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AdaptHealth (AHCO) Financials

AdaptHealth logo
$7.66 -0.21 (-2.67%)
Closing price 04:00 PM Eastern
Extended Trading
$7.59 -0.07 (-0.90%)
As of 04:50 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for AdaptHealth

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

Quarterly Income Statements for AdaptHealth

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders
-2.13 19 23 50 -7.21 15 25 -103 -16 -134 -154
Consolidated Net Income / (Loss)
-1.11 21 24 51 -6.08 16 26 -102 -15 -133 -153
Net Income / (Loss) Continuing Operations
-1.11 21 24 51 -6.08 5.38 11 -102 -15 -144 -167
Total Pre-Tax Income
5.50 28 32 71 -5.23 38 18 -98 -20 -165 -185
Total Operating Income
51 52 63 98 23 66 43 -73 5.49 -138 -156
Total Gross Profit
157 169 162 313 120 136 139 172 112 104 115
Total Revenue
792 806 806 857 778 657 672 846 820 740 746
Operating Revenue
792 806 806 857 778 657 672 846 820 740 746
Total Cost of Revenue
635 637 644 543 657 521 534 674 708 636 631
Operating Cost of Revenue
635 637 644 543 657 521 534 674 708 636 631
Total Operating Expenses
107 117 99 216 97 70 95 245 106 242 271
Selling, General & Admin Expense
89 99 87 205 87 95 88 108 96 96 89
Depreciation Expense
11 11 11 11 10 7.06 7.00 9.93 10 7.95 9.32
Other Operating Expenses / (Income)
- 0.00 0.00 - - -32 0.00 - - -6.27 -12
Impairment Charge
6.53 6.55 0.00 - - 0.00 0.00 128 - 144 185
Total Other Income / (Expense), net
-45 -24 -31 -27 -28 -28 -25 -25 -26 -28 -29
Interest Expense
- - 2.27 -97 - 0.00 0.00 - - 1.32 0.00
Interest & Investment Income
-32 -33 -31 - -28 -28 -25 -24 -26 -26 -29
Other Income / (Expense), net
-13 8.77 2.24 2.77 - - 0.00 -0.27 - - 0.00
Income Tax Expense
6.61 7.25 8.07 19 0.85 33 6.52 3.54 -5.23 -21 -17
Net Income / (Loss) Discontinued Operations
- - - - - 10 14 - - 11 14
Net Income / (Loss) Attributable to Noncontrolling Interest
1.03 1.10 1.10 1.14 1.13 1.15 1.24 1.23 1.17 1.21 1.22
Basic Earnings per Share
($0.02) $0.13 $0.16 $0.35 ($0.05) $0.10 $0.17 ($0.74) ($0.12) ($0.99) ($1.13)
Weighted Average Basic Shares Outstanding
132.91M 133.22M 134.30M 133.76M 134.80M 134.99M 135.35M 135.15M 135.78M 136.12M 136.40M
Diluted Earnings per Share
($0.02) $0.13 $0.15 $0.35 ($0.05) $0.10 $0.17 ($0.73) ($0.12) ($0.99) ($1.13)
Weighted Average Diluted Shares Outstanding
132.91M 136.03M 136.53M 135.53M 134.80M 137.07M 137.21M 135.15M 135.78M 136.12M 136.40M
Weighted Average Basic & Diluted Shares Outstanding
133.20M 134.47M 134.55M 134.87M 134.95M 135.30M 135.42M 135.91M 136.05M 136.34M 136.53M

