AHCO · Adapthealth Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.24B | $3.26B | $3.20B | $2.97B | $2.45B | $1.06B |
| Cost of Revenue | $2.64B | $2.58B | $2.72B | $2.55B | $2.01B | $898.60M |
| Gross Profit | $609.20M | $681.09M | $479.56M | $417.43M | $445.61M | $157.79M |
| R&D | - | - | - | - | - | - |
| SG&A | $382.29M | $359.24M | $190.09M | $162.13M | $167.50M | $89.35M |
| Total Operating Expenses | $3.19B | $3.00B | $3.80B | $2.78B | $2.24B | $999.32M |
| D&A | $381.93M | $365.33M | $382.78M | $351.18M | $82.44M | $76.41M |
| Operating Income | $90.87M | $263.73M | ($598.40M) | $190.41M | $225.60M | $71.35M |
| Interest Expense | $103.60M | $124.70M | $130.30M | $109.41M | $95.19M | $41.43M |
| Income Tax | $50.88M | $41.24M | ($49.00M) | $24.77M | $32.81M | ($11.96M) |
| Net Income | ($70.79M) | $90.42M | ($678.89M) | $69.32M | $156.18M | ($64.48M) |
| EPS - Basic | ($0.52) | $0.62 | ($5.06) | $0.47 | ($3.08) | - |
| EPS - Diluted | ($0.52) | $0.61 | ($5.31) | $0.33 | ($3.08) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $106.14M | $109.75M | $77.13M | $46.27M | $149.63M | $99.96M |
| Accounts Receivable | $370.90M | $408.02M | $388.91M | $359.15M | $359.90M | $171.06M |
| Inventory | $151.25M | $139.84M | $113.64M | $127.75M | $123.09M | $58.78M |
| Accounts Payable | $352.38M | $284.60M | $211.50M | $222.50M | $248.03M | $191.04M |
| Current Assets | $728.90M | $755.79M | $649.02M | $585.31M | $670.06M | $363.25M |
| Total Assets | $4.32B | $4.49B | $4.51B | $5.22B | $5.25B | $1.81B |
| Current Liabilities | $712.39M | $566.99M | $537.00M | $456.21M | $499.81M | $422.05M |
| Long-term Debt | $1.72B | $1.96B | $2.09B | $2.15B | $2.18B | $776.57M |
| Total Liabilities | $2.79B | $2.91B | $3.04B | $3.06B | $3.18B | $1.42B |
| Stockholders' Equity | $1.52B | $1.57B | $1.46B | $2.15B | $2.06B | $418.34M |
| Retained Earnings | ($632.97M) | ($562.18M) | ($652.60M) | $26.30M | ($43.02M) | ($91.06M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $601.77M | $541.84M | $480.67M | $373.87M | $275.68M | $195.63M |
| Investing Cash Flow | ($303.19M) | ($310.27M) | ($357.28M) | ($411.17M) | ($1.82B) | ($815.70M) |
| Financing Cash Flow | ($302.19M) | ($198.95M) | ($92.53M) | ($66.05M) | $1.60B | $643.15M |
| CapEx | $382.39M | $306.06M | $337.46M | $391.42M | $203.31M | $39.76M |
| Free Cash Flow | $219.38M | $235.78M | $143.20M | ($17.56M) | $72.37M | $155.88M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 18.8% | 20.9% | 15.0% | 14.1% | 18.2% | 14.9% |
| Operating margin | 2.8% | 8.1% | -18.7% | 6.4% | 9.2% | 6.8% |
| EBITDA margin | 14.6% | 19.3% | -6.7% | 18.2% | 12.6% | 14.0% |
| Net margin | -2.2% | 2.8% | -21.2% | 2.3% | 6.4% | -6.1% |
| Free cash flow margin | 6.8% | 7.2% | 4.5% | -0.6% | 2.9% | 14.8% |
| FCF / Net income | -3.10 | 2.61 | -0.21 | -0.25 | 0.46 | -2.42 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 11.8% | 11.0% | 5.9% | 5.5% | 6.8% | 8.5% |
| Effective tax rate | - | 31.3% | - | 26.3% | 17.4% | - |
| Return on assets | -1.6% | 2.0% | -15.1% | 1.3% | 3.0% | -3.6% |
| Return on equity | -4.7% | 5.8% | -46.5% | 3.2% | 7.6% | -15.4% |
| Return on invested capital | 2.2% | 5.1% | -13.3% | 3.3% | 4.4% | 4.7% |
| Liquidity | ||||||
| Current ratio | 1.02 | 1.33 | 1.21 | 1.28 | 1.34 | 0.86 |
| Quick ratio | 0.81 | 1.09 | 1.00 | 1.00 | 1.09 | 0.72 |
| Cash ratio | 0.15 | 0.19 | 0.14 | 0.10 | 0.30 | 0.24 |
| Leverage | ||||||
| Debt / Equity | 1.13 | 1.25 | 1.44 | 1.00 | 1.06 | 1.86 |
| Debt / Assets | 0.40 | 0.44 | 0.46 | 0.41 | 0.42 | 0.43 |
| Debt / EBITDA | 3.63 | 3.12 | - | 3.98 | 7.09 | 5.26 |
| Interest coverage | 0.9x | 2.1x | -4.6x | 1.7x | 2.4x | 1.7x |
| Equity multiplier | 2.84 | 2.86 | 3.09 | 2.43 | 2.55 | 4.33 |
| Liabilities / Assets | 0.65 | 0.65 | 0.67 | 0.59 | 0.61 | 0.78 |
| Efficiency | ||||||
| Asset turnover | 0.75 | 0.73 | 0.71 | 0.57 | 0.47 | 0.58 |
| Inventory turnover | 17.43 | 18.45 | 23.94 | 19.99 | 16.32 | 15.29 |
| Days sales outstanding | 42d | 46d | 44d | 44d | 54d | 59d |
| Days inventory outstanding | 21d | 20d | 15d | 18d | 22d | 24d |
| Days payable outstanding | 49d | 40d | 28d | 32d | 45d | 78d |
| Cash conversion cycle | 14d | 25d | 31d | 31d | 31d | 5d |
| Valuation | ||||||
| P / E | - | 15.6x | - | 58.2x | - | - |
| P / B | 0.9x | 0.8x | 0.7x | 1.2x | 0.6x | - |
| P / S | 0.4x | 0.4x | 0.3x | 0.9x | 0.5x | - |
| EV / EBITDA | 6.3x | 5.0x | - | 8.8x | 10.8x | - |
| Growth | ||||||
| Revenue growth (YoY) | -0.5% | 1.9% | 7.7% | 21.0% | 132.4% | 99.5% |
| Revenue CAGR (3y) | 3.0% | 9.9% | 44.7% | 77.7% | - | - |
| Revenue CAGR (5y) | 25.2% | 43.8% | - | - | - | - |
| Gross profit growth (YoY) | -10.6% | 42.0% | 14.9% | -6.3% | 182.4% | 76.8% |
| Operating income growth (YoY) | -65.5% | - | - | -15.6% | 216.2% | 140.2% |
| Net income growth (YoY) | - | - | - | -55.6% | - | -330.0% |
| EPS growth (YoY) | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -7.0% | 64.7% | - | - | -53.6% | 208.9% |
| FCF CAGR (5y) | 7.1% | 36.1% | - | - | - | - |
| Book value growth (YoY) | -3.3% | 7.7% | -32.2% | 4.3% | 392.9% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.03B totalSleep Health$1.04B · 51.2%
Diabetes Health$573.69M · 28.2%
Wellness At Home$383.44M · 18.9%
Respiratory Health$33.49M · 1.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.92
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Home Health Care Services
Comparing AdaptHealth Corp. against the 5 most active filers in the same SIC group.