Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
0.3
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-5.1%
ROE
$1.4B
Market cap
AdaptHealth Corp. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 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%Return on invested capital.Return on invested capital is 2% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder 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; understand why before reading it as neutral.
$972MGoodwill impairments.Took $972M of goodwill writedowns across 3 year(s) (FY2023 ($831M), FY2024 ($13M), FY2025 ($128M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-2.2%
Debt / Equity1.14x
Free Cash Flow$219.4M
Latest Revenue$3.24B
Return on Equity-4.7%
Revenue Growth YoY-0.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on AdaptHealth Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AHCO's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown