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AdaptHealth vs BrightSpring Health Services: revenue, profit, margins and growth compared

AdaptHealth brought in $3.2B of revenue in fiscal 2025, BrightSpring Health Services $12.9B in fiscal 2025. Revenue changed by -0.5% at AdaptHealth and +28.2% at BrightSpring Health Services on the year before, so BrightSpring Health Services grew faster. AdaptHealth kept -2.2% of its revenue as net profit, BrightSpring Health Services 1.5%. Free cash flow was $219.4M at AdaptHealth and $394.7M at BrightSpring Health Services.

Side by side, latest fiscal year

AHCOBTSG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.2B$12.9B
Revenue growth-0.5%+28.2%
Net income-$70.8M$190.7M
Net margin-2.2%1.5%
Free cash flow$219.4M$394.7M
Free cash flow margin6.8%3.1%
Earnings per share (diluted)-$0.52$0.87
Cash$106.1M$88.4M
Debt$1.7B$2.5B
Price to earningsn/a65.8
Market value$770.3M$11.3B
Dividend yieldn/an/a
Rank by revenue in sector#85 of 742 · Health care#40 of 742 · Health care

Over the years

Revenue
AHCO FY2018: $345.3MAHCO FY2019: $529.6MAHCO FY2020: $1.1BAHCO FY2021: $2.5BAHCO FY2022: $3BAHCO FY2023: $3.2BAHCO FY2024: $3.3BAHCO FY2025: $3.2BBTSG FY2022: $7.7BBTSG FY2024: $7.7BBTSG FY2024: $10.1BBTSG FY2025: $12.9BFY18FY19FY20FY21FY22FY23FY24FY25
AHCO $3.2BBTSG $12.9B
Net income
AHCO FY2018: $23.3MAHCO FY2019: -$21.3MAHCO FY2020: -$161.6MAHCO FY2021: $156.2MAHCO FY2022: $69.3MAHCO FY2023: -$678.9MAHCO FY2024: $90.4MAHCO FY2025: -$70.8MBTSG FY2022: -$53.9MBTSG FY2024: -$154.6MBTSG FY2024: -$18.1MBTSG FY2025: $190.7MFY18FY19FY20FY21FY22FY23FY24FY25
AHCO -$70.8MBTSG $190.7M
Net margin
AHCO FY2018: 6.7%AHCO FY2019: -4.0%AHCO FY2020: -15.3%AHCO FY2021: 6.4%AHCO FY2022: 2.3%AHCO FY2023: -21.2%AHCO FY2024: 2.8%AHCO FY2025: -2.2%BTSG FY2022: -0.7%BTSG FY2024: -2.0%BTSG FY2024: -0.2%BTSG FY2025: 1.5%FY18FY19FY20FY21FY22FY23FY24FY25
AHCO -2.2%BTSG 1.5%
Revenue growth
AHCO FY2019: +53.4%AHCO FY2020: +99.5%AHCO FY2021: +132.4%AHCO FY2022: +21.0%AHCO FY2023: +7.7%AHCO FY2024: +1.9%AHCO FY2025: -0.5%BTSG FY2024: -0.4%BTSG FY2024: +31.0%BTSG FY2025: +28.2%FY19FY20FY21FY22FY23FY24FY25
AHCO -0.5%BTSG +28.2%
Free cash flow
AHCO FY2018: $58.5MAHCO FY2019: $39.1MAHCO FY2020: $155.9MAHCO FY2021: $72.4MAHCO FY2022: -$17.6MAHCO FY2023: $143.2MAHCO FY2024: $235.8MAHCO FY2025: $219.4MBTSG FY2022: -$74.8MBTSG FY2024: $137.3MBTSG FY2024: -$57.1MBTSG FY2025: $394.7MFY18FY19FY20FY21FY22FY23FY24FY25
AHCO $219.4MBTSG $394.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about AdaptHealth and BrightSpring Health Services

Which is bigger by revenue, AdaptHealth or BrightSpring Health Services?

BrightSpring Health Services is bigger by revenue: $12.9B in fiscal 2025, against $3.2B for AdaptHealth in fiscal 2025.

Which keeps more of its revenue as profit, AdaptHealth or BrightSpring Health Services?

AdaptHealth had a net margin of -2.2% in fiscal 2025; BrightSpring Health Services had 1.5% in fiscal 2025.

Which grew revenue faster, AdaptHealth or BrightSpring Health Services?

In their latest fiscal years revenue changed by -0.5% at AdaptHealth and +28.2% at BrightSpring Health Services.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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