Tearsheet

AdaptHealth (AHCO)


Market Price (12/25/2025): $9.56 | Market Cap: $1.3 Bil
Sector: Health Care | Industry: Health Care Equipment

AdaptHealth (AHCO)


Market Price (12/25/2025): $9.56
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 15%
Weak multi-year price returns
3Y Excs Rtn is -128%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 132%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%
  Key risks
AHCO key risks include [1] a high dependence on its sleep therapy segment and [2] a reliance on a limited number of key suppliers.
2 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Remote Patient Monitoring, Geriatric Care, Show more.
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 15%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%
2 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Remote Patient Monitoring, Geriatric Care, Show more.
3 Weak multi-year price returns
3Y Excs Rtn is -128%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 132%
5 Key risks
AHCO key risks include [1] a high dependence on its sleep therapy segment and [2] a reliance on a limited number of key suppliers.

Valuation, Metrics & Events

AHCO Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

Here are five key points explaining the movement of AdaptHealth (AHCO) stock from August 31, 2025, to December 26, 2025:

1. Significant New Partnership Announcement: AdaptHealth announced on August 5, 2025, a definitive five-year agreement to become the exclusive home medical equipment provider for a major national healthcare system, covering over 10 million members. This partnership is anticipated to generate $1 billion in revenue over five years and is expected to drive accelerated growth starting in 2026.

2. Strong Q3 2025 Revenue Performance: On November 4, 2025, AdaptHealth reported its third-quarter 2025 financial results, with net revenue reaching $820.3 million. This represented a 1.8% year-over-year increase and surpassed analyst expectations, contributing to a significant single-day rise in the stock price.

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Stock Movement Drivers

Fundamental Drivers

The 9.5% change in AHCO stock from 9/25/2025 to 12/25/2025 was primarily driven by a 7.6% change in the company's P/E Multiple.
925202512252025Change
Stock Price ($)8.739.569.51%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)3244.133249.210.16%
Net Income Margin (%)2.48%2.53%1.89%
P/E Multiple14.6215.737.59%
Shares Outstanding (Mil)134.99135.34-0.26%
Cumulative Contribution9.51%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025
ReturnCorrelation
AHCO17.3% 
Market (SPY)4.9%5.4%
Sector (XLV)16.2%19.6%

Fundamental Drivers

The 1.5% change in AHCO stock from 6/26/2025 to 12/25/2025 was primarily driven by a 5.8% change in the company's P/E Multiple.
626202512252025Change
Stock Price ($)9.429.561.49%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)3247.353249.210.06%
Net Income Margin (%)2.63%2.53%-3.70%
P/E Multiple14.8815.735.75%
Shares Outstanding (Mil)134.80135.34-0.41%
Cumulative Contribution1.48%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025
ReturnCorrelation
AHCO8.7% 
Market (SPY)13.1%11.8%
Sector (XLV)16.6%31.3%

Fundamental Drivers

The -4.9% change in AHCO stock from 12/25/2024 to 12/25/2025 was primarily driven by a -3.7% change in the company's P/S Multiple.
1225202412252025Change
Stock Price ($)10.059.56-4.88%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)3263.773249.21-0.45%
P/S Multiple0.410.40-3.71%
Shares Outstanding (Mil)134.30135.34-0.78%
Cumulative Contribution-4.88%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025
ReturnCorrelation
AHCO1.9% 
Market (SPY)15.8%28.1%
Sector (XLV)13.3%37.6%

Fundamental Drivers

The -50.0% change in AHCO stock from 12/26/2022 to 12/25/2025 was primarily driven by a -41.9% change in the company's P/E Multiple.
1226202212252025Change
Stock Price ($)19.139.56-50.03%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2807.153249.2115.75%
Net Income Margin (%)3.38%2.53%-25.09%
P/E Multiple27.0715.73-41.88%
Shares Outstanding (Mil)134.23135.34-0.83%
Cumulative Contribution-50.03%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025
ReturnCorrelation
AHCO44.6% 
Market (SPY)48.3%26.1%
Sector (XLV)18.5%27.2%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
AHCO Return242%-35%-21%-62%31%6%-8%
Peers Return95%162%-9%-2%-9%-11%271%
S&P 500 Return16%27%-19%24%23%18%115%

Monthly Win Rates [3]
AHCO Win Rate75%50%42%33%42%67% 
Peers Win Rate57%48%47%50%48%40% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
AHCO Max Drawdown-4%-51%-53%-66%-9%-23% 
Peers Max Drawdown-38%-13%-34%-25%-26%-36% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: RMD, OMI, VMD, QIPT, HSIC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique KeyEventAHCOS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-83.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven518.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-38.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven61.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven15 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-21.3%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven27.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven22 days120 days

Compare to EW, MASI, ATRC, UFPT, DAVI

In The Past

AdaptHealth's stock fell -83.8% during the 2022 Inflation Shock from a high on 2/1/2021. A -83.8% loss requires a 518.6% gain to breakeven.