Annual Cash Flow Statements for AdaptHealth

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

Quarterly Cash Flow Statements for AdaptHealth

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Change in Cash & Equivalents
2.43 -9.73 30 9.57 -56 15 12 26 -58 -4.68 37
Net Cash From Operating Activities
49 198 144 150 96 162 161 183 94 145 157
Net Cash From Continuing Operating Activities
49 198 144 150 96 162 161 183 94 145 157
Net Income / (Loss) Continuing Operations
-1.11 21 24 51 -6.08 16 26 -102 -15 -133 -153
Consolidated Net Income / (Loss)
-1.11 21 24 51 -6.08 16 26 -102 -15 -133 -153
Depreciation Expense
93 91 91 91 94 92 98 98 106 120 117
Amortization Expense
1.31 1.42 1.52 1.42 1.28 1.82 1.33 1.26 1.19 1.14 3.04
Non-Cash Adjustments To Reconcile Net Income
19 7.10 3.83 7.57 8.30 -23 9.14 140 13 151 178
Changes in Operating Assets and Liabilities, net
-63 78 24 -0.51 -2.32 74 27 46 -12 5.63 12
Net Cash From Investing Activities
-88 -81 -54 -87 -96 9.60 -93 -124 -204 -203 -108
Net Cash From Continuing Investing Activities
-88 -81 -54 -87 -96 9.60 -93 -124 -204 -203 -108
Purchase of Property, Plant & Equipment
-88 -81 -60 -77 -96 -89 -94 -104 -121 -166 -106
Acquisitions
- - - -9.54 0.00 - - -24 -85 -43 -2.00
Net Cash From Financing Activities
41 -126 -60 -54 -56 -157 -57 -33 53 53 -12
Net Cash From Continuing Financing Activities
41 -126 -60 -54 -56 -157 -57 -33 53 53 -12
Repayment of Debt
-27 -123 -230 -50 -28 -158 -42 -25 -17 -421 -334
Payment of Dividends
0.00 - - -2.10 -2.05 -0.53 -2.85 -1.54 -1.52 -0.83 -1.47
Issuance of Debt
76 - 179 - 0.56 -0.56 1.21 0.00 100 475 324
Other Financing Activities, net
-7.03 -0.35 -8.67 -1.88 -26 2.26 -13 -6.40 -29 -0.93 -0.34
Cash Interest Paid
50 13 49 9.55 46 6.97 43 5.24 43 6.46 47
Cash Income Taxes Paid
-0.33 12 0.92 1.12 0.04 22 2.28 0.29 -12 0.40 -0.90

Annual Balance Sheets for AdaptHealth

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 59 123 128 114 140 115
Prepaid Expenses
0.00 4.92 13 33 37 52 69 45 101
Other Current Nonoperating Assets
- - - - - - 0.00 53 36
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 2,458
Intangible Assets
- - 0.00 116 202 163 130 106 36
Noncurrent Deferred & Refundable Income Taxes
- 9.08 28 208 304 282 346 315 268
Other Noncurrent Operating Assets
0.19 5.05 6.85 16 163 152 132 124 687
Other Noncurrent Nonoperating Assets
- - - - - - - - 140
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 59
Other Current Liabilities
0.00 22 20 149 90 52 49 71 48
Other Current Nonoperating Liabilities
- - - - - - 0.00 7.04 0.50
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

