AdaptHealth (AHCO) Financials

$11.30 -0.43 (-3.67%)

Closing price 04:00 PM Eastern

Extended Trading

$11.30 -0.01 (-0.04%)

As of 05:58 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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	23	-21	-162	156	69	-679	90	-71
Consolidated Net Income / (Loss)	24	-23	-194	158	73	-675	95	-66
Net Income / (Loss) Continuing Operations	24	-23	-194	158	73	-675	95	-66
Total Pre-Tax Income	22	-22	-206	191	98	-724	136	-15
Total Operating Income	31	29	71	226	190	-598	264	91
Total Gross Profit	52	89	158	446	580	624	681	609
Total Revenue	361	530	1,056	2,455	2,971	3,200	3,261	3,245
Operating Revenue	361	530	1,056	2,455	2,971	3,200	3,261	3,245
Total Cost of Revenue	309	441	899	2,009	2,390	2,576	2,580	2,636
Operating Cost of Revenue	293	441	899	2,009	2,390	2,576	2,580	2,636
Total Operating Expenses	21	60	86	220	390	1,222	417	518
Selling, General & Admin Expense	18	56	89	168	325	335	359	382
Depreciation Expense	2.73	3.07	11	63	65	57	45	41
Other Operating Expenses / (Income)	-	-	-14	-11	-	0.00	0.00	-33
Impairment Charge	-	-	-	0.00	0.00	831	13	128
Total Other Income / (Expense), net	-8.85	-51	-277	-35	-93	-125	-128	-106
Interest Expense	8.85	41	47	115	0.00	0.00	2.27	0.00
Interest & Investment Income	-	-	-	-	-109	-130	-127	-106
Other Income / (Expense), net	-	-9.82	-231	81	17	4.92	1.23	-0.27
Income Tax Expense	-2.10	0.74	-12	33	25	-49	41	51
Net Income / (Loss) Attributable to Noncontrolling Interest	1.08	-1.26	-32	1.98	3.82	4.12	4.36	4.76
Basic Earnings per Share	-	-	($3.08)	$1.12	$0.47	($5.06)	$0.62	($0.52)
Weighted Average Basic Shares Outstanding	11.90M	22.56M	52.49M	126.31M	134.18M	134.16M	133.76M	135.15M
Diluted Earnings per Share	-	($0.95)	($3.08)	$0.67	$0.33	($5.31)	$0.61	($0.52)
Weighted Average Diluted Shares Outstanding	11.90M	22.56M	52.49M	133.03M	138.99M	134.42M	135.53M	135.15M
Weighted Average Basic & Diluted Shares Outstanding	11.90M	22.56M	52.49M	133.91M	135.45M	132.91M	134.87M	135.91M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-454	-255	-2.13	19	23	50	-7.21	15	25	-103	-16
Consolidated Net Income / (Loss)	-453	-254	-1.11	21	24	51	-6.08	16	26	-102	-15
Net Income / (Loss) Continuing Operations	-453	-254	-1.11	21	24	51	-6.08	16	26	-102	-15
Total Pre-Tax Income	-487	-272	5.50	28	32	71	-5.23	52	36	-98	-20
Total Operating Income	-461	-218	51	52	63	98	23	79	62	-73	5.49
Total Gross Profit	111	304	157	169	162	313	120	155	162	172	112
Total Revenue	804	858	792	806	806	857	778	800	820	846	820
Operating Revenue	804	858	792	806	806	857	778	800	820	846	820
Total Cost of Revenue	693	554	635	637	644	543	657	646	658	674	708
Operating Cost of Revenue	693	554	635	637	644	543	657	646	658	674	708
Total Operating Expenses	572	522	107	117	99	216	97	75	100	245	106
Selling, General & Admin Expense	45	192	89	99	87	205	87	97	90	108	96
Depreciation Expense	15	11	11	11	11	11	10	10	10	9.93	10
Total Other Income / (Expense), net	-26	-54	-45	-24	-31	-27	-28	-28	-25	-25	-26
Interest & Investment Income	-	-	-32	-33	-31	-	-28	-28	-25	-24	-26
Income Tax Expense	-35	-18	6.61	7.25	8.07	19	0.85	36	11	3.54	-5.23
Net Income / (Loss) Attributable to Noncontrolling Interest	1.16	0.93	1.03	1.10	1.10	1.14	1.13	1.15	1.24	1.23	1.17
Basic Earnings per Share	($3.37)	($1.90)	($0.02)	$0.13	$0.16	$0.35	($0.05)	$0.10	$0.17	($0.74)	($0.12)
Weighted Average Basic Shares Outstanding	134.83M	134.16M	132.91M	133.22M	134.30M	133.76M	134.80M	134.99M	135.35M	135.15M	135.78M
Diluted Earnings per Share	($3.43)	($1.91)	($0.02)	$0.13	$0.15	$0.35	($0.05)	$0.10	$0.16	($0.73)	($0.12)
Weighted Average Diluted Shares Outstanding	134.98M	134.42M	132.91M	136.03M	136.53M	135.53M	134.80M	137.07M	137.21M	135.15M	135.78M
Weighted Average Basic & Diluted Shares Outstanding	136.39M	132.91M	133.20M	134.47M	134.55M	134.87M	134.95M	135.30M	135.42M	135.91M	136.05M

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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	21	52	23	50	-103	31	33	-3.61
Net Cash From Operating Activities	68	60	196	276	374	481	542	602
Net Cash From Continuing Operating Activities	68	60	196	276	374	481	542	602
Net Income / (Loss) Continuing Operations	24	-23	-194	158	73	-675	95	-66
Consolidated Net Income / (Loss)	24	-23	-194	158	73	-675	95	-66
Depreciation Expense	48	63	82	258	351	383	365	382
Amortization Expense	0.48	1.31	1.88	5.38	5.23	5.23	5.67	5.69
Non-Cash Adjustments To Reconcile Net Income	18	22	252	-11	6.01	825	38	135
Changes in Operating Assets and Liabilities, net	-22	-2.52	53	-135	-62	-57	39	145
Net Cash From Investing Activities	-96	-85	-816	-1,825	-411	-357	-310	-303
Net Cash From Continuing Investing Activities	-96	-85	-816	-1,825	-411	-357	-310	-303
Purchase of Property, Plant & Equipment	-9.95	-21	-40	-203	-391	-337	-306	-382
Acquisitions	-86	-64	-769	-1,620	-19	-20	-9.54	-42
Purchase of Investments	-	0.00	-8.66	-1.13	-0.73	-0.13	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	-	0.00	0.00	5.32	0.00
Divestitures	-	-	-	-	-	0.00	0.00	120
Other Investing Activities, net	-	-	-	-	-	0.00	0.00	1.16
Net Cash From Financing Activities	49	76	643	1,599	-66	-93	-199	-302
Net Cash From Continuing Financing Activities	49	76	643	1,599	-66	-93	-199	-302
Repayment of Debt	-116	-164	-561	-914	-36	-95	-440	-250
Repurchase of Common Equity	0.00	-25	-12	-14	-14	-29	0.00	0.00
Payment of Dividends	-0.30	-251	-0.80	-1.07	-2.00	-2.50	-5.60	-6.97
Issuance of Debt	165	361	941	2,265	1.62	52	253	1.21
Other Financing Activities, net	0.00	30	-93	-16	-15	-18	-6.62	-46
Cash Interest Paid	7.33	23	36	74	109	126	122	101
Cash Income Taxes Paid	0.41	1.32	7.48	15	15	15	14	24

