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 8 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).
AdaptHealth's cash conversion is stronger than earnings, allowing steady deleveraging even while the reported income statement lost margin.
From FY2023 to FY2025, operating cash flow climbed from$481M to$602M . That matters because FY2025 still showed a net loss of-$70.8M ; with depreciation and amortization near$382M , the business carries a heavy noncash expense load, so cash conversion looks materially better than GAAP earnings.
Revenue held near
Long-term debt dropped from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Adapthealth Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Adapthealth Corp has an operating margin of 2.8%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is down from 8.1% the prior year.
Adapthealth Corp's revenue declined 0.5% year-over-year, from $3.3B to $3.2B. This contraction results in a growth score of 34/100.
Adapthealth Corp has elevated debt relative to equity (D/E of 1.13), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 18/100, reflecting increased financial risk.
Adapthealth Corp's current ratio of 1.02 is below the typical benchmark, resulting in a score of 20/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Adapthealth Corp has a free cash flow margin of 6.8%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Adapthealth Corp generates a -4.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is down from 5.8% the prior year.
Adapthealth Corp scores 0.92, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Adapthealth Corp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Adapthealth Corp generates $-8.50 in operating cash flow ($601.8M OCF vs -$70.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Adapthealth Corp earns $0.9 in operating income for every $1 of interest expense ($90.9M vs $103.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Adapthealth Corp generated $3.2B in revenue in fiscal year 2025. This represents a decrease of 0.5% from the prior year.
Adapthealth Corp's EBITDA was $472.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.8% from the prior year.
Adapthealth Corp reported -$70.8M in net income in fiscal year 2025. This represents a decrease of 178.3% from the prior year.
Adapthealth Corp earned $-0.52 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 185.2% from the prior year.
Cash & Balance Sheet
Adapthealth Corp generated $219.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.0% from the prior year.
Adapthealth Corp held $106.1M in cash against $1.7B in long-term debt as of fiscal year 2025.
Adapthealth Corp had 135M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.
Margins & Returns
Adapthealth Corp's gross margin was 18.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the prior year.
Adapthealth Corp's operating margin was 2.8% in fiscal year 2025, reflecting core business profitability. This is down 5.3 percentage points from the prior year.
Adapthealth Corp's net profit margin was -2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.0 percentage points from the prior year.
Adapthealth Corp's ROE was -4.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.4 percentage points from the prior year.
Capital Allocation
Adapthealth Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Adapthealth Corp invested $382.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 24.9% from the prior year.
