Latest Ratios: P/E Ratio -19.5x · EV/EBITDA 5.3x · ROE -4.6%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.3B | $1.3B | $980M | $2.7B | $3.3B | $2.0B | $795M | $307M | — |
| Enterprise Value | $3.2B | $3.1B | $3.3B | $3.2B | $5.0B | $5.5B | $2.7B | $1.1B | $461M | — |
| P/E Ratio → | -19.52 | — | 15.61 | — | 38.44 | 36.51 | — | 64.59 | 147.16 | — |
| P/S Ratio | 0.43 | 0.41 | 0.40 | 0.31 | 0.90 | 1.33 | 1.87 | 1.50 | 0.89 | — |
| P/B Ratio | 0.90 | 0.88 | 0.82 | 0.67 | 1.24 | 1.57 | 7.02 | — | 1.24 | — |
| P/FCF | 6.29 | 6.14 | 5.47 | 6.84 | — | 44.96 | 12.65 | 20.33 | 5.25 | — |
| P/OCF | 2.29 | 2.24 | 2.38 | 2.04 | 7.15 | 11.80 | 10.08 | 13.15 | 4.49 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.97 | 1.02 | 1.00 | 1.67 | 2.23 | 2.54 | 2.14 | 1.34 | — |
| EV / EBITDA | 5.30 | 5.24 | 5.26 | — | 8.07 | 11.32 | 17.42 | 12.34 | 9.34 | — |
| EV / EBIT | 17.05 | 34.69 | 12.60 | — | 23.90 | 19.13 | — | 65.05 | 15.26 | — |
| EV / FCF | — | 14.33 | 14.04 | 22.33 | — | 75.65 | 17.18 | 29.03 | 7.89 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.5% | 17.5% | 20.9% | 21.3% | 14.1% | 18.2% | 14.9% | 16.8% | 17.4% | 15.4% |
| Operating Margin | 5.7% | 5.7% | 8.1% | -18.7% | 6.4% | 9.2% | 6.8% | 5.5% | -0.4% | -0.0% |
| Net Profit Margin | -2.2% | -2.2% | 2.8% | -21.2% | 2.3% | 6.4% | -15.3% | -4.0% | 0.6% | -0.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.6% | -4.6% | 5.9% | -37.5% | 3.3% | 13.3% | -150.3% | -23.4% | 1.9% | — |
| ROA | -1.6% | -1.6% | 2.0% | -14.0% | 1.3% | 4.4% | -13.7% | -5.3% | 1.6% | -0.2% |
| ROIC | 4.0% | 4.0% | 5.4% | -11.0% | 3.3% | 6.4% | 8.5% | 6.5% | -0.5% | — |
| ROCE | 5.0% | 5.0% | 6.7% | -13.7% | 4.0% | 7.3% | 8.0% | 9.1% | -1.0% | -2.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 1.35 | 1.56 | 1.08 | 1.15 | 2.87 | — | 0.62 | — |
| Debt / EBITDA | 3.17 | 3.17 | 3.39 | — | 3.79 | 4.90 | 5.25 | 4.53 | 3.14 | 0.01 |
| Net Debt / Equity | — | 1.18 | 1.28 | 1.51 | 1.06 | 1.07 | 2.52 | — | 0.62 | — |
| Net Debt / EBITDA | 3.00 | 3.00 | 3.21 | — | 3.72 | 4.59 | 4.60 | 3.70 | 3.12 | 0.00 |
| Debt / FCF | — | 8.19 | 8.57 | 15.49 | — | 30.69 | 4.54 | 8.70 | 2.64 | 0.00 |
| Interest Coverage | 0.86 | 0.86 | 2.07 | -4.54 | 1.89 | 3.01 | -3.97 | 0.44 | 7.29 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 1.33 | 1.21 | 1.28 | 1.34 | 0.86 | 1.18 | 1.58 | 0.42 |
| Quick Ratio | 0.81 | 0.81 | 1.09 | 1.00 | 1.00 | 1.09 | 0.72 | 1.09 | -9.39 | -16.92 |
| Cash Ratio | 0.15 | 0.15 | 0.19 | 0.14 | 0.10 | 0.30 | 0.24 | 0.50 | 1.35 | 0.42 |
| Asset Turnover | — | 0.75 | 0.73 | 0.71 | 0.57 | 0.47 | 0.58 | 0.97 | 1.36 | 619.93 |
| Inventory Turnover | 17.69 | 17.69 | 18.45 | 22.16 | 19.99 | 16.32 | 15.29 | 33.29 | 37.17 | 32.81 |
| Days Sales Outstanding | — | 41.72 | 45.67 | 44.36 | 44.13 | 53.52 | 59.11 | 54.18 | 56.04 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 31.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 6.4% | — | 2.6% | 2.7% | — | 1.5% | 0.7% | — |
| FCF Yield | 15.9% | 16.3% | 18.3% | 14.6% | — | 2.2% | 7.9% | 4.9% | 19.0% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 3.0% | 0.5% | 0.0% | 2.2% | 3.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 3.0% | 0.5% | 0.0% | 2.2% | 34.4% | 0.0% | — |
| Shares Outstanding | — | $135M | $136M | $134M | $139M | $133M | $52M | $72M | $31M | $31M |
Regulatory Reimbursement Compression
Based on reported financial data, AdaptHealth's forward P/E of 12.23 and P/S of 0.43 suggest that the market is heavily discounting the company's future earnings potential, likely due to the persistent volatility in net margins and the ongoing challenges associated with its complex, acquisition-heavy business model.
The absence of a meaningful trailing P/E ratio underscores the market's skepticism regarding the company's ability to generate consistent GAAP profitability. Investors appear to be pricing the stock based on an EV/EBITDA multiple of 5.33, which suggests a focus on cash flow generation rather than bottom-line earnings, reflecting the high capital intensity of the HME sector.
As reported in recent financial statements, AdaptHealth's ROIC has struggled to maintain positive momentum, hovering near 0.2% in 2026Q1, which indicates that the company is failing to generate adequate returns on its invested capital compared to the historical cost of its extensive acquisition-led expansion strategy.
The persistent inability to drive ROIC above low single digits suggests that the integration of acquired assets has not yet yielded the expected economies of scale. This trend warrants further investigation into whether the company's capital allocation strategy is creating long-term shareholder value or merely expanding the revenue base without improving underlying operational efficiency.
According to quarterly filings, the cash conversion cycle has exhibited significant volatility, reaching 47 days in 2026Q1, which highlights the operational difficulties inherent in managing complex medical billing cycles and the resulting lags in cash collection from diverse insurance payors across the company's national footprint.
The fluctuation in Days Sales Outstanding (DSO), which peaked at 66 days in 2024Q2, suggests that the company faces structural challenges in converting revenue into cash. Investors should monitor these metrics closely, as any sustained increase in the cash conversion cycle could further strain the company's liquidity position and increase reliance on external financing.
Based on the most recent quarterly data, the current ratio has tightened to 0.92, signaling a potential reduction in the company's short-term financial flexibility as it navigates a period of stagnant revenue growth and the ongoing integration of its diverse medical equipment and supply service lines.
The decline in the quick ratio to 0.71 suggests that the company's ability to meet immediate obligations without relying on inventory liquidation is becoming increasingly constrained. This trend indicates a narrowing safety margin that could leave the firm vulnerable to unexpected shocks in reimbursement timing or sudden increases in operational costs.
The most commonly misapplied metric for AdaptHealth is Adjusted EBITDA, which frequently obscures the high capital intensity of the rental equipment fleet and the significant non-cash charges that are essential to the company's actual operational reality in the home medical equipment and respiratory services industry.
By focusing on Adjusted EBITDA, analysts often overlook the substantial depreciation and amortization expenses associated with the company's rental fleet, which are not merely accounting artifacts but represent real, recurring capital requirements. A more accurate assessment of the company's earning power should prioritize Free Cash Flow (FCF) after accounting for the necessary capital expenditures required to maintain and refresh its medical device inventory.
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Quick answers to the most common questions about buying AHCO stock.
AdaptHealth Corp.'s current P/E ratio is -19.5x. The historical average is 60.5x.
AdaptHealth Corp.'s current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
AdaptHealth Corp.'s return on equity (ROE) is -4.6%. The historical average is -23.9%.
Based on historical data, AdaptHealth Corp. is trading at a P/E of -19.5x. Compare with industry peers and growth rates for a complete picture.
AdaptHealth Corp. has 17.5% gross margin and 5.7% operating margin.
AdaptHealth Corp.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.