AdaptHealth Corp. (AHCO) vs Bioventus Inc. (BVS)

AdaptHealth Corp. and Bioventus Inc. are both Medical Devices companies. AdaptHealth Corp. is the larger, with a market value of $1.0B against $899.9M — 1.1× the size. AdaptHealth Corp. has negative trailing earnings, so its P/E is not meaningful; Bioventus Inc. trades at 12.3×. AdaptHealth Corp. grew revenue faster over the last twelve months: 10.8% against 3.87%. Bioventus Inc. has the higher net margin (9.78% vs −11.8%) and the higher return on invested capital (7.22% vs −6.74%). Across the 21 metrics below, Bioventus Inc. leads on 15 and AdaptHealth Corp. on 6.

Valuation

Metric AHCO BVS Medical Devices median
P/E n/m 12.32 25.58
P/S 0.29 1.24 2.54
P/B 0.82 2.48 2.48
Price to free cash flow 12.06 8.53 28.81
EV/EBITDA 4.92 9.16 11.51
EV/Sales 0.82 1.58 2.72
Earnings yield (40.57%) 8.12% (12.82%)
Free cash flow yield 8.29% 11.73% (8.18%)

Profitability

Metric AHCO BVS Medical Devices median
Gross margin 15.83% 68.70% 57.76%
Operating margin (9.57%) 9.69% (15.07%)
Net margin (11.81%) 9.78% (14.45%)
Free cash flow margin 2.42% 14.51% (3.88%)
Return on equity (28.46%) 22.96% (10.35%)
Return on assets (9.48%) 8.33% (17.26%)
Return on invested capital (6.74%) 7.22% (5.27%)

Growth

Metric AHCO BVS Medical Devices median
Revenue growth (TTM) 10.81% 3.87% 10.41%
EPS growth (last fiscal year) (185.25%) 158.93% 28.17%
Revenue growth, 5-year CAGR 24.83% 12.08% 15.74%
Net income growth, 5-year CAGR 0.00% 6.73% 0.00%

Health

Metric AHCO BVS Medical Devices median
Debt to equity 1.54 0.79 0.04
Current ratio 1.13 1.68 2.74
Net debt to EBITDA 2.74 2.40 0.54

Dividend

Metric AHCO BVS Medical Devices median
Dividend yield — — 1.02%
Payout ratio — — 0.37

Size

Metric AHCO BVS Medical Devices median
Market cap 1.01b 899.91m 239.53m

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