AHCO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $819.8M-3.1% | $846.3M+3.2% | $820.3M+2.5% | $800.4M+2.9% | $777.9M-9.2% | $856.6M+6.3% | $805.9M0.0% | $806.0M |
| Cost of Revenue | $708.3M+5.1% | $674.1M+2.4% | $658.4M+2.0% | $645.7M-1.8% | $657.4M-1.1% | $664.4M+3.2% | $643.8M+1.1% | $636.6M |
| Gross Profit | $111.5M-35.2% | $172.2M+6.3% | $161.9M+4.7% | $154.7M+28.4% | $120.4M-37.3% | $192.2M+18.6% | $162.1M-4.3% | $169.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $95.9M-11.1% | $107.9M+19.7% | $90.1M-7.5% | $97.4M+12.2% | $86.9M+4.0% | $83.5M-4.3% | $87.3M-12.1% | $99.4M |
| Operating Income | $5.5M+107.5% | -$73.3M-218.7% | $61.7M-22.1% | $79.3M+242.0% | $23.2M-76.3% | $97.7M+53.8% | $63.5M+22.0% | $52.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $27.8M-11.7% | $31.4M-4.9% | $33.0M |
| Income Tax | -$5.2M-247.7% | $3.5M-66.6% | $10.6M-70.5% | $35.9M+4122.5% | $850K-95.6% | $19.3M+139.2% | $8.1M+11.4% | $7.2M |
| Net Income | -$16.0M+84.4% | -$102.8M-519.3% | $24.5M+67.0% | $14.7M+303.6% | -$7.2M-114.3% | $50.3M+119.9% | $22.9M+17.6% | $19.4M |
| EPS (Diluted) | $-0.12 | N/A | $0.16+60.0% | $0.10+300.0% | $-0.05 | N/A | $0.15+15.4% | $0.13 |
AHCO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.4B+2.5% | $4.3B-1.5% | $4.4B+0.8% | $4.4B-1.9% | $4.4B-1.1% | $4.5B+0.4% | $4.5B-0.9% | $4.5B |
| Current Assets | $687.5M-5.7% | $728.9M+0.6% | $724.8M+10.2% | $658.0M-11.7% | $745.2M-1.4% | $755.8M+10.5% | $683.8M-0.4% | $686.4M |
| Cash & Equivalents | $48.0M-54.8% | $106.1M+32.1% | $80.4M+17.1% | $68.6M+27.9% | $53.6M-51.1% | $109.7M+9.5% | $100.2M+43.5% | $69.8M |
| Inventory | $159.3M+5.3% | $151.2M+1.4% | $149.1M+0.2% | $148.9M+15.1% | $129.3M-7.5% | $139.8M+4.8% | $133.5M+7.7% | $123.9M |
| Accounts Receivable | $392.0M+5.7% | $370.9M-2.5% | $380.3M-3.4% | $393.6M-5.9% | $418.5M+2.6% | $408.0M+1.7% | $401.2M-8.2% | $437.1M |
| Goodwill | $2.6B+1.0% | $2.5B-4.2% | $2.7B+0.1% | $2.7B+0.6% | $2.6B-1.5% | $2.7B-1.2% | $2.7B-0.2% | $2.7B |
| Total Liabilities | $2.9B+4.3% | $2.8B+1.1% | $2.8B+0.1% | $2.8B-3.7% | $2.9B-1.6% | $2.9B-1.3% | $2.9B-2.4% | $3.0B |
| Current Liabilities | $743.3M+4.3% | $712.4M+6.2% | $670.7M+7.8% | $622.1M+7.9% | $576.7M+1.7% | $567.0M+2.5% | $553.0M-7.2% | $596.0M |
| Long-Term Debt | $1.8B+4.8% | $1.7B-1.6% | $1.7B-2.7% | $1.8B-7.6% | $1.9B-1.2% | $2.0B-2.4% | $2.0B-1.3% | $2.0B |
| Total Equity | $1.5B-0.8% | $1.5B-6.1% | $1.6B+1.8% | $1.6B+1.3% | $1.6B-0.2% | $1.6B+3.6% | $1.5B+2.0% | $1.5B |
| Retained Earnings | -$649.0M-2.5% | -$633.0M-19.4% | -$530.2M+4.4% | -$554.7M+2.6% | -$569.4M-1.3% | -$562.2M+8.2% | -$612.4M+3.6% | -$635.3M |
AHCO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $93.7M-48.8% | $183.2M+13.7% | $161.1M-0.6% | $162.0M+69.6% | $95.5M-36.5% | $150.4M+4.2% | $144.4M-27.1% | $198.0M |
| Capital Expenditures | $121.2M+16.7% | $103.9M+10.2% | $94.2M+6.3% | $88.7M-7.2% | $95.6M+23.6% | $77.3M+29.9% | $59.6M-26.7% | $81.3M |
| Free Cash Flow | -$27.5M-134.7% | $79.3M+18.7% | $66.8M-8.9% | $73.3M+126529.3% | -$58K-100.1% | $73.1M-13.9% | $84.8M-27.3% | $116.7M |
| Investing Cash Flow | -$204.5M-64.3% | -$124.5M-34.2% | -$92.7M-1065.6% | $9.6M+110.0% | -$95.6M-10.0% | -$86.9M-60.2% | -$54.2M+33.3% | -$81.3M |
| Financing Cash Flow | $52.6M+259.6% | -$32.9M+41.8% | -$56.6M+63.9% | -$156.6M-179.5% | -$56.0M-3.8% | -$54.0M+9.8% | -$59.8M+52.7% | -$126.4M |
| 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 | N/A | N/A | $0 | $0 | $0 |