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	11	21	2.43	-9.73	30	9.57	-56	15	12	26	-58
Net Cash From Operating Activities	99	155	49	198	144	150	96	162	161	183	94
Net Cash From Continuing Operating Activities	99	155	49	198	144	150	96	162	161	183	94
Net Income / (Loss) Continuing Operations	-453	-254	-1.11	21	24	51	-6.08	16	26	-102	-15
Consolidated Net Income / (Loss)	-453	-254	-1.11	21	24	51	-6.08	16	26	-102	-15
Depreciation Expense	97	92	93	91	91	91	94	92	98	98	106
Amortization Expense	1.31	1.31	1.31	1.42	1.52	1.42	1.28	1.82	1.33	1.26	1.19
Non-Cash Adjustments To Reconcile Net Income	507	324	19	7.10	3.83	7.57	8.30	-23	9.14	140	13
Changes in Operating Assets and Liabilities, net	-54	-8.90	-63	78	24	-0.51	-2.32	74	27	46	-12
Net Cash From Investing Activities	-77	-90	-88	-81	-54	-87	-96	9.60	-93	-124	-204
Net Cash From Continuing Investing Activities	-77	-90	-88	-81	-54	-87	-96	9.60	-93	-124	-204
Purchase of Property, Plant & Equipment	-77	-89	-88	-81	-60	-77	-96	-89	-94	-104	-121
Acquisitions	-0.01	-1.77	-	-	-	-9.54	0.00	-	-	-24	-85
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	1.44
Net Cash From Financing Activities	-11	-44	41	-126	-60	-54	-56	-157	-57	-33	53
Net Cash From Continuing Financing Activities	-11	-44	41	-126	-60	-54	-56	-157	-57	-33	53
Repayment of Debt	-9.87	-22	-27	-123	-230	-50	-28	-158	-42	-25	-17
Payment of Dividends	-	-	0.00	-	-	-2.10	-2.05	-0.53	-2.85	-1.54	-1.52
Issuance of Debt	-	-	76	-	179	-	0.56	-0.56	1.21	0.00	100
Other Financing Activities, net	-0.85	-1.60	-7.03	-0.35	-8.67	-1.88	-26	2.26	-13	-6.40	-29
Cash Interest Paid	50	13	50	13	49	9.55	46	6.97	43	5.24	43
Cash Income Taxes Paid	0.16	9.03	-0.33	12	0.92	1.12	0.04	22	2.28	0.29	-12

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	2025
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	12/31/2025
Total Assets	0.31	369	547	1,813	5,250	5,220	4,509	4,487	4,317
Total Current Assets	0.12	91	181	363	670	585	649	756	729
Cash & Equivalents	0.12	25	77	100	150	46	77	110	106
Accounts Receivable	-	53	79	171	360	359	389	408	371
Inventories, net	-	7.67	13	59	123	128	114	140	151
Prepaid Expenses	0.00	4.92	13	33	37	52	69	45	101
Plant, Property, & Equipment, net	0.00	62	64	110	399	487	495	475	0.00
Total Noncurrent Assets	0.19	217	302	1,340	4,182	4,142	3,333	3,219	3,588
Goodwill	-	202	267	999	3,513	3,545	2,725	2,675	2,541
Intangible Assets	-	-	0.00	116	202	163	130	106	85
Noncurrent Deferred & Refundable Income Taxes	-	9.08	28	208	304	282	346	315	268
Other Noncurrent Operating Assets	0.19	5.05	6.85	16	163	152	132	124	693
Total Liabilities & Shareholders' Equity	0.31	369	547	1,813	5,250	5,220	4,509	4,487	4,317
Total Liabilities	0.29	266	612	1,533	3,184	3,062	3,042	2,909	2,790
Total Current Liabilities	0.29	136	154	422	500	456	537	567	712
Short-Term Debt	0.17	28	21	8.15	20	35	53	16	51
Accounts Payable	0.06	86	103	254	358	337	392	438	554
Current Deferred Revenue	-	-	9.56	11	31	32	39	35	60
Other Current Liabilities	0.00	22	20	149	90	52	49	71	48
Total Noncurrent Liabilities	0.00	233	458	1,111	2,684	2,602	2,505	2,342	2,078
Long-Term Debt	-	127	395	777	2,184	2,153	2,095	1,965	1,716
Capital Lease Obligations	-	0.17	-	-	-	-	-	-	33
Other Noncurrent Operating Liabilities	0.00	106	63	334	500	448	410	377	329
Commitments & Contingencies	0.00	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	1,526
Total Preferred & Common Equity	0.02	0.00	-39	355	2,062	2,151	1,458	1,571	1,519
Preferred Stock	0.00	-	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	1,519
Common Stock	0.03	0.00	0.01	558	2,107	2,130	2,150	2,157	2,177
Retained Earnings	-0.00	0.00	-40	-199	-43	26	-653	-562	-633
Treasury Stock	-	-	-	-	0.00	-14	-43	-26	-26
Accumulated Other Comprehensive Income / (Loss)	-	0.00	1.43	-4.41	-2.35	8.69	4.36	2.25	0.08
Noncontrolling Interest	-	0.00	-27	-74	4.78	6.60	8.22	6.97	7.76

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	5,238	5,283	5,203	4,725	4,504	4,511	4,470	4,437	4,351	4,384	4,424
Total Current Assets	632	647	568	585	656	686	684	745	658	725	687
Cash & Equivalents	111	101	45	56	80	70	100	54	69	80	48
Accounts Receivable	358	353	366	371	430	437	401	418	394	380	392
Inventories, net	125	136	115	116	109	124	133	129	149	149	159
Prepaid Expenses	37	56	43	42	38	56	49	42	47	115	88
Plant, Property, & Equipment, net	473	503	504	490	0.00	496	475	482	488	488	0.00
Total Noncurrent Assets	4,133	4,126	4,116	3,629	3,848	3,291	3,272	3,169	3,164	3,132	3,737
Noncurrent Note & Lease Receivables	-	-	-	-	30	-	-	-	-	-	50
Goodwill	3,525	3,545	3,552	3,041	2,718	2,712	2,707	2,635	2,651	2,653	2,567
Intangible Assets	173	153	143	136	125	119	113	100	95	90	80
Noncurrent Deferred & Refundable Income Taxes	286	285	280	319	341	334	328	315	302	268	275
Other Noncurrent Operating Assets	149	143	140	133	633	126	124	119	116	121	764
Total Liabilities & Shareholders' Equity	5,238	5,283	5,203	4,725	4,504	4,511	4,470	4,437	4,351	4,384	4,424
Total Liabilities	3,078	3,116	3,016	2,985	3,033	3,018	2,946	2,863	2,757	2,759	2,910
Total Current Liabilities	467	524	458	448	493	596	553	577	622	671	743
Short-Term Debt	59	40	40	40	81	40	16	16	16	16	78
Accounts Payable	347	401	338	314	340	447	430	421	477	522	601
Other Current Liabilities	30	51	46	46	72	69	68	75	72	73	64
Total Noncurrent Liabilities	2,611	2,586	2,547	2,522	2,540	2,422	2,393	2,260	2,109	2,065	2,166
Long-Term Debt	2,162	2,169	2,136	2,127	2,159	2,040	2,014	1,941	1,793	1,744	1,799
Capital Lease Obligations	-	-	-	-	105	-	-	-	-	-	124
Other Noncurrent Operating Liabilities	449	417	412	395	276	382	379	319	316	321	244
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,160	2,167	2,187	1,740	1,471	1,493	1,524	1,574	1,594	1,625	1,514
Total Preferred & Common Equity	2,154	2,160	2,181	1,732	1,462	1,486	1,516	1,568	1,587	1,617	1,507
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,154	2,160	2,181	1,732	1,462	1,486	1,516	1,568	1,587	1,617	1,507
Common Stock	2,126	2,135	2,140	2,145	2,155	2,160	2,153	2,161	2,167	2,172	2,182
Retained Earnings	29	42	56	-398	-655	-635	-612	-569	-555	-530	-649
Treasury Stock	-14	-23	-23	-23	-43	-43	-26	-26	-26	-26	-26
Accumulated Other Comprehensive Income / (Loss)	13	5.89	8.34	8.41	5.21	4.85	1.63	1.58	1.17	0.57	0.00
Noncontrolling Interest	5.58	7.57	6.13	7.29	9.24	6.84	7.93	6.06	6.68	8.07	7.41

