AdaptHealth
Provides sleep, respiratory, diabetes, and home medical products through insured care channels.
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Profile
Sells and services home medical equipment, supplies, and care-adjacent products across sleep, respiratory, diabetes, and wellness-at-home categories. The model blends product sales, equipment reimbursement, and capitated contracts while depending on Medicare, Medicaid, commercial payors, licensing, and accreditation.
Provides healthcare-at-home equipment, medical supplies, and related services through Sleep Health, Respiratory Health, Diabetes Health, and Wellness at Home. The portfolio covers sleep therapy, oxygen and home ventilation, diabetes devices, durable medical equipment, and wound, urology, ostomy, nutrition, and other home supplies.
Operates across the United States through an acquisition-built national location network. Sleep Health is the largest segment, and large capitated home-equipment contracts are moving from onboarding into operations.
Execution depends on referrals, direct-to-home fulfillment, equipment service, payor reimbursement, supplier enrollment, facility licensing, accreditation, and anti-fraud controls. The roll-up public-company path also leaves acquisition integration, legal-settlement, and goodwill-impairment history.
Company facts
Categories
Key statistics
Year to date −40.0% · Average volume (30d) 3.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | UBS | Reiterate | Buy | $13 | $10 | |
| Aug 6, 2026 | RBC Capital | Reiterate | Outperform | $15 | $8 | |
| Aug 5, 2026 | Truist Financial | Target | $12 | $9 | ||
| Aug 5, 2026 | Robert W. Baird | Target | $15 | $10 | ||
| Aug 5, 2026 | Canaccord Genuity | Target | $16 | $10 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.17 | $0.06 | −64.5% | $846.8M | $740.3M | −12.6% | −38.04% |
| May 5, 2026Q1 FY26 | $0.01 | −$0.06 | −580.0% | $796.6M | $819.8M | +2.9% | −2.81% |
| Feb 24, 2026Q4 FY25 | $0.34 | $0.27 | −20.6% | $831.6M | $846.3M | +1.8% | +5.30% |
| Nov 4, 2025Q3 FY25 | $0.24 | $0.22 | −8.3% | $832.5M | $820.3M | −1.5% | −3.09% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $580.5M | $591.8M | $602.6M | $846.3M | $819.8M | $740.3M | |
| Gross profit | −$77.0M | −$53.9M | −$55.7M | $162.2M | $101.4M | $104.2M | |
| Operating income | $23.2M | $79.3M | $67.1M | $54.3M | $6.9M | −$137.8M | |
| Net income | −$7.2M | $14.7M | $24.5M | −$102.8M | −$16.0M | −$133.9M | |
| Diluted EPS | −$0.05 | $0.10 | $0.16 | −$0.73 | −$0.12 | −$0.99 | |
| Gross margin | -13.3% | -9.1% | -9.2% | 19.2% | 12.4% | 14.1% | |
| Operating margin | 4.0% | 13.4% | 11.1% | 6.4% | 0.8% | -18.6% |
Fiscal years (4-quarter sums)FY21 $2.27B · FY22 $2.97B · FY23 $3.39B · FY24 $2.64B · FY25 $2.62B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $43.3M · Total debt $2.07B · Total assets $4.34B · Shareholders' equity $1.38B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 136.05M · Float 86.27M · 63.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Oep Capital Advisors, L.P. | 16.31M | 11.99% | 13F | Aug 12, 2026 |
| Oep Vii GP, L.L.C. · 10 percent owner | 16.31M | 11.99% | Form 4 | Mar 30, 2026 |
| BlackRock, Inc. | 16.06M | 11.81% | 13F | Aug 7, 2026 |
| Deerfield Mgmt, L.P. | 11.54M | 7.21% | 13G | Nov 13, 2025 |
| Deerfield Management Company, L.P. (Series C) | 11.48M | 8.44% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Dale B. Wolf | director | +40,000 | $6.34 |
| Aug 7, 2026 | Dale B. Wolf | director | +20,000 | $5.86 |
| Aug 6, 2026 | Kenneth A. Samet | director | +23,500 | $6.38 |
| Jul 1, 2026 | III Russell E. Schuster | officer: Chief Commercial Officer | −11,275 | $10.44 |
| Jun 1, 2026 | III Russell E. Schuster | officer: Chief Commercial Officer | −11,275 | $10.06 |
Peers
- Linde
Lincare overlaps in national oxygen, ventilation, and PAP services
- Cardinal Health
At-Home Solutions overlaps in direct-to-patient chronic-care supplies
- Viemed Healthcare
Specialized respiratory-care peer in ventilation, PAP, and oxygen
- ResMed
Sleep and breathing device ecosystem pressures the CPAP channel
- Dexcom
CGM platform competes for diabetes-device patient relationships
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| AdaptHealth | $5.77 | −0.52% | $787.8M | — | — | 0.3 | −7.5% |
| Linde | $489.36 | −0.03% | $226.45B | 31.6 | 26.2 | 6.4 | +9.4% |
| Cardinal Health | $232.64 | −0.84% | $54.93B | 32.4 | 18.7 | 0.2 | +5.8% |
| Viemed Healthcare | $9.00 | +1.93% | $335.9M | 24.2 | 17.9 | 1.1 | +23.9% |
| ResMed | $240.33 | +0.01% | $34.86B | 23.1 | 19.8 | 6.2 | +8.6% |
| Dexcom | $90.77 | −0.06% | $34.27B | 35.9 | 32.4 | 6.9 | +13.1% |
| Median | 31.6 | 19.8 | 6.2 | +9.4% |