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About AdaptHealth (AHCO)

AdaptHealth Corp., together with its subsidiaries, provides home medical equipment (HME), medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, such as CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; medical devices and supplies, including continuous glucose monitors and insulin pumps to patients for the treatment of diabetes; HME to patients discharged from acute care and other facilities; oxygen and related chronic therapy services in the home; and other HME devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy, and nutritional supply needs. It serves beneficiaries of Medicare, Medicaid, and commercial insurance payors. AdaptHealth Corp. is headquartered in Plymouth Meeting, Pennsylvania.

AI Analysis | Feedback

1. Amazon for home medical equipment and supplies.

2. A 'CVS or Walgreens' for home-delivered durable medical equipment and oxygen therapy.

3. Rent-A-Center for medical devices.

AI Analysis | Feedback

AdaptHealth (AHCO) provides a range of home medical equipment and related services, categorized as follows:
  • Sleep Therapy Services: Provides Continuous Positive Airway Pressure (CPAP) and Bi-level Positive Airway Pressure (BiPAP) devices, masks, and supplies for patients with sleep apnea and other sleep disorders.
  • Diabetes Management Services: Offers Continuous Glucose Monitors (CGMs), insulin pumps, and related supplies to individuals managing diabetes.
  • Respiratory Therapy Services: Supplies a range of oxygen therapy equipment, ventilators, nebulizers, and related respiratory care products for patients with chronic lung conditions.
  • Mobility and Aids for Daily Living: Provides wheelchairs, walkers, scooters, and other durable medical equipment designed to assist with mobility and daily activities.
  • Wound Care Management: Offers advanced wound care dressings, negative pressure wound therapy (NPWT) devices, and related supplies to facilitate healing for patients.
  • Enteral Nutrition Services: Delivers specialized nutritional formulas, feeding pumps, and supplies for patients who require tube feeding.
  • Urological and Ostomy Supplies: Provides catheters, ostomy bags, and other essential supplies for patients managing urological or ostomy care needs at home.

AI Analysis | Feedback

AdaptHealth (AHCO) primarily sells its products and services directly to individuals, specifically patients in need of home medical equipment and supplies. The company serves various categories of patients, including:

  • Individuals with sleep disorders and chronic respiratory conditions: This category includes patients diagnosed with sleep apnea who require continuous positive airway pressure (CPAP) or bilevel positive airway pressure (BiPAP) devices, as well as individuals with chronic obstructive pulmonary disease (COPD) and other respiratory insufficiencies who need oxygen therapy or ventilators.

  • Individuals with diabetes: AdaptHealth provides continuous glucose monitors (CGMs), insulin pumps, and related diabetic testing supplies to patients managing their diabetes.

  • Individuals requiring mobility assistance and other durable medical equipment (DME) and supplies: This broad category encompasses patients who need wheelchairs, scooters, hospital beds, walkers, and other mobility aids. It also includes those requiring urological, ostomy, and other home medical supplies.

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Suzanne Foster, Chief Executive Officer
Suzanne Foster assumed the role of Chief Executive Officer of AdaptHealth in May 2024. She brings over 25 years of experience as a global leader in the healthcare industry. Before joining AdaptHealth, Ms. Foster served as President of Beckman Coulter Life Sciences for Danaher Corporation from April 2022 until May 2024. Her prior leadership roles include President of Cardinal Health At-Home Solutions, President of Stanley Healthcare (a Stanley Black & Decker business), and General Manager of Medtronic Advanced Energy.

Jason Clemens, Chief Financial Officer
Jason Clemens serves as the Chief Financial Officer of AdaptHealth. He joined AdaptHealth as CFO in February 2021. Prior to AdaptHealth, Mr. Clemens was the Chief Financial Officer of AeroCare Holdings, Inc., which was acquired by AdaptHealth in 2021. Before AeroCare, he held various financial leadership positions, including at Tenet Healthcare and PwC.

