← Back to Stock Screener← Stock Screener

ZYBERNO

Stock Report

Updated Aug 31, 2026

AdaptHealth Corp. (AHCO)

Healthcare • NASDAQ

$5.79

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

26.0/100

POOR BUSINESS

AdaptHealth Corp. (AHCO) scores 26/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AHCO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+88.1%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

83.7%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

25.0%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AHCO valuation analysis · → View full AHCO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-15.1%)

Debt-to-Equity (Solvency Risk):POOR (1.49x)

Operating Margin (Operational Efficiency):CRITICAL (-1.3%)

Return on Capital (Capital Efficiency):CRITICAL (-0.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

AdaptHealth Corp. (AHCO) stock report — Zyberno Score 26/100 (POOR BUSINESS), Margin of Safety +88.1%, 84% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, AdaptHealth Corp. (AHCO) trades at $5.79 against an estimated intrinsic value per share of $48.71 — a +88.1% Margin of Safety based on Owner Earnings of $213.08M TTM, projected at 34.3% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 83.7% annually.

Over the trailing twelve months, AHCO generated $213.08M in Owner Earnings. Capital was deployed as follows: $408.02M invested in capital expenditures. Reinvestment rate: 249.6%. Owner Earnings have grown at 34.3% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:5.79

Market Cap:$788.13M

Valuation Multiples (3)

P/B Ratio:0.57x

P/S Ratio:0.24x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$3.24B

Ev Ebitda Ratio:8.31x

Pfcf Ratio:4.11x

Price Action & Momentum (3)

12-1 Momentum:

+22.2% (54th pctile)

📈 Click to view full AHCO Momentum analysis →

Momentum Percentile:54 / 100

% of 52-Week High:43.1%

B. Profitability Assessment

Return Metrics (5)

ROE:

-15.1%

📊 Click to view full AHCO ROE analysis →

ROA:-5.2%

Roic:

-0.8%

📊 Click to view full AHCO ROIC analysis →

Reinvestment Rate:249.6%

Fundamental Growth Rate (g):-2.0%

Margin Analysis (3)

Operating Margin Ttm:-1.3%

Net Margin Ttm:-7.1%

Ebitda Margin:12.1%

TTM Performance (3)

Gross Margin Ttm:17.0%

Operating Margin Ttm:-1.3%

Net Margin Ttm:-7.1%

Yield Metrics (3)

Earnings Yield:-$29.02

Owner Earnings Yield:$27.04

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.67

📊 Click to view full AHCO Earnings Surprise analysis →

EPS Surprise vs Expected:-8,900.0%

Latest Earnings Filed:2026-08-04

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):1.0%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):3.2%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):70.4%

Operating Cash Flow Growth Rate (Linear):10.1%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-12.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.12x

Quick Ratio:0.98x

Cash Ratio:0.00x

Leverage Analysis (3)

Debt To Equity Ttm:1.49x

Debt-to-Equity Ratio:1.49x

Debt To Ebitda:6.29x

Coverage Ratios (2)

Interest Coverage Ratio:2.89x

Times Interest Earned:2.89

Capital Structure (4)

Working Capital:88,263,000.00

Cash And Cash Equivalents:0.00

Long Term Debt:$1.88B

Net Debt:$2.46B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $3.23B

Linear Growth: 1.0%

📊 Click to view full AHCO Revenue analysis & methodology →

Cost Of Revenue Ttm:$2.68B

Profitability Breakdown (2)

Gross profit TTM: $549.81M

Linear Growth: 10.7%

📊 Click to view full AHCO Gross Profit analysis & methodology →

Operating income TTM: -$41.44M

Linear Growth: -12.8%

📊 Click to view full AHCO Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$228.23M

Linear Growth: 3.2%

📊 Click to view full AHCO Net Income analysis & methodology →

Income Before Tax:-$247.08M

Ebitda Ttm:390,460,000.00

Operating Expenses (5)

Operating Expenses:3,377,217,000.00

R And D Expense:0.00

Sga Expense:390,004,000.00

Income Tax Expense:-$12.32M

Interest Expense:31,429,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:52.7%

Ebitda Margin:12.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$4.34B

Current Assets:$797.48M

Ppe Net:656,368,000.00

Goodwill:2,370,431,000.00

Intangible Assets:$31.78M

Liability Structure (4)

Total Liabilities:2,954,613,000.00

Current Liabilities:709,212,000.00

Long Term Debt:$1.88B

Short Term Debt:$576.30M

Equity & Capital (3)

Equity:$1.39B

Retained Earnings:-$782.94M

Common Stock:300,000,000.00

Working Capital Items (3)

Accounts Receivable:390,389,000.00

Inventory:105,480,000.00

Accounts Payable:389,520,000.00

Special Items (2)

Contract Liabilities:64,743,000.00

Stock Based Compensation:5,400,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $599.97M

Linear Growth: 10.1%

Free cash flow TTM: $191.95M

Linear Growth: 70.4%

📊 Click to view full AHCO Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$204.46M

Capital Expenditures Ttm:408,015,000.00

Financing Activities (3)

Financing Cash Flow:$52.56M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$14.06M

Non-Cash Items (1)

Depreciation Amortization Ttm:431,900,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.68

Eps diluted TTM: -$1.68

Linear Growth: 32.9%

📊 Click to view full AHCO EPS analysis & methodology →

Earnings Per Share Ttm:-$1.68

Revenue & Cash Per Share (3)

Sales Per Share Ttm:23.70

Operating Cash Flow Per Share:$4.42

Fcf Per Share Ttm:1.41

Book Value & Capital (2)

Book Value Per Share:$10.18

Cash Per Share:-999.00

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.74x

Working Capital Turnover Ttm:36.56x

Receivables Management (2)

Receivables Turnover Ttm:8.27x

Days Sales Outstanding Ttm:44.16

Inventory Management (2)

Inventory Turnover Ttm:25.38x

Days Inventory Outstanding Ttm:14.38

Payables & Cash Cycle (2)

Days Payable Outstanding:53.11

Cash Conversion Cycle:5.43

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $213.08M

Linear Growth: 34.3%

📊 Click to view full AHCO Owner Earnings analysis & methodology →

Owner Earnings Per Share:$1.57

Owner Earnings Yield:$27.04

Growth Assessment (1)

Owner Earnings Growth Rate:$34.28

Damodaran Growth Analysis (2)

Reinvestment Rate:249.6%

Fundamental Growth Rate (g):-2.0%

Intrinsic Value Models (1)

Intrinsic Value:

$6.63B

📊 Click to view full AHCO DCF valuation →

Margin of Safety (1)

Margin Of Safety:

88.1%

📊 Click to view full AHCO valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

83.7%

📊 Click to view full AHCO expected return analysis →

Forward Expected Return (Yield + Growth):

25.0%

📊 Click to view full AHCO expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):1.0%

Net Income Growth Rate (Linear):3.2%

Operating Income Growth Rate (Linear):-12.8%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):70.4%

Operating Cash Flow Growth Rate (Linear):10.1%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):10.7%

Book Value Growth Rate (Linear):-9.6%

Owner Earnings Growth Rate:$34.28

C. Company Profile & Context

Corporate Information (6)

Symbol:AHCO

Company Name:AdaptHealth Corp.

Sector:Healthcare

Industry:Services-Home Health Care Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:136.12M

Shares Outstanding Basic:136.12M

Shares Outstanding Diluted:136.12M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 19:15:18 UTC

Data Timestamp:2026-08-31T19:15:18.672243