-$6.1 million), and a notable loss in Q4 2023 (-$253.6 million), though some of those relate to impairment charges and restatements.
Impairment Charges History: Prior impairment charges, especially the large charges in late 2023 (hundreds of millions), have significantly hurt earnings and indicate potential asset revaluation challenges.
Dividend Payouts Minimal: Dividend payments are modest, reflecting perhaps conservatism in cash deployment, but may disappoint income-focused investors.

In summary, AdaptHealth shows signs of recovery with improved revenue, profitability, and operating cash flow in recent quarters after past volatility and significant impairment impacts. However, the company still carries a high debt load and faces costs that weigh on its margins, requiring careful monitoring of its financial health and leverage management going forward.

08/08/25 03:28 PMAI Generated. May Contain Errors.

Frequently Asked Questions About AdaptHealth's Financials

When does AdaptHealth's fiscal year end?

According to the most recent income statement we have on file, AdaptHealth's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has AdaptHealth's net income changed over the last 6 years?

AdaptHealth's net income appears to be on an upward trend, with a most recent value of $94.78 million in 2024, rising from $24.34 million in 2018. The previous period was -$674.78 million in 2023. Find out what analysts predict for AdaptHealth in the coming months.

What is AdaptHealth's operating income?

AdaptHealth's total operating income in 2024 was $263.73 million, based on the following breakdown:

Total Gross Profit: $681.09 million
Total Operating Expenses: $417.36 million

How has AdaptHealth's revenue changed over the last 6 years?

Over the last 6 years, AdaptHealth's total revenue changed from $361.05 million in 2018 to $3.26 billion in 2024, a change of 803.2%.

How much debt does AdaptHealth have?

AdaptHealth's total liabilities were at $2.91 billion at the end of 2024, a 4.4% decrease from 2023, and a 1,015,875.4% increase since 2017.

How much cash does AdaptHealth have?

In the past 7 years, AdaptHealth's cash and equivalents has ranged from $119.82 thousand in 2017 to $149.63 million in 2021, and is currently $109.75 million as of their latest financial filing in 2024.

How has AdaptHealth's book value per share changed over the last 6 years?

Over the last 6 years, AdaptHealth's book value per share changed from 0.00 in 2018 to 11.68 in 2024, a change of 1,167.7%.

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This page (NASDAQ:AHCO) was last updated on 8/8/2025 by MarketBeat.com Staff

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AdaptHealth (AHCO) Financials

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AdaptHealth (AHCO) Financials

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