Acadia Healthcare (ACHC)
Market Price (9/5/2026): $28.12 | Market Cap: $2.6 BilSector: Health Care | Industry: Health Care Facilities
Acadia Healthcare (ACHC)
Market Price (9/5/2026): $28.12Market Cap: $2.6 BilSector: Health CareIndustry: Health Care Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Telehealth Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -135% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.5 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 94% Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.4% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.0% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -48% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23% Key risksACHC key risks include [1] ongoing government investigations and massive lawsuits regarding its billing practices, Show more. |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Telehealth Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -135% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.5 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 94% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.4% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -48% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23% |
| Key risksACHC key risks include [1] ongoing government investigations and massive lawsuits regarding its billing practices, Show more. |
Qualitative Assessment
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Acadia Healthcare (ACHC) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Acadia Healthcare (ACHC) reported robust financial performance for fiscal Q2 2026, surpassing analysts' expectations for both earnings and revenue. The company announced an Adjusted EPS of $0.38, which exceeded the consensus estimate of $0.35 by $0.03. Additionally, revenue for the quarter reached $865.8 million, outperforming the consensus estimate of $844.19 million. This positive earnings surprise indicated stronger operational execution than anticipated by the market.
2. The company raised its full-year 2026 financial guidance, signaling confidence in sustained growth and improved profitability. Following the strong fiscal Q2 2026 results, Acadia Healthcare updated its outlook, increasing the projected revenue to a range of $3.40 billion to $3.45 billion, up from the previous guidance of $3.37 billion to $3.45 billion. Adjusted EBITDA guidance was also elevated to between $590 million and $615 million, from the prior range of $580 million to $615 million. Furthermore, the Adjusted EPS forecast was raised to $1.45 to $1.60, compared to the earlier guidance of $1.35 to $1.60, supported by stronger patient admissions and demand in key service lines.
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Acadia Healthcare (ACHC) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Acadia Healthcare (ACHC) reported robust financial performance for fiscal Q2 2026, surpassing analysts' expectations for both earnings and revenue. The company announced an Adjusted EPS of $0.38, which exceeded the consensus estimate of $0.35 by $0.03. Additionally, revenue for the quarter reached $865.8 million, outperforming the consensus estimate of $844.19 million. This positive earnings surprise indicated stronger operational execution than anticipated by the market.
2. The company raised its full-year 2026 financial guidance, signaling confidence in sustained growth and improved profitability. Following the strong fiscal Q2 2026 results, Acadia Healthcare updated its outlook, increasing the projected revenue to a range of $3.40 billion to $3.45 billion, up from the previous guidance of $3.37 billion to $3.45 billion. Adjusted EBITDA guidance was also elevated to between $590 million and $615 million, from the prior range of $580 million to $615 million. Furthermore, the Adjusted EPS forecast was raised to $1.45 to $1.60, compared to the earlier guidance of $1.35 to $1.60, supported by stronger patient admissions and demand in key service lines.
3. Acadia Healthcare continued its strategic capacity expansion, enhancing its growth prospects in the behavioral healthcare sector. During fiscal Q2 2026, the company successfully opened two new joint venture facilities and two new Comprehensive Treatment Center (CTC) locations, resulting in the addition of 240 new licensed beds. This expansion reflects ongoing investments in organic growth and a broadened footprint in the behavioral health market, which is a key driver for future revenue.
4. Positive analyst sentiment and multiple price target upgrades contributed to investor confidence. Several Wall Street analysts reaffirmed or upgraded their ratings and increased price targets for ACHC shares during the period. For instance, UBS Group boosted its price objective from $31.00 to $39.00 on July 9, 2026, and Guggenheim raised its price target from $38.00 to $39.00 on July 30, 2026. These revised targets and positive recommendations from financial institutions likely influenced a favorable perception of the stock's future performance.
