AdaptHealth Corp. Financial Ratios — AHCO Stock

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	1.72	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	1.64	-5.33	-13.7	4.42	1.32	-13.96	2.01	-1.61
Return on Capital (%)	- -	1.72	- -	- -	16.26	6.27	- -	10.81	- -
Return on Invested Capital (%)	- -	-0.72	- -	- -	6.76	3.19	- -	5.16	- -
Gross Margin (%)	- -	- -	16.79	14.94	18.15	19.53	19.5	20.89	18.77
EBITDA Margin (%)	- -	- -	17.36	14.56	19.7	18.23	19.22	19.69	17.51
Operating Margin (%)	- -	- -	5.55	6.75	9.19	6.41	7.26	8.49	5.74
Incremental Operating Margin (%)	- -	- -	5.78	7.97	11.03	-6.82	18.28	73.07	561.76
Pretax Margin (%)	- -	- -	-4.13	-19.5	7.78	3.3	-22.62	4.17	-0.47
Profit Margin (%)	- -	- -	-4.03	-15.3	6.36	2.33	-21.21	2.77	-2.18
Net Income to Common Margin (%)	- -	- -	-4.03	-15.3	5.78	2.14	-21.21	2.54	-2.18
Effective Tax Rate (%)	- -	28.46	- -	- -	17.18	25.3	- -	30.32	- -
Dvd Payout Ratio (%)	- -	- -	-1,047.73	- -	-9.87	-8.25	- -	-8.39	- -
Sustainable Growth Rate (%)	- -	1.72	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	417	807	2,371	2,329	2,295	2,130	1,903
ST Debt	- -	- -	21	30	67	67	92	61	69
LT Debt	- -	- -	395	777	2,304	2,262	2,203	2,070	1,834
Total Debt/EBITDA	- -	- -	4.53	5.25	4.9	4.3	3.73	3.32	3.35
Net Debt/EBITDA	- -	0.77	3.48	4.45	4.25	3.96	3.37	2.91	2.87
Total Debt/EBIT	- -	- -	14.18	11.31	10.51	12.23	9.87	7.7	10.22
Net Debt/EBIT	- -	0.77	10.89	9.6	9.1	11.25	8.91	6.76	8.75
EBITDA to Interest Expense	- -	- -	2.34	3.71	5.08	4.95	4.72	5.07	5.37
EBITDA-CapEx/Interest Expense	- -	- -	1.8	2.75	2.95	1.37	2.13	2.65	1.76
EBIT to Interest Expense	- -	- -	0.75	1.72	2.37	1.74	1.78	2.19	1.76
Interest Expense	- -	- -	39	41	95	109	130	127	106
Common Equity/Total Assets	0.01	95.48	-7.36	-10.98	-0.82	0.5	-14.47	-12.53	-14.66
Long-Term Debt/Equity (%)	- -	- -	- -	276.51	111.47	104.81	150.2	131.16	120.16
Long-Term Debt/Capital (%)	- -	- -	113.09	145.49	98.77	95.76	133.49	131.41	143.55
Long-Term Debt/Total Assets (%)	- -	- -	72.29	42.82	43.88	43.33	48.86	46.13	42.49
Total Debt/Equity (%)	716.83	- -	-633.27	287.35	114.71	107.93	156.45	134.99	124.67
Total Debt/Capital (%)	99.99	- -	119.24	151.19	101.64	98.61	139.05	135.25	148.94
Total Debt/Total Assets (%)	56.09	- -	76.22	44.5	45.15	44.62	50.89	47.48	44.08
Net Debt to Equity	223.88	-0.39	-486.38	243.82	99.38	99.27	141.19	118.59	106.8
Net Debt/Capital (%)	99.95	-0.39	117.42	157.85	94.1	92.51	131.64	127.71	139.16
EBITDA	- -	-1	92	154	484	542	615	642	568
EBITDA-CapEx	- -	-1	71	114	280	150	278	336	186
Operating Income (Loss)	- -	-1	29	71	226	190	232	277	186

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.42	1.35	0.5	0.24	0.3	0.1	0.14	0.19	0.15
Current Ratio	0.42	1.58	1.18	0.86	1.34	1.28	1.21	1.33	1.02
Quick Ratio	0.42	1.35	1.01	0.64	1.02	0.89	0.87	0.91	0.67
CFO/Avg Current Liab	- -	-3.32	0.78	0.68	0.6	0.78	0.97	0.98	0.94
Common Equity/Total Assets	0.01	95.48	-7.36	-10.98	-0.82	0.5	-14.47	-12.53	-14.66
Long-Term Debt/Equity (%)	- -	- -	- -	276.51	111.47	104.81	150.2	131.16	120.16
Long-Term Debt/Capital (%)	- -	- -	113.09	145.49	98.77	95.76	133.49	131.41	143.55
Long-Term Debt/Total Assets (%)	- -	- -	72.29	42.82	43.88	43.33	48.86	46.13	42.49
Total Debt/Equity (%)	716.83	- -	-633.27	287.35	114.71	107.93	156.45	134.99	124.67
Total Debt/Capital (%)	99.99	- -	119.24	151.19	101.64	98.61	139.05	135.25	148.94
Total Debt/Total Assets (%)	56.09	- -	76.22	44.5	45.15	44.62	50.89	47.48	44.08
CFO/Total Liabilities	- -	-19.06	9.87	12.76	8.66	12.21	15.8	18.63	21.57
CFO/CapEx	- -	- -	2.83	4.92	1.36	0.96	1.42	1.77	1.57
Altman's Z-Score	-0.65	21.49	2.93	2.12	2.76	3.01	2.12	2.38	2.06

