AdaptHealth Corp.
AHCO Healthcare Medical Devices
In the quarter to June 2026, revenue grew 12.7%, EPS fell 1,090.0%, free cash flow fell 128.6% and total debt rose 4.30%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years; insiders bought in the last twelve months.
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AdaptHealth Corp. (AHCO) Altman Z-score
AdaptHealth Corp.'s Altman Z-score for fiscal 2025 is 0.91, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.91 | (0.15) |
| FY2024 | 1.06 | 0.77 |
| FY2023 | 0.29 | (0.94) |
| FY2022 | 1.23 | 0.01 |
| FY2021 | 1.22 | (0.08) |
| FY2020 | 1.30 | (0.09) |
| FY2019 | 1.39 | 0.10 |
| FY2018 | 1.28 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | 0.00 | |
| Retained earnings / total assets | (0.15) | — | −0.21 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 0.48 | — | 0.29 | |
| Sales / total assets | 0.75 | — | 0.75 | |
| Altman Z-score | Distress zone | 0.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.26 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BBNX Beta Bionics, Inc. compare | 16.9× |
| INMD InMode Ltd. compare | 10.4× |
| SIBN SiBone compare | 7.2× |
| PRCT PROCEPT BioRobotics Corporation compare | 6.4× |
| VREX VAREX IMAGING compare | 1.7× |
| LMRI Lumexa Imaging Holdings, Inc. compare | 1.0× |
| AHCO AdaptHealth Corp. | 0.9× |
| IART Integra LifeSciences Holdings Corporation compare | 0.6× |
| QDEL QuidelOrtho Corporation compare | 0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets