AdaptHealth Corp. (AHCO) vs InMode Ltd. (INMD)

AdaptHealth Corp. and InMode Ltd. are both Medical Devices companies. AdaptHealth Corp. and InMode Ltd. are of similar size ($815.7M and $756.7M). AdaptHealth Corp. has negative trailing earnings, so its P/E is not meaningful; InMode Ltd. trades at 11.4×. AdaptHealth Corp. grew revenue faster over the last twelve months: 8.80% against −6.71%. InMode Ltd. has the higher net margin (20.7% vs −6.77%) and the higher return on invested capital (33.8% vs −2.50%). Across the 21 metrics below, InMode Ltd. leads on 13 and AdaptHealth Corp. on 8.

Valuation

Metric AHCO INMD Medical Devices median
P/E n/m 11.41 22.18
P/S 0.23 2.24 2.70
P/B 0.55 1.23 2.46
Price to free cash flow 7.75 10.18 22.53
EV/EBITDA 4.64 4.85 11.78
EV/Sales 0.78 0.90 2.38
Earnings yield (30.14%) 8.77% (8.22%)
Free cash flow yield 12.91% 9.83% (7.80%)

Profitability

Metric AHCO INMD Medical Devices median
Gross margin 16.87% 76.52% 56.01%
Operating margin (3.87%) 18.47% (15.03%)
Net margin (6.77%) 20.69% (20.40%)
Free cash flow margin 2.94% 22.03% (7.24%)
Return on equity (15.32%) 0.00% (15.32%)
Return on assets (5.25%) 10.85% (19.72%)
Return on invested capital (2.50%) 33.78% (10.33%)

Growth

Metric AHCO INMD Medical Devices median
Revenue growth (TTM) 8.80% (6.71%) 8.80%
EPS growth (last fiscal year) (185.25%) (36.44%) —
Revenue growth, 5-year CAGR 24.83% 12.44% 15.23%
Net income growth, 5-year CAGR 0.00% 4.57% 0.00%

Health

Metric AHCO INMD Medical Devices median
Debt to equity 1.38 0.00 0.07
Current ratio 1.12 8.18 2.50
Net debt to EBITDA 2.74 (6.45) 0.49

Dividend

Metric AHCO INMD Medical Devices median
Dividend yield — — 0.94%
Payout ratio 0.00 0.00 0.00

Size

Metric AHCO INMD Medical Devices median
Market cap 756.74m 815.65m 172.91m

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