Quarterly Balance Sheets for AdaptHealth

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 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Total Assets
5,203 4,725 4,504 4,511 4,470 4,437 4,351 4,384 4,424 4,341 4,201
Total Current Assets
568 585 656 686 684 745 658 725 687 797 839
Cash & Equivalents
45 56 80 70 100 54 69 80 48 43 81
Accounts Receivable
366 371 430 437 401 418 394 380 392 390 396
Inventories, net
115 116 109 124 133 129 149 149 159 105 112
Prepaid Expenses
43 42 38 56 49 42 47 115 88 90 74
Other Current Nonoperating Assets
- - - - - 101 0.00 0.00 - 168 177
Plant, Property, & Equipment, net
504 490 0.00 496 475 482 488 488 0.00 0.00 647
Total Noncurrent Assets
4,116 3,629 3,848 3,291 3,272 3,169 3,164 3,132 3,737 3,543 2,675
Goodwill
3,552 3,041 2,718 2,712 2,707 2,635 2,651 2,653 2,567 2,370 2,158
Intangible Assets
143 136 125 119 113 100 95 90 80 32 30
Noncurrent Deferred & Refundable Income Taxes
280 319 341 334 328 315 302 268 275 291 303
Other Noncurrent Operating Assets
140 133 633 126 124 119 116 121 764 806 184
Other Noncurrent Nonoperating Assets
- - - - - - - - - 0.00 0.00
Total Liabilities & Shareholders' Equity
5,203 4,725 4,504 4,511 4,470 4,437 4,351 4,384 4,424 4,341 4,201
Total Liabilities
3,016 2,985 3,033 3,018 2,946 2,863 2,757 2,759 2,910 2,955 2,967
Total Current Liabilities
458 448 493 596 553 577 622 671 743 709 745
Short-Term Debt
40 40 81 40 16 16 16 16 78 44 16
Accounts Payable
338 314 340 447 430 421 477 522 601 576 601
Current Deferred Revenue
35 48 - 36 36 46 56 60 - - 67
Other Current Liabilities
46 46 72 69 68 75 72 73 64 88 60
Other Current Nonoperating Liabilities
- - - - - 18 0.00 0.00 - 0.56 0.58
Total Noncurrent Liabilities
2,547 2,522 2,540 2,422 2,393 2,260 2,109 2,065 2,166 2,245 2,202
Long-Term Debt
2,136 2,127 2,159 2,040 2,014 1,941 1,793 1,744 1,799 1,880 1,868
Other Noncurrent Operating Liabilities
412 395 276 382 379 319 316 321 244 340 334
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
2,187 1,740 1,471 1,493 1,524 1,574 1,594 1,625 1,514 1,386 1,233
Total Preferred & Common Equity
2,181 1,732 1,462 1,486 1,516 1,568 1,587 1,617 1,507 1,378 1,226
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
2,181 1,732 1,462 1,486 1,516 1,568 1,587 1,617 1,507 1,378 1,226
Common Stock
2,140 2,145 2,155 2,160 2,153 2,161 2,167 2,172 2,182 2,187 2,188
Retained Earnings
56 -398 -655 -635 -612 -569 -555 -530 -649 -783 -937
Treasury Stock
-23 -23 -43 -43 -26 -26 -26 -26 -26 -26 -26
Accumulated Other Comprehensive Income / (Loss)
8.34 8.41 5.21 4.85 1.63 1.58 1.17 0.57 0.00 0.00 0.00
Noncontrolling Interest
6.13 7.29 9.24 6.84 7.93 6.06 6.68 8.07 7.41 7.79 7.54

Annual Metrics And Ratios for AdaptHealth

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%

Quarterly Metrics And Ratios for AdaptHealth

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
DEI Shares Outstanding
- - - - - - - - 135,914,816.00 136,054,152.00 136,344,196.00
DEI Adjusted Shares Outstanding
- - - - - - - - 135,914,816.00 136,054,152.00 136,344,196.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - -0.12 -0.98 -1.13
Growth Metrics
- - - - - - - - - - -
Revenue Growth
6.43% 1.60% 0.23% -0.19% -1.84% -0.70% 1.79% -1.21% 5.39% 12.66% 10.90%
EBITDA Growth
-6.96% -0.13% 144.31% 233.12% -10.11% 13.06% 1.75% -86.90% -4.76% -110.24% -125.26%
EBIT Growth
-19.06% 14.77% 114.44% 142.17% -38.98% 30.31% -6.09% -173.23% -76.31% -309.76% -459.48%
NOPAT Growth
-134.92% -3.66% 114.71% 146.57% 259.21% -36.95% -7.91% -172.25% -76.31% -1,141.32% -494.61%
Net Income Growth
-106.65% 36.50% 105.29% 120.27% -448.15% -22.91% 7.49% -297.53% -144.66% -938.51% -693.27%
EPS Growth
66.67% 44.44% 104.37% 118.32% -150.00% -23.08% 6.67% -308.57% -140.00% -1,090.00% -764.71%
Operating Cash Flow Growth
-65.04% 129.36% 46.11% -3.12% 94.81% -18.18% 11.54% 21.79% -1.89% -10.30% -2.78%
Free Cash Flow Firm Growth
1,315.42% 1,603.06% 361.42% -66.28% -29.01% -80.13% -63.79% -55.75% -122.60% -38.90% 117.34%
Invested Capital Growth
-12.56% -19.55% -11.11% -4.09% -9.57% -4.35% -3.75% -4.34% 2.61% -5.85% -13.61%
Revenue Q/Q Growth
-7.66% 1.70% -0.01% 6.30% -9.19% 2.89% 2.49% 3.17% -3.13% -9.70% 0.72%
EBITDA Q/Q Growth
191.44% 16.07% 3.00% 21.76% -38.25% 45.99% -7.30% -84.32% 348.81% -114.46% -119.84%
EBIT Q/Q Growth
115.94% 60.16% 8.08% 52.81% -76.93% 242.05% -22.11% -219.15% 107.46% -2,610.51% -13.15%
NOPAT Q/Q Growth
93.32% 477.61% 23.44% 49.52% -77.16% 49.54% 80.29% -217.30% 107.49% -2,610.51% -13.15%
Net Income Q/Q Growth
99.56% 1,951.31% 16.68% 114.58% -111.83% 360.37% 62.69% -494.32% 85.35% -792.35% -15.10%
EPS Q/Q Growth
98.95% 750.00% 15.38% 133.33% -114.29% 300.00% 60.00% -556.25% 83.56% -725.00% -14.14%
Operating Cash Flow Q/Q Growth
-68.42% 303.76% -27.06% 4.16% -36.49% 69.58% -0.57% 13.73% -48.84% 55.04% 7.77%
Free Cash Flow Firm Q/Q Growth
-17.22% 67.42% -46.18% -54.80% 74.28% -53.15% -1.90% -44.76% -189.00% 215.84% 245.92%
Invested Capital Q/Q Growth
6.47% -7.13% -1.52% -1.50% 0.38% -1.77% -0.90% -2.11% 7.68% -9.88% -9.07%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
19.87% 15.76% 15.39% 36.57% 15.48% 19.32% 19.74% 20.34% 13.60% 14.08% 15.40%
EBITDA Margin
16.68% 19.03% 19.61% 22.46% 15.27% 21.67% 19.60% 2.98% 13.80% -2.21% -4.82%
Operating Margin
6.38% 6.46% 7.88% 11.40% 2.98% 9.90% 7.53% -8.66% 0.67% -18.61% -20.91%
EBIT Margin
4.79% 7.55% 8.16% 11.72% 2.98% 9.90% 7.53% -8.69% 0.67% -18.61% -20.91%
Profit (Net Income) Margin
-0.14% 2.55% 2.97% 6.00% -0.78% 1.98% 3.14% -12.00% -1.81% -17.93% -20.49%
Tax Burden Percent
-20.16% 73.91% 74.79% 72.69% 116.26% 30.60% 70.84% 103.62% 73.98% 80.27% 82.79%
Interest Burden Percent
14.49% 45.68% 48.73% 70.40% -22.57% 65.26% 58.89% 133.23% -366.28% 119.98% 118.34%
Effective Tax Rate
120.16% 26.09% 25.21% 27.31% 0.00% 69.40% 29.16% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
-1.04% 4.00% 5.29% 7.86% 1.90% 2.89% 5.17% -5.97% 0.45% -13.63% -16.44%
ROIC Less NNEP Spread (ROIC-NNEP)
-0.63% 3.12% 4.12% 6.84% 0.81% 2.44% 4.16% -8.86% -0.55% -15.72% -19.11%
Return on Net Nonoperating Assets (RNNOA)
-0.75% 3.48% 5.04% 8.60% 1.08% 2.92% 4.70% -9.93% -0.66% -18.27% -21.88%
Return on Equity (ROE)
-1.80% 7.48% 10.34% 16.47% 2.98% 5.82% 9.88% -15.91% -0.21% -31.90% -38.32%
Cash Return on Invested Capital (CROIC)
3.37% 11.30% 10.77% 9.52% 14.82% 8.87% 8.24% 6.37% -1.08% 3.20% 7.08%
Operating Return on Assets (OROA)
3.18% 5.07% 5.79% 8.50% 2.16% 7.24% 5.53% -6.41% 0.50% -14.43% -16.78%
Return on Assets (ROA)
-0.09% 1.71% 2.11% 4.35% -0.57% 1.45% 2.31% -8.84% -1.35% -13.90% -16.44%
Return on Common Equity (ROCE)
-1.79% 7.46% 10.29% 16.38% 2.97% 5.79% 9.83% -15.83% -0.21% -31.74% -38.11%
Return on Equity Simple (ROE_SIMPLE)
-47.38% -46.24% -13.86% 0.00% 5.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-10 38 47 71 16 24 44 -51 3.84 -96 -109
NOPAT Margin
-1.29% 4.77% 5.89% 8.29% 2.09% 3.03% 5.33% -6.06% 0.47% -13.03% -14.64%
Net Nonoperating Expense Percent (NNEP)
-0.42% 0.87% 1.18% 1.02% 1.10% 0.46% 1.01% 2.89% 1.00% 2.09% 2.67%
Return On Investment Capital (ROIC_SIMPLE)
-0.27% - - 1.99% 0.46% 0.71% 1.29% -1.54% 0.11% -2.89% -3.50%
Cost of Revenue to Revenue
80.13% 84.24% 84.61% 63.43% 84.52% 80.68% 80.26% 79.66% 86.40% 85.92% 84.60%
SG&A Expenses to Revenue
11.24% 7.07% 6.11% 23.88% 11.17% 12.17% 10.98% 12.75% 11.70% 12.98% 11.89%
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
13.49% 9.30% 7.51% 25.17% 12.50% 9.42% 12.22% 29.00% 12.93% 32.69% 36.31%
Earnings before Interest and Taxes (EBIT)
38 61 66 100 23 79 62 -74 5.49 -138 -156
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
132 153 158 192 119 173 161 25 113 -16 -36
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.07 0.90 1.00 0.82 0.93 0.80 0.75 0.89 1.07 1.03 0.63
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)
0.48 0.41 0.46 0.39 0.45 0.39 0.37 0.42 0.49 0.42 0.22
Price to Earnings (P/E)
0.00 0.00 0.00 14.17 17.13 15.79 14.72 0.00 0.00 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% 7.06% 5.84% 6.33% 6.79% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
1.03 0.97 1.01 0.94 1.00 0.91 0.88 0.95 1.03 1.07 0.91
Enterprise Value to Revenue (EV/Rev)
1.18 1.03 1.06 0.97 1.04 0.93 0.89 0.94 1.09 0.99 0.75
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 11.53 4.97 5.42 4.70 4.49 6.38 7.57 11.23 21.82
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 11.92 13.48 11.24 10.96 33.67 48.88 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 17.19 19.90 20.09 19.56 47.95 69.83 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
9.87 6.68 6.31 5.83 5.73 5.47 5.09 5.07 5.96 5.71 4.46
Enterprise Value to Free Cash Flow (EV/FCFF)
28.47 7.61 8.82 9.65 6.40 10.02 10.49 14.54 0.00 32.31 11.89
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.59 1.39 1.33 1.26 1.24 1.13 1.08 1.18 1.32 1.41 1.53
Long-Term Debt to Equity
1.54 1.37 1.32 1.25 1.23 1.12 1.07 1.15 1.27 1.37 1.51
Financial Leverage
1.20 1.12 1.22 1.26 1.34 1.20 1.13 1.12 1.22 1.16 1.15
Leverage Ratio
2.69 2.64 2.82 2.95 2.94 2.87 2.81 2.84 2.87 2.92 3.00
Compound Leverage Factor
0.39 1.21 1.37 2.08 -0.66 1.87 1.66 3.78 -10.51 3.50 3.55
Debt to Total Capital
61.45% 58.23% 57.11% 55.66% 55.43% 53.16% 52.00% 54.11% 56.92% 58.44% 60.44%
Short-Term Debt to Total Capital
2.12% 1.12% 0.46% 0.46% 0.46% 0.48% 0.48% 1.53% 2.23% 1.32% 0.52%
Long-Term Debt to Total Capital
59.34% 57.11% 56.66% 55.21% 54.97% 52.68% 51.52% 52.57% 54.69% 57.12% 59.92%
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
0.24% 0.19% 0.22% 0.20% 0.17% 0.20% 0.24% 0.23% 0.21% 0.23% 0.24%
Common Equity to Total Capital
38.31% 41.58% 42.66% 44.14% 44.40% 46.65% 47.76% 45.66% 42.87% 41.33% 39.32%
Debt to EBITDA
-10.89 -9.65 6.79 3.12 3.14 2.82 2.73 3.76 4.23 6.57 15.94
Net Debt to EBITDA
-10.52 -9.33 6.45 2.94 3.06 2.71 2.60 3.54 4.13 6.43 15.26
Long-Term Debt to EBITDA
-10.51 -9.47 6.73 3.09 3.12 2.79 2.70 3.66 4.07 6.42 15.80
Debt to NOPAT
-5.84 -5.16 -56.05 10.78 11.55 12.03 11.88 28.29 39.05 -21.37 -8.17
Net Debt to NOPAT
-5.64 -4.98 -53.28 10.18 11.24 11.58 11.34 26.62 38.11 -20.90 -7.82
Long-Term Debt to NOPAT
-5.64 -5.06 -55.60 10.69 11.46 11.93 11.77 27.49 37.52 -20.89 -8.09
Altman Z-Score
0.90 0.86 0.93 0.94 0.92 0.91 0.90 0.78 0.86 0.73 0.57
Noncontrolling Interest Sharing Ratio
0.46% 0.35% 0.47% 0.50% 0.50% 0.44% 0.51% 0.47% 0.44% 0.49% 0.55%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.33 1.15 1.24 1.33 1.29 1.06 1.08 1.02 0.92 1.12 1.13
Quick Ratio
1.03 0.85 0.91 0.91 0.82 0.74 0.69 0.67 0.59 0.61 0.64
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
527 882 475 215 374 175 172 95 -84 98 339
Operating Cash Flow to CapEx
55.79% 243.61% 242.47% 194.50% 99.94% 182.70% 170.91% 176.31% 78.25% 87.40% 148.39%
Free Cash Flow to Firm to Interest Expense
0.00 26.69 14.08 0.00 0.00 0.00 0.00 0.00 0.00 74.03 0.00
Operating Cash Flow to Interest Expense
0.00 5.99 4.28 0.00 0.00 0.00 0.00 0.00 0.00 109.91 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 3.53 2.52 0.00 0.00 0.00 0.00 0.00 0.00 -15.84 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.66 0.67 0.71 0.73 0.73 0.73 0.74 0.74 0.74 0.78 0.80
Accounts Receivable Turnover
8.30 8.12 8.45 8.18 7.66 7.80 8.33 8.33 8.11 8.60 8.87
Inventory Turnover
20.90 23.00 21.89 20.36 21.88 19.15 18.59 18.11 18.62 22.03 22.21
Fixed Asset Turnover
0.00 6.52 6.76 6.73 0.00 6.59 6.76 0.00 0.00 0.00 6.07
Accounts Payable Turnover
6.89 7.00 7.34 6.22 6.84 5.65 5.52 5.32 5.25 5.32 5.16
Days Sales Outstanding (DSO)
43.98 44.93 43.18 44.60 47.67 46.78 43.82 43.81 45.00 42.46 41.14
Days Inventory Outstanding (DIO)
17.47 15.87 16.67 17.93 16.68 19.06 19.64 20.16 19.60 16.57 16.43
Days Payable Outstanding (DPO)
52.95 52.11 49.70 58.71 53.40 64.56 66.17 68.67 69.47 68.63 70.67
Cash Conversion Cycle (CCC)
8.49 8.68 10.15 3.82 10.96 1.28 -2.71 -4.70 -4.86 -9.61 -13.10
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
3,737 3,470 3,417 3,366 3,379 3,319 3,289 3,220 3,467 3,125 2,842
Invested Capital Turnover
0.81 0.84 0.90 0.95 0.91 0.95 0.97 0.99 0.96 1.05 1.12
Increase / (Decrease) in Invested Capital
-537 -843 -427 -144 -358 -151 -128 -146 88 -194 -448