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

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	46.69%	99.45%	132.35%	21.02%	7.73%	1.90%	-0.49%
EBITDA Growth	0.00%	5.03%	-189.85%	859.96%	-1.06%	-136.45%	409.52%	-24.80%
EBIT Growth	0.00%	-37.08%	-914.27%	292.31%	-32.33%	-386.27%	144.64%	-65.81%
NOPAT Growth	0.00%	-39.56%	142.86%	274.13%	-23.87%	-394.49%	143.87%	-65.39%
Net Income Growth	0.00%	-192.87%	-758.75%	181.49%	-53.76%	-1,022.68%	114.05%	-169.68%
EPS Growth	0.00%	0.00%	-224.21%	121.75%	-50.75%	-1,709.09%	111.49%	-185.25%
Operating Cash Flow Growth	0.00%	-11.70%	223.80%	40.92%	35.62%	28.57%	12.73%	11.06%
Free Cash Flow Firm Growth	0.00%	0.00%	-420.16%	-362.52%	98.81%	1,143.85%	-11.49%	-35.89%
Invested Capital Growth	0.00%	110.73%	252.51%	326.74%	4.31%	-18.35%	-4.09%	-4.34%
Revenue Q/Q Growth	0.00%	-28.54%	23.19%	16.83%	2.70%	2.50%	-0.05%	-0.32%
EBITDA Q/Q Growth	0.00%	37.18%	-165.50%	63.84%	-0.06%	-369.00%	112.67%	-25.90%
EBIT Q/Q Growth	0.00%	-67.84%	-525.42%	122.66%	-10.93%	-84.53%	459.61%	-65.76%
NOPAT Q/Q Growth	0.00%	-58.72%	90.54%	32.42%	-20.18%	-69.10%	607.42%	-57.07%
Net Income Q/Q Growth	0.00%	-278.31%	-67.40%	258.06%	-25.51%	-59.61%	145.09%	-175.99%
EPS Q/Q Growth	0.00%	0.00%	0.00%	155.37%	-53.52%	-58.51%	136.97%	-192.86%
Operating Cash Flow Q/Q Growth	0.00%	-46.47%	20.37%	22.47%	-1.06%	13.82%	-0.89%	5.76%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.84%	-5.79%	84.38%	107.91%	-16.27%	-24.05%
Invested Capital Q/Q Growth	0.00%	11.84%	5.15%	6.61%	0.66%	-8.71%	-1.50%	-2.11%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	14.37%	16.79%	14.94%	18.15%	19.53%	19.50%	20.89%	18.77%
EBITDA Margin	22.00%	15.75%	-7.10%	23.21%	18.98%	-6.42%	19.50%	14.74%
Operating Margin	8.61%	5.55%	6.75%	9.19%	6.41%	-18.70%	8.09%	2.80%
EBIT Margin	8.61%	3.69%	-15.08%	12.48%	6.98%	-18.55%	8.13%	2.79%
Profit (Net Income) Margin	6.74%	-4.27%	-18.37%	6.44%	2.46%	-21.09%	2.91%	-2.04%
Tax Burden Percent	109.43%	103.38%	94.20%	82.82%	74.70%	93.23%	69.68%	435.78%
Interest Burden Percent	71.53%	-111.75%	129.35%	62.34%	47.22%	121.95%	51.34%	-16.73%
Effective Tax Rate	-9.43%	0.00%	0.00%	17.18%	25.30%	0.00%	30.32%	0.00%
Return on Invested Capital (ROIC)	26.17%	10.18%	8.06%	7.35%	3.38%	-10.73%	5.35%	1.93%
ROIC Less NNEP Spread (ROIC-NNEP)	18.72%	-8.20%	-39.58%	5.25%	0.08%	-22.96%	0.70%	-5.52%
Return on Net Nonoperating Assets (RNNOA)	0.00%	58.53%	-188.55%	6.13%	0.08%	-26.51%	0.88%	-6.19%
Return on Equity (ROE)	0.00%	68.71%	-180.49%	13.47%	3.46%	-37.24%	6.23%	-4.25%
Cash Return on Invested Capital (CROIC)	0.00%	-61.09%	-103.55%	-116.71%	-0.84%	9.47%	9.52%	6.37%
Operating Return on Assets (OROA)	16.84%	4.27%	-13.50%	8.67%	3.96%	-12.20%	5.89%	2.06%
Return on Assets (ROA)	13.18%	-4.94%	-16.45%	4.48%	1.40%	-13.87%	2.11%	-1.50%
Return on Common Equity (ROCE)	0.00%	40.55%	-265.26%	13.87%	3.45%	-37.08%	6.19%	-4.23%
Return on Equity Simple (ROE_SIMPLE)	0.00%	58.22%	-54.69%	7.67%	3.40%	-46.27%	6.03%	0.00%
Net Operating Profit after Tax (NOPAT)	34	21	50	187	142	-419	184	64
NOPAT Margin	9.42%	3.88%	4.73%	7.61%	4.79%	-13.09%	5.64%	1.96%
Net Nonoperating Expense Percent (NNEP)	7.45%	18.38%	47.64%	2.10%	3.30%	12.23%	4.65%	7.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	3.27%	-11.59%	5.16%	1.91%
Cost of Revenue to Revenue	85.63%	83.21%	85.06%	81.85%	80.47%	80.50%	79.11%	81.23%
SG&A Expenses to Revenue	5.00%	10.67%	8.46%	6.82%	10.93%	10.46%	11.02%	11.78%
R&D to Revenue	0.00%	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%	15.97%
Earnings before Interest and Taxes (EBIT)	31	20	-159	306	207	-593	265	91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	79	83	-75	570	564	-205	636	478
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	9.49	1.57	1.20	0.68	0.82	0.89
Price to Tangible Book Value (P/TBV)	0.00	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	0.42
Price to Earnings (P/E)	13.21	0.00	0.00	20.71	37.36	0.00	14.17	0.00
Dividend Yield	0.00%	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%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.36	2.39	4.12	1.28	1.10	0.88	0.94	0.95
Enterprise Value to Revenue (EV/Rev)	1.21	1.24	3.77	2.16	1.60	0.96	0.97	0.94
Enterprise Value to EBITDA (EV/EBITDA)	5.50	7.86	0.00	9.29	8.41	0.00	4.97	6.38
Enterprise Value to EBIT (EV/EBIT)	14.06	33.53	0.00	17.28	22.85	0.00	11.92	33.67
Enterprise Value to NOPAT (EV/NOPAT)	12.85	31.89	79.64	28.33	33.31	0.00	17.19	47.95
Enterprise Value to Operating Cash Flow (EV/OCF)	6.39	10.86	20.33	19.20	12.67	6.39	5.83	5.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	8.31	9.65	14.54
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-6.33	2.79	1.07	1.01	1.46	1.26	1.18
Long-Term Debt to Equity	0.00	-6.01	2.77	1.06	1.00	1.43	1.25	1.15
Financial Leverage	0.00	-7.14	4.76	1.17	0.99	1.15	1.26	1.12
Leverage Ratio	15,191.81	-13.92	10.97	3.01	2.48	2.68	2.95	2.84
Compound Leverage Factor	10,866.68	15.55	14.19	1.88	1.17	3.27	1.52	-0.47
Debt to Total Capital	100.00%	118.75%	73.64%	51.60%	50.35%	59.42%	55.66%	54.11%
Short-Term Debt to Total Capital	17.98%	6.12%	0.76%	0.47%	0.81%	1.48%	0.46%	1.53%
Long-Term Debt to Total Capital	82.02%	112.63%	72.88%	51.13%	49.55%	57.95%	55.21%	52.57%
Preferred Equity to Total Capital	0.00%	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%	0.23%
Common Equity to Total Capital	0.00%	-11.07%	33.31%	48.29%	49.50%	40.35%	44.14%	45.66%
Debt to EBITDA	1.95	4.99	-10.47	3.87	3.88	-10.45	3.12	3.76
Net Debt to EBITDA	1.64	4.07	-9.13	3.60	3.80	-10.08	2.94	3.54
Long-Term Debt to EBITDA	1.60	4.74	-10.36	3.83	3.82	-10.19	3.09	3.66
Debt to NOPAT	4.56	20.26	15.71	11.79	15.38	-5.13	10.78	28.29
Net Debt to NOPAT	3.82	16.52	13.71	10.99	15.06	-4.94	10.18	26.62
Long-Term Debt to NOPAT	3.74	19.21	15.55	11.69	15.14	-5.00	10.69	27.49
Altman Z-Score	1.80	1.38	1.42	1.30	1.24	0.30	1.06	0.91
Noncontrolling Interest Sharing Ratio	0.00%	40.99%	-46.97%	-2.95%	0.27%	0.41%	0.50%	0.47%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.67	1.18	0.86	1.34	1.28	1.21	1.33	1.02
Quick Ratio	0.58	1.01	0.64	1.02	0.89	0.87	0.91	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-123	-642	-2,968	-35	370	327	210
Operating Cash Flow to CapEx	687.71%	283.23%	492.10%	135.60%	95.51%	142.44%	180.17%	157.37%
Free Cash Flow to Firm to Interest Expense	0.00	-2.98	-13.73	-25.72	0.00	0.00	144.00	0.00
Operating Cash Flow to Interest Expense	7.73	1.46	4.19	2.39	0.00	0.00	238.38	0.00
Operating Cash Flow Less CapEx to Interest Expense	6.61	0.94	3.33	0.63	0.00	0.00	106.07	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	1.96	1.16	0.90	0.69	0.57	0.66	0.73	0.74
Accounts Receivable Turnover	0.00	8.05	8.46	9.25	8.26	8.56	8.18	8.33
Inventory Turnover	0.00	42.15	24.95	22.09	19.06	21.34	20.36	18.11
Fixed Asset Turnover	0.00	8.46	12.14	9.64	6.71	6.52	6.73	0.00
Accounts Payable Turnover	7.22	4.68	5.04	6.56	6.87	7.06	6.22	5.32
Days Sales Outstanding (DSO)	0.00	45.36	43.14	39.48	44.17	42.66	44.60	43.81
Days Inventory Outstanding (DIO)	0.00	8.66	14.63	16.52	19.15	17.10	17.93	20.16
Days Payable Outstanding (DPO)	50.54	77.97	72.49	55.65	53.13	51.68	58.71	68.67
Cash Conversion Cycle (CCC)	-50.54	-23.95	-14.73	0.35	10.20	8.08	3.82	-4.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	130	274	966	4,121	4,298	3,510	3,366	3,220
Invested Capital Turnover	2.78	2.62	1.70	0.97	0.71	0.82	0.95	0.99
Increase / (Decrease) in Invested Capital	0.00	144	692	3,155	178	-789	-144	-146
Enterprise Value (EV)	437	656	3,977	5,293	4,738	3,073	3,159	3,050
Market Capitalization	307	343	3,367	3,234	2,590	994	1,281	1,349
Book Value per Share	$0.00	($1.24)	$3.96	$15.60	$15.97	$10.69	$11.68	$11.21
Tangible Book Value per Share	($6.48)	($9.78)	($8.48)	($12.50)	($11.56)	($10.24)	($8.99)	($8.18)
Total Capital	155	351	1,066	4,270	4,346	3,615	3,559	3,326
Total Debt	155	417	785	2,204	2,188	2,148	1,981	1,800
Total Long-Term Debt	127	395	777	2,184	2,153	2,095	1,965	1,749
Net Debt	130	340	685	2,054	2,142	2,071	1,871	1,693
Capital Expenditures (CapEx)	9.95	21	40	203	391	337	301	382
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-42	-28	-151	41	118	88	95	-39
Debt-free Net Working Capital (DFNWC)	-17	49	-51	190	164	165	205	68
Net Working Capital (NWC)	-45	27	-59	170	129	112	189	17
Net Nonoperating Expense (NNE)	9.69	43	244	29	69	256	89	130
Net Nonoperating Obligations (NNO)	130	340	685	2,054	2,141	2,043	1,788	1,693
Total Depreciation and Amortization (D&A)	48	64	84	263	356	388	371	388
Debt-free, Cash-free Net Working Capital to Revenue	-11.68%	-5.29%	-14.26%	1.65%	3.97%	2.76%	2.92%	-1.19%
Debt-free Net Working Capital to Revenue	-4.70%	9.22%	-4.80%	7.75%	5.52%	5.17%	6.29%	2.08%
Net Working Capital to Revenue	-12.43%	5.17%	-5.57%	6.94%	4.35%	3.50%	5.79%	0.51%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	$0.00	$0.00	$0.00	$0.47	($5.06)	$0.62	($0.52)
Adjusted Weighted Average Basic Shares Outstanding	31.25M	73.31M	0.00	126.31M	134.18M	134.16M	133.76M	135.15M
Adjusted Diluted Earnings per Share	($0.13)	$0.00	$0.00	$0.67	$0.33	($5.31)	$0.61	($0.52)
Adjusted Weighted Average Diluted Shares Outstanding	31.25M	73.31M	0.00	133.03M	138.99M	134.42M	135.53M	135.15M
Adjusted Basic & Diluted Earnings per Share	($0.13)	$0.00	$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	135.91M
Normalized Net Operating Profit after Tax (NOPAT)	22	21	50	187	142	163	193	153
Normalized NOPAT Margin	6.03%	3.88%	4.73%	7.61%	4.79%	5.08%	5.92%	4.72%
Pre Tax Income Margin	6.16%	-4.13%	-19.50%	7.78%	3.30%	-22.62%	4.17%	-0.47%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.51	0.47	-3.41	2.66	0.00	0.00	116.57	0.00
NOPAT to Interest Expense	3.84	0.50	1.07	1.62	0.00	0.00	80.85	0.00
EBIT Less CapEx to Interest Expense	2.39	-0.04	-4.26	0.89	0.00	0.00	-15.74	0.00
NOPAT Less CapEx to Interest Expense	2.72	-0.02	0.22	-0.14	0.00	0.00	-51.46	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1.23%	-1,112.07%	-0.41%	0.68%	2.73%	-0.37%	5.91%	-10.55%
Augmented Payout Ratio	1.23%	-1,220.69%	-6.45%	9.42%	21.87%	-4.71%	5.91%	-10.55%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	135,914,816.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	135,914,816.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.28%	9.99%	6.43%	1.60%	0.23%	-0.19%	-1.84%	-0.70%	1.79%	-1.21%	5.39%
EBITDA Growth	-345.97%	-205.25%	-6.96%	-0.13%	144.31%	233.12%	-10.11%	13.06%	1.75%	-86.90%	-4.76%
EBIT Growth	-986.83%	-807.43%	-19.06%	14.77%	114.44%	142.17%	-38.98%	30.31%	-6.09%	-173.23%	-76.31%
NOPAT Growth	-906.93%	-1,047.94%	-134.92%	-3.66%	114.71%	146.57%	259.21%	-36.95%	-7.91%	-172.25%	-76.31%
Net Income Growth	-2,729.13%	-16,040.99%	-106.65%	36.50%	105.29%	120.27%	-448.15%	-22.91%	7.49%	-297.53%	-144.66%
EPS Growth	-3,218.18%	-3,920.00%	66.67%	44.44%	104.37%	118.32%	-150.00%	-23.08%	6.67%	-308.57%	-140.00%
Operating Cash Flow Growth	-7.65%	60.20%	-65.04%	129.36%	46.11%	-3.12%	94.81%	-18.18%	11.54%	21.79%	-1.89%
Free Cash Flow Firm Growth	128.18%	433.20%	1,315.42%	1,603.06%	361.42%	-66.28%	-29.01%	-80.13%	-63.79%	-55.75%	-122.60%
Invested Capital Growth	-9.97%	-18.35%	-12.56%	-19.55%	-11.11%	-4.09%	-9.57%	-4.35%	-3.75%	-4.34%	2.61%
Revenue Q/Q Growth	1.35%	6.74%	-7.66%	1.70%	-0.01%	6.30%	-9.19%	2.89%	2.49%	3.17%	-3.13%
EBITDA Q/Q Growth	-332.15%	59.47%	191.44%	16.07%	3.00%	21.76%	-38.25%	45.99%	-7.30%	-84.32%	348.81%
EBIT Q/Q Growth	-958.98%	47.67%	115.94%	60.16%	8.08%	52.81%	-76.93%	242.05%	-22.11%	-219.15%	107.46%
NOPAT Q/Q Growth	-908.24%	52.76%	93.32%	477.61%	23.44%	49.52%	-77.16%	49.54%	80.29%	-217.30%	107.49%
Net Income Q/Q Growth	-3,111.24%	44.01%	99.56%	1,951.31%	16.68%	114.58%	-111.83%	360.37%	62.69%	-494.32%	85.35%
EPS Q/Q Growth	-3,911.11%	44.31%	98.95%	750.00%	15.38%	133.33%	-114.29%	300.00%	60.00%	-556.25%	83.56%
Operating Cash Flow Q/Q Growth	14.50%	57.10%	-68.42%	303.76%	-27.06%	4.16%	-36.49%	69.58%	-0.57%	13.73%	-48.84%
Free Cash Flow Firm Q/Q Growth	275.33%	518.56%	-17.22%	67.42%	-46.18%	-54.80%	74.28%	-53.15%	-1.90%	-44.76%	-189.00%
Invested Capital Q/Q Growth	-10.87%	-8.71%	6.47%	-7.13%	-1.52%	-1.50%	0.38%	-1.77%	-0.90%	-2.11%	7.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	13.75%	35.47%	19.87%	15.76%	15.39%	36.57%	15.48%	19.32%	19.74%	20.34%	13.60%
EBITDA Margin	-44.35%	-16.84%	16.68%	19.03%	19.61%	22.46%	15.27%	21.67%	19.60%	2.98%	13.80%
Operating Margin	-57.34%	-25.38%	6.38%	6.46%	7.88%	11.40%	2.98%	9.90%	7.53%	-8.66%	0.67%
EBIT Margin	-56.61%	-27.75%	4.79%	7.55%	8.16%	11.72%	2.98%	9.90%	7.53%	-8.69%	0.67%
Profit (Net Income) Margin	-56.33%	-29.55%	-0.14%	2.55%	2.97%	6.00%	-0.78%	1.98%	3.14%	-12.00%	-1.81%
Tax Burden Percent	92.91%	93.33%	-20.16%	73.91%	74.79%	72.69%	116.26%	30.60%	70.84%	103.62%	73.98%
Interest Burden Percent	107.10%	114.06%	14.49%	45.68%	48.73%	70.40%	-22.57%	65.26%	58.89%	133.23%	-366.28%
Effective Tax Rate	0.00%	0.00%	120.16%	26.09%	25.21%	27.31%	0.00%	69.40%	29.16%	0.00%	0.00%
Return on Invested Capital (ROIC)	-30.89%	-14.56%	-1.04%	4.00%	5.29%	7.86%	1.90%	2.89%	5.17%	-5.97%	0.45%
ROIC Less NNEP Spread (ROIC-NNEP)	-37.07%	-19.40%	-0.63%	3.12%	4.12%	6.84%	0.81%	2.44%	4.16%	-8.86%	-0.55%
Return on Net Nonoperating Assets (RNNOA)	-40.06%	-22.39%	-0.75%	3.48%	5.04%	8.60%	1.08%	2.92%	4.70%	-9.93%	-0.66%
Return on Equity (ROE)	-70.95%	-36.95%	-1.80%	7.48%	10.34%	16.47%	2.98%	5.82%	9.88%	-15.91%	-0.21%
Cash Return on Invested Capital (CROIC)	4.38%	9.47%	3.37%	11.30%	10.77%	9.52%	14.82%	8.87%	8.24%	6.37%	-1.08%
Operating Return on Assets (OROA)	-35.48%	-18.26%	3.18%	5.07%	5.79%	8.50%	2.16%	7.24%	5.53%	-6.41%	0.50%
Return on Assets (ROA)	-35.31%	-19.44%	-0.09%	1.71%	2.11%	4.35%	-0.57%	1.45%	2.31%	-8.84%	-1.35%
Return on Common Equity (ROCE)	-70.71%	-36.80%	-1.79%	7.46%	10.29%	16.38%	2.97%	5.79%	9.83%	-15.83%	-0.21%
Return on Equity Simple (ROE_SIMPLE)	-24.40%	0.00%	-47.38%	-46.24%	-13.86%	0.00%	5.73%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-323	-152	-10	38	47	71	16	24	44	-51	3.84
NOPAT Margin	-40.14%	-17.76%	-1.29%	4.77%	5.89%	8.29%	2.09%	3.03%	5.33%	-6.06%	0.47%
Net Nonoperating Expense Percent (NNEP)	6.18%	4.83%	-0.42%	0.87%	1.18%	1.02%	1.10%	0.46%	1.01%	2.89%	1.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-4.22%	-0.27%	-	-	1.99%	0.46%	0.71%	1.29%	-1.54%	0.11%
Cost of Revenue to Revenue	86.25%	64.53%	80.13%	84.24%	84.61%	63.43%	84.52%	80.68%	80.26%	79.66%	86.40%
SG&A Expenses to Revenue	5.62%	22.35%	11.24%	7.07%	6.11%	23.88%	11.17%	12.17%	10.98%	12.75%	11.70%
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	71.09%	60.85%	13.49%	9.30%	7.51%	25.17%	12.50%	9.42%	12.22%	29.00%	12.93%
Earnings before Interest and Taxes (EBIT)	-455	-238	38	61	66	100	23	79	62	-74	5.49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-357	-145	132	153	158	192	119	173	161	25	113
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.71	0.68	1.07	0.90	1.00	0.82	0.93	0.80	0.75	0.89	1.07
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)	0.40	0.31	0.48	0.41	0.46	0.39	0.45	0.39	0.37	0.42	0.49
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	14.17	17.13	15.79	14.72	0.00	0.00
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	0.00%	0.00%	0.00%	0.00%	0.00%	7.06%	5.84%	6.33%	6.79%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.87	0.88	1.03	0.97	1.01	0.94	1.00	0.91	0.88	0.95	1.03
Enterprise Value to Revenue (EV/Rev)	1.08	0.96	1.18	1.03	1.06	0.97	1.04	0.93	0.89	0.94	1.09
Enterprise Value to EBITDA (EV/EBITDA)	43.94	0.00	0.00	0.00	11.53	4.97	5.42	4.70	4.49	6.38	7.57
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	11.92	13.48	11.24	10.96	33.67	48.88
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	17.19	19.90	20.09	19.56	47.95	69.83
Enterprise Value to Operating Cash Flow (EV/OCF)	7.95	6.39	9.87	6.68	6.31	5.83	5.73	5.47	5.09	5.07	5.96
Enterprise Value to Free Cash Flow (EV/FCFF)	18.87	8.31	28.47	7.61	8.82	9.65	6.40	10.02	10.49	14.54	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.25	1.46	1.59	1.39	1.33	1.26	1.24	1.13	1.08	1.18	1.32
Long-Term Debt to Equity	1.22	1.43	1.54	1.37	1.32	1.25	1.23	1.12	1.07	1.15	1.27
Financial Leverage	1.08	1.15	1.20	1.12	1.22	1.26	1.34	1.20	1.13	1.12	1.22
Leverage Ratio	2.55	2.68	2.69	2.64	2.82	2.95	2.94	2.87	2.81	2.84	2.87
Compound Leverage Factor	2.74	3.06	0.39	1.21	1.37	2.08	-0.66	1.87	1.66	3.78	-10.51
Debt to Total Capital	55.47%	59.42%	61.45%	58.23%	57.11%	55.66%	55.43%	53.16%	52.00%	54.11%	56.92%
Short-Term Debt to Total Capital	1.02%	1.48%	2.12%	1.12%	0.46%	0.46%	0.46%	0.48%	0.48%	1.53%	2.23%
Long-Term Debt to Total Capital	54.44%	57.95%	59.34%	57.11%	56.66%	55.21%	54.97%	52.68%	51.52%	52.57%	54.69%
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	0.19%	0.23%	0.24%	0.19%	0.22%	0.20%	0.17%	0.20%	0.24%	0.23%	0.21%
Common Equity to Total Capital	44.35%	40.35%	38.31%	41.58%	42.66%	44.14%	44.40%	46.65%	47.76%	45.66%	42.87%
Debt to EBITDA	28.37	-10.45	-10.89	-9.65	6.79	3.12	3.14	2.82	2.73	3.76	4.23
Net Debt to EBITDA	27.63	-10.08	-10.52	-9.33	6.45	2.94	3.06	2.71	2.60	3.54	4.13
Long-Term Debt to EBITDA	27.84	-10.19	-10.51	-9.47	6.73	3.09	3.12	2.79	2.70	3.66	4.07
Debt to NOPAT	-8.75	-5.13	-5.84	-5.16	-56.05	10.78	11.55	12.03	11.88	28.29	39.05
Net Debt to NOPAT	-8.52	-4.94	-5.64	-4.98	-53.28	10.18	11.24	11.58	11.34	26.62	38.11
Long-Term Debt to NOPAT	-8.59	-5.00	-5.64	-5.06	-55.60	10.69	11.46	11.93	11.77	27.49	37.52
Altman Z-Score	0.51	0.56	0.90	0.86	0.93	0.94	0.92	0.91	0.90	0.78	0.86
Noncontrolling Interest Sharing Ratio	0.33%	0.41%	0.46%	0.35%	0.47%	0.50%	0.50%	0.44%	0.51%	0.47%	0.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.31	1.21	1.33	1.15	1.24	1.33	1.29	1.06	1.08	1.02	0.92
Quick Ratio	0.95	0.87	1.03	0.85	0.91	0.91	0.82	0.74	0.69	0.67	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	103	636	527	882	475	215	374	175	172	95	-84
Operating Cash Flow to CapEx	128.21%	175.15%	55.79%	243.61%	242.47%	194.50%	99.94%	182.70%	170.91%	176.31%	78.25%
Free Cash Flow to Firm to Interest Expense	3.18	0.00	0.00	26.69	14.08	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.06	0.00	0.00	5.99	4.28	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.67	0.00	0.00	3.53	2.52	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.66	0.66	0.67	0.71	0.73	0.73	0.73	0.74	0.74	0.74
Accounts Receivable Turnover	8.56	8.56	8.30	8.12	8.45	8.18	7.66	7.80	8.33	8.33	8.11
Inventory Turnover	22.52	21.34	20.90	23.00	21.89	20.36	21.88	19.15	18.59	18.11	18.62
Fixed Asset Turnover	6.48	6.52	0.00	6.52	6.76	6.73	0.00	6.59	6.76	0.00	0.00
Accounts Payable Turnover	8.23	7.06	6.89	7.00	7.34	6.22	6.84	5.65	5.52	5.32	5.25
Days Sales Outstanding (DSO)	42.62	42.66	43.98	44.93	43.18	44.60	47.67	46.78	43.82	43.81	45.00
Days Inventory Outstanding (DIO)	16.21	17.10	17.47	15.87	16.67	17.93	16.68	19.06	19.64	20.16	19.60
Days Payable Outstanding (DPO)	44.35	51.68	52.95	52.11	49.70	58.71	53.40	64.56	66.17	68.67	69.47
Cash Conversion Cycle (CCC)	14.47	8.08	8.49	8.68	10.15	3.82	10.96	1.28	-2.71	-4.70	-4.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,844	3,510	3,737	3,470	3,417	3,366	3,379	3,319	3,289	3,220	3,467
Invested Capital Turnover	0.77	0.82	0.81	0.84	0.90	0.95	0.91	0.95	0.97	0.99	0.96
Increase / (Decrease) in Invested Capital	-426	-789	-537	-843	-427	-144	-358	-151	-128	-146	88
Enterprise Value (EV)	3,357	3,073	3,845	3,349	3,448	3,159	3,372	3,020	2,899	3,050	3,578
Market Capitalization	1,239	994	1,570	1,332	1,510	1,281	1,462	1,273	1,211	1,349	1,617
Book Value per Share	$12.73	$10.69	$11.00	$11.15	$11.28	$11.68	$11.62	$11.76	$11.95	$11.21	$11.09
Tangible Book Value per Share	($10.61)	($10.24)	($10.39)	($10.10)	($9.70)	($8.99)	($8.66)	($8.59)	($8.33)	($8.18)	($8.39)
Total Capital	3,907	3,615	3,816	3,573	3,554	3,559	3,531	3,403	3,385	3,326	3,515
Total Debt	2,167	2,148	2,345	2,080	2,030	1,981	1,957	1,809	1,760	1,800	2,001
Total Long-Term Debt	2,127	2,095	2,264	2,040	2,014	1,965	1,941	1,793	1,744	1,749	1,922
Net Debt	2,111	2,071	2,266	2,011	1,930	1,871	1,904	1,740	1,680	1,693	1,953
Capital Expenditures (CapEx)	77	89	88	81	60	77	96	89	94	104	120
Debt-free, Cash-free Net Working Capital (DFCFNWC)	121	88	164	61	47	95	131	-16	-9.98	-39	-26
Debt-free Net Working Capital (DFNWC)	177	165	244	130	147	205	185	52	70	68	22
Net Working Capital (NWC)	137	112	163	90	131	189	168	36	54	17	-56
Net Nonoperating Expense (NNE)	130	101	-9.08	18	24	20	22	8.43	18	50	19
Net Nonoperating Obligations (NNO)	2,105	2,043	2,266	1,977	1,893	1,788	1,805	1,725	1,664	1,693	1,953
Total Depreciation and Amortization (D&A)	99	94	94	93	92	92	96	94	99	99	108
Debt-free, Cash-free Net Working Capital to Revenue	3.87%	2.76%	5.06%	1.86%	1.44%	2.92%	4.04%	-0.51%	-0.31%	-1.19%	-0.78%
Debt-free Net Working Capital to Revenue	5.67%	5.17%	7.51%	4.00%	4.51%	6.29%	5.69%	1.61%	2.16%	2.08%	0.68%
Net Working Capital to Revenue	4.38%	3.50%	5.03%	2.77%	4.01%	5.79%	5.19%	1.11%	1.66%	0.51%	-1.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.37)	($1.90)	($0.02)	$0.13	$0.16	$0.35	($0.05)	$0.10	$0.17	($0.74)	($0.12)
Adjusted Weighted Average Basic Shares Outstanding	134.83M	134.16M	132.91M	133.22M	134.30M	133.76M	134.80M	134.99M	135.35M	135.15M	135.78M
Adjusted Diluted Earnings per Share	($3.43)	($1.91)	($0.02)	$0.13	$0.15	$0.35	($0.05)	$0.10	$0.16	($0.73)	($0.12)
Adjusted Weighted Average Diluted Shares Outstanding	134.98M	134.42M	132.91M	136.03M	136.53M	135.53M	134.80M	137.07M	137.21M	135.15M	135.78M
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	136.39M	132.91M	133.20M	134.47M	134.55M	134.87M	134.95M	135.30M	135.42M	135.91M	136.05M
Normalized Net Operating Profit after Tax (NOPAT)	36	71	40	43	47	71	16	55	44	38	3.84
Normalized NOPAT Margin	4.43%	8.25%	5.04%	5.37%	5.89%	8.29%	2.09%	6.93%	5.33%	4.53%	0.47%
Pre Tax Income Margin	-60.63%	-31.66%	0.69%	3.45%	3.97%	8.25%	-0.67%	6.46%	4.43%	-11.58%	-2.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.09	0.00	0.00	1.84	1.95	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-9.99	0.00	0.00	1.16	1.41	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-16.48	0.00	0.00	-0.62	0.18	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-12.38	0.00	0.00	-1.30	-0.36	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.59%	-0.37%	0.00%	-0.51%	-1.67%	5.91%	8.51%	5.49%	8.66%	-10.55%	-8.61%
Augmented Payout Ratio	-2.77%	-4.71%	0.00%	-3.43%	-11.20%	5.91%	8.51%	5.49%	8.66%	-10.55%	-8.61%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of AdaptHealth (AHCO) based on quarterly reports from the last four years, focusing on trends in cash flow, profitability, and liquidity that may matter to retail investors.

