Forensic Analysis · Healthcare Providers & Services · as of Nov 11, 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
0.3
Distress distance
Clean
Earnings quality
3
Forensic signals
-4.6%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 0.3, placing it in the Distress zone. 3 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 -12.0% in FY2023, having run between -12.0% 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 went from $3.9B in FY2023 to $3.7B in FY2025 (-7%), while the revenue it carried went from $3.2B to $3.2B. FY2023's operating profit carried a $831M goodwill write-off that took about 16.6 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 13.8 points to the +14.0-point change across FY2023–FY2025. A non-cash write-down lowers the reported return in the year it lands.
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.
$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-4.6%
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?