# AdaptHealth Corp. (AHCO)

> Source: Nexqual · https://nexqual.com/AHCO · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, AdaptHealth Corp. (AHCO), nexqual.com/AHCO" · informational, not investment advice.

**Price:** USD 5.93 (-1.66% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 6.03 · day 5.91–6.17 · 52w 5.21–13.43 · market cap $791M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.23B, net income -$228M (-7.1% margin), free cash flow $97.7M (SEC filings).
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 8.86 (range 7–10).
- Total return with dividends: 1Y -32.6% vs S&P 500 +14.8%; 5Y -78.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-03, EPS estimate USD -0.06, revenue estimate $726M. All companies reporting that day: https://nexqual.com/earnings/2026-11-03
- Dividend: AHCO paid no cash dividend in the last five years.
- Short interest: 10.21% of float (as of 2026-10-15), 4.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.97B | $3.20B | $3.26B | $3.24B | $3.23B |
| Gross profit | $446M | $580M | $624M | $681M | $609M | — |
| Operating income | $226M | $190M | -$598M | $264M | $90.9M | -$144M |
| Net income | $156M | $69.3M | -$679M | $90.4M | -$70.8M | -$228M |
| EPS (diluted) | $0.67 | $0.33 | -$5.31 | $0.61 | -$0.52 | — |
| Free cash flow | $72.4M | -$17.6M | $143M | $236M | $219M | $97.7M |
| Gross margin | 18.2% | 19.5% | 19.5% | 20.9% | 18.8% | — |
| Operating margin | 9.2% | 6.4% | -18.7% | 8.1% | 2.8% | -4.5% |
| Net margin | 6.4% | 2.3% | -21.2% | 2.8% | -2.2% | -7.1% |
| Revenue growth | +132.4% | +21.0% | +7.7% | +1.9% | -0.5% | — |
| Cash + short-term investments | $150M | $46.3M | $77.1M | $110M | $106M | — |
| Total debt | $2.20B | $2.19B | $2.15B | $1.98B | $1.74B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.3x · P/FCF 8.1x · P/B 0.6x · FCF yield 12.35% · Earnings yield -28.85%
P/E at fiscal year-ends: Dec 2024 14.3x.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 8.86 (low 7, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Baird | Target lowered | Outperform | $10 → $9 |
| 2026-08-06 | UBS | Target lowered | Buy | $14 → $10 |
| 2026-08-06 | RBC Capital | Target lowered | Outperform | $15 → $8 |
| 2026-08-05 | Truist Securities | Target lowered | Buy | $14 → $9 |
| 2026-07-21 | Jefferies | Upgrade | Hold → Buy | $11 → $13 |
| 2026-07-06 | Baird | Target lowered | Outperform | $18 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -32.6% | -78.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -32.8% | -26.2% |
| Volatility (annualized) | 69.0% | 61.4% |
| Max drawdown | -61.0% (Apr 2026→Aug 2026) | -79.5% (Oct 2021→Sep 2026) |

## Dividends
AHCO paid no cash dividend in the last five years.

## Short interest
10,235,476 shares sold short, 10.21% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 9,633,037 shares (+6.3%). Days to cover: 4.3 (short shares ÷ average daily volume).

## Peers (Medical Devices)
ATEC (Alphatec Holdings, Inc.) USD 11.37 -0.70% · BFLY (Butterfly Network, Inc.) USD 7.51 -3.84% · ESTA (Establishment Labs Holdings Inc) USD 68.41 -0.81% · INSP (Inspire Medical Systems, Inc.) USD 71.18 +0.30% · UFPT (UFP Technologies, Inc.) USD 293.3 +2.55% · TMDX (TransMedics Group, Inc.) USD 67.12 +0.33%

## More
Full page: https://nexqual.com/AHCO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.06 | $0.32 | −$0.38 | $725.9M | 5 |
| Next quarter (ends 2026-12-31) | $-0.06 | $0.45 | −$0.51 | $731.1M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.45 | $0.84 | −$1.29 | $2.88B | 5 |
| Next fiscal year (ends 2027-12-31) | $-0.13 | $1.17 | −$1.30 | $2.99B | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.07 | $0.17 | Miss −$0.24 | — |
| — | Quarter ended Mar 31, 2026 | −$0.05 | $0.01 | Miss −$0.06 | — |
| — | Quarter ended Dec 31, 2025 | $0.27 | $0.34 | Miss −20.6% | — |
| — | Quarter ended Sep 30, 2025 | $0.23 | $0.24 | Miss −4.2% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).