TakeoverPE & activists

AHCOAdaptHealth Corp.

Services-Home Health Care Services · $792M market cap · 10,900 employees

7.8×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • 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
  • Shareholder dissentNo
    94% lowest support
    Any vote under 80% support
  • 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
  • AI-rollup shapedNo
    4 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $25M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 23, 2019DEFM14ADeerfield/RAB Ventures LLC——
Aug 19, 2019PREM14ADeerfield/RAB Ventures LLC——

Key numbers

Revenue
$3.2BFY2021: $2.5BFY2022: $3.0BFY2023: $3.2BFY2024: $3.3BFY2025: $3.2B
0.5% YoY
Operating margin
2.8%FY2021: 9.2%FY2022: 6.4%FY2023: -18.7%FY2024: 8.1%FY2025: 2.8%
65% YoY
EBITDA
$473MFY2021: $484MFY2022: $542MFY2023: −$216MFY2024: $629MFY2025: $473M
25% YoY
Net debt / EBITDA
4.0×
$1.9B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.5B$3.0B$3.2B$3.3B$3.2B 0.5% FY2021: $2.5BFY2022: $3.0BFY2023: $3.2BFY2024: $3.3BFY2025: $3.2B
Operating income$226M$190M−$598M$264M$91M 66% FY2021: $226MFY2022: $190MFY2023: −$598MFY2024: $264MFY2025: $91M
Net income$156M$69M−$679M$90M−$71M 178% FY2021: $156MFY2022: $69MFY2023: −$679MFY2024: $90MFY2025: −$71M
Operating cash flow$276M$374M$481M$542M$602M 11% FY2021: $276MFY2022: $374MFY2023: $481MFY2024: $542MFY2025: $602M
Capex$203M$391M$337M$306M$382M 25% FY2021: $203MFY2022: $391MFY2023: $337MFY2024: $306MFY2025: $382M
Stock-based comp$25M$22M$22M$15M$22M 47% FY2021: $25MFY2022: $22MFY2023: $22MFY2024: $15MFY2025: $22M
Buybacks$0$14M$29M$0$0FY2021: $0FY2022: $14MFY2023: $29MFY2024: $0FY2025: $0

13D filers

FiledFilerFormStakeIntent
Mar 12, 2026CASHIN RICHARD M JRSCHEDULE 13D/A11.7%Passive
Jun 11, 2024Everest Hill Group Inc.SC 13D/A12.3%Active
Aug 28, 2023Everest Hill Group Inc.SC 13D/A14.4%Active
Aug 11, 2023Peloton Equity AeroCare SPV I, L.P.SC 13D/A7.8%Passive
May 16, 2023Peloton Equity AeroCare SPV I, L.P.SC 13D/A0.0%Passive
Nov 7, 2022Everest Hill Group Inc.SC 13D/A20.6%Passive
Jun 16, 2022SkyKnight Aero Holdings, LLCSC 13D/A4.2%Passive
Mar 15, 2021Peloton Equity AeroCare SPV I, L.P.SC 13D15.9%Active
Mar 15, 2021SkyKnight Aero Holdings, LLCSC 13D13.7%Passive
Jan 6, 2021McGee LukeSC 13D/A4.3%Passive

Insider trading

+$25Mnet buying by insiders, open market, last 12 months
Bought $25M · 10 tradesSold $278K · 3 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——27110
FY2024——2593
FY2023——1992
FY2022——5187
FY2021——65109