Is the business good?
How good a business is AHCO?
AdaptHealth Corp. earns 1.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
1.8%
Return on invested capital · cost of capital 9.0% · 7.2 points below what the capital costs: growth destroys value
- Operating margin
- 2.2%
Operating margin · Medical Devices median 11% · 12 months to Q1 2026
- Share count, year on year
- +0.73%
Share count, year on year · flat: no meaningful dilution
- Gross margin
- 18%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 6.8% |
| FY2021 | 9.2% |
| FY2022 | 6.4% |
| FY2023 | −19% |
| FY2024 | 8.1% |
| FY2025 | 2.8% |
Details›
- Gross margin12 months to Q1 2026
- 18%
- Operating margin12 months to Q1 2026
- 2.2%
- Net margin12 months to Q1 2026
- −2.4%
- Free cash flow margin
- 5.8%
- Revenue, trailing twelve months
- $3.29B
- Free cash flow, trailing twelve months
- $192M
- Net income, trailing twelve months
- −$80M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.