AdaptHealth Corp. (AHCO)

AdaptHealth reported its Third Quarter 2025 results on November 4, 2025, exceeding market revenue expectations with sales up 1.8% year-on-year to $820.3 million and organic revenue growth of 5.1%. GAAP profit per share was below analyst estimates. The company announced a new capitated agreement to be an exclusive HME provider for a payor serving approximately 170,000 members and reduced its debt by $50.0 million in Q3 2025. On February 25, 2025, AdaptHealth announced its Fourth Quarter and Full-Year 2024 results, reporting a net revenue increase of 1.9% for the full year 2024 compared to 2023 and reached an agreement in Q4 2024 to sell certain incontinence assets. AdaptHealth's stock has received a consensus rating of "Moderate Buy" or "Buy" from brokerages, with an average price target of around $13.60 to $13.67. Insider selling of company stock has been observed in the past three months.

AdaptHealth's products and services experience some demand seasonality, with gross margin in the fourth quarter expected to increase due to seasonal factors where patients tend to increase their resupply orders. The home medical equipment market is driven by long-term trends such as a growing incidence of chronic diseases among an aging population and an increasing preference for "aging in place."

AdaptHealth Corp. is a provider of patient-centered, healthcare-at-home solutions in the United States, operating in the Health Care Providers & Services industry. The company delivers medical equipment and services to patients with chronic and acute medical needs, offering respiratory care products, mobility aids, bathroom safety equipment, sleep therapy solutions, diabetes management supplies, enteral nutrition, and home medical supplies. AdaptHealth also provides in-home setup, training, and ongoing clinical monitoring services.

AdaptHealth has a national presence, serving patients in all 50 states through approximately 640 to 750 locations across 47 states. The company has expanded its geographic reach through organic growth and strategic acquisitions, including the acquisition of AeroCare in 2021.

AdaptHealth's brand reputation appears generally positive, reflected by analyst ratings with a consensus recommendation of "Moderate Buy" or "Buy" from brokerages. The company has shown improved relative strength in its stock performance. Positive events include strategic partnerships, such as becoming the exclusive provider of home medical equipment for a major national healthcare system in August 2025, and an upgraded S&P Global issue-level rating on its senior unsecured debt in November 2025. AdaptHealth has also focused on enhancing digital patient engagement and expanding self-service capabilities through its myApp.

AdaptHealth Corp. has significant institutional ownership, with 82.67% of its stock held by institutions including BlackRock, Inc., Oep Capital Advisors, L.p., Deerfield Management Company, L.p. (series C), Vanguard Group Inc, Fmr Llc, SkyKnight Capital, L.P., Reinhart Partners, Inc., Dimensional Fund Advisors Lp, and Jefferies Financial Group Inc. Individual insider ownership is comparatively small, at 1.55%, with notable individual owners including Wayne Quasha, former CEO Luke McGee, Everest Hill Group Inc., and James E. Flynn.