AdaptHealth
AHCO on Nasdaq. AdaptHealth sells equipment, supplies, and services to patients at home. Market value $783m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $12.42 of spare cash in the past 12 months. A savings account pays about $4.
You pay 27.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 67 of 100. Price score: 38 of 100. Our list needs 70 on quality and 60 on price.
$5.77 a share, 11% above its 1-year low
Over the past year the price has ranged from $5.21 to $13.43.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $98 million in the past 12 months, $219 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.5bn | $3.0bn | $3.2bn | $3.3bn | $3.2bn |
| Operating margin | |||||
| Operating margin | 9.2% | 6.4% | -18.7% | 8.1% | 2.8% |
| Debt to equity | |||||
| Debt to equity | 1.08 | 1.02 | 1.49 | 1.29 | 1.18 |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.14bn | 0.13bn | 0.14bn | 0.14bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt1.18× equity
- Revenue growth, five yearsStrong, 25.2% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $740 million last quarter, up 13% on a year ago.
- A loss of $134 million, after a profit of $15 million a year ago.
- Spare cash over the past 12 months: $98 million, down from $231 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $806m |
| December 2024 | $857m |
| March 2025 | $778m |
| June 2025 | $657m |
| September 2025 | $820m |
| December 2025 | $846m |
| March 2026 | $820m |
| June 2026 | $740m |
| Quarter to | Amount |
|---|---|
| September 2024 | $23m |
| December 2024 | $50m |
| March 2025 | -$7m |
| June 2025 | $15m |
| September 2025 | $25m |
| December 2025 | -$103m |
| March 2026 | -$16m |
| June 2026 | -$134m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 238 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $617,000 | <0.1% | Cut |
Largest holders overall
- OEP Capital Advisors, L.P.$170m
- BlackRock$167m
- Deerfield Management Company, L.P.$120m
- SkyKnight Capital, L.P.$89m
- FMR$82mCut
- Dimensional Fund Advisors LP$80mAdded
- Reinhart Partners, Llc.$77mCut
- Vanguard Portfolio Management$67mAdded
- Vanguard Capital Management$50mAdded
- State Street$48mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- OEP AHCO Investment Holdings, LLCPassive investorat least 11.7%(filed with 8 related holders)Since 10 March 2026
- BlackRock, Inc.Passive investor10.9%Since 30 June 2025
- Deerfield Management Company, L.P.Passive investorat least 8.5%(filed with 5 related holders)Since 30 September 2025
- FMR LLCPassive investorat least 5.6%−1.1 pts(filed with 1 related holder)Since 31 December 2025
- REINHART PARTNERS, LLC.Passive investor5.4%Since 31 March 2025
- Dimensional Fund Advisors LPPassive investor5.1%Since 31 March 2026
- Jefferies Financial Group Inc.Passive investorat least 3.8%(filed with 1 related holder)Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Pacer Advisors, Inc.Passive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
OEP AHCO Investment Holdings, LLC Passive investor | at least 11.7% (filed with 8 related holders) | 10 March 2026 | |
BlackRock, Inc. Passive investor | 10.9% | 30 June 2025 | |
Deerfield Management Company, L.P. Passive investor | at least 8.5% (filed with 5 related holders) | 30 September 2025 | |
FMR LLC Passive investor | at least 5.6%−1.1 pts (filed with 1 related holder) | 31 December 2025 | |
REINHART PARTNERS, LLC. Passive investor | 5.4% | 31 March 2025 | |
Dimensional Fund Advisors LP Passive investor | 5.1% | 31 March 2026 | |
Jefferies Financial Group Inc. Passive investor | at least 3.8% (filed with 1 related holder) | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Pacer Advisors, Inc. Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $509,360 of shares on the open market. 2 sold $278,288, $231,138 of it under preset trading plans.
- WOLF DALE BDirectorBought
- Date
- 7 August 2026
- Shares
- 20,000
- Price
- $5.86
- Value
- $117,200
- WOLF DALE BDirectorBought
- Date
- 6 August 2026
- Shares
- 20,000
- Price
- $6.30
- Value
- $126,000
- SAMET KENNETH ADirectorBought
- Date
- 6 August 2026
- Shares
- 23,500
- Price
- $6.38
- Value
- $149,930
- Schuster III Russell E.Chief Commercial OfficerSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 11,275
- Price
- $10.44
- Value
- $117,711
- Schuster III Russell E.Chief Commercial OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 11,275
- Price
- $10.06
- Value
- $113,427
- WOLF DALE BDirectorBought
- Date
- 27 February 2026
- Shares
- 8,000
- Price
- $8.96
- Value
- $71,680
- Rew Richard W. IICLO and General CounselBought
- Date
- 26 February 2026
- Shares
- 5,000
- Price
- $8.91
- Value
- $44,550
- Williams David Solomon IIIDirectorSold
- Date
- 4 December 2025
- Shares
- 5,000
- Price
- $9.43
- Value
- $47,150
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 August 2026 | WOLF DALE B Director | Bought | 20,000 | $5.86 | $117,200 |
| 6 August 2026 | WOLF DALE B Director | Bought | 20,000 | $6.30 | $126,000 |
| 6 August 2026 | SAMET KENNETH A Director | Bought | 23,500 | $6.38 | $149,930 |
| 1 July 2026 | Schuster III Russell E. Chief Commercial Officer | Sold under a preset trading plan | 11,275 | $10.44 | $117,711 |
| 1 June 2026 | Schuster III Russell E. Chief Commercial Officer | Sold under a preset trading plan | 11,275 | $10.06 | $113,427 |
| 27 February 2026 | WOLF DALE B Director | Bought | 8,000 | $8.96 | $71,680 |
| 26 February 2026 | Rew Richard W. II CLO and General Counsel | Bought | 5,000 | $8.91 | $44,550 |
| 4 December 2025 | Williams David Solomon III Director | Sold | 5,000 | $9.43 | $47,150 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 27.1× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.