Is AdaptHealth Corp. overvalued or undervalued?

As of 8 September 2025, the valuation grade for AdaptHealth Corp. has moved from expensive to fair. Based on the current metrics, the company appears to be fairly valued. Key ratios include a P/E ratio of 13, a Price to Book Value of 0.77, and an EV to EBITDA of 4.78. In comparison to peers, Nelnet, Inc. has a P/E of 11.39 and an EV to EBITDA of 3.03, while H&E Equipment Services, Inc. is considered very expensive with a P/E of 34.29 and an EV to EBITDA of 7.74.
Despite the fair valuation, AdaptHealth Corp. has underperformed significantly against the S&P 500, with a 1-year return of -18.62% compared to the index's 17.14%. This stark contrast in returns suggests that while the stock may be fairly valued, it is currently facing challenges that have impacted its performance relative to the broader market.