AdaptHealth Corp. (AHCO) intrinsic value & 10-year financials
AdaptHealth Corp. (AHCO) has a Graham intrinsic value of $20.26 per share. At $6.02 on Oct 17, 2026, the stock trades 70% below that value. Over the last 9 fiscal years revenue grew 37.7% a year to $3.2B, with an average return on invested capital of 2.9%.
- Graham intrinsic value
- $20.26
- Share price (Oct 17, 2026)
- $6.02
- Price vs Graham value
- 70% below
- Market cap
- $813.6M
- Revenue (FY2025)
- $3.2B
- Revenue growth (9-yr CAGR)
- 37.7%
- ROIC (10-yr avg)
- 2.9%
- Free cash flow (FY2025)
- $219.4M
AHCO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.2B | -$70.8M | -$0.52 | $219.4M | 2.8% | 2.7% |
| FY2024 | $3.3B | $90.4M | $0.61 | $235.8M | 8.1% | 5.0% |
| FY2023 | $3.2B | -$678.9M | -$5.31 | $143.2M | -18.7% | -13.9% |
| FY2022 | $3.0B | $69.3M | $0.33 | -$17.6M | 6.4% | 3.2% |
| FY2021 | $2.5B | $156.2M | $0.67 | $72.4M | 9.2% | 7.0% |
| FY2020 | $1.1B | -$64.5M | -$3.08 | $155.9M | 6.8% | 8.2% |
| FY2019 | $529.6M | -$15.0M | -$0.95 | $39.1M | 5.6% | 11.9% |
| FY2018 | $345.3M | $2.1M | — | -$11.6M | -0.4% | -0.6% |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AdaptHealth Corp. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
AdaptHealth Corp. has historically struggled to out-earn its cost of capital, averaging just 2.9% ROIC.
AdaptHealth Corp. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AdaptHealth Corp. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $20.26 per share.