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AdaptHealth Corp., together with its subsidiaries, distributes home medical equipment (HME), medical supplies, and home and related services in the United States. It operates through Sleep Health, Respiratory Health, Diabetes Health, and Wellness at Home segments. The company offers sleep therapy equipment, supplies, and related services, such as continuous positive airway pressure and BiLevel services to individuals suffering from obstructive sleep apnea; oxygen and home mechanical ventilation equipment and supplies and related chronic therapy services; and medical devices, including continuous glucose monitors and insulin pumps for the treatment of diabetes; HME to patients discharged from acute care and other facilities; and other HME devices and supplies. It also provides PAP machines, wheelchairs, hospital beds, oxygen concentrators, ventilators, insulin pumps, diabetes management and wound care supplies, orthopedic bracing, breast pumps and supplies, walkers, commodes, enteral supplies, and incontinence supplies. The company services beneficiaries of Medicare, Medicaid, and commercial insurance payors. AdaptHealth Corp. was founded in 2012 and is headquartered in Conshohocken, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.2B | $473M | $-71M | $219M | -4.7% | -0.5% | -178.3% |
| 2024 | $3.3B | $628M | $90M | $236M | 5.8% | 1.9% | -113.3% |
| 2023 | $3.2B | $-211M | $-679M | $143M | -46.5% | 7.7% | -1079.4% |
| 2022 | $3.0B | $558M | $69M | $-18M | 3.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,970.60 | 3,200.18 | 3,260.98 | 3,244.86 |
| Operating Revenue | - | 2,970.60 | 3,200.18 | 3,260.98 | 3,244.86 |
| Cost Of Revenue | - | 2,390.48 | 2,576.11 | 2,579.88 | 2,635.66 |
| Gross Profit | - | 580.12 | 624.07 | 681.09 | 609.20 |
| Operating Expense | - | 389.70 | 391.68 | 404.28 | 422.93 |
| Selling General And Administration | - | 324.81 | 334.59 | 359.24 | 382.29 |
| Total Expenses | - | 2,780.18 | 2,967.79 | 2,984.16 | 3,058.59 |
| Operating Income | - | 190.41 | 232.39 | 276.81 | 186.27 |
| Total Operating Income As Reported | - | 190.41 | -598.40 | 263.73 | 90.87 |
| EBITDA | - | 558.49 | -210.70 | 628.02 | 472.53 |
| Normalized EBITDA | - | 541.34 | 585.60 | 639.35 | 567.92 |
| EBIT | - | 207.32 | -593.48 | 262.69 | 90.60 |
| Interest Expense | - | 109.41 | 130.30 | 126.67 | 105.75 |
| Net Interest Income | - | -109.41 | -130.30 | -126.67 | -105.75 |
| Other Non Operating Income Expenses | - | -0.25 | -29.57 | -2.79 | -0.27 |
| Other Income Expense | - | 16.90 | -825.87 | -14.12 | -95.67 |
| Interest Expense Non Operating | - | 109.41 | 130.30 | 126.67 | 105.75 |
| Net Non Operating Interest Income Expense | - | -109.41 | -130.30 | -126.67 | -105.75 |
| Pretax Income | - | 97.90 | -723.78 | 136.02 | -15.15 |
| Tax Provision | - | 24.77 | -49 | 41.24 | 50.88 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 4.34 | -54.15 | -3.43 | -20.03 |
| Net Income Continuous Operations | - | 73.13 | -674.78 | 94.78 | -66.04 |
| Net Income From Continuing And Discontinued Operation | - | 69.32 | -678.90 | 90.42 | -70.79 |
| Net Income From Continuing Operation Net Minority Interest | - | 69.32 | -678.90 | 90.42 | -70.79 |
| Net Income | - | 69.32 | -678.90 | 90.42 | -70.79 |
| Net Income Common Stockholders | - | 63.45 | -678.90 | 82.75 | -70.79 |
| Net Income Including Noncontrolling Interests | - | 73.13 | -674.78 | 94.78 | -66.04 |
| Normalized Income | - | 56.50 | 63.26 | 98.32 | 4.57 |
| Diluted NI Availto Com Stockholders | - | 46.29 | -713.38 | 82.75 | -70.79 |
| Basic Average Shares | - | 134.18 | 134.16 | 133.76 | 135.15 |
| Diluted Average Shares | - | 138.99 | 134.42 | 135.53 | 135.15 |
| Reconciled Depreciation | - | 351.18 | 382.78 | 365.33 | 381.93 |
| Reconciled Cost Of Revenue | - | 2,104.19 | 2,250.41 | 2,259.59 | 2,294.37 |
| Total Unusual Items | - | 17.16 | -796.30 | -11.33 | -95.39 |
| Total Unusual Items Excluding Goodwill | - | 17.16 | -796.30 | -11.33 | -95.39 |
| Preferred Stock Dividends | 14.38 | 5.87 | - | 7.68 | - |
| Minority Interests | - | -3.82 | -4.12 | -4.36 | -4.76 |
| Special Income Charges | - | 0 | -830.79 | -15.35 | -95.39 |
| Gain On Sale Of Business | - | - | 0 | 0 | 32.60 |
| Other Special Charges | 20.19 | - | - | 2.27 | - |
| Impairment Of Capital Assets | - | 0 | 830.79 | 13.08 | 128 |
| Restructuring And Mergern Acquisition | -29.39 | 0 | 0 | - | - |
| Gain On Sale Of Security | 53.18 | 17.16 | 34.48 | 4.02 | - |
| Depreciation Amortization Depletion Income Statement | - | 64.89 | 57.09 | 45.04 | 40.64 |
| Depreciation And Amortization In Income Statement | - | 64.89 | 57.09 | 45.04 | 40.64 |
| General And Administrative Expense | - | 324.81 | 334.59 | 359.24 | 382.29 |
| Other Gand A | - | 324.81 | 334.59 | 359.24 | 382.29 |
| Rent Expense Supplemental | - | 65.98 | 68.38 | 71.87 | 74.39 |
| Other Operating Expenses | -10.60 | - | - | - | - |
| Otherunder Preferred Stock Dividend | 14.38 | 5.87 | 0 | - | - |
| Average Dilution Earnings | - | -17.16 | -34.48 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AdaptHealth Corp.this co. | AHCO | $1.3B | -18.70 | 0.87 | -4.7% | 6.60 |
| UroGen Pharma Ltd. | URGN | $1.3B | -8.76 | -12.75 | 145.5% | -10.04 |
| Bicara Therapeutics Inc. | BCAX | $1.3B | -9.72 | 3.34 | -34.4% | -8.01 |
| Inhibrx Biosciences, Inc. | INBX | $1.3B | -9.56 | 167.49 | -1752.2% | -10.54 |
| Ardelyx, Inc. | ARDX | $1.3B | -21.66 |
| - |
| - |
| - |
| - |
| - |
| 7.99 |
| -36.9% |
| -50.52 |
| Tandem Diabetes Care, Inc. | TNDM | $1.3B | -6.51 | 8.59 | -131.9% | -9.55 |
| BioLife Solutions, Inc. | BLFS | $1.3B | -288.04 | 3.56 | -1.2% | -109.81 |
| Teladoc Health, Inc. | TDOC | $1.3B | -6.59 | 0.95 | -14.5% | 9.83 |
| Enovis Corporation | ENOV | $1.3B | -1.11 | 0.88 | -79.5% | -3.20 |
| Peer Median | - | -9.16 | 3.45 | -35.6% | -9.80 | |