Scott Barnhart, Chief Operating Officer
Scott Barnhart is the Chief Operating Officer at AdaptHealth. He joined AdaptHealth in September 2024. Previously, Mr. Barnhart held leadership roles in operations at other healthcare companies, including as Senior Vice President of Business Systems at Regal Rexnord and Vice President of Operations, Supply Chain, and Danaher Business System at Beckman Coulter Life Sciences for Danaher Corporation.

Joel Mills, Chief People Officer
Joel Mills has been the Chief People Officer of AdaptHealth since March 1, 2020. Before this, Mr. Mills was the President and CEO of Advanced Home Care from 1988 to 2020, where he grew the company into one of the largest hospital-affiliated home healthcare companies in the country. He is also a founding member and former chair of the American Association for Homecare.

Rodney Carson, President & Chief Operating Officer – Diabetes
Rodney Carson joined AdaptHealth in 2020 as President and Chief Operating Officer – Diabetes, leading the growth of this business segment. His career spans over 20 years in healthcare operations leadership. Mr. Carson previously served as President and CEO of CCS Medical and as President of Operations for MDLIVE, a prominent telehealth company. He began his career as a CPA and subsequently worked in finance and investment banking before transitioning to the healthcare industry.

AI Analysis | Feedback

The key risks to AdaptHealth (AHCO) are:

  1. Regulatory Changes and Reimbursement Pressures: The healthcare industry in which AdaptHealth operates is subject to extensive regulation, and modifications to laws, regulations, or reimbursement policies from government entities (such as Medicare and Medicaid) and private payors could significantly impact the company's revenue and financial stability. This also encompasses potential revisions in resupply guidelines that might decrease the frequency with which supplies can be purchased.
  2. Intense Industry Competition: AdaptHealth operates within a highly competitive durable medical equipment (DME) market, facing competition from numerous national, regional, and local providers. This competitive landscape can lead to pricing pressures, a reduction in market share, and necessitate substantial investments in marketing and customer service to retain or regain business.
  3. Dependence on Sleep Therapy Segment and Key Suppliers: A substantial portion of AdaptHealth's revenue is derived from providing sleep therapy equipment and supplies, making the company's success highly reliant on this particular segment. Furthermore, the company depends on a limited number of suppliers for the majority of its patient service equipment and supplies, introducing a potential supply chain risk.

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  • Increased direct-to-consumer (DTC) and direct-to-payer/provider (DTP) sales channels by medical device manufacturers. Leading manufacturers, such as ResMed in the sleep apnea market, are actively expanding their direct sales and distribution capabilities, leveraging digital platforms and direct relationships with health systems and even consumers for both devices and consumables. This emerging trend threatens to bypass traditional home medical equipment (HME) providers like AdaptHealth, potentially reducing their market share and compressing margins by cutting out the intermediary.
  • Further vertical integration and consolidation within the healthcare payer and provider landscape. Large health insurance companies and integrated delivery networks (IDNs) are increasingly acquiring or developing their own post-acute care services, including home medical equipment provision. This strategy aims to create "closed loop" systems that steer patients towards affiliated providers to control costs and patient pathways, thereby limiting referrals and market access for independent HME providers like AdaptHealth.

AI Analysis | Feedback

AdaptHealth (NASDAQ: AHCO) operates in several key segments, with addressable markets primarily within the U.S. and globally for their specialized healthcare-at-home solutions. The estimated market sizes for their main products and services are as follows:

Sleep Health

  • The U.S. sleep apnea devices market was valued at approximately USD 2.5 billion in 2024 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 7.4% between 2025 and 2034. Another estimate projects the U.S. market size for sleep apnea devices at USD 2.44 billion in 2025, expected to reach around USD 4.56 billion by 2034, growing at a CAGR of 7.18%.
  • Globally, the sleep apnea devices market was valued at USD 7.3 billion in 2024 and is expected to reach USD 15 billion in 2034, with a CAGR of 7.8% from 2025 to 2034.

Respiratory Health

  • The U.S. respiratory devices market is estimated at USD 9.75 billion in 2025 and is projected to reach USD 12.63 billion by 2030, demonstrating a CAGR of 5.32% during this period.
  • The U.S. respiratory care devices market is projected to be valued at USD 8.0 billion in 2025 and is expected to grow to USD 16.5 billion by 2034, at a CAGR of 8.5%.
  • The global respiratory care devices market is projected to reach USD 27.8 billion in 2025 and expand to USD 60.5 billion by 2034, with a CAGR of 9.0%.

