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AdaptHealth

AHCO
23
Medical - Devices · Healthcare
Exchange
NASDAQ
Winston Score
23
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Data not available
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Winston Score History

The full picture

AdaptHealth is a home medical equipment company. It delivers products like CPAP machines, oxygen tanks, wheelchairs, and diabetes supplies directly to patients at home. The company serves people with chronic conditions and works closely with hospitals, doctors, and insurance companies to get patients the equipment they need after a diagnosis or hospital stay.

AdaptHealth makes money by billing insurance companies — including Medicare and Medicaid — for the equipment and supplies it provides to patients. It operates across the United States and is one of the larger home medical equipment providers in the country, giving it some scale advantages in purchasing and logistics. However, the company is heavily dependent on government reimbursement rates, which means any cuts to Medicare or Medicaid payments could directly hurt its revenue and already thin profit margins.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

36.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 months

$43M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

AdaptHealth has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
-16.9%
Thin — -16.9% gross margin
Profit after running costs
Operating Margin
-25.0%
Losing money on operations — -25.0%
Return on the money invested
ROCE
-1.4%
Weak — -1.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+9.2%
Steady sales growth (+9.2% YoY)
Profit growth
EPS YoY
-430.9%
Earnings shrinking (-430.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
3.4%
Thin free cash flow (3.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.13
Conservative — low debt load (0.13)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
no trend
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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