AdaptHealth - Public Comps and Valuation Multiples

AdaptHealth Overview

About AdaptHealth

AdaptHealth Corp is engaged in providing patient-centered, healthcare-at-home solutions including home medical equipment (HME), medical supplies, and related services. It focuses on providing; sleep therapy equipment, supplies, and related services (including CPAP and bi-PAP services) to individuals suffering from obstructive sleep apnea (OSA), medical devices and supplies to patients for the treatment of diabetes (including continuous glucose monitors (CGM and insulin pumps), home medical equipment to patients discharged from acute care and other facilities, oxygen and related chronic therapy services in the home, and other HME devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy and nutritional supply needs.

Founded

2017

HQ

Employees

10.5K+

Website

adapthealth.com

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $3.3B

LTM EBITDA $687M

EV

$3.1B

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AdaptHealth Financials

AdaptHealth has a last 12-month revenue of $3.3B and a last 12-month EBITDA of $687M.

In the most recent fiscal year, AdaptHealth achieved revenue of $3.3B and an EBITDA of $628M.

AdaptHealth expects next 12-month revenue of XXX and NTM EBITDA of XXX

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AdaptHealth P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$3.2B	$3.3B	XXX	XXX	XXX
Gross Profit	$417M	$480M	XXX	XXX	XXX
Gross Margin	13%	15%	XXX	XXX	XXX
EBITDA	-$211M	$628M	XXX	XXX	XXX
EBITDA Margin	-7%	19%	XXX	XXX	XXX
Net Profit	$69.3M	-$679M	XXX	XXX	XXX
Net Margin	2%	-21%	XXX	XXX	XXX
Net Debt	$2.1B	$2.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

AdaptHealth Stock Performance

As of April 15, 2025, AdaptHealth's stock price is $8.

AdaptHealth has current market cap of $1.1B, and EV of $3.1B.

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AdaptHealth Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.1B	$1.1B	XXX	XXX	XXX	XXX	$1.06

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AdaptHealth Valuation Multiples

As of April 15, 2025, AdaptHealth has market cap of $1.1B and EV of $3.1B.

AdaptHealth's trades at 1.0x LTM EV/Revenue multiple, and 4.6x LTM EBITDA.

Analysts estimate AdaptHealth's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AdaptHealth Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$3.1B	XXX	XXX	XXX
EV/Revenue	1.0x	XXX	XXX	XXX
EV/EBITDA	5.0x	XXX	XXX	XXX
P/E	12.3x	XXX	XXX	XXX
P/E/Growth	0.4x	XXX	XXX	XXX
EV/FCF	13.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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AdaptHealth Valuation Multiples

AdaptHealth's NTM/LTM revenue growth is 2%

AdaptHealth's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $39K for the same period.

Over next 12 months, AdaptHealth's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate AdaptHealth's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AdaptHealth Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	2%	XXX	XXX	XXX	XXX
EBITDA Margin	19%	XXX	XXX	XXX	XXX
EBITDA Growth	-398%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	21%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$39K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	11%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	12%	XXX	XXX	XXX	XXX

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