Enterprise Value (EV)
3,845 3,349 3,448 3,159 3,372 3,020 2,899 3,050 3,578 3,332 2,580
Market Capitalization
1,570 1,332 1,510 1,281 1,462 1,273 1,211 1,349 1,617 1,418 769
Book Value per Share
$11.00 $11.15 $11.28 $11.68 $11.62 $11.76 $11.95 $11.21 $11.09 $10.13 $8.99
Tangible Book Value per Share
($10.39) ($10.10) ($9.70) ($8.99) ($8.66) ($8.59) ($8.33) ($8.18) ($8.39) ($7.52) ($7.06)
Total Capital
3,816 3,573 3,554 3,559 3,531 3,403 3,385 3,326 3,515 3,336 3,117
Total Debt
2,345 2,080 2,030 1,981 1,957 1,809 1,760 1,800 2,001 1,949 1,884
Total Long-Term Debt
2,264 2,040 2,014 1,965 1,941 1,793 1,744 1,749 1,922 1,905 1,868
Net Debt
2,266 2,011 1,930 1,871 1,904 1,740 1,680 1,693 1,953 1,906 1,803
Capital Expenditures (CapEx)
88 81 60 77 96 89 94 104 120 166 106
Debt-free, Cash-free Net Working Capital (DFCFNWC)
164 61 47 95 131 -16 -9.98 -39 -26 89 30
Debt-free Net Working Capital (DFNWC)
244 130 147 205 185 52 70 68 22 132 111
Net Working Capital (NWC)
163 90 131 189 168 36 54 17 -56 88 94
Net Nonoperating Expense (NNE)
-9.08 18 24 20 22 8.43 18 50 19 36 44
Net Nonoperating Obligations (NNO)
2,266 1,977 1,893 1,788 1,805 1,725 1,664 1,693 1,953 1,739 1,608
Total Depreciation and Amortization (D&A)
94 93 92 92 96 94 99 99 108 121 120
Debt-free, Cash-free Net Working Capital to Revenue
5.06% 1.86% 1.44% 2.92% 4.04% -0.51% -0.31% -1.19% -0.78% 2.64% 0.87%
Debt-free Net Working Capital to Revenue
7.51% 4.00% 4.51% 6.29% 5.69% 1.61% 2.16% 2.08% 0.68% 3.93% 3.21%
Net Working Capital to Revenue
5.03% 2.77% 4.01% 5.79% 5.19% 1.11% 1.66% 0.51% -1.70% 2.62% 2.74%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.02) $0.13 $0.16 $0.35 ($0.05) $0.10 $0.17 ($0.74) ($0.12) ($0.99) ($1.13)
Adjusted Weighted Average Basic Shares Outstanding
132.91M 133.22M 134.30M 133.76M 134.80M 134.99M 135.35M 135.15M 135.78M 136.12M 136.40M
Adjusted Diluted Earnings per Share
($0.02) $0.13 $0.15 $0.35 ($0.05) $0.10 $0.16 ($0.73) ($0.12) ($0.99) ($1.13)
Adjusted Weighted Average Diluted Shares Outstanding
132.91M 136.03M 136.53M 135.53M 134.80M 137.07M 137.21M 135.15M 135.78M 136.12M 136.40M
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
133.20M 134.47M 134.55M 134.87M 134.95M 135.30M 135.42M 135.91M 136.05M 136.34M 136.53M
Normalized Net Operating Profit after Tax (NOPAT)
40 43 47 71 16 55 44 38 3.84 4.50 20
Normalized NOPAT Margin
5.04% 5.37% 5.89% 8.29% 2.09% 6.93% 5.33% 4.53% 0.47% 0.61% 2.71%
Pre Tax Income Margin
0.69% 3.45% 3.97% 8.25% -0.67% 6.46% 4.43% -11.58% -2.45% -22.33% -24.75%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 1.84 1.95 0.00 0.00 0.00 0.00 0.00 0.00 -104.24 0.00
NOPAT to Interest Expense
0.00 1.16 1.41 0.00 0.00 0.00 0.00 0.00 0.00 -72.97 0.00
EBIT Less CapEx to Interest Expense
0.00 -0.62 0.18 0.00 0.00 0.00 0.00 0.00 0.00 -229.99 0.00
NOPAT Less CapEx to Interest Expense
0.00 -1.30 -0.36 0.00 0.00 0.00 0.00 0.00 0.00 -198.72 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% -0.51% -1.67% 5.91% 8.51% 5.49% 8.66% -10.55% -8.61% -3.02% -1.33%
Augmented Payout Ratio
0.00% -3.43% -11.20% 5.91% 8.51% 5.49% 8.66% -10.55% -8.61% -3.02% -1.33%

