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 |
| 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 |
| Operating Income | - | 190.41 | 232.39 | 276.81 | 186.27 |
| EBITDA | - | 558.49 | -210.70 | 628.02 | 472.53 |
| EBIT | - | 207.32 | -593.48 | 262.69 | 90.60 |
| Pretax Income | - | 97.90 | -723.78 | 136.02 | -15.15 |
| Tax Provision | - | 24.77 | -49 | 41.24 | 50.88 |
| Net Income | - | 69.32 | -678.90 | 90.42 | -70.79 |
| Net Income Common Stockholders | - | 63.45 | -678.90 | 82.75 | -70.79 |
| Total Expenses | - | 2,780.18 | 2,967.79 | 2,984.16 | 3,058.59 |
| Interest Expense | - | 109.41 | 130.30 | 126.67 | 105.75 |
| Selling General And Administration | - | 324.81 | 334.59 | 359.24 | 382.29 |
| Normalized EBITDA | - | 541.34 | 585.60 | 639.35 | 567.92 |
| Normalized Income | - | 56.50 | 63.26 | 98.32 | 4.57 |
| Market Cap | 1,739.71 | 1,739.71 | 1,739.71 | 1,739.71 | 1,739.71 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AdaptHealth Corp.this co. | AHCO | - | -24.57 | 1.15 | -4.7% | 7.48 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Pulmonx Corporation | LUNG | $51M | - | 0.92 | -99.8% | -0.71 |
| Accuray Incorporated | ARAY | $50M | - |
| - |
| - |
| - |
| - |
| - |
| 0.94 |
| -2.0% |
| -107.66 |
| INmune Bio Inc. | INMB | $35M | - | 1.50 | -195.3% | -0.38 |
| Myomo, Inc. | MYO | $31M | - | 2.68 | -136.6% | -2.33 |
| Tvardi Therapeutics, Inc. | TVRD | $29M | - | 1.37 | -87.0% | 0.07 |
| Tevogen Bio Holdings Inc. | TVGN | $27M | - | -1.52 | 319.1% | -1.64 |
| Peer Median | - | - | 1.15 | -93.4% | -1.64 | |