Diabetes Health

  • The U.S. digital diabetes management market was valued at approximately USD 3.92 billion in 2024 and is expected to reach USD 17.23 billion by 2033, exhibiting a CAGR of 17.89% from 2025 to 2033. Another source indicates the U.S. market was valued at approximately USD 6.8 billion in 2024 and is projected to reach USD 16.5 billion by 2030, growing at a CAGR of 14.8%.
  • The global digital diabetes management market was valued at approximately USD 17.3 billion in 2024 and is projected to reach USD 34.1 billion by 2030, growing at a CAGR of 11.8%. Another estimate places the global market at approximately US $19.42 billion in 2025, projected to reach around US $53.97 billion by 2033, with a CAGR of 13.63%.

Wellness at Home (Home Medical Equipment and Mobility Solutions)

  • The U.S. home medical equipment market was valued at USD 25.0 billion in 2023 and is projected to reach USD 48.5 billion by 2035, registering a CAGR of 5.6% from 2024 to 2035. Another report estimates the U.S. home medical equipment market size at USD 7.79 billion in 2024, growing to USD 8.29 billion in 2025, and projected to reach around USD 14.25 billion by 2034.
  • The global home medical equipment market was valued at USD 26.37 billion in 2024, grew to USD 28 billion in 2025, and is predicted to surpass around USD 48.12 billion by 2034, with a CAGR of 6.20% between 2024 and 2034.
  • The U.S. personal mobility devices market was estimated at USD 3.27 billion in 2024 and is predicted to be worth around USD 6.46 billion by 2034, with a CAGR of 7.05% from 2025 to 2034.

AI Analysis | Feedback

AdaptHealth (AHCO) is expected to experience future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

  1. New Capitated Contracts and Payer Agreements: AdaptHealth anticipates significant revenue contributions from new capitated agreements. A new capitated contract is projected to add $200 million in annual revenue starting in 2026. Additionally, the company announced a new capitated agreement with a major payer, expanding its reach by 170,000 lives. Analysts also highlight a recently signed five-year, $1+ billion national health system contract that is expected to generate predictable, recurring revenue growth from 2026 onwards.

  2. Organic Growth in Sleep and Respiratory Health: The company has demonstrated strong organic growth, particularly within its Sleep and Respiratory Health segments. In the third quarter of 2025, AdaptHealth reported 5.1% organic revenue growth across all segments, with new sleep starts increasing by nearly 7% year-over-year, reaching a two-year high. Respiratory Health net revenue also saw a 7.8% increase, driven by robust demand. The company achieved a record in sleep and respiratory health patient census, indicating continued strength in these areas.

  3. Expansion in the Home Healthcare Market: The broader trend of an aging population and a shift towards home-based care provides a significant tailwind for AdaptHealth. The growing demand for healthcare-at-home solutions positions the company to expand its market share by offering a comprehensive range of home medical equipment and services.

  4. Technological Advancements and Digital Patient Engagement: AdaptHealth is investing in technology to enhance operational efficiency and patient engagement. The company is implementing AI and automation in its operations and developing a self-service mobile platform aimed at improving productivity. Furthermore, its digital patient engagement platform has seen a substantial increase in registered users, which can contribute to better patient retention and growth. Digital automation initiatives are also expected to drive margin expansion by lowering costs.

AI Analysis | Feedback

Share Repurchases

  • AdaptHealth authorized a share repurchase program for up to $200 million through December 31, 2023.
  • As of December 31, 2022, $186 million remained available under the authorized repurchase program.

Share Issuance

  • On January 5, 2021, AdaptHealth priced an underwritten public offering of 8,000,000 shares of its Class A Common Stock at $33.00 per share.
  • The company sold 7,250,000 shares, generating approximately $239.25 million in gross proceeds, partially to finance the AeroCare acquisition.

Outbound Investments

  • On December 1, 2020, AdaptHealth announced the acquisition of AeroCare Holdings Inc. for approximately $2 billion.
  • The AeroCare acquisition was comprised of $1.1 billion in cash and 31 million shares of AdaptHealth common stock.
  • AdaptHealth completed divestitures of Custom Rehab, ActiveStyle, and Home Infusion in Q2 2025 to streamline operations.

