Adapthealth vs Chemed
Adapthealth is the larger business, with $3.24bn of revenue in fiscal 2025 against $2.53bn for Chemed (1.3 times as much). Chemed grew faster (4.1% against -0.5%). Chemed kept more of each dollar of sales as profit: a net margin of 10.5% against -2.2%. Chemed carries less debt relative to equity (0.0% against 115.2%).
| Latest fiscal year | AdapthealthAHCO, 2025 | ChemedCHE, 2025 |
|---|---|---|
| Revenue | $3.24bn | $2.53bn |
| Revenue growth | -0.5% | 4.1% |
| Net income | −$70.8m | $265m |
| Operating margin | 2.8% | 13.4% |
| Net margin | -2.2% | 10.5% |
| Return on equity | -4.6% | 25.3% |
| Free cash flow | $219m | $325m |
| Cash | $106m | $74.5m |
| Total debt | $1.75bn | $0 |
| Debt to equity | 115.2% | 0.0% |
| Dividend per share | — | $2.20 |
| Dividend yield | — | 0.5% |
| Share buybacks | $0 | $432m |
| Employees | 10,900 | 15,811 |
| Market value | $824m | $7.03bn |
| Price vs our value range | — | Within our value range |
| Moat score | 25 (Weak) | 68 (Moderate) |
| Insider trades, 12 months | 16 buys, 3 sales | 0 buys, 13 sales |