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Stock Movement Drivers
Fundamental Drivers
The 21.2% change in ACHC stock from 5/31/2026 to 9/4/2026 was primarily driven by a 21.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.20 | 28.13 | 21.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,371 | 3,368 | -0.1% |
| P/S Multiple | 0.6 | 0.8 | 21.8% |
| Shares Outstanding (Mil) | 91 | 91 | -0.3% |
| Cumulative Contribution | 21.3% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| ACHC | 21.2% | |
| Market (SPY) | 1.8% | 45.2% |
| Sector (XLV) | 14.7% | 11.0% |
Fundamental Drivers
The 20.0% change in ACHC stock from 2/28/2026 to 9/4/2026 was primarily driven by a 18.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.44 | 28.13 | 20.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,313 | 3,368 | 1.7% |
| P/S Multiple | 0.6 | 0.8 | 18.5% |
| Shares Outstanding (Mil) | 90 | 91 | -0.4% |
| Cumulative Contribution | 20.0% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| ACHC | 20.0% | |
| Market (SPY) | 12.6% | 33.3% |
| Sector (XLV) | 7.5% | 7.2% |
Fundamental Drivers
The 22.5% change in ACHC stock from 8/31/2025 to 9/4/2026 was primarily driven by a 18.1% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.96 | 28.13 | 22.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,230 | 3,368 | 4.3% |
| P/S Multiple | 0.6 | 0.8 | 18.1% |
| Shares Outstanding (Mil) | 90 | 91 | -0.5% |
| Cumulative Contribution | 22.5% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| ACHC | 22.5% | |
| Market (SPY) | 20.4% | 16.9% |
| Sector (XLV) | 26.4% | 11.9% |
Fundamental Drivers
The -63.5% change in ACHC stock from 8/31/2023 to 9/4/2026 was primarily driven by a -70.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.10 | 28.13 | -63.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,778 | 3,368 | 21.2% |
| P/S Multiple | 2.5 | 0.8 | -70.0% |
| Shares Outstanding (Mil) | 91 | 91 | 0.2% |
| Cumulative Contribution | -63.5% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| ACHC | -63.5% | |
| Market (SPY) | 77.1% | 21.2% |
| Sector (XLV) | 34.7% | 23.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ACHC Return | 21% | 36% | -6% | -49% | -64% | 100% | -44% |
| Peers Return | -17% | -2% | 25% | 18% | 16% | 19% | 65% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ACHC Win Rate | 58% | 58% | 42% | 25% | 42% | 56% | |
| Peers Win Rate | 45% | 58% | 58% | 63% | 60% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ACHC Max Drawdown | -21% | -17% | -22% | -58% | -70% | -24% | |
| Peers Max Drawdown | -30% | -39% | -25% | -25% | -28% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UHS, LFST, EHC, ENSG. See ACHC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | ACHC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.0% | -9.5% |
| % Gain to Breakeven | 12.4% | 10.5% |
| Time to Breakeven | 10 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.1% | -6.7% |
| % Gain to Breakeven | 20.7% | 7.1% |
| Time to Breakeven | 253 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -16.0% | -24.5% |
| % Gain to Breakeven | 19.1% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.1% | -33.7% |
| % Gain to Breakeven | 195.3% | 50.9% |
| Time to Breakeven | 221 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.6% | -19.2% |
| % Gain to Breakeven | 42.1% | 23.8% |
| Time to Breakeven | 676 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.1% | -3.7% |
| % Gain to Breakeven | 45.2% | 3.9% |
| Time to Breakeven | 171 days | 6 days |
In The Past
Acadia Healthcare's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | ACHC | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -66.1% | -33.7% |
| % Gain to Breakeven | 195.3% | 50.9% |
| Time to Breakeven | 221 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.6% | -19.2% |
| % Gain to Breakeven | 42.1% | 23.8% |
| Time to Breakeven | 676 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.1% | -3.7% |
| % Gain to Breakeven | 45.2% | 3.9% |
| Time to Breakeven | 171 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.7% | -12.2% |
| % Gain to Breakeven | 63.0% | 13.9% |
| Time to Breakeven | 2325 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.0% | -17.9% |
| % Gain to Breakeven | 49.3% | 21.8% |
| Time to Breakeven | 98 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.1% | -53.4% |
| % Gain to Breakeven | 492.0% | 114.4% |
| Time to Breakeven | 799 days | 1085 days |
In The Past
Acadia Healthcare's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Acadia Healthcare (ACHC)
Acadia Healthcare (ACHC) is a leading provider of behavioral healthcare services, operating an extensive network of facilities across the United States and Puerto Rico. The company focuses on developing and managing various types of behavioral health and recovery centers, including inpatient psychiatric facilities, residential treatment centers, substance abuse facilities, and outpatient behavioral healthcare centers.
The core services offered by Acadia Healthcare are diverse and tailored to different patient needs. These include acute inpatient psychiatric care for patients requiring stabilization and intensive monitoring, specialty treatment facilities for residential recovery from eating disorders and addiction, and comprehensive treatment centers for adults with addictive and co-occurring mental disorders. Additionally, the company provides residential treatment centers, often in non-hospital settings, including outdoor programs, and offers therapeutic placement services specifically for children and adolescents with emotional disorders.
Acadia Healthcare primarily serves a broad customer base, including individuals experiencing acute mental health crises, adults seeking recovery from substance abuse and eating disorders, and children and adolescents with various emotional and behavioral disorders. The company's market encompasses communities throughout the United States and Puerto Rico, where it operates a significant network of 228 facilities with approximately 10,500 beds, providing essential behavioral health and recovery services.
