Quipt Home Medical (QIPT) AI Stock Analysis

• Market Cap: C$220.99M
• Dividend Yield: N/A
• Average Volume (3M): 16.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.58
• Revenue Growth: 2.48%
• EPS Growth: -53.76%
• Country: CA
• Employees: 1,200
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.14
• Shares Outstanding: 44,464,973
• 10 Day Avg. Volume: 16,042
• 30 Day Avg. Volume: 16,885
• PEG Ratio: -0.12
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 0.64
• P/FCF Ratio: 4.44
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$5.19
• Price Target Upside: 4.43% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.45
• Revenue Forecast (FY): C$307.91M

• Rating: 55 Neutral
• Price Target: C$5.00 ▲(0.60% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven by mixed fundamentals: strong revenue growth and positive free cash flow support the profile, but ongoing losses, negative ROE, and moderate-to-elevated leverage meaningfully cap the rating. Technicals are supportive with an uptrend versus key moving averages, while valuation is penalized because earnings are negative and there is no dividend yield data.

Positive Factors

Revenue Growth

Sustained 21% TTM revenue growth and a multi-year uptrend indicate durable demand expansion. Given the company's recurring respiratory resupply and oxygen rentals, this top-line momentum reflects expanding patient relationships and referral traction that should support revenue over the next several quarters.

Cash Generation & Margins

High gross and EBITDA margins plus positive operating and free cash flow demonstrate efficient core operations and real cash generation. This cash cushioning supports reinvestment, working-capital needs and selective M&A, improving resilience versus reimbursement or volume fluctuations.

Recurring, Reimbursement-Driven Model

A reimbursement-driven model with recurring consumable resupply and rental revenue creates predictable cash streams. Combined with branch logistics, prescriber referral relationships and a history of acquisitions, this structural model supports customer retention and scalable growth across markets.

Negative Factors

Profitability Deficit

Despite healthy EBITDA, the company posts negative EBIT and net losses, and ROE is below zero. Persistent below-the-line losses suggest interest, depreciation or other costs erode operating profitability, limiting retained earnings and the firm's ability to self-fund expansion long-term.

Moderate-to-Elevated Leverage

Debt near 0.85x equity reduces financial flexibility and increases interest exposure. Higher leverage vs prior years constrains the balance sheet's ability to absorb reimbursement changes, pursue larger acquisitions, or withstand prolonged working-capital stress without raising external financing.

Cash Conversion & Payor Sensitivity

FCF below the accounting loss and modest operating-cash coverage imply sensitivity to working-capital swings and non-cash items. Coupled with heavy reliance on Medicare/Medicaid/commercial reimbursements and referral flows, this raises structural exposure to payor rule changes and payment timing shocks.

Quipt Home Medical Business Overview & Revenue Model

Company Description

Quipt Home Medical Corp. provides in-home medical equipment and supplies, and respiratory and durable medical equipment in the United States. It offers management of various chronic disease states focusing on patients with heart and pulmonary disease, sleep apnea, reduced mobility, and other chronic health conditions. The company also provides bariatric equipment, bathroom safety products, bilevel positive airway pressure, canes/crutches, continuous positive airway pressure, CPAP masks and accessories, hospital beds, humidifiers, nebulizers and compressors, oxygen concentrators, patient lifts, walkers, wheelchairs, and products for wound care. In addition, it offers ventilators; home-based sleep apnea and chronic obstructive pulmonary disease treatments; home-based healthcare logistics and services; medical supplies, medical equipment, mobility equipment, and respiratory equipment; and CPAP and BiPAP units, ventilation equipment and aids, daily and ambulatory aides, and equipment solutions, as well as home and hospital delivery, and oxygen therapy services. The company was formerly known as Protech Home Medical Corp. and changed its name to Quipt Home Medical Corp. in May 2021. Quipt Home Medical Corp. was incorporated in 1993 and is headquartered in Wilder, Kentucky.

How the Company Makes Money

Quipt Home Medical generates revenue through multiple streams, primarily by providing durable medical equipment and related services to patients with chronic health conditions. The company earns money from the sale and rental of medical equipment, such as oxygen concentrators, CPAP machines, and mobility aids. Additionally, Quipt receives reimbursements from government programs like Medicare and Medicaid, as well as private insurance providers, for the medical equipment and services it supplies. Strategic partnerships with healthcare providers and institutions enhance its reach, while a focus on patient-centric services ensures a steady demand for its offerings.

Quipt Home Medical Financial Statement Overview

Summary

Strong revenue growth (+21.0% TTM) and solid gross margin (65.3%) are key positives, supported by positive operating cash flow ($41.2M) and free cash flow ($29.7M). Offsetting this, profitability remains weak with negative EBIT and a net loss (net margin -3.9%), and balance-sheet risk is elevated with debt ~0.85x equity and negative ROE (-9.5%).

