Adapthealth Corp Financials
This page shows Adapthealth Corp (AHCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Adapthealth Corp has an operating margin of 8.1%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is up from -18.7% the prior year.
Adapthealth Corp's revenue grew a modest 1.9% year-over-year to $3.3B. This slow but positive growth earns a score of 34/100.
Adapthealth Corp carries a low D/E ratio of 1.25, meaning only $1.25 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
Adapthealth Corp's current ratio of 1.33 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
Adapthealth Corp has a free cash flow margin of 7.2%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.
Adapthealth Corp generates a 5.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100.
Adapthealth Corp scores 1.08, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Adapthealth Corp passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Adapthealth Corp generates $5.99 in operating cash flow ($541.8M OCF vs $90.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Adapthealth Corp earns $2.1 in operating income for every $1 of interest expense ($263.7M vs $124.7M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Adapthealth Corp generated $3.3B in revenue in fiscal year 2024. This represents an increase of 1.9% from the prior year.
Adapthealth Corp's EBITDA was $629.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 391.8% from the prior year.
Adapthealth Corp generated $235.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 64.7% from the prior year.
Adapthealth Corp reported $90.4M in net income in fiscal year 2024. This represents an increase of 113.3% from the prior year.
Adapthealth Corp earned $0.61 per diluted share (EPS) in fiscal year 2024. This represents an increase of 111.5% from the prior year.
Adapthealth Corp held $109.7M in cash against $2.0B in long-term debt as of fiscal year 2024.
Adapthealth Corp had 135M shares outstanding in fiscal year 2024. This represents an increase of 1.5% from the prior year.
Adapthealth Corp's gross margin was 20.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.
Adapthealth Corp's operating margin was 8.1% in fiscal year 2024, reflecting core business profitability. This is up 26.8 percentage points from the prior year.
Adapthealth Corp's net profit margin was 2.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 24.0 percentage points from the prior year.
Adapthealth Corp's ROE was 5.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Adapthealth Corp spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Adapthealth Corp invested $306.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 9.3% from the prior year.
AHCO Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $820.3M+2.5% | $800.4M+2.9% | $777.9M-9.2% | $856.6M+6.3% | $806.0M+1.7% | $792.5M-7.7% | $858.2M+6.7% | $804.0M |
| Cost of Revenue | $658.4M+2.0% | $645.7M-1.8% | $657.4M-1.1% | $664.4M+4.4% | $636.6M+0.3% | $635.0M+14.7% | $553.8M-20.1% | $693.5M |
| Gross Profit | $161.9M+4.7% | $154.7M+28.4% | $120.4M-37.3% | $192.2M+13.5% | $169.4M+7.5% | $157.5M-48.3% | $304.4M+175.4% | $110.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $90.1M-7.5% | $97.4M+12.2% | $86.9M+4.0% | $83.5M-15.9% | $99.4M+11.6% | $89.0M-53.6% | $191.8M+324.3% | $45.2M |
| Operating Income | $61.7M-22.1% | $79.3M+242.0% | $23.2M-76.3% | $97.7M+87.7% | $52.0M+3.0% | $50.5M+123.2% | -$217.8M+52.8% | -$461.0M |
| Interest Expense | N/A | N/A | N/A | $27.8M-16.0% | $33.0M+1.7% | $32.5M-3.0% | $33.5M+3.7% | $32.3M |
