AHCOAdaptHealth Corp.
Services-Home Health Care Services
- Revenue
- $3.2B
- 0.5% YoY
- Operating margin
- 2.8%
- 65% YoY
- EBITDA
- $473M
- 25% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 4.0×
- $1.9B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired55% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.5B | $3.0B | $3.2B | $3.3B | $3.2B | 0.5% |
| Operating income | $226M | $190M | −$598M | $264M | $91M | 66% |
| Net income | $156M | $69M | −$679M | $90M | −$71M | 178% |
| Operating cash flow | $276M | $374M | $481M | $542M | $602M | 11% |
| Capex | $203M | $391M | $337M | $306M | $382M | 25% |
| Stock-based comp | $25M | $22M | $22M | $15M | $22M | 47% |
| Buybacks | $0 | $14M | $29M | $0 | $0 |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $20M · 3
- Open-market sells, 12 mo
- $0 · 0
- Net
- $20M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 27 | 110 |
| FY2024 | — | — | 25 | 93 |
| FY2023 | — | — | 19 | 92 |
| FY2022 | — | — | 51 | 87 |
| FY2021 | — | — | 65 | 109 |