AdaptHealth Corp. (AHCO) Key Metrics
AHCO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $803.1M
- Enterprise value
- $2.78B
- P/E (TTM)
- — 10-yr median 29.7
- Forward P/E
- 7.8
- PEG ratio
- —
- Price / sales
- 0.2 10-yr median 0.9
- Price / book
- 0.6 10-yr median 1.2
- EV / EBITDA
- 9.6 10-yr median 8.9
- Dividend yield
- —
- Beta
- 1.42
AHCO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAHCO valuation Price multiples at each fiscal year-end price.
Price / sales+4.8%
0.4
2025 · hover or tap a bar for each year
20162025
Price / book+7.9%
0.9
2025 · hover or tap a bar for each year
20162025
EV / EBITDA+26.2%
6.7
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+12.1%
6.1
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−2.0 pts
16.3%
2025 · hover or tap a bar for each year
20162025
AHCO returns How much profit the business earns on the capital it uses.
Return on equity−10.6 pts
−4.6%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−0.8 pts
4.3%
2025 · hover or tap a bar for each year
20162025
Return on assets−3.6 pts
−1.6%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−0.5 pts
6.8%
2025 · hover or tap a bar for each year
20162025
Asset turnover+1.7%
0.74
2025 · hover or tap a bar for each year
20162025
AHCO per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−0.2%
$24.01
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$0.52
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−6.7%
$1.62
2025 · hover or tap a bar for each year
20162025
Book value per share−3.1%
$11.24
2025 · hover or tap a bar for each year
20162025
Shares outstanding−0.3%
135.1M
2025 · hover or tap a bar for each year
20162025
AHCO financial health Debt, liquidity and how easily interest is covered.
Debt / equity−7.6%
1.25
2025 · hover or tap a bar for each year
20162025
Net debt−$223.9M
$1.80B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+0.58
3.80
2025 · hover or tap a bar for each year
20162025
Current ratio−23.2%
1.02
2025 · hover or tap a bar for each year
20162025
Interest coverage−15.4%
1.8
2025 · hover or tap a bar for each year
20162025
Debt / assets−7.2%
0.44
2025 · hover or tap a bar for each year
20162025
AHCO efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−1 days
44 days
2025 · hover or tap a bar for each year
20162025
Days of inventory+2 days
20 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+8 days
43 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−7 days
20 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+2.4 pts
11.8%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF−0.9 pts
0.0%
2025 · hover or tap a bar for each year
20162025
AHCO valuation history
Fiscal year-endToday10-year median
AHCO returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AHCO debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AHCO cash returned to shareholders
DividendsBuybacksFree cash flow
AHCO price vs earnings per share
Share price at year-endEPS (right axis)
AHCO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.35B | $1.29B | $979.9M | $2.67B | $3.25B | $1.97B | — | $307.2M | — | — |
| Enterprise value | $3.14B | $3.31B | $3.20B | $4.95B | $5.47B | $2.68B | — | $461.4M | — | — |
| P/E ratio | — | 14.3 | — | 38.5 | 20.8 | — | — | 147.3 | — | — |
| Price / sales | 0.4 | 0.4 | 0.3 | 0.9 | 1.3 | 1.9 | — | 0.9 | — | — |
| Price / book | 0.9 | 0.8 | 0.7 | 1.2 | 1.6 | 5.6 | — | 1.3 | — | — |
| Price / free cash flow | 6.1 | 5.5 | 6.8 | — | 45.0 | 12.6 | — | 5.3 | — | — |
| Price / operating cash flow | 2.2 | 2.4 | 2.0 | 7.1 | 11.8 | 10.1 | — | 4.5 | — | — |
| EV / sales | 1.0 | 1.0 | 1.0 | 1.7 | 2.2 | 2.5 | — | 1.3 | — | — |
| EV / EBITDA | 6.7 | 5.3 | — | 8.9 | 10.1 | — | — | 65.3 | — | — |
| EV / free cash flow | 14.3 | 14.0 | 22.3 | — | 75.7 | 17.2 | — | 7.9 | — | — |
| Earnings yield | −5.3% | 7.0% | −69.3% | 2.6% | 4.8% | −8.2% | — | 0.7% | — | — |
| Free cash flow yield | 16.3% | 18.3% | 14.6% | −0.7% | 2.2% | 7.9% | — | 19.0% | — | — |
| Dividend yield | — | — | — | — | 0.1% | 47.5% | — | 81.4% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.2% | 3.0% | 0.5% | 0.2% | 49.7% | — | 81.4% | — | — |
| Share price at fiscal year-end | $9.96 | $9.52 | $7.29 | $19.22 | $24.46 | $37.56 | $10.98 | $9.83 | — | — |
| Per share | ||||||||||
| Revenue per share | $24.01 | $24.06 | $23.81 | $21.37 | $18.45 | $20.13 | — | $11.05 | $6.16 | $5.58 |
| Earnings per share | −$0.52 | $0.67 | −$5.05 | $0.50 | $1.17 | −$3.08 | — | $0.07 | −$0.00 | −$0.12 |
| Operating cash flow per share | $4.45 | $4.00 | $3.58 | $2.69 | $2.07 | $3.73 | — | $2.19 | $1.47 | $0.96 |
| Free cash flow per share | $1.62 | $1.74 | $1.07 | −$0.13 | $0.54 | $2.97 | — | $1.87 | $1.25 | $0.88 |
| Cash per share | $0.79 | $0.81 | $0.57 | $0.33 | $1.12 | $1.90 | — | $0.03 | $0.00 | — |
| Book value per share | $11.24 | $11.59 | $10.85 | $15.48 | $15.50 | $6.76 | — | $7.86 | $0.00 | — |
| Tangible book value per share | −$8.20 | −$8.92 | −$10.39 | −$11.20 | −$12.42 | −$14.48 | — | $1.38 | −$1.24 | — |
| Dividends per share | — | — | — | — | $0.03 | $17.83 | — | $8.00 | $8.00 | $8.00 |
| Capex per share | $2.83 | $2.26 | $2.51 | $2.82 | $1.53 | $0.76 | — | $0.32 | $0.22 | $0.08 |
| Debt per share | $14.08 | $15.72 | $17.07 | $16.76 | $17.82 | $15.37 | — | $4.97 | $0.01 | — |
| Shares outstanding | 135.1M | 135.5M | 134.4M | 139.0M | 133.0M | 52.5M | — | 31.2M | 31.2M | 31.2M |
| Change in shares outstanding | −0.3% | +0.8% | −3.3% | +4.5% | +153.5% | — | — | 0.0% | 0.0% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −4.6% | 6.0% | −37.6% | 3.3% | 12.9% | −87.4% | −16.4% | 1.7% | −2.8% | — |
| Return on invested capital (ROIC) | 4.3% | 5.1% | −11.7% | 3.3% | 7.0% | 7.7% | 5.8% | −0.4% | −0.7% | — |
| Return on assets (ROA) | −1.6% | 2.0% | −14.0% | 1.3% | 4.4% | −15.8% | −8.9% | 1.6% | −0.2% | — |
| Return on tangible assets | −4.2% | 5.3% | −41.1% | 4.6% | 10.2% | −23.1% | −34.0% | 4.0% | — | — |
| Free cash flow margin | 6.8% | 7.2% | 4.5% | −0.6% | 2.9% | 14.8% | 7.4% | 16.9% | 20.3% | 15.8% |
| Income quality (OCF / net income) | — | 5.99 | — | 5.39 | 1.77 | — | — | 32.80 | — | — |
| Financial health | ||||||||||
| Total debt | $1.90B | $2.13B | $2.29B | $2.33B | $2.37B | $807.0M | $397.0M | $155.2M | $174,240 | — |
| Cash & short-term investments | $106.1M | $109.7M | $77.1M | $46.3M | $149.6M | $100.0M | $9.8M | $947,098 | $119,821 | — |
| Net debt | $1.80B | $2.02B | $2.22B | $2.28B | $2.22B | $707.0M | $387.2M | $154.2M | $54,419 | — |
| Debt / equity | 1.25 | 1.36 | 1.57 | 1.08 | 1.15 | 2.27 | 26.23 | 0.63 | 7.17 | — |
| Debt / assets | 0.44 | 0.47 | 0.51 | 0.45 | 0.45 | 0.45 | 1.74 | 0.61 | 0.56 | — |
| Net debt / EBITDA | 3.80 | 3.22 | — | 4.09 | 4.08 | — | 4.84 | 21.83 | — | — |
| Current ratio | 1.02 | 1.33 | 1.21 | 1.28 | 1.34 | 0.86 | 1.10 | 1.58 | 0.42 | — |
| Quick ratio | 0.81 | 1.09 | 1.00 | 1.00 | 1.09 | 0.72 | 0.75 | −9.39 | −16.92 | — |
| Interest coverage | 1.8 | 2.1 | -4.6 | 1.7 | 2.4 | 1.7 | 0.7 | -0.3 | — | — |
| Working capital | $16.5M | $188.8M | $112.0M | $129.1M | $170.2M | −$58.8M | $5.3M | $405,710 | −$166,488 | — |
| Invested capital | $3.32B | $3.59B | $3.68B | $4.43B | $4.28B | $1.06B | $402.4M | $399.8M | $78,726 | — |
| Tangible asset value | −$1.10B | −$1.20B | −$1.39B | −$1.55B | −$1.65B | −$834.0M | −$150.0M | $43.1M | −$38.6M | — |
| Net current asset value | −$2.06B | −$2.15B | −$2.39B | −$2.48B | −$2.51B | −$1.17B | −$154.6M | −$7.5M | −$166,488 | — |
| Graham number | — | $13.19 | — | $13.18 | $20.23 | — | — | $3.44 | — | — |