| Income Tax | $10.6M-70.5% | $35.9M+4122.5% | $850K-95.6% | $19.3M+166.4% | $7.2M+9.7% | $6.6M+136.5% | -$18.1M+47.6% | -$34.6M |
| Net Income | $24.5M+67.0% | $14.7M+303.6% | -$7.2M-114.3% | $50.3M+158.6% | $19.4M+1010.7% | -$2.1M+99.2% | -$254.5M+44.0% | -$454.1M |
| EPS (Diluted) | $0.16+60.0% | $0.10+300.0% | $-0.05-114.3% | $0.35+169.2% | $0.13+750.0% | $-0.02+99.0% | $-1.91+44.3% | $-3.43 |
AHCO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.4B+0.8% | $4.4B-1.9% | $4.4B-1.1% | $4.5B-0.5% | $4.5B+0.2% | $4.5B-0.1% | $4.5B-4.6% | $4.7B |
| Current Assets | $724.8M+10.2% | $658.0M-11.7% | $745.2M-1.4% | $755.8M+10.1% | $686.4M+4.6% | $656.0M+1.1% | $649.0M+10.9% | $585.1M |
| Cash & Equivalents | $80.4M+17.1% | $68.6M+27.9% | $53.6M-51.1% | $109.7M+57.2% | $69.8M-12.2% | $79.6M+3.2% | $77.1M+37.4% | $56.1M |
| Inventory | $149.1M+0.2% | $148.9M+15.1% | $129.3M-7.5% | $139.8M+12.9% | $123.9M+14.1% | $108.6M-4.4% | $113.6M-2.3% | $116.3M |
| Accounts Receivable | $380.3M-3.4% | $393.6M-5.9% | $418.5M+2.6% | $408.0M-6.6% | $437.1M+1.8% | $429.6M+10.5% | $388.9M+4.9% | $370.7M |
| Goodwill | $2.7B+0.1% | $2.7B+0.6% | $2.6B-1.5% | $2.7B-1.4% | $2.7B-0.2% | $2.7B-0.2% | $2.7B-10.4% | $3.0B |
| Total Liabilities | $2.8B+0.1% | $2.8B-3.7% | $2.9B-1.6% | $2.9B-3.6% | $3.0B-0.5% | $3.0B-0.3% | $3.0B+1.9% | $3.0B |
| Current Liabilities | $670.7M+7.8% | $622.1M+7.9% | $576.7M+1.7% | $567.0M-4.9% | $596.0M+21.0% | $492.7M-8.3% | $537.0M+19.8% | $448.2M |
| Long-Term Debt | $1.7B-2.7% | $1.8B-7.6% | $1.9B-1.2% | $2.0B-3.7% | $2.0B-5.5% | $2.2B+3.1% | $2.1B-1.5% | $2.1B |
| Total Equity | $1.6B+1.8% | $1.6B+1.3% | $1.6B-0.2% | $1.6B+5.7% | $1.5B+1.6% | $1.5B+0.2% | $1.5B-15.8% | $1.7B |
| Retained Earnings | -$530.2M+4.4% | -$554.7M+2.6% | -$569.4M-1.3% | -$562.2M+11.5% | -$635.3M+3.0% | -$654.7M-0.3% | -$652.6M-63.9% | -$398.1M |
AHCO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $161.1M-0.6% | $162.0M+69.6% | $95.5M-36.5% | $150.4M-24.0% | $198.0M+303.8% | $49.0M-68.4% | $155.3M+57.1% | $98.8M |
| Capital Expenditures | $94.2M+6.3% | $88.7M-7.2% | $95.6M+23.6% | $77.3M-4.8% | $81.3M-7.5% | $87.9M-0.9% | $88.6M+15.0% | $77.1M |
| Free Cash Flow | $66.8M-8.9% | $73.3M+126529.3% | -$58K-100.1% | $73.1M-37.4% | $116.7M+400.4% | -$38.9M-158.3% | $66.6M+206.3% | $21.7M |
| Investing Cash Flow | -$92.7M-1065.6% | $9.6M+110.0% | -$95.6M-10.0% | -$86.9M-6.9% | -$81.3M+7.5% | -$87.9M+2.8% | -$90.4M-17.3% | -$77.1M |
| Financing Cash Flow | -$56.6M+63.9% | -$156.6M-179.5% | -$56.0M-3.8% | -$54.0M+57.3% | -$126.4M-406.2% | $41.3M+194.1% | -$43.9M-309.2% | -$10.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | $0 | $0 | $0-100.0% | $20.1M | $0 |
AHCO Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.7%+0.4pp | 19.3%+3.8pp | 15.5%-7.0pp | 22.4%+1.4pp | 21.0%+1.1pp | 19.9%-15.6pp | 35.5%+21.7pp | 13.8% |
| Operating Margin | 7.5%-2.4pp | 9.9%+6.9pp | 3.0%-8.4pp | 11.4%+4.9pp | 6.5%+0.1pp | 6.4%+31.8pp | -25.4%+32.0pp | -57.3% |
| Net Margin | 3.0%+1.2pp | 1.8%+2.8pp | -0.9%-6.8pp | 5.9%+3.5pp | 2.4%+2.7pp | -0.3%+29.4pp | -29.6%+26.8pp | -56.5% |
| Return on Equity | 1.5%+0.6pp | 0.9% | N/A | 3.2%+1.9pp | 1.3% | N/A | N/A | N/A |
| Return on Assets | 0.6%+0.2pp | 0.3%+0.5pp | -0.2%-1.3pp | 1.1%+0.7pp | 0.4%+0.5pp | -0.1%+5.6pp | -5.6%+4.0pp | -9.6% |
| Current Ratio | 1.08+0.0 | 1.06-0.2 | 1.29-0.0 | 1.33+0.2 | 1.15-0.2 | 1.33+0.1 | 1.21-0.1 | 1.31 |
| Debt-to-Equity | 1.08-0.1 | 1.13-0.1 | 1.24-0.0 | 1.25-0.1 | 1.37-0.1 | 1.48+0.0 | 1.44+0.2 | 1.23 |
