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AdaptHealth Corp.: Business Overview, Financials & Competitive Analysis

AdaptHealth Corp. scores 6/10 on the AskCyborg Cyborg Score (Solid). Scale-driven home medical equipment provider betting on capitated contracts and operational efficiency to drive profitability. AdaptHealth's 24.8% annualized revenue growth over the last five years was excellent, beating the average healthcare company. However, recent results include a $127.99 million goodwill impairment and upfront spending to stand up the capitated deal.

What is AdaptHealth Corp.'s industry? AdaptHealth Corp. (adapthealth.com) operates in Home Medical Equipment & Healthcare Services. AskCyborg classifies AdaptHealth Corp. under Home Medical Equipment & Healthcare Services in its company registry.

AdaptHealth Corp. is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services. With a network of approximately 680 location...

6/ 10Solid

Cyborg Score thesis

Scale-driven home medical equipment provider betting on capitated contracts and operational efficiency to drive...

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Industry Home Medical Equipment & Healthcare Services
3 named competitors
4 recent developments
11 analyst dimensions
Synthesized from analyst-debate stress-testing across 11 dimensions and hundreds of data points. Methodology →
Cyborg Score recalibrated: September 14, 2026
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What's in This Report
AdaptHealth Corp. OverviewStrategic ProfileCompetitive LandscapeIndustry ContextKey facts
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AdaptHealth Corp. Overview

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AdaptHealth Corp. is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services. With a network of approximately 680 locations serving patients across all 50 states, the company provides home medical equipment, supplies, and related services to patients with chronic conditions like sleep apnea, diabetes, and respiratory disorders.

Strategic Profile

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In 2025, AdaptHealth closed the largest capitated contract in the industry's history, positioning itself for significant revenue growth. The company implemented a new operating model aimed at standardizing workflows and improving service delivery, centralizing order intake in Sleep Health and extending the approach to ventilators. Operational changes and AI pilots are expected to improve margins to around 20% by Q2 2026.

Competitive Landscape

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AdaptHealth operates with approximately 680 locations across all 50 states. The company competes in the home medical equipment space with regional and national players, competing on service quality, patient outcomes, and relationships with payers. The major competitive advantage lies in scale and the unique large capitated contract, though margin pressure from reimbursement rates and regulatory changes remain competitive headwinds.

Industry Context

AdaptHealth Corp. operates in Home Medical Equipment & Healthcare Services.

Key facts

Founded: 2012 · Headquarters: Plymouth Meeting, Pennsylvania · Employees: ~5,000+ · Revenue: $3.48B (2026E guidance at midpoint) · Market cap: ~$2.0B

What the analysts stress-tested

The top findings that survived the multi-agent debate for AdaptHealth Corp..

  • Management projects 6% to 8% revenue growth in 2026, with a 5%–6% contribution from the new capitated agreement and 2.5%–3.5% from the rest of the business
  • The company set patient census records for Sleep Health, Respiratory Health, and Wellness at Home, and a patient retention record for Diabetes Health
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Recent developments

Material events tracked by the AskCyborg corpus.

  • February 2026Reported Q4 2025 results with goodwill impairment and provided 2026 revenue guidance of $3.44-3.51 billion
  • January 2026Acquired HME provider in Hawaii expanding operations to 48th state with $47.6 million deal
  • +2 moreTrack every material event for AdaptHealth Corp. as it happens. Explore monitoring →
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Named competitors

Pulled from the analyst-debate framework. Click any competitor to see their Cyborg Score.

Home Medical Equipment DistributionCompetitors in sleep therapy, respiratory, and diabetes management equipment→Integrated Healthcare DeliveryHome healthcare and equipment service providers→DME SuppliersDurable medical equipment and oxygen therapy providers→

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Industry context

AdaptHealth Corp. operates in Home Medical Equipment & Healthcare Services. See how the rest of the sector scores on the Cyborg framework.

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Frequently asked questions

What does AdaptHealth Corp. do?+
AdaptHealth Corp. is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services. With a network of approximately 680 location...
What is AdaptHealth Corp.'s Cyborg Score?+
AdaptHealth Corp. has a Cyborg Score of 6/10 (Solid). The score synthesizes business model, financials, leadership, competitive position, technology, marketing, and ESG dimensions across hundreds of data points.
Who are AdaptHealth Corp.'s main competitors?+
Named competitors include Home Medical Equipment Distribution, Integrated Healthcare Delivery, DME Suppliers. The full competitive landscape is in the AskCyborg report.
How can I get the full AdaptHealth Corp. research report?+
Get the report plus analyst-debate audio at askcyborg.com -- no credit card required for preview access. Pro adds saved-company audio playlists and monitoring.
How current is the AdaptHealth Corp. research?+
The Cyborg Score is recalibrated weekly. Recent developments are tracked continuously and surfaced in every report.

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