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DaVita for behavioral healthcare
Encompass Health for psychiatric and addiction treatment facilities
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- Acute Inpatient Psychiatric Care: Provides immediate stabilization and intensive monitoring for individuals experiencing severe mental health crises.
- Residential Treatment Programs: Offers non-hospital-based, longer-term care for individuals with various behavioral disorders, including specialized programs for children and adolescents.
- Substance Abuse Treatment: Delivers comprehensive care for addiction and co-occurring mental disorders through various inpatient and residential recovery facilities.
- Eating Disorder Treatment: Provides specialized programs and care tailored for individuals struggling with eating disorders.
- Outpatient Behavioral Healthcare: Offers therapy, counseling, and other mental health services for patients who do not require an overnight stay.
- Group Homes: Provides structured, supportive living environments for individuals with behavioral health needs.
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Major Customers of Acadia Healthcare (ACHC)
Acadia Healthcare (ACHC) sells its services primarily to individuals. Based on the services described, its major customer categories include:
- Individuals with Acute Psychiatric Needs: Patients requiring stabilization, 24-hour observation, daily intervention, and monitoring by psychiatrists for acute psychiatric crises.
- Adults with Addictive Disorders and Co-occurring Mental Disorders: Individuals seeking comprehensive treatment for substance abuse and concurrent mental health issues.
- Children, Adolescents, and Adults with Behavioral and Emotional Disorders: Patients in need of residential treatment, therapeutic placement, or specialized care for behavioral disorders, eating disorders, and other emotional challenges.
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Debbie K. Osteen, Chief Executive Officer
Debbie K. Osteen was reappointed Chief Executive Officer of Acadia Healthcare in January 2026. She previously served as Acadia's CEO from December 2018 to March 2022 and as a member of the company's Board of Directors until 2024. Prior to her initial tenure at Acadia, Ms. Osteen served as Executive Vice President of Universal Health Services, Inc. (NYSE: UHS) and President of its behavioral health division for 19 years, during which she grew the division from 23 to over 300 facilities. She has served on the executive committee of the National Association for Behavioral Healthcare for over 20 years, including two terms as President of its Board. Ms. Osteen has been recognized multiple times among the "Top 25 Women in Healthcare" by Modern Healthcare magazine and as a Top 100 Executive in Healthcare. During her previous CEO role at Acadia, she oversaw the $1.47 billion sale of the company's UK operations to concentrate on the domestic market.
Todd Young, Chief Financial Officer
Todd Young joined Acadia Healthcare as Chief Financial Officer in October 2025. He is responsible for financial strategy, capital deployment, treasury, operational finance, and investor relations. Mr. Young brings over 25 years of experience leading finance organizations in healthcare and life sciences. Before joining Acadia, he served as CFO of Elanco Animal Health following its separation from Eli Lilly, and previously as CFO of ACADIA Pharmaceuticals, a separate entity. He holds a bachelor's degree in economics from Grinnell College and a J.D. from the University of Michigan Law School.
Brian Farley, Executive Vice President, General Counsel & Secretary
Brian Farley joined Acadia Healthcare in July 2023 as Executive Vice President, General Counsel & Secretary. He oversees all legal affairs and provides strategic advice to Acadia's executive team and Board of Directors. Prior to Acadia, Mr. Farley served as Chief Legal Officer and Corporate Secretary for GoHealth, where he led the legal efforts for the company's initial public offering in 2020. His career also includes senior leadership positions at Allscripts, Motorola Mobility, and Level 3 Communications. Mr. Farley earned a JD from The George Washington University Law School, an MBA from the University of Colorado, and a BA in Political Economics from Colorado College.
Dr. Nasser Khan, Chief Operating Officer
Dr. Nasser Khan was appointed Chief Operating Officer of Acadia Healthcare in May 2024, with the role becoming effective June 30, 2024. He joined Acadia in 2022 as Operations Group President for its Comprehensive Treatment Centers (CTC) business, where he significantly grew the business and increased patient retention. Dr. Khan oversees all operational functions, including quality and clinical operations, facility operations, and admissions. Before Acadia, he served as Senior Vice President of Operations at Shields Health Solutions, a subsidiary of Walgreens Boots Alliance, Inc. His previous roles include Head of Program and Chief Medical Officer at Biograph Inc., operational leadership at DaVita, Inc., and Engagement Manager at McKinsey & Company. Dr. Khan holds a Doctor of Medicine (M.D.), a Master of Medical Science (M.M.S.), and a Bachelor of Arts in Human Biology from Brown University.
Reeve B. Waud, Founder and Chairman of the Board
Reeve B. Waud is the Founder and Chairman of Acadia Healthcare, having served as a director since December 2005. He formed Waud Capital Partners (WCP) in 1993 and has been