Income Statement

Top-line performance is solid, with revenue up 21.0% in TTM (Trailing-Twelve-Months) and a multi-year uptrend versus 2021–2024. Profitability is mixed: gross margin is strong (65.3% in TTM), and EBITDA margin remains healthy (18.9%), but EBIT is negative and net income is still loss-making (net margin -3.9% in TTM), indicating ongoing cost/interest/depreciation pressure and limited bottom-line leverage.

Balance Sheet

Leverage is moderate-to-elevated with debt at ~0.85x equity in TTM (Trailing-Twelve-Months), materially higher than 2022 levels and suggesting balance-sheet risk is not trivial. Equity remains positive, but returns to shareholders are negative (ROE -9.5% in TTM), reflecting that the company is not currently generating profits on its capital base, which limits financial flexibility if performance softens.

Cash Flow

Cash generation is a relative strength: operating cash flow is positive ($41.2M in TTM) and free cash flow is positive ($29.7M), with free cash flow up 4.4% in TTM. However, cash conversion is not perfect—free cash flow is below the reported net loss in magnitude (about 0.69x in TTM), and operating cash flow coverage is modest, implying some sensitivity to working-capital swings or non-cash accounting effects.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Dec 2021
Income Statement
Total Revenue	296.92M	245.36M	245.91M	211.68M	139.86M	102.35M
Gross Profit	197.24M	177.18M	176.99M	153.78M	106.65M	74.18M
EBITDA	58.09M	48.32M	51.07M	45.14M	28.05M	10.45M
Net Income	-11.09M	-10.70M	-6.76M	-2.78M	4.84M	-6.17M
Balance Sheet
Total Assets	280.66M	425.45M	247.25M	247.41M	132.21M	108.57M
Cash, Cash Equivalents and Short-Term Investments	10.54M	17.97M	16.17M	17.21M	8.52M	34.61M
Total Debt	114.98M	118.79M	99.80M	97.96M	26.56M	27.05M
Total Liabilities	167.66M	269.48M	140.06M	136.29M	52.67M	49.95M
Stockholders Equity	100.95M	139.69M	107.19M	111.11M	79.55M	58.62M
Cash Flow
Free Cash Flow	29.72M	35.43M	25.07M	33.75M	17.38M	13.65M
Operating Cash Flow	41.17M	52.71M	35.38M	40.54M	26.34M	18.69M
Investing Cash Flow	-40.52M	-46.07M	-10.31M	-82.83M	-42.49M	-17.84M
Financing Cash Flow	-5.56M	-10.85M	-26.15M	50.87M	-9.85M	3.91M

Quipt Home Medical Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.97
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:QIPT, the sentiment is Positive. The current price of 4.97 is above the 20-day moving average (MA) of 4.90, above the 50-day MA of 4.89, and above the 200-day MA of 3.60, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 66.10 is Neutral, neither overbought nor oversold. The STOCH value of 86.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:QIPT.

Quipt Home Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
QIPT	55 Neutral	C$220.99M	-36.01	-10.51%	―	2.48%	-53.76%
PRN	55 Neutral	C$368.00M	-6.49	-127.60%	―	72.03%	-1.47%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VPT	50 Neutral	C$21.55M	-5.28	―	―	28.59%	23.46%
TLT	46 Neutral	C$69.41M	-11.76	-269.41%	―	1.46%	6.91%
BLO	46 Neutral	C$65.38M	-17.95	-188.03%	―	―	-52.41%
PINK	42 Neutral	C$40.36M	-1.50	-181.70%	―	209.29%	35.38%

Quipt Home Medical Corporate Events

Quipt Home Medical Sets March Vote on Premium Takeover by Kingswood and Forager

Quipt Home Medical has filed and begun mailing its definitive proxy statement and management information circular for a special shareholder meeting on March 3, 2026, where investors will vote on a proposed plan of arrangement under which affiliates of Kingswood Capital Management and Forager Capital Management would acquire all outstanding shares for US$3.65 per share in cash, a 54% premium to the company’s 30-day volume-weighted average price before the deal was announced. The transaction requires a supermajority of shareholder votes, including minority approval under Canadian securities rules, and has the unanimous support of Quipt’s board as well as voting support agreements from directors, officers, and a major shareholder collectively representing about 20.8% of the shares, signaling strong internal backing for the buyout and a potentially significant change in ownership and strategic direction if approved.

The most recent analyst rating on (TSE:QIPT) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Quipt Home Medical stock, see the TSE:QIPT Stock Forecast page.