AHCO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.6%-6.7pp | 20.3%+0.6pp | 19.7%+0.4pp | 19.3%+3.8pp | 15.5%-7.0pp | 22.4%+2.3pp | 20.1%-0.9pp | 21.0% |
| Operating Margin | 0.7%+9.3pp | -8.7%-16.2pp | 7.5%-2.4pp | 9.9%+6.9pp | 3.0%-8.4pp | 11.4%+3.5pp | 7.9%+1.4pp | 6.5% |
| Net Margin | -2.0%+10.2pp | -12.1%-15.1pp | 3.0%+1.2pp | 1.8%+2.8pp | -0.9%-6.8pp | 5.9%+3.0pp | 2.8%+0.4pp | 2.4% |
| Return on Equity | -1.1%+5.7pp | -6.8%-8.3pp | 1.5%+0.6pp | 0.9%+1.4pp | -0.5%-3.7pp | 3.2%+1.7pp | 1.5%+0.2pp | 1.3% |
| Return on Assets | -0.4%+2.0pp | -2.4%-2.9pp | 0.6%+0.2pp | 0.3%+0.5pp | -0.2%-1.3pp | 1.1%+0.6pp | 0.5%+0.1pp | 0.4% |
| Current Ratio | 0.92-0.1 | 1.02-0.1 | 1.08+0.0 | 1.06-0.2 | 1.29-0.0 | 1.33+0.1 | 1.24+0.1 | 1.15 |
| Debt-to-Equity | 1.19+0.1 | 1.13+0.1 | 1.08-0.1 | 1.13-0.1 | 1.24-0.0 | 1.25-0.1 | 1.33-0.0 | 1.37 |
| FCF Margin | -3.4%-12.7pp | 9.4%+1.2pp | 8.2%-1.0pp | 9.2%+9.2pp | -0.0%-8.5pp | 8.5%-2.0pp | 10.5%-4.0pp | 14.5% |
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Frequently Asked Questions
What is Adapthealth Corp's annual revenue?
Adapthealth Corp (AHCO) reported $3.2B in total revenue for fiscal year 2025. This represents a -0.5% 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 declined by 0.5% year-over-year, from $3.3B to $3.2B in fiscal year 2025.
Is Adapthealth Corp profitable?
No, Adapthealth Corp (AHCO) reported a net income of -$70.8M in fiscal year 2025, with a net profit margin of -2.2%.
What is Adapthealth Corp's EBITDA?
Adapthealth Corp (AHCO) had EBITDA of $472.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Adapthealth Corp have?
As of fiscal year 2025, Adapthealth Corp (AHCO) had $106.1M in cash and equivalents against $1.7B in long-term debt.
What is Adapthealth Corp's gross margin?
Adapthealth Corp (AHCO) had a gross margin of 18.8% in fiscal year 2025, 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 2.8% in fiscal year 2025, 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 -2.2% in fiscal year 2025, 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 -4.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Adapthealth Corp's free cash flow?
Adapthealth Corp (AHCO) generated $219.4M in free cash flow during fiscal year 2025. This represents a -7.0% 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 $601.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Adapthealth Corp's total assets?
Adapthealth Corp (AHCO) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Adapthealth Corp's capital expenditures?
Adapthealth Corp (AHCO) invested $382.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Adapthealth Corp's current ratio?
Adapthealth Corp (AHCO) had a current ratio of 1.02 as of fiscal year 2025, which is considered adequate.
What is Adapthealth Corp's debt-to-equity ratio?
Adapthealth Corp (AHCO) had a debt-to-equity ratio of 1.13 as of fiscal year 2025, 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 -1.6% for fiscal year 2025, 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 0.92, 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 4 out of 9, indicating neutral 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 to 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 -8.50x, considered mixed 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 0.9x, meaning it can struggle to 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 30 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.