Is AdaptHealth Corp. overvalued or undervalued?

As of 17 October 2025, AdaptHealth Corp. has moved from an attractive to an expensive valuation grade. The company appears overvalued based on its current metrics. Key ratios include a P/E ratio of 13, an EV to EBIT of 12.58, and an EV to EBITDA of 4.78, which are higher than some peers like Nelnet, Inc. with a P/E of 11.39 and EV to EBITDA of 3.03, indicating that AdaptHealth is priced at a premium relative to its industry counterparts.
In terms of performance, AdaptHealth has underperformed significantly compared to the S&P 500, with a year-to-date return of -3.99% versus the S&P 500's 13.30%. Over the past three years, the company's return of -56.78% starkly contrasts with the S&P 500's impressive 81.19% gain, reinforcing the notion that the stock may be overvalued given its current price of 9.14.