Capital Expenditures

  • Capital expenditures for Q2 2025 were $88.7 million, representing 11.1% of revenue, supporting growth in patient starts, particularly in Sleep Health and Respiratory Health segments.
  • The company anticipates a material investment in patient equipment capital expenditures, potentially before the end of 2025.
  • AdaptHealth's capital expenditures are primarily focused on patient equipment and are made in advance of patients beginning service.

Better Bets than AdaptHealth (AHCO)

Trade Ideas

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CRL_11142025_Dip_Buyer_FCFYield11142025CRLCharles River Laboratories InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
21.1%21.1%-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE11142025GDRXGoodRxDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-6.7%-6.7%-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025ASTHAstrana HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
16.7%16.7%-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025SGRYSurgery PartnersDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
2.3%2.3%-1.4%
TFX_11072025_Dip_Buyer_FCFYield11072025TFXTeleflexDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
11.8%11.8%-5.1%

Recent Active Movers

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Peer Comparisons for AdaptHealth

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Financials

AHCORMDOMIVMDQIPTHSICMedian
NameAdaptHea.ResMed Owens & .Viemed H.Quipt Ho.Henry Sc. 
Mkt Price9.56244.352.717.323.5376.228.44
Mkt Cap1.335.70.20.30.29.20.8
Rev LTM3,2495,25712,72725524512,9384,253
Op Inc LTM2141,76233517-2764275
FCF LTM2131,757-362525356119
FCF 3Y Avg1581,29947827455102
CFO LTM5691,883-994838535292
CFO 3Y Avg5131,4202734237644393

Growth & Margins

AHCORMDOMIVMDQIPTHSICMedian
NameAdaptHea.ResMed Owens & .Viemed H.Quipt Ho.Henry Sc. 
Rev Chg LTM-0.4%9.4%92.4%18.9%-0.2%3.5%6.4%
Rev Chg 3Y Avg5.1%13.3%20.2%24.2%22.4%0.9%16.8%
Rev Chg Q0.9%9.1%1.5%24.0%11.4%5.2%7.1%
QoQ Delta Rev Chg LTM0.2%2.2%0.1%5.8%2.9%1.3%1.7%
Op Mgn LTM6.6%33.5%2.6%6.8%-0.8%5.9%6.2%
Op Mgn 3Y Avg6.7%30.3%2.8%7.4%1.1%5.7%6.2%
QoQ Delta Op Mgn LTM-0.2%0.7%-0.0%0.0%-0.1%-0.1%-0.0%
CFO/Rev LTM17.5%35.8%-0.8%19.0%15.4%4.1%16.4%
CFO/Rev 3Y Avg16.0%29.1%3.1%19.9%15.7%5.1%15.9%
FCF/Rev LTM6.6%33.4%-2.8%2.1%10.3%2.8%4.7%
FCF/Rev 3Y Avg4.9%26.5%0.7%4.4%11.6%3.6%4.6%

Valuation

AHCORMDOMIVMDQIPTHSICMedian
NameAdaptHea.ResMed Owens & .Viemed H.Quipt Ho.Henry Sc. 
Mkt Cap1.335.70.20.30.29.20.8
P/S0.46.80.01.10.60.70.7
P/EBIT4.920.3-0.713.9-42.713.69.3
P/E15.724.8-0.220.8-14.323.418.3
P/CFO2.319.0-2.15.84.117.15.0
Total Yield5.9%4.9%-640.0%4.8%-7.0%4.3%4.5%
Dividend Yield0.0%0.9%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg11.8%3.9%-19.0%3.1%18.8%5.0%4.5%
D/E1.50.010.50.10.80.40.6
Net D/E1.4-0.010.30.00.70.40.5

Returns

AHCORMDOMIVMDQIPTHSICMedian
NameAdaptHea.ResMed Owens & .Viemed H.Quipt Ho.Henry Sc. 
1M Rtn-1.2%-4.5%-1.5%4.0%52.2%1.0%-0.1%
3M Rtn9.5%-8.4%-44.0%9.6%31.7%16.1%9.5%
6M Rtn1.5%-4.2%-67.5%5.9%85.8%4.2%2.8%
12M Rtn-4.9%6.0%-78.7%-8.5%44.1%8.9%0.6%
3Y Rtn-50.0%20.6%-86.1%-1.7%-24.7%-5.5%-15.1%
1M Excs Rtn-6.2%-5.8%-4.1%3.3%46.2%-1.0%-2.6%
3M Excs Rtn4.9%-13.3%-49.0%4.6%26.8%11.2%4.7%
6M Excs Rtn-10.5%-17.1%-80.3%-7.0%72.9%-8.7%-9.6%
12M Excs Rtn-22.8%-13.0%-95.2%-25.2%24.9%-7.7%-17.9%
3Y Excs Rtn-126.3%-61.4%-167.4%-82.1%-102.8%-87.2%-95.0%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Sleep Health1,292    
Diabetes Health660    
Wellness at Home634    
Respiratory Health615    
Diabetes 687541162 
Home medical equipment (HME) 22121011485
Other 2621867144
Respiratory 55545815287
Sleep 1,067891411305
Supplies to the home 1791681468
Total3,2002,9712,4551,056530


Price Behavior

Price Behavior
Market Price$10.24 
Market Cap ($ Bil)1.4 
First Trading Date05/24/2018 
Distance from 52W High-10.0% 
   50 Days200 Days
DMA Price$9.61$9.26
DMA Trendindeterminateup
Distance from DMA6.5%10.5%
 3M1YR
Volatility51.7%53.1%
Downside Capture-27.7747.01
Upside Capture53.1641.83
Correlation (SPY)6.2%27.8%
AHCO Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta-0.470.250.410.680.811.05
Up Beta1.441.111.661.771.091.21
Down Beta-2.490.09-0.130.000.860.96
Up Capture9%41%32%56%35%41%
Bmk +ve Days12253873141426
Stock +ve Days9202854111350
Down Capture-95%-6%39%72%69%105%
Bmk -ve Days7162452107323
Stock -ve Days9183164128387

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of AHCO With Other Asset Classes (Last 1Y)
 AHCOSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return5.7%16.4%19.2%71.9%8.9%6.0%-10.1%
Annualized Volatility53.2%17.3%19.5%19.3%15.3%17.1%35.0%
Sharpe Ratio0.280.720.782.690.360.18-0.12
Correlation With Other Assets 37.8%28.2%-15.1%-1.2%36.3%-3.4%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of AHCO With Other Asset Classes (Last 5Y)
 AHCOSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-21.7%8.6%14.9%18.7%11.7%4.8%32.7%
Annualized Volatility59.1%14.5%17.1%15.5%18.7%18.9%48.7%
Sharpe Ratio-0.180.410.700.970.510.170.60
Correlation With Other Assets 28.3%30.6%0.6%5.2%26.9%13.6%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of AHCO With Other Asset Classes (Last 10Y)
 AHCOSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return0.7%9.8%14.7%14.9%6.9%5.2%69.3%
Annualized Volatility55.0%16.6%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.230.480.700.830.310.220.90
Correlation With Other Assets 21.8%25.4%3.2%8.1%23.7%11.9%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity9,753,792
Short Interest: % Change Since 11302025-0.7%
Average Daily Volume1,143,540
Days-to-Cover Short Interest8.53
Basic Shares Quantity135,345,000
Short % of Basic Shares7.2%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/202517.4%3.4%3.2%
8/5/202511.0%2.4%-0.2%
5/6/20251.7%4.7%1.8%
2/25/202524.4%28.7%20.4%
11/5/2024-9.6%3.0%-4.5%
8/6/2024-21.1%-14.2%2.4%
5/7/2024-7.9%-10.4%-2.5%
2/27/202431.1%38.7%47.8%
...
SUMMARY STATS   
# Positive131515
# Negative1199
Median Positive10.4%4.1%10.5%
Median Negative-7.9%-10.3%-15.2%
Max Positive31.1%44.5%55.6%
Max Negative-27.3%-32.0%-37.0%

SEC Filings

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Report DateFiling DateFiling
93020251104202510-Q 9/30/2025
6302025805202510-Q 6/30/2025
3312025506202510-Q 3/31/2025
12312024225202510-K 12/31/2024
93020241105202410-Q 9/30/2024
6302024806202410-Q 6/30/2024
3312024507202410-Q 3/31/2024
12312023227202410-K 12/31/2023
93020231107202310-Q 9/30/2023
6302023808202310-Q 6/30/2023
3312023509202310-Q 3/31/2023
12312022228202310-K 12/31/2022
93020221108202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022510202210-Q 3/31/2022
12312021301202210-K 12/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Williams David Solomon III8222025Sell9.738,20079,786486,938Form
1Clemens Jason AChief Financial Officer12122024Sell9.3535,000327,2503,933,723Form