| Graham net-net per share | −$17.24 | −$17.88 | −$19.46 | −$19.30 | −$20.32 | −$24.29 | — | $1.15 | $0.67 | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $3.6M | $935.9M | $82.5M | $250.0M | $250.0M | $250.0M |
| Share buybacks (net) | $0 | $2.1M | $29.3M | $14.0M | $3.6M | $44.3M | $20.0M | $0 | $0 | $800,000 |
| Dividend payout ratio | — | — | — | — | 2.3% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 0.0% | 0.9% | 20.4% | — | 9.8% | 628.8% | 262.1% | 427.5% | 639.7% | 913.1% |
| Capex / revenue | 11.8% | 9.4% | 10.5% | 13.2% | 8.3% | 3.8% | 4.0% | 2.9% | 3.6% | 1.4% |
| Capex / operating cash flow | 63.5% | 56.5% | 70.2% | 104.7% | 73.7% | 20.3% | 35.3% | 14.5% | 14.9% | 8.2% |
| Capex / depreciation | 1.00 | 0.84 | 0.80 | 1.11 | 0.79 | 0.48 | 1.89 | 0.20 | 0.25 | 0.09 |
| Stock-based compensation / revenue | 0.7% | 0.5% | 0.7% | 0.8% | 1.0% | 1.8% | 2.1% | 0.3% | 0.0% | 0.0% |
| R&D / revenue | — | — | — | — | — | — | — | — | 0.2% | — |
| SG&A / revenue | 11.8% | 11.0% | 6.2% | 6.1% | 7.6% | 8.5% | 10.7% | 0.3% | 0.0% | 4.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 43.8 | 44.6 | 42.7 | 44.2 | 39.5 | 34.2 | 27.6 | 41.2 | 47.2 | — |
| Days of inventory on hand | 19.8 | 17.9 | 17.5 | 17.9 | 16.5 | 15.6 | 10.7 | 8.1 | 11.1 | — |
| Days payables outstanding | 43.4 | 35.1 | 31.5 | 33.6 | 39.9 | 44.2 | 11.0 | 0.1 | 0.1 | — |
| Cash conversion cycle (days) | 20.2 | 27.4 | 28.7 | 28.5 | 16.1 | 5.7 | 27.3 | 49.2 | 58.2 | — |
| Receivables turnover | 8.33 | 8.18 | 8.56 | 8.26 | 9.25 | 10.67 | 13.24 | 8.86 | 7.74 | — |
| Payables turnover | 8.40 | 10.40 | 11.61 | 10.85 | 9.15 | 8.26 | 33.21 | 5,631.97 | 2,692.30 | — |
| Inventory turnover | 18.39 | 20.36 | 20.87 | 20.36 | 22.09 | 23.34 | 34.05 | 45.14 | 32.81 | — |
| Asset turnover | 0.74 | 0.73 | 0.66 | 0.57 | 0.69 | 1.04 | 2.20 | 2.71 | 619.93 | — |
| Average receivables | $389.5M | $398.5M | $374.0M | $359.5M | $265.5M | $99.0M | $40.0M | $38.9M | $24.9M | — |
| Average payables | $318.5M | $248.1M | $217.0M | $235.3M | $219.5M | $108.8M | $13.3M | $50,640 | $60,506 | — |
| Average inventory | $145.5M | $126.7M | $120.7M | $125.4M | $90.9M | $38.5M | $12.9M | $6.3M | $5.0M | — |
| Intangibles / total assets | 60.8% | 62.0% | 63.3% | 71.0% | 70.8% | 61.5% | 72.5% | 79.7% | 12,436.1% | — |
Computed from AHCO's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AHCO valuation and financial ratios
AdaptHealth earned a return on equity of −4.6% and a return on invested capital of 4.3% in fiscal 2025. It ended the year with $1.9 billion of debt and $106.1 million in cash and short-term investments, net debt of $1.8 billion. The share count rose 332.5% from 31.2M to 135.1M over 9 years.
See the AHCO income statement, the AHCO chart for price history, or the AHCO stock overview for the latest quote and news.
AHCO key metrics FAQ
What is AdaptHealth's EV/EBITDA?
AdaptHealth's enterprise value was 6.7 times EBITDA at the end of fiscal 2025 (enterprise value $3.1 billion, EBITDA $472.5 million); the current EV/EBITDA is 9.6.
What is AdaptHealth's return on equity?
AdaptHealth's return on equity (ROE) was −4.6% in fiscal 2025: net income of -$70.8 million on average shareholders' equity of $1.5 billion.
What is AdaptHealth's ROIC?
AdaptHealth's return on invested capital was 4.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AdaptHealth have?
AdaptHealth had total debt of $1.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.25 and $1.8 billion of net debt (3.80 times EBITDA).
What is AdaptHealth's free cash flow yield?
AdaptHealth generated $219.4 million of free cash flow in fiscal 2025, a free cash flow yield of 16.3% on its market value at year-end ($1.3 billion).
What is AdaptHealth's current ratio?
AdaptHealth's current ratio was 1.02 at the end of fiscal 2025: current assets were 1.02 times current liabilities.