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, particularly with a P/E ratio of 13, which is higher than peer Nelnet, Inc. at 11.39 and significantly lower than H&E Equipment Services, Inc. at 34.29. Additionally, AdaptHealth's EV to EBITDA ratio stands at 4.78, which is more favorable than H&E Equipment's 7.74 but less attractive than Nelnet's 3.03.
The company's return performance has been disappointing, with a year-to-date return of -3.99% compared to the S&P 500's 13.30%, and a staggering 10-year return of -67.52% against the S&P 500's 227.77%. These figures reinforce the notion that AdaptHealth is currently overvalued in the market.