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 to be overvalued based on its current metrics, with a P/E ratio of 13, a Price to Book Value of 0.77, and an EV to EBITDA ratio of 4.78. In comparison to peers, Nelnet, Inc. has a more favorable P/E ratio of 11.39, while H&E Equipment Services, Inc. is significantly higher at 34.29, indicating that AdaptHealth's valuation is not justified when looking at industry standards.
The company's recent stock performance shows a stark contrast to the S&P 500, with a year-to-date return of -3.99% compared to the S&P 500's 13.30%. Over the past three years, AdaptHealth's stock has declined by 56.78%, while the S&P 500 has increased by 81.19%, reinforcing the notion that the stock is currently overvalued.