AHCOAdaptHealth Corp.

Services-Home Health Care Services

Revenue: $3.2B; 0.5% YoY
Operating margin: 2.8%; 65% YoY
EBITDA: $473M; 25% YoY
Market cap: $792M
Employees: 10,900; $298K revenue each
Net debt / EBITDA: 4.0×; $1.9B net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
55% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$298K · 62nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$792M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$25M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.5B	$3.0B	$3.2B	$3.3B	$3.2B	0.5%
Operating income	$226M	$190M	−$598M	$264M	$91M	66%
Net income	$156M	$69M	−$679M	$90M	−$71M	178%
Operating cash flow	$276M	$374M	$481M	$542M	$602M	11%
Capex	$203M	$391M	$337M	$306M	$382M	25%
Stock-based comp	$25M	$22M	$22M	$15M	$22M	47%
Buybacks	$0	$14M	$29M	$0	$0

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 23, 2019	DEFM14A	Deerfield/RAB Ventures LLC	—	—
Aug 19, 2019	PREM14A	Deerfield/RAB Ventures LLC	—	—

13D filers

Filed	Filer	Form	Stake	Intent
Mar 12, 2026	CASHIN RICHARD M JR	SCHEDULE 13D/A	11.7%	Passive
Jun 11, 2024	Everest Hill Group Inc.	SC 13D/A	12.3%	Active
Aug 28, 2023	Everest Hill Group Inc.	SC 13D/A	14.4%	Active
Aug 11, 2023	Peloton Equity AeroCare SPV I, L.P.	SC 13D/A	7.8%	Passive
May 16, 2023	Peloton Equity AeroCare SPV I, L.P.	SC 13D/A	0.0%	Passive
Nov 7, 2022	Everest Hill Group Inc.	SC 13D/A	20.6%	Passive
Jun 16, 2022	SkyKnight Aero Holdings, LLC	SC 13D/A	4.2%	Passive
Mar 15, 2021	Peloton Equity AeroCare SPV I, L.P.	SC 13D	15.9%	Active
Mar 15, 2021	SkyKnight Aero Holdings, LLC	SC 13D	13.7%	Passive
Jan 6, 2021	McGee Luke	SC 13D/A	4.3%	Passive

Insider trading

Open-market buys, 12 mo: $25M · 10
Open-market sells, 12 mo: $278K · 3
Net: $25M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	27	110
FY2024	—	—	25	93
FY2023	—	—	19	92
FY2022	—	—	51	87
FY2021	—	—	65	109