| FCF Margin | 8.2%-1.0pp | 9.2%+9.2pp | -0.0%-8.5pp | 8.5%-6.0pp | 14.5%+19.4pp | -4.9%-12.7pp | 7.8%+5.1pp | 2.7% |
Similar Companies
Frequently Asked Questions
What is Adapthealth Corp's annual revenue?
Adapthealth Corp (AHCO) reported $3.3B in total revenue for fiscal year 2024. This represents a 1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Adapthealth Corp's revenue growing?
Adapthealth Corp (AHCO) revenue grew by 1.9% year-over-year, from $3.2B to $3.3B in fiscal year 2024.
Is Adapthealth Corp profitable?
Yes, Adapthealth Corp (AHCO) reported a net income of $90.4M in fiscal year 2024, with a net profit margin of 2.8%.
What is Adapthealth Corp's earnings per share (EPS)?
Adapthealth Corp (AHCO) reported diluted earnings per share of $0.61 for fiscal year 2024. This represents a 111.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Adapthealth Corp's EBITDA?
Adapthealth Corp (AHCO) had EBITDA of $629.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Adapthealth Corp have?
As of fiscal year 2024, Adapthealth Corp (AHCO) had $109.7M in cash and equivalents against $2.0B in long-term debt.
What is Adapthealth Corp's gross margin?
Adapthealth Corp (AHCO) had a gross margin of 20.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Adapthealth Corp's operating margin?
Adapthealth Corp (AHCO) had an operating margin of 8.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Adapthealth Corp's net profit margin?
Adapthealth Corp (AHCO) had a net profit margin of 2.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Adapthealth Corp's return on equity (ROE)?
Adapthealth Corp (AHCO) has a return on equity of 5.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Adapthealth Corp's free cash flow?
Adapthealth Corp (AHCO) generated $235.8M in free cash flow during fiscal year 2024. This represents a 64.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adapthealth Corp's operating cash flow?
Adapthealth Corp (AHCO) generated $541.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Adapthealth Corp's total assets?
Adapthealth Corp (AHCO) had $4.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Adapthealth Corp's capital expenditures?
Adapthealth Corp (AHCO) invested $306.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Adapthealth Corp have outstanding?
Adapthealth Corp (AHCO) had 135M shares outstanding as of fiscal year 2024.
What is Adapthealth Corp's current ratio?
Adapthealth Corp (AHCO) had a current ratio of 1.33 as of fiscal year 2024, which is considered adequate.
What is Adapthealth Corp's debt-to-equity ratio?
Adapthealth Corp (AHCO) had a debt-to-equity ratio of 1.25 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Adapthealth Corp's return on assets (ROA)?
Adapthealth Corp (AHCO) had a return on assets of 2.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Adapthealth Corp's Altman Z-Score?
Adapthealth Corp (AHCO) has an Altman Z-Score of 1.08, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Adapthealth Corp's Piotroski F-Score?
Adapthealth Corp (AHCO) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adapthealth Corp's earnings high quality?
Adapthealth Corp (AHCO) has an earnings quality ratio of 5.99x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adapthealth Corp cover its interest payments?
Adapthealth Corp (AHCO) has an interest coverage ratio of 2.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Adapthealth Corp?
Adapthealth Corp (AHCO) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.