AHCO (AdaptHealth Corp.) Stock Financials & Earnings | Market Cap Arena

AHCO (AdaptHealth Corp.) Stock Financials & Earnings | Market Cap Arena

AHCOAdaptHealth Corp.

Mkt Cap$1B

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

Revenue (TTM)$2.8B

Net Income (TTM)-$73M

EPS (TTM)-$0.52

Free Cash Flow (TTM)$219M

Gross Margin6.5%

Op. Margin7.8%

Net Margin-2.6%

FCF Margin7.7%

P/S Ratio (TTM)0.5x

P/E Ratio (TTM)—

YoY Rev Growth+7.4%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$745M	$89M	$26M
Q2 23	$584M	-$90M	$54M
Q3 23	$584M	-$110M	-$461M
Q4 23	$1.5B	$779M	-$218M
Q1 24	$594M	-$41M	$51M
Q2 24	$595M	-$42M	$52M
Q3 24	$598M	-$84M	$63M
Q4 24	$857M	$328M	$98M
Q1 25	$580M	-$77M	$23M
Q2 25	$592M	-$54M	$79M
Q3 25	$820M	$152M	$66M
Q4 25	$846M	$162M	$54M

Valuation

Quarter	P/S	P/E
Q1 23	0.4x	31.0x
Q2 23	0.4x	31.0x
Q3 23	0.4x	—
Q4 23	0.4x	—
Q1 24	0.4x	—
Q2 24	0.4x	—
Q3 24	0.4x	—
Q4 24	0.5x	14.8x
Q1 25	0.5x	15.7x
Q2 25	0.5x	16.6x
Q3 25	0.5x	16.7x
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$140M	$51M
Q2 23	$86M	$4M
Q3 23	$99M	$22M
Q4 23	$155M	$67M
Q1 24	$49M	-$39M
Q2 24	$198M	$117M
Q3 24	$144M	$85M
Q4 24	$150M	$73M
Q1 25	$96M	-$58K
Q2 25	$162M	$73M
Q3 25	$161M	$67M
Q4 25	$183M	$79M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$89M
Q2 23	$83M
Q3 23	$77M
Q4 23	$89M
Q1 24	$88M
Q2 24	$81M
Q3 24	$60M
Q4 24	$77M
Q1 25	$96M
Q2 25	$89M
Q3 25	$94M
Q4 25	$104M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+42.0%	+51.9%
Q2 23	+9.9%	+12.1%
Q3 23	+4.7%	+107.0%
Q4 23	+8.8%	+27.4%
Q1 24	-20.2%	-24.3%
Q2 24	+2.0%	+2.6%
Q3 24	+2.4%	-48.9%
Q4 24	-42.0%	-55.2%
Q1 25	-2.3%	+2.5%
Q2 25	-0.5%	-5.6%
Q3 25	+37.3%	+41.3%
Q4 25	-1.2%	+4.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$6M	0.8%
Q2 23	$7M	1.2%
Q3 23	$5M	0.8%
Q4 23	$5M	0.4%
Q1 24	$5M	0.8%
Q2 24	$5M	0.9%
Q3 24	$863K	0.1%
Q4 24	$4M	0.5%
Q1 25	$5M	0.9%
Q2 25	$6M	1.0%
Q3 25	$0	0.0%
Q4 25	$5M	0.6%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 23	$48M	—
Q2 23	$50M	—
Q3 23	$38M	—
Q4 23	$47M	—
Q1 24	$89M	—
Q2 24	$99M	—
Q3 24	$41M	—
Q4 24	$226M	—
Q1 25	$87M	—
Q2 25	$97M	—
Q3 25	—	$86M
Q4 25	$108M	—

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	136M	+1.4%
Q2 23	136M	+0.2%
Q3 23	135M	-0.9%
Q4 23	133M	-1.5%
Q1 24	133M	-0.1%
Q2 24	136M	+2.3%
Q3 24	137M	+0.4%
Q4 24	137M	+0.0%
Q1 25	135M	-1.3%
Q2 25	137M	+1.7%
Q3 25	137M	+0.1%
Q4 25	135M	-1.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 16	—	—
FY 17	—	—
FY 18	$173M	2
FY 19	$204K	3K
FY 20	$225K	5K
FY 21	$229K	11K
FY 22	$273K	11K
FY 23	$299K	11K
FY 24	$311K	11K
FY 25	$298K	11K