Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Adapthealth Corp. (AHCO)
A forensic read on Adapthealth Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.0
Distress distance
Clean
Earnings quality
4
Forensic signals
-3.4
P / E (ttm)
-4.7%
ROE
$777M
Market cap
0.00%
Dividend yield
-0.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Adapthealth Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.0%
FY2025
Return on invested capital.Return on invested capital is 2.0% in the latest fiscal year, against -11.7% in FY2023, having run between -11.7% and 4.7% across FY2023–FY2025 with no direction held. After-tax operating profit was ($473M) in FY2023 and $72M in FY2025, with operating income at -18.7% of revenue in FY2023, 8.1% in FY2024 and 2.8% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($4.0B to $3.6B, -10%), so there has been little new capital for that return to be earned on. FY2023's operating profit carried a $831M goodwill write-off that took about 16.3 points off that year's return, and FY2025's carried a $128M goodwill write-off and a $1M asset write-down that took about 2.8 points off the latest; so, net of each other, the two charges add about 13.5 points to the +13.7-point change across FY2023–FY2025.
stopped
FY2023→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $29M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.
+0.3%/yr
FY2023–FY2025
Share count.Diluted share count changed +1% over the last 2 years to FY2025 (+0.3%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
$972M
FY2023–FY2025
Goodwill impairments.Took $972M of goodwill writedowns across 3 years (FY2023 ($831M), FY2024 ($13M), FY2025 ($128M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$3.24B
Revenue Growth YoY-0.5%
Revenue CAGR (2yr)+0.7%
Net Margin-2.2%
Free Cash Flow$219.4M
Return on Equity-4.7%
Debt / Equity1.14x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Adapthealth Corp.'s actual 10-K/10-Q/8-K filings?