AHCONasdaqServices-Home Health Care ServicesFiscal year ends December 31
AdaptHealth Corp.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$5.88−0.14 (-2.33%)
Close on Oct 19, 2026
- Market cap
- $800.39M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
18.8%+3.8 pts over 5 years
Operating margin
2.8%−4.0 pts over 5 years
Net margin
-2.2%+13.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.5% | +3.0% | +25.2% | – | |
| Gross profit | -10.6% | +1.6% | +31.0% | – | |
| Operating income | -65.5% | -21.9% | +5.0% | – | |
| Free cash flow | -7.0% | – | +7.1% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -102.3% | -4.6% | |
| Return on assets | – | -13.7% | -1.6% | |
| Current ratio | 0.42 | 0.86 | 1.02 | |
| Debt to equity | – | 2.21 | 1.14 | |
| Net debt to EBITDA | – | 4.45× | 3.45× | |
| Interest coverage | – | 1.7× | 0.9× | |
| Inventory turnover | – | 25.0× | 20.7× | |
| Capex to revenue | – | 3.8% | 11.8% | |
| Diluted shares | – | 52M | 135M |
Where the cash went
Fiscal 2021 to 2025, five years combined
AdaptHealth generated $2.27B from operations and spent $1.66B on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
Generated
$2.27B
Used
$1.66B
Capital expenditure$1.62B97%Dividends$00%Share buybacks$43.27M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-2.2%
×Asset turnover0.74×
×Equity multiplier2.85×
=Return on equity, FY2025-4.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -2.2% | 0.74× | 2.85× | -4.6% |
| FY2024 | 2.8% | 0.73× | 2.97× | 6.0% |
| FY2023 | -21.2% | 0.66× | 2.70× | -37.6% |
| FY2022 | 2.3% | 0.57× | 2.49× | 3.3% |
| FY2021 | 6.4% | 0.69× | 2.92× | 12.9% |
| FY2020 | -15.3% | 0.90× | 7.47× | -102.3% |
| FY2019 | -4.0% | 1.16× | -27.07× | 126.2% |
| FY2018 | 6.7% | 1.87× | 73.50× | 925.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$70.79M
- Cash generatingOperating cash flow above zero$601.77M
- Return on assets improvedROA up on the prior year2.0% → -1.6%
- Earnings backed by cashOperating cash flow above net income$601.77M vs -$70.79M
- Less leverageLong-term debt to assets fell43.8% → 39.8%
- Better liquidityCurrent ratio rose1.33 → 1.02
- No dilutionShare count did not rise136M → 135M
- Gross margin improvedGross margin up on the prior year20.89% → 18.77%
- More efficientAsset turnover rose0.72 → 0.72