AHCO

MKT CAP:$2B

AdaptHealth Corp.

Market Cap

$2B

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$12.66+$2.99 (+30.92%)

Apr 17, 2026

Company Details

AdaptHealth Corp., together with its subsidiaries, provides home medical equipment (HME), medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, su...

CEO

Suzanne Foster

IPO Date

May 31, 2018

Website

adapthealth.com

Key Metrics TTM

Revenue

$3.4B

+586.2% YoY

Net Income

-$628M

EPS (Diluted)

-$4.98

Free Cash Flow

$122M

Revenue / Share

$24.44

Gross Margin

22.8%

Operating Margin

-16.0%

Net Margin

-18.7%

FCF Margin

3.6%

P/S

0.5x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Nov 4, 2025

$820MEPS $0.16

FY 2023

Feb 27, 2024

$3.2BEPS -$5.31

Q4 2023

Feb 27, 2024

$1.5BEPS -$1.91

Q3 2023

Nov 7, 2023

$584MEPS -$3.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$67M	$12M	-$72.5K
Q2 18	$67M	$12M	-$234.4K
Q3 18	$102M	$18M	-$444.8K
Q4 18	$109M	$19M	-$482.0K
Q1 19	$119M	$22M	-$341.4K
Q2 19	$124M	$26M	-$2M
Q3 19	$136M	$25M	-$1M
Q3 21	$473M	-$57M	$76M
Q3 23	$584M	-$110M	-$461M
Q4 23	$1.5B	$779M	-$218M
Q3 25	$820M	$152M	$66M

Valuation

Quarter	P/S	P/E
Q1 18	—	—
Q2 18	—	—
Q3 18	—	—
Q4 18	5.0x	834.9x
Q1 19	4.4x	647.2x
Q2 19	3.8x	1305.6x
Q3 19	3.6x	2634.0x
Q3 21	2.0x	30.0x
Q3 23	1.3x	—
Q4 23	0.7x	—
Q3 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	$11M	$8M
Q2 18	$11M	$8M
Q3 18	$21M	$19M
Q4 18	$25M	$23M
Q1 19	$16M	$11M
Q2 19	$10M	$4M
Q3 19	$17M	$13M
Q3 21	$27M	-$33M
Q3 23	$99M	$22M
Q4 23	$155M	$67M
Q3 25	$161M	$67M

Capital Expenditures

Quarter	CapEx
Q1 18	$3M
Q2 18	$3M
Q3 18	$2M
Q4 18	$2M
Q1 19	$5M
Q2 19	$5M
Q3 19	$4M
Q3 21	$60M
Q3 23	$77M
Q4 23	$89M
Q3 25	$94M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+77.7%	+78.0%
Q2 19	+84.7%	+86.8%
Q3 19	+33.6%	+34.2%
Q3 21	+335.1%	+263.8%
Q3 23	+388.4%	+771.8%
Q4 23	+1089.7%	+1245.1%
Q3 25	+501.2%	+447.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$128.7K	0.2%
Q2 18	$128.7K	0.2%
Q3 18	$313.6K	0.3%
Q4 18	$313.0K	0.3%
Q1 19	$5M	4.4%
Q2 19	$300.0K	0.2%
Q3 19	$400.0K	0.3%
Q3 21	$5M	1.1%
Q3 23	$5M	0.8%
Q4 23	$5M	0.4%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 18	$50.7K	—
Q2 18	$162.6K	—
Q3 18	$391.2K	—
Q4 18	$431.6K	—
Q1 19	$291.4K	—
Q2 19	$2M	—
Q3 19	$1M	—
Q3 21	$33M	—
Q3 23	$38M	—
Q4 23	$47M	—
Q3 25	—	$86M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$119M	$0	$119M
Q2 22	$119M	$0	$119M
Q3 22	$111M	$0	$111M
Q4 22	$46M	$0	$46M
Q1 23	$101M	$0	$101M
Q2 23	$45M	$0	$45M
Q3 23	$56M	$0	$56M
Q4 23	$77M	$0	$77M
Q1 24	$80M	$0	$80M
Q2 24	$70M	$0	$70M
Q3 24	$100M	$0	$100M
Q4 24	$110M	$0	$110M
Q1 25	$54M	$0	$54M
Q2 25	$69M	$0	$69M
Q3 25	$80M	$0	$80M
Q4 25	$106M	$0	$106M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	31M	—	—
Q2 18	31M	0.0%	—
Q3 18	31M	0.0%	—
Q4 18	31M	0.0%	—
Q1 19	31M	0.0%	0.0%
Q2 19	22M	-30.5%	-30.5%
Q3 19	22M	0.0%	-30.5%
Q3 21	140M	+546.0%	+349.0%
Q3 23	135M	-3.8%	+331.9%
Q4 23	133M	-1.5%	+512.3%
Q3 25	137M	+3.2%	+531.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	—	—
Q2 18	—	—
Q3 18	—	—
Q4 18	$54M	2
Q1 19	$60M	2
Q2 19	$62M	2
Q3 19	$68M	2
Q3 21	$100.6K	5K
Q3 23	$53.5K	11K
Q4 23	$138.0K	11K
Q3 25	$78.1K	11K

Revenue / Employee