AHCO
AdaptHealth Corp.
AHCO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over AHCO overall, supported by stronger fundamentals and lower modeled downside.
AHCO Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Under pressure | |
| Under pressure |
AHCO's revenue, profitability, cash flow and balance sheet are all currently under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
AHCO PE Valuation
AHCO has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
AHCO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Turning to a loss | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect AHCO's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over AHCO on the outlook, with more favorable earnings and revenue expectations.
AHCO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.97 | -630% |
| Q2 2026 | -$1.68 | -405% |
| Q1 2026 | -$0.59 | -202% |
| Q4 2025 | -$0.52 | -185% |
| Q3 2025 | $0.56 | +$2.21 |
| Q2 2025 | $0.55 | +$5.78 |
| Q1 2025 | $0.58 | +$5.85 |
| Q4 2024 | $0.61 | +$5.92 |
AHCO has swung to a loss: it lost $2.97 per share over the past year, after a profit the year before.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over AHCO on earnings quality, reporting a profit while its opponent remains loss making.
AHCO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $745.6M | -9.1% |
| Q2 2026 | $740.3M | -7.5% |
| Q1 2026 | $819.8M | +5.4% |
| Q4 2025 | $846.3M | -1.2% |
| Q3 2025 | $820.3M | +1.8% |
| Q2 2025 | $800.4M | -0.7% |
| Q1 2025 | $777.9M | -1.8% |
| Q4 2024 | $856.6M | -0.2% |
AHCO's revenue grew through 2022 and has held roughly level since: $746M last quarter, down 9.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -21% | -28 points |
| Q2 2026 | -19% | -29 points |
| Q1 2026 | 0.7% | -2.3 points |
| Q4 2025 | -8.7% | -20 points |
| Q3 2025 | 7.5% | -0.3 points |
| Q2 2025 | 9.9% | +3.4 points |
| Q1 2025 | 3% | -3.4 points |
| Q4 2024 | 11% | +37 points |
AHCO's operating margin was −21% last quarter, down 28 points from the same quarter a year ago, near the bottom of its range since 2020.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over AHCO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over AHCO on profitability, with a higher operating margin.
AHCO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $51.1M | -24% |
| Q2 2026 | -$20.9M | -129% |
| Q1 2026 | -$27.5M | -$27.4M |
| Q4 2025 | $79.3M | +8.5% |
| Q3 2025 | $66.8M | -21% |
| Q2 2025 | $73.3M | -37% |
| Q1 2025 | -$58K | +$38.8M |
| Q4 2024 | $73.1M | +9.7% |
AHCO still generates free cash flow, though less than at its 2024 peak: $82M over the past year.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over AHCO on cash flow, with more consistent year-over-year improvement.
AHCO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +276K shares |
| 1 year | -0.6% | -815K shares |
| 3 years | +1% | +1.4M shares |
| 5 years | -2.8% | -3.9M shares |
| Available history | +225% | +94.4M shares |
AHCO has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | $20.1M |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $9.2M |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
AHCO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2026 | 3.8x | Elevated |
| Q4 2025 | 3.5x | Elevated |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.8x | Moderate |
| Q1 2025 | 3.2x | Elevated |
| Q4 2024 | 3.0x | Moderate |
| Q3 2024 | 6.1x | High |
| Q3 2023 | 54.3x | High |
AHCO's net debt is about 3.8 years of its operating earnings (EBITDA), up from 3.2 years a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over AHCO on leverage, with a lower net debt burden relative to earnings.
AHCO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.5 | Neutral |
| Stochastic | 47.7 | Neutral |
AHCO's weekly RSI is 51 (neutral) and its Stochastic is 48 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
AHCO PE vs Healthcare Sector
| Metric | AHCO | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
AHCO has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
AHCO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.29 | 25% above |
| 20 week MA | $7.25 | 8.6% above |
| 50 week MA | $9.26 | 15% below |
| 100 week MA | $9.31 | 15% below |
| 200 week MA | $10.1 | 22% below |
AHCO has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
AHCO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.7 | $37.9 | +256% |
| 2021 | $37.9 | $23.7 | -37% |
| 2022 | $23.7 | $19.1 | -19% |
| 2023 | $19.1 | $7.29 | -62% |
| 2024 | $7.29 | $9.53 | +31% |
| 2025 | $9.53 | $10.3 | +7.6% |
| 2026 YTD | $10.3 | $7.87 | -23% |
AHCO's yearly returns have swung widely, from +256% in 2020 to −62% in 2023. It's down 23% so far in 2026.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over AHCO on returns for 2026, with the stronger performance.