AdaptHealth Corp. (AHCO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+589.1%

$40.73

vs $5.91 price

Levered DCF

$236.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.67

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-19.15×	15.35×	-1.37×	36.96×	21.84×	-30.54×	-37.86×	147.16×
P/B	0.89×	0.81×	0.67×	1.2×	1.5×	5.56×	-20.47×	1.25×
P/S	0.41×	0.39×	0.31×	0.87×	1.26×	1.87×	1.5×	0.89×
EV / EBITDA	6.65×	5.24×	-18.68×	8.7×	9.76×	-32.6×	14.18×	5.71×
Gross margin	17.5%	20.9%	21.3%	14.1%	18.2%	14.9%	16.8%	17.4%
Operating margin	5.7%	8.1%	-18.7%	6.4%	9.2%	6.8%	5.5%	-0.4%
Net margin	-2.2%	2.8%	-21.2%	2.3%	6.4%	-15.3%	-4.0%	0.6%
Current ratio	1.02×	1.33×	1.21×	1.28×	1.34×	0.86×	1.18×	1.58×
Debt / equity	1.25×	1.36×	1.57×	1.08×	1.15×	2.27×	-10.74×	0.63×
Interest coverage	1.76×	2.08×	-4.59×	1.74×	2.37×	1.72×	0.75×	-0.3×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.5%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-1171.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.7%	5.8%	-46.5%	3.2%	7.6%	-45.5%	55.0%	0.8%
Return on invested capital	5.1%	4.6%	-13.7%	2.9%	3.9%	4.7%	7.1%	-0.3%
Return on assets	-1.6%	2.0%	-15.1%	1.3%	3.0%	-8.9%	-3.9%	0.8%
Free cash flow yield	16.3%	18.5%	14.6%	-0.7%	2.3%	7.9%	4.9%	19.0%
Earnings yield	-5.3%	7.1%	-69.4%	2.7%	5.1%	-8.2%	-2.7%	0.7%
Enterprise value	$3.1B	$3.3B	$3.2B	$4.9B	$5.3B	$2.7B	$1.1B	$461.4M
Net debt / EBITDA	3.8×	3.22×	-12.96×	4.09×	4.08×	-8.6×	4.25×	1.91×
Cash conversion cycle (days)	14	25	30	31	31	5	-0	66