Financials Breakdown Chart

Key Financial Trends

AdaptHealth’s Q2 2026 results show a business that continues to generate substantial operating cash flow, but profitability and asset quality remain under pressure. Revenue was $740.3 million, up approximately 12.7% from the restated $657.1 million reported in Q2 2025, although it declined 9.7% sequentially from $819.8 million in Q1 2026. Compared with Q2 2022 revenue of $727.6 million, the longer-term growth rate has been modest.

Profitability deteriorated sharply in the latest quarter. Gross profit fell to $104.2 million, producing a 14.1% gross margin compared with 20.6% in Q2 2025 and approximately 21.0% in Q2 2024. A $144.2 million impairment charge pushed operating income to a $137.8 million loss and net loss attributable to common shareholders to $133.9 million, or $0.99 per diluted share. This compares with net income attributable to common shareholders of $14.7 million, or $0.10 per share, in Q2 2025.

Cash generation was more resilient than reported earnings. Operating cash flow was $145.3 million in Q2 2026, compared with $162.0 million in Q2 2025 and $198.0 million in Q2 2024. However, capital spending and acquisitions consumed $209.0 million, resulting in negative free cash flow before financing. AdaptHealth financed much of this investment through $475.5 million of new debt while repaying $421.0 million. Cash ended the quarter at $43.3 million, while total reported liabilities increased to $3.0 billion and retained earnings declined to a deficit of $782.9 million.

  • Revenue recovered year over year: Q2 2026 revenue increased to $740.3 million from $657.1 million in the restated Q2 2025 period, indicating continued demand for the company’s services despite the sequential decline.
  • Operating cash flow remains strong: AdaptHealth generated $145.3 million of operating cash flow in Q2 2026 and has remained cash-flow positive in every supplied quarter, including periods with net losses.
  • Liquidity improved modestly on a current-ratio basis: Current assets of $797.5 million exceeded current liabilities of $709.2 million, implying a current ratio of approximately 1.12, up from about 1.06 in Q2 2025.
  • Debt refinancing supported near-term funding: The company issued $475.5 million of debt while repaying $421.0 million, producing $52.7 million of net financing inflow and helping fund substantial capital investments.
  • Investment spending remains substantial: Property and equipment purchases totaled $166.2 million and acquisitions totaled $42.7 million in Q2 2026. These investments could support future growth, but their returns are not yet evident in the earnings data.
  • Cash conversion is heavily influenced by noncash items: Operating cash flow substantially exceeded reported net income because of depreciation and other noncash adjustments. Investors should distinguish recurring cash generation from accounting gains or losses and impairment-related adjustments.
  • Profitability weakened materially: Gross margin fell to 14.1% from 20.6% a year earlier, while operating expenses reached $242.0 million, more than double Q1 2026 levels because of the impairment charge.
  • Large impairment charges highlight asset-quality risk: AdaptHealth recorded a $144.2 million impairment charge in Q2 2026, following a $128.0 million charge in Q4 2025. Goodwill declined to $2.37 billion from $2.65 billion in Q3 2025 and $3.04 billion in Q3 2023.
  • The company remains unprofitable: Q2 2026 net loss attributable to common shareholders was $133.9 million, compared with profits in Q2 and Q3 2025. Retained earnings have fallen to a deficit of $782.9 million from a positive $12.8 million in Q2 2023.
  • Leverage remains elevated: Short- and long-term debt totaled approximately $1.92 billion at quarter-end, excluding capital lease obligations. Total liabilities represented roughly 68% of total assets, and cash of $43.3 million was small relative to the company’s debt balance.
11/13/26 05:22 PM ETAI Generated. May Contain Errors.

AdaptHealth Financials - Frequently Asked Questions

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

AdaptHealth's net income appears to be on a downward trend, with a most recent value of -$66.04 million in 2025, compared with $24.34 million in 2018. The previous period was $94.78 million in 2024. View AdaptHealth's forecast to see where analysts expect AdaptHealth to go next.

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%.

In the past 13 quarters, AdaptHealth's cash and equivalents has ranged from $43.29 million in Q2 2026 to $100.18 million in Q3 2024, and is currently $80.69 million as of their latest financial filing in Q3 2026.

AdaptHealth had total debt of $1.80 billion at the end of 2025, a 9.2% decrease from 2024, and a 1,059.8% increase since 2018.

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%.



Financial statements for NASDAQ:AHCO last updated on 11/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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