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	13.47	8.46	9.25	8.26	8.56	8.18	8.33
Days Sales Outstanding	- -	- -	27.09	43.13	39.48	44.17	42.66	44.6	43.81
Inventory Turnover	- -	- -	66.58	24.95	22.09	19.06	21.34	20.36	18.11
Days Inventory Outstanding	- -	- -	5.48	14.63	16.52	19.15	17.1	17.93	20.16
Accounts Payable Turnover	- -	- -	11.45	6.99	9.44	10.18	11.81	10.56	8.35
Accounts Payable Turnover Days	- -	- -	31.87	52.24	38.65	35.85	30.92	34.55	43.73
Cash Conversion Cycle	- -	- -	0.7	5.52	17.35	27.47	28.85	27.98	20.24
Inventory to Cash Days	- -	- -	21.61	28.51	22.96	25.02	25.56	26.67	23.65
Inventories	- -	- -	13	59	123	128	114	140	151
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	13	59	123	128	114	140	151

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	307	795	1,971	3,089	2,579	978	1,273	1,346
- Cash & Cash Equivalents	- -	1	77	100	150	46	77	110	106
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	-27	-74	5	7	8	7	8
+ Total Debt	- -	- -	417	807	2,371	2,329	2,295	2,130	1,903
Enterprise Value	- -	306	1,107	2,604	5,315	4,868	3,204	3,301	3,150
Total Capital	- -	243	349	534	2,332	2,362	1,650	1,575	1,278
Total Debt/Capital (%)	99.99	- -	119.24	151.19	101.64	98.61	139.05	135.25	148.94
Total Debt / EV	3.2	- -	0.38	0.31	0.45	0.48	0.72	0.65	0.6
EV/Sales	- -	- -	2.09	2.47	2.17	1.64	1	1.01	0.97
EV/EBITDA	- -	- -	12.04	16.93	10.99	8.99	5.21	5.14	5.54
EV/EBIT	- -	- -	37.7	36.5	23.56	25.57	13.79	11.92	16.91
EV/Cash Flow to Firm	- -	- -	10.96	11.1	14.99	10.68	5.32	5.24	2.96
EV/Free Cash Flow to Firm	- -	- -	9.05	9.49	9.53	5.75	3.41	3.53	2.18
Diluted Market Cap	- -	307	795	1,971	3,254	2,671	980	1,290	1,346
Diluted Enterprise Value	- -	306	1,107	2,604	5,480	4,961	3,206	3,318	3,150
EV per Share	- -	9.8	15.3	49.62	42.08	36.28	23.88	24.68	23.31
TTM Sales	- -	- -	530	1,056	2,455	2,971	3,200	3,261	3,245
TTM EBITDA	- -	-1	92	154	484	542	615	642	568
TTM Operating Income	- -	-1	29	71	226	190	232	277	186
TTM Cash Flow to Firm	- -	-2	101	235	355	456	602	630	1,063
TTM Free Cash Flow to Firm	- -	-2	122	274	558	847	940	936	1,445

