Does AdaptHealth Corp. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores AdaptHealth Corp. (AHCO) 19.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 25, returns on capital 4, balance-sheet safety 8, capital discipline 46.

Is AHCO stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $5.69 per share versus a recent price of $10.96 — 93% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has AHCO's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 19.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

AdaptHealth Corp.

AHCO · Healthcare · $1.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power25

Median gross margin 18.5% over 8y, stable.

Returns on capital4

Median ROIC 4.9%, above the 9% hurdle in 13% of years.

Balance-sheet safety8

Net debt/EBITDA 3.4x, interest coverage 1x.

Capital discipline46

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale

93% above value

Owner earnings (normalized): $69.3M
Est. intrinsic value / share: $5.69
Recent price: $10.96
Discount to value: 93% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

AdaptHealth Corp. booked $3.2B of revenue in FY2025 in the Healthcare sector and kept 18.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, −2.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $345.3M (FY2018) to $3.2B (FY2025) — about 37.7% a year compounded over 7 years.

It earned 2.3% on invested capital in FY2025, with a median of 4.9% across 8 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $1.7B of total debt in FY2025. Balance-Sheet Safety scores it 8/100.

The share count rose 1784.5% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 46/100.

Put together: Capital Discipline is the strongest of the four filters (46/100) and Returns on Capital the weakest (4/100), which is how AHCO lands at 20/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$3.2B FY2025

Gross marginRevenue kept after cost of goods18.8% FY2025

Return on invested capitalOperating profit on the capital employed2.3% FY2025

Owner earningsCash an owner could take out−$70.8M FY2025

Gaps in a line mean that item isn’t in AHCO’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale19.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AHCO has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#411 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#409SRTA STRATA CRITICAL MEDICAL, INC.19.7 out of 100, No moatNo moat
#410OPTX SYNTEC OPTICS HOLDINGS, INC.19.6 out of 100, No moatNo moat
#412FEIM Frequency Electronics, Inc.19.0 out of 100, No moatNo moat
#413SONX Sonendo, Inc.19.0 out of 100, No moatNo moat

Compare AHCO with its nearest peers →All Healthcare companies on the Index →

Common questions about AHCO

Does AdaptHealth Corp. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores AdaptHealth Corp. (AHCO) 19.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 25, returns on capital 4, balance-sheet safety 8, capital discipline 46.
Is AHCO stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $5.69 per share versus a recent price of $10.96 — 93% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AHCO's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 19.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AHCO. See the disclaimer.