Is AdaptHealth Corp. overvalued or undervalued?

As of 3 October 2025, the valuation grade for AdaptHealth Corp. has moved from fair to expensive, indicating a shift towards overvaluation. The company is currently considered overvalued based on its P/E ratio of 13, which is higher than the peer average of 14.60 for AdaptHealth, and its EV to EBITDA ratio of 4.78, which is also above the industry benchmark. Additionally, the Price to Book Value stands at 0.77, suggesting that the stock is trading below its book value, but this is not enough to offset the overall valuation concerns.
In comparison to its peers, Nelnet, Inc. presents a more attractive valuation with a P/E of 11.39 and an EV to EBITDA of 3.03, while H&E Equipment Services, Inc. is classified as very expensive with a P/E of 34.29. The recent stock performance shows that AdaptHealth Corp. has underperformed against the S&P 500, with a year-to-date return of -4.52% compared to the S&P 500's 14.18%, reinforcing the view that the stock may be overvalued at its current price of 9.09.