At a glance
Adapthealth Corp is worth $822.2M. Revenue fell 0.5% to $3.24B in fiscal 2025, at a loss; over 5 years it has grown 25.2% a year. It pays no dividend; it spent $43.3M buying back its shares over FY2021–FY2025. The stock returned −36.3% over the past year with dividends reinvested and −25.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.0% in the 2020 crash (S&P 500: 33.7%) and 52.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 3 months after the lows.
The business in plain English
AdaptHealth delivers medical equipment and supplies to patients at home. Its products include continuous positive airway pressure (CPAP) machines for sleep apnea, oxygen and home ventilators for lung disease, continuous glucose monitors and insulin pumps for diabetes, and hospital beds and wheelchairs. Most new patients come through referrals from hospitals, sleep labs, lung and diabetes specialists, nursing facilities, hospices and family doctors. As of December 31, 2025, it served about 4.3 million patients a year in all 50 states from roughly 640 locations. In fiscal 2025 it averaged about 38,500 deliveries a day.
It bills Medicare, Medicaid, private insurers and patients, and is paid in three main ways. One-time and repeat sales, such as replacement CPAP masks and glucose monitors, made up about 63% of net revenue in fiscal 2025. Fixed monthly payments for equipment such as oxygen, CPAP machines and hospital beds made up about 33%. The last 4% came from capitation contracts. Under these, an insurer pays a set fee per member each month and AdaptHealth covers those members' contracted care.
Sleep Health is the biggest of four segments, bringing in 42.5% of the $3.24 billion in fiscal 2025 revenue. Respiratory Health made up 21.3% and Diabetes Health 18.3%. Wellness at Home, which serves patients such as those discharged from hospitals, made up 18%.
Price history
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AHCO -36.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Sleep Health | $1.38B | 42.5% |
| Respiratory Health | $691.2M | 21.3% |
| Diabetes Health | $592.4M | 18.3% |
| Wellness at Home | $583.1M | 18% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $740.3M, up 12.7% from a year earlier, and net income was $-133.9M (-1012.7%).
- For fiscal 2025, revenue was $3.24B (-0.5% year over year; +25.2% a year from FY2020 to FY2025) with a -2.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.2% good |
|---|---|
| Operating margin | 2.8% weak |
| Free cash flow margin | 6.8% watch |
| Return on equity (FY2025) | -4.7% weak |
| Return on assets (FY2025) | -1.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.06B | $-161.6M | $155.9M |
| FY2021 | $2.45B | $156.2M | $72.4M |
| FY2022 | $2.97B | $69.3M | $-17.6M |
| FY2023 | $3.20B | $-678.9M | $143.2M |
| FY2024 | $3.26B | $90.4M | $235.8M |
| FY2025 | $3.24B | $-70.8M | $219.4M |
Valuation snapshot
| Market value | $822.2M |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Adapthealth’s market value went from $1.23B at the end of 2018 to $822.2M on Oct 28, 2026, down 33%; since the end of 2025 it is down 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $822.2M | -39.0% |
| 2025 | $1.35B | +5.3% |
| 2024 | $1.28B | +28.8% |
| 2023 | $994.3M | -61.6% |
| 2022 | $2.59B | -19.9% |
| 2021 | $3.23B | -31.1% |
| 2020 | $4.70B | +242.1% |
| 2019 | $1.37B | +11.7% |
| 2018 | $1.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AHCO price data to Oct 28, 2026 | -39.5% | -36.3% | -6.6% | -25.8% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -39.5% |
| 2025 | +4.6% |
| 2024 | +30.6% |
| 2023 | -62.1% |
| 2022 | -21.4% |
| 2021 | -34.9% |
| 2020 | +242.1% |
| 2019 | +11.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 20.7% over that stretch · deepest drop along the way 38%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.5% over that stretch · deepest drop along the way 52.3%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 10 open-market purchases ($24.9M) and 2 sales ($231K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 10, 2026 | Richard M Jr Cashin 10% owner | buy | $8.0M |
| Mar 12, 2026 | Richard M Jr Cashin 10% owner | buy | $6.7M |
| Mar 11, 2026 | Richard M Jr Cashin 10% owner | buy | $5.2M |
| Mar 20, 2026 | Richard M Jr Cashin 10% owner | buy | $4.4M |
| Aug 6, 2026 | Kenneth A Samet Director | buy | $150K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.9% | Jun 30, 2025 |
| Deerfield Mgmt, L.P. | 8.48% | Sep 30, 2025 |
| FMR LLC | 5.6% | Dec 31, 2025 |
| Dimensional Fund Advisors LP | 4.7% | Sep 30, 2026 |
| JEFFERIES LLC | 3.8% | Dec 31, 2024 |
ETFs with the most weight in AHCO
| XHS SPDR S&P Health Care Services ETF | 1.4% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.29% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.62% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.3% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.27% |
| EES WisdomTree U.S. SmallCap Fund | 0.25% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.24% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.19% |
What could go wrong
- Heavy dependence on sleep apnea therapy. Sleep Health supplied 42.5% of fiscal 2025 revenue. Cuts in payments for CPAP machines and masks, supply problems, or new treatments that make this equipment obsolete could hurt results significantly.
- Possible Medicare cuts for glucose monitors. A November 2025 report by the health department's inspector general made recommendations on continuous glucose monitors. If Medicare acts on them or cuts payment rates, Diabetes Health, 18.3% of revenue, could suffer.
- Fixed-fee contracts can lose money. Under capitation deals, about 4% of fiscal 2025 revenue, an insurer pays a set monthly fee per member and AdaptHealth covers those members' contracted care. If care costs exceed the fees, it loses money.
- Payment cuts, audits and strict billing rules. Medicare, Medicaid and private insurers can cut rates or change coverage and resupply schedules, and Medicare could require prior approval. Claims face audits, and billing failures can bring substantial penalties under fraud laws.
- A large debt load. Total debt was $1.89 billion as of June 30, 2026, well above its $822 million stock market value on October 28, 2026. Weaker cash flow could make loan payments and lender conditions hard to meet.
- Cyberattacks and patient data. AdaptHealth depends on linked computer systems, some run by outside vendors, and holds sensitive patient data. It disclosed a cybersecurity incident in a July 2, 2026 filing. Breaches can disrupt operations and bring privacy-law penalties.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed
- Investor presentation or announcement
- Cybersecurity incident
- Shareholder vote results
- Quarterly results released; Executive or board change
- Major agreement signed; Major agreement ended; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
AdaptHealth pays no dividend and says it has no plans to start one for the foreseeable future, so any return must come from a rising share price. Buybacks have been small: about $43 million over fiscal 2021 to 2025, with none in 2024 or 2025. The share count rose 4.2% between August 2021 and July 2026. Free cash flow (cash left after running the business and investing in equipment) was $219 million in fiscal 2025, though the company posted a net loss.
The shares have swung sharply in downturns. In the 2020 COVID crash they fell 38% between March 5 and March 18, 2020, then recovered by April 2. In the 2022 bear market they dropped 52.3% and took about 2.8 months to recover. As of October 28, 2026, the stock was down 78% over five years, and its worst peak-to-trough fall was 87%. A single stock like this carries far more risk than a diversified fund.
Questions investors ask
How does AdaptHealth make money?
AdaptHealth delivers medical equipment and supplies to patients' homes and bills Medicare, Medicaid and private insurers. Of its $3.24 billion in revenue for 2025, Sleep Health brought in 42.5%, mainly CPAP (continuous positive airway pressure) machines and supplies for sleep apnea. Respiratory Health, such as oxygen and home ventilators, made up 21.3%. Diabetes Health, including glucose monitors and insulin pumps, made up 18.3%, and Wellness at Home 18%. About 63% of revenue came from one-time or resupply sales and about 33% from fixed monthly payments for equipment.
Does AdaptHealth pay a dividend?
No. AdaptHealth paid no dividends from 2021 through 2025. Its annual report for 2025, filed February 24, 2026, says it has no plans to pay cash dividends for the foreseeable future. Any return would have to come from a higher share price. The company bought back about $43.3 million of stock over those five years, all of it in 2022 and 2023. Even so, shares outstanding rose 4.2% between August 2021 and July 2026. Investors who need regular income from their holdings would get none here.
Is AdaptHealth profitable?
Not consistently. For 2025, AdaptHealth made a $90.9 million operating profit on $3.24 billion of revenue, a thin 2.8% operating margin. But it posted a net loss of $70.8 million, or $0.52 per share. Net results have swung widely, from a $678.9 million loss in 2023 to a $90.4 million profit in 2024. Free cash flow, the cash left after capital spending, was stronger at $219.4 million in 2025. In the quarter ended June 30, 2026, revenue grew 12.7% from a year earlier, but the net loss was $133.9 million.
Is AdaptHealth stock risky?
Yes, by most measures. As of October 28, 2026, the shares were down 39.5% year to date and 78% in total over five years. Over the year to that date, they fell as much as 61% from a peak. One-year volatility, a gauge of how widely the price swings, was 68.8%. Total debt was $1.89 billion as of June 30, 2026. The company's stock market value was about $822 million on October 28. The company's annual report also warns that Medicare could cut its payment rates for glucose monitors.
Are AdaptHealth insiders buying the stock?
Yes, on balance. Insider filings for the year to October 29, 2026, include 10 purchases and only 2 sales. Both sales were made under preset trading plans, which schedule trades in advance. The four largest purchases came from Richard M. Cashin Jr., a 10% owner, in March 2026. Director Kenneth A. Samet also bought shares in August 2026. Large investment firms also hold sizable stakes, including BlackRock at 10.9% as of June 30, 2025. Insider buying can signal confidence, but it does not guarantee returns.