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	-187.97	9.72	8.38	6.79	3.49	1.2	1.52	1.37
EV/EBIT	- -	- -	37.7	36.5	23.56	25.57	13.79	11.92	16.91
Enterprise Value	- -	306	1,107	2,604	5,315	4,868	3,204	3,301	3,150
Low Price	- -	9.6	7.82	10.29	18.24	11.4	6.37	6.46	7.11
EV/Sales	- -	- -	2.09	2.47	2.17	1.64	1	1.01	0.97
EV/EBITDA	- -	- -	12.04	16.93	10.99	8.99	5.21	5.14	5.54
Price/Earnings	- -	147.25	- -	- -	21.79	40.64	- -	15.39	- -
Price/Earnings Average	- -	145.88	-34.03	-6.74	24.75	40.18	-2.44	15.95	-17.98
Price/Earnings High	- -	149.8	-43.31	-12.91	37.04	58.11	-4.53	19.24	-22.2
Price/Earnings Low	- -	143.81	-26.52	-3.34	16.24	24.11	-1.26	10.44	-13.57
Price/Book Value	- -	1.27	-19.74	-9.9	-71.83	98.03	-1.5	-2.27	-2.13
Price/Book Value Average	- -	1.25	-18.05	-5.47	-81.59	96.9	-2.54	-2.35	-2.01
Price/Book Value High	- -	1.29	-22.96	-10.48	-122.11	140.15	-4.72	-2.83	-2.48
Price/Book Value Low	- -	1.24	-14.06	-2.71	-53.55	58.14	-1.31	-1.54	-1.52
Price/Tangible Book Value	- -	1.25	-2.39	-2.36	-1.87	-1.66	-0.7	-1.06	-1.22
Price/Tangible Book Value Average	- -	1.24	-2.18	-1.31	-2.13	-1.64	-1.19	-1.1	-1.16
Price/Tangible Book Value High	- -	1.27	-2.78	-2.5	-3.19	-2.38	-2.22	-1.32	-1.43
Price/Tangible Book Value Low	- -	1.22	-1.7	-0.65	-1.4	-0.99	-0.62	-0.72	-0.87
Price/Sales	- -	- -	1.5	1.87	1.26	0.87	0.31	0.39	0.41
Price/Sales Average	- -	- -	1.37	1.03	1.43	0.86	0.52	0.4	0.39
Price/Sales High	- -	- -	1.75	1.98	2.14	1.24	0.96	0.49	0.48
Price/Sales Low	- -	- -	1.07	0.51	0.94	0.51	0.27	0.26	0.3
Price/Cash Flow	- -	-187.97	13.15	10.08	11.21	6.9	2.03	2.35	2.24
Price/Cash Flow Average	- -	-186.22	12.02	5.57	12.73	6.82	3.44	2.44	2.12
Price/Cash Flow High	- -	-191.22	15.3	10.67	19.05	9.86	6.4	2.94	2.61
Price/Cash Flow Low	- -	-183.58	9.37	2.76	8.35	4.09	1.78	1.59	1.6
Price/Free Cash Flow Average	- -	-186.22	8.88	4.63	7.72	3.45	2.03	1.58	1.29
Price/Free Cash Flow High	- -	-191.22	11.31	8.87	11.55	4.99	3.77	1.9	1.6
Price/Free Cash Flow Low	- -	-183.58	6.92	2.29	5.06	2.07	1.05	1.03	0.98
EV/Sales Average	- -	- -	1.96	1.63	2.34	1.63	1.21	1.03	0.95
EV/Sales High	- -	- -	2.34	2.57	3.05	2.01	1.66	1.11	1.04
EV/Sales Low	- -	- -	1.66	1.11	1.85	1.29	0.96	0.89	0.85
EV/EBITDA Average	- -	-245.9	11.3	11.2	11.86	8.93	6.31	5.21	5.42
EV/EBITDA High	- -	-252.53	13.45	17.69	15.46	11.03	8.62	5.64	5.94
EV/EBITDA Low	- -	-242.4	9.56	7.63	9.36	7.05	5.01	4.5	4.87
EV/EBIT Average	- -	-245.9	35.37	24.15	25.42	25.41	16.7	12.09	16.52
EV/EBIT High	- -	-252.53	42.11	38.13	33.14	31.39	22.82	13.07	18.13
EV/EBIT Low	- -	-242.4	29.91	16.44	20.07	20.06	13.26	10.45	14.85
Last Price	- -	9.83	10.98	37.56	24.46	19.22	7.29	9.52	9.96
High Price	- -	10	12.77	39.76	41.58	27.48	22.94	11.9	11.63
Enterprise Value Average	- -	303	1,039	1,723	5,735	4,838	3,880	3,347	3,077
Enterprise Value High	- -	312	1,237	2,720	7,477	5,976	5,303	3,619	3,376
Enterprise Value Low	- -	299	879	1,173	4,529	3,819	3,080	2,892	2,765

Shares Outstanding	31	31	72	90	134	134	133	135	133
Diluted Weighted Avg Shares	- -	31	72	52	133	139	134	136	135
Basic Weighted Avg Shares	- -	31	72	52	126	134	134	134	135
Revenue per Share	- -	- -	7.32	20.13	19.43	22.14	23.85	24.38	24.01
EBITDA per Share	- -	-0.04	1.27	2.93	3.83	4.04	4.59	4.8	4.2
Operating Income per Share	- -	-0.04	0.41	1.36	1.79	1.42	1.73	2.07	1.38
Basic EPS, GAAP	- -	0.07	-0.29	-3.08	1.12	0.47	-5.06	0.62	-0.52
Basic EPS from Cont Ops	- -	0.07	-0.31	-3.7	1.25	0.55	-5.03	0.71	-0.49
Diluted EPS, GAAP	- -	0.07	-0.29	-3.08	1.07	0.46	-5.05	0.61	-0.52
Diluted EPS from Cont Ops	- -	0.07	-0.31	-3.7	1.19	0.53	-5.02	0.7	-0.49
Dividend per Share	- -	- -	3.45	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	-0.05	0.83	3.73	2.18	2.79	3.58	4.05	4.45
Free Cash Flow per Basic Share	- -	-0.05	0.54	2.97	0.57	-0.13	1.07	1.76	1.62
Cash & Equivalents per Share	- -	0.03	1.06	1.9	1.18	0.34	0.57	0.82	0.79
Book Value per Share	- -	7.76	-0.56	-3.79	-0.34	0.2	-4.86	-4.2	-4.68
Tangible Book Value per Share	- -	7.86	-4.59	-15.89	-13.05	-11.55	-10.35	-8.99	-8.14

AdaptHealth Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)