AHCO Stock: Insider Activity, Filings & Research

AdaptHealth Corp. (AHCO) — Drillr’s hub for AHCO insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, AHCO insiders filed 10 open-market buys and 1 sale (SEC Form 4).

Sentiment

100/100

Buys (3m)

Sells (3m)

Net (3m)

$48.6M

Insiders buyingCluster buying

Insider trades by month Buys Sells

Dec

Aug

Dec

Feb

Mar

Jun

Context3-month price +0.5%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
Jun 3, 2026	Schuster III Russell E.officer: Chief Commercial Officer	Sell	11,275	$10.06
May 29, 2026	McFadden Daniel Edwardofficer: Chief Operating Officer	Grant	20,134	—
Apr 28, 2026	Prast Albert A.officer: Chief Technology Officer	Tax	58,203	$10.33
Mar 30, 2026	OEP VII GP, L.L.C.10 percent owner	Buy	689,336	$9.73
Mar 30, 2026	OEP VII GP, L.L.C.10 percent owner	Buy	536,827	$9.73
Mar 30, 2026	OEP VII GP, L.L.C.10 percent owner	Buy	820,528	$9.73
Mar 30, 2026	OEP VII GP, L.L.C.10 percent owner	Buy	447,100	$9.91
Mar 30, 2026	OEP VII GP, L.L.C.10 percent owner	Buy	727	$9.94
Mar 23, 2026	CASHIN RICHARD M JR10 percent owner	Buy	447,100	$9.91
Mar 23, 2026	CASHIN RICHARD M JR10 percent owner	Buy	727	$9.94
Mar 16, 2026	Prast Albert A.officer: Chief Technology Officer	Option	89,451	$4.38
Mar 16, 2026	Prast Albert A.officer: Chief Technology Officer	Tax	58,203	$10.33
Mar 12, 2026	CASHIN RICHARD M JR10 percent owner	Buy	689,336	$9.73
Mar 12, 2026	CASHIN RICHARD M JR10 percent owner	Buy	536,827	$9.73
Mar 12, 2026	CASHIN RICHARD M JR10 percent owner	Buy	820,528	$9.73

Source: AHCO SEC Form 4 filings, latest Jun 3, 2026. For informational purposes only — not investment advice.

Overview

AdaptHealth Corp. (NASDAQ:AHCO) is a leading provider of home medical equipment and related services in the United States. Founded through a series of acquisitions and consolidations in the home healthcare industry, the company went public in 2018. AdaptHealth has grown to become one of the largest providers of durable medical equipment (DME) in the country, serving over 4 million patients across all 50 states through a network of more than 300 locations. The company focuses on chronic care management for patients with conditions such as sleep apnea, diabetes, respiratory disorders, and other chronic illnesses requiring ongoing medical equipment and supplies.

Business

AdaptHealth operates in the home medical equipment (HME) industry, which serves as a critical component of the healthcare system by providing medical devices and supplies directly to patients' homes. This industry emerged as healthcare shifted toward cost-effective alternatives to hospital and institutional care, allowing patients to manage chronic conditions in familiar environments while reducing overall healthcare costs. The company organizes its operations into four primary business segments: Sleep Health (approximately 40% of revenue): This segment provides continuous positive airway pressure (CPAP) and bi-level positive airway pressure (bi-PAP) equipment and supplies to patients with obstructive sleep apnea. Sleep apnea is a common disorder where breathing repeatedly stops and starts during sleep, affecting millions of Americans. CPAP machines deliver pressurized air through a mask to keep airways open during sleep. AdaptHealth serves approximately 1.68 million sleep patients, making it one of the largest providers in this category. Respiratory Health (approximately 20% of revenue): This division focuses on oxygen therapy and other respiratory equipment for patients with chronic obstructive pulmonary disease (COPD), emphysema, and other breathing disorders. The company provides portable oxygen concentrators, liquid oxygen systems, and related supplies to over 325,000 patients who require supplemental oxygen for daily activities. Diabetes Health (approximately 17% of revenue): This segment supplies continuous glucose monitors (CGMs) and insulin pumps to diabetic patients. CGMs are small devices that track blood sugar levels throughout the day, while insulin pumps deliver precise doses of insulin automatically. This segment has faced operational challenges but serves a critical need for the growing diabetic population in the United States. Wellness at Home (approximately 22% of revenue): This category encompasses various other medical equipment and supplies, including wound care products, urological supplies, incontinence products, ostomy supplies, nutritional products, and home infusion services. This diverse portfolio serves patients with multiple chronic conditions requiring ongoing medical support.

Revenue model

AdaptHealth generates revenue primarily through medical equipment rentals and supply sales to patients with chronic conditions. The company's business model is built on recurring revenue streams, as most patients require ongoing equipment rentals and regular resupply of consumable items like CPAP masks, glucose test strips, and oxygen supplies. The company's primary customers are government and commercial insurance payers, including Medicare (the federal health insurance program for seniors), Medicaid (state-federal health insurance for low-income individuals), and private insurance companies. Approximately 79% of the diabetes segment's continuous glucose monitor census consists of government payers, while the overall payer mix varies by segment. AdaptHealth also has direct-pay patients and is expanding into capitated arrangements with insurers like Humana, where the company receives fixed monthly payments per patient regardless of actual services provided. Several factors influence AdaptHealth's margins and profitability. Positive margin drivers include the company's scale advantages in purchasing equipment and supplies, operational efficiency improvements through technology and automation, and the recurring nature of patient relationships that generate predictable revenue streams. The company's "One Adapt" initiative focuses on standardizing operations and implementing continuous improvement processes to enhance margins. Margin pressures come from Medicare reimbursement rate changes, which are typically adjusted annually based on inflation but may include productivity adjustments that reduce payments. Competition from other DME providers and new market entrants can pressure pricing. Supply chain disruptions, such as the Philips CPAP recall that affected the sleep apnea market, can impact costs and patient acquisition. Additionally, regulatory changes in healthcare policy and potential impacts from new diabetes medications like GLP-1 drugs could affect long-term demand patterns. The company's move toward value-based care contracts represents a strategic shift where AdaptHealth takes on more financial risk in exchange for potentially higher returns by demonstrating improved patient outcomes and cost savings to payers.

Competitive moat

AdaptHealth's competitive moat is moderately strong but not insurmountable, built primarily on operational scale, regulatory compliance, and patient relationships rather than proprietary technology or unique products. The company's primary moat elements include its extensive geographic footprint with over 300 locations providing local service capabilities that are difficult for smaller competitors to replicate. The complex regulatory environment surrounding medical device distribution and Medicare/Medicaid billing creates barriers to entry, as new entrants must navigate substantial compliance requirements. AdaptHealth's scale provides purchasing power with equipment manufacturers and enables investment in technology infrastructure that smaller competitors cannot match. The recurring revenue model creates some customer stickiness, as patients become accustomed to specific equipment and service patterns, and switching providers involves administrative complexity with insurance approvals. The company's relationships with physicians, hospitals, and healthcare systems for patient referrals also provide some competitive protection. However, the moat faces several vulnerabilities. The home medical equipment industry is fundamentally a commodity business where products are largely standardized across providers. Large healthcare companies, pharmacy chains, or technology companies could potentially enter the market with significant resources. Amazon's entry into healthcare services represents a potential long-term threat to traditional DME providers. Additionally, technological advances could disrupt traditional equipment models - for example, smartphone-based health monitoring could reduce demand for some traditional devices. The company's competitive position is also vulnerable to regulatory changes that could alter reimbursement structures or allow new types of providers to compete in the DME space. While AdaptHealth has built a substantial business, its moat is primarily operational rather than structural, making continued execution and innovation critical to maintaining competitive advantages.

Risks & safety

AdaptHealth presents a moderate margin of safety with manageable debt levels but some operational challenges that require monitoring. Debt and Solvency: • Net leverage ratio of 2.79x (down from 3.51x), targeting 2.5x • Total debt of approximately $2.1 billion against $4.4 billion in assets • Debt-to-equity ratio of 1.34x, elevated but manageable • Strong free cash flow generation of $236 million in 2024 • Current ratio of 1.33x indicates adequate short-term liquidity Valuation Metrics: • EV/EBITDA of 7.47x (Q1 2025), reasonable for healthcare services • Price-to-book ratio of 0.93x, suggesting potential undervaluation • Price-to-earnings ratio varies significantly due to one-time charges • Graham net-net value negative due to substantial goodwill and intangibles Other Considerations: • Recurring revenue model provides cash flow predictability • Exposure to Medicare reimbursement rate changes creates some uncertainty • Diabetes segment operational challenges pose near-term execution risk • Strong market position in growing chronic care demographics

Recent development

Over the past few years, AdaptHealth has undergone significant strategic transformation under new leadership. The company implemented the "One Adapt" initiative in 2024, standardizing operations across its network and moving to a segment-based management structure for the first time. This included appointing new leadership across key functions including operations, strategy, commercial activities, legal, and supply chain management. The company has made substantial investments in technology and automation, implementing AI-driven workflow automation that achieved 99.6% accuracy in processing incoming documents. AdaptHealth launched its "myApp" mobile application to improve patient engagement, adding self-pay and self-scheduling features. The company is exploring broader AI applications to enhance operational efficiency and patient outcomes. A major strategic focus has been expanding value-based care arrangements, most notably extending its capitated contract with Humana while pursuing similar arrangements with other payers. These contracts represent a shift from traditional fee-for-service models to fixed monthly payments per patient, requiring AdaptHealth to demonstrate cost savings and improved outcomes. The company has worked to address operational challenges in its diabetes segment, which experienced declining revenue due to patient acquisition and retention issues. Management installed new leadership, integrated diabetes resupply operations with the more efficient sleep resupply centers, and implemented improved patient outreach programs. Early signs of improvement include sequential growth in new patient starts and record-low attrition rates. AdaptHealth has also focused on balance sheet strengthening, reducing debt by $170 million in 2024 and targeting a net leverage ratio of 2.5x. The company has explored divesting non-core assets, completing sales of certain incontinence and infusion assets while evaluating other low-growth, low-margin product lines that don't align with its chronic care focus.

AHCO company profile · for informational purposes only — not investment advice.

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