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BrightSpring Health Services vs AdaptHealth: BTSG and AHCO compared
BrightSpring Health Services is the larger company: $4.2B of revenue in its latest quarter (Q3 2026) against $746M for AdaptHealth (Q3 2026). BrightSpring Health Services is growing faster (+26% against +11% a year earlier). BrightSpring Health Services is more profitable, with an operating margin of 3.8% against -20.9%.
Where the money goes: BTSG and AHCO
BrightSpring Health Services (BTSG) · Q3 2026
BrightSpring Health Services, Q3 2026: revenue $4.2B (+26% year over year), operating margin 3.8%, net earnings $100M, operating cash flow $204M. The chart follows the revenue to costs, profit and cash.
AdaptHealth (AHCO) · Q3 2026
AdaptHealth, Q3 2026: revenue $746M (+11% year over year), operating margin -20.9%, net loss $153M, operating cash flow $157M. The chart follows the revenue to costs, profit and cash.
| BrightSpring Health Services (BTSG) | AdaptHealth (AHCO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $4.2B | $746M |
| Revenue growth, Y/Y | +26% | +11% |
| Gross margin | 12.3% | — |
| Operating margin | 3.8% | -20.9% |
| Net earnings | $100M | −$153M |
| Net margin | 2.4% | -20.5% |
| Operating cash flow | $204M | $157M |
| Free cash flow | $182M | $51.1M |
| Market value | $14.5B | $1.0B |
| P/E | 35.8× | — |
| Analysts’ mean target | $83.21 | $8.71 |
Where the revenue comes from
BrightSpring Health Services
- Product: $3.7B (89%)
- Medicaid: $482M (11%)
AdaptHealth
- Sleep Health: $394M (53%)
- Respiratory Health: $191M (26%)
- Wellness at Home: $161M (22%)
Questions
Which is bigger, BrightSpring Health Services or AdaptHealth?
BrightSpring Health Services is the larger company: $4.2B of revenue in its latest quarter (Q3 2026) against $746M for AdaptHealth (Q3 2026).
Is BrightSpring Health Services or AdaptHealth growing faster?
BrightSpring Health Services is growing faster (+26% against +11% a year earlier).
Which is more profitable, BrightSpring Health Services or AdaptHealth?
BrightSpring Health Services is more profitable, with an operating margin of 3.8% against -20.9%.
More: BrightSpring Health Services earnings · how BrightSpring Health Services makes money · AdaptHealth earnings · how AdaptHealth makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.