Operating cash flow from continuing activities has remained positive across 2025 quarters and rose to about $183.2 million in Q4 2025, up from roughly $150.4 million in Q4 2024, signaling improving cash generation.
Free cash flow in late 2025 was positive, with roughly $79 million of free cash flow in Q4 2025 (approx. CFO of $183.2m minus capex of about $103.9m), indicating usable cash after sustaining capex.
Q3 2025 delivered a positive quarterly net income to common shareholders (~$24.5 million) and basic/diluted EPS around $0.17/$0.16, showing a profitable quarter when impairment is not material.
Revenue showed resilience in 2025, with Q3 2025 revenue of about $820.3 million, higher than Q3 2024’s roughly $805.9 million, reflecting ongoing demand stability.

Balance-sheet liquidity remains reasonable: cash around $80 million, total current assets about $725 million, and total current liabilities about $670 million in 2025, yielding a conservative but workable current ratio near 1.1.
Debt repayment activity occurred in 2025 across several quarters, suggesting ongoing deleveraging, though total long-term debt remains substantial (roughly $1.7–$1.9 billion) and ongoing interest obligations exist.
Profitability has been volatile across quarters—the strong Q3 2025 results contrast with later weaknesses in Q4 2025 due to impairment and related charges—highlighting earnings variability.

Q4 2025 net income fell sharply to about a $101.5 million loss, with basic EPS around -$0.74 and diluted EPS around -$0.73, reflecting a material downturn in quarterly profitability.
The impairment charge in Q4 2025 was about $128 million, a substantial non-cash hit that weighed on pre-tax income and margins.
High leverage remains a risk signal: long-term debt is substantial (approximately $1.7–$2.0 billion), contributing to interest costs and refinancing risk if revenue or cash flow soften.

05/08/26 10:50 PM ETAI Generated. May Contain Errors.

AdaptHealth Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AdaptHealth's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

AdaptHealth's net income appears to be on an upward trend, with a most recent value of -$66.04 million in 2025, falling from $24.34 million in 2018. The previous period was $94.78 million in 2024. See where experts think AdaptHealth is headed by visiting AdaptHealth's forecast page.

AdaptHealth's total operating income in 2025 was $90.87 million, based on the following breakdown:

Total Gross Profit: $609.20 million
Total Operating Expenses: $518.33 million

Over the last 7 years, AdaptHealth's total revenue changed from $361.05 million in 2018 to $3.24 billion in 2025, a change of 798.7%.

AdaptHealth's total liabilities were at $2.79 billion at the end of 2025, a 4.1% decrease from 2024, and a 974,460.0% increase since 2017.

In the past 8 years, AdaptHealth's cash and equivalents has ranged from $119.82 thousand in 2017 to $149.63 million in 2021, and is currently $106.14 million as of their latest financial filing in 2025.

Over the last 7 years, AdaptHealth's book value per share changed from 0.00 in 2018 to 11.21 in 2025, a change of 1,121.3%.

Related Companies

Financial statements for NASDAQ:AHCO last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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AdaptHealth (AHCO) Financials

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AdaptHealth (AHCO) Financials

Annual Income Statements for AdaptHealth

Quarterly Income Statements for AdaptHealth

Annual Cash Flow Statements for AdaptHealth

Quarterly Cash Flow Statements for AdaptHealth

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Quarterly Balance Sheets for AdaptHealth

Annual Metrics And Ratios for AdaptHealth

Quarterly Metrics And Ratios for AdaptHealth

Financials Breakdown Chart

Key Financial Trends

AdaptHealth Financials - Frequently Asked Questions

When does AdaptHealth's financial year end?

How has AdaptHealth's net income changed over the last 7 years?

What is AdaptHealth's operating income?

How has AdaptHealth's revenue changed over the last 7 years?

How much debt does AdaptHealth have?

How much cash does AdaptHealth have?

How has AdaptHealth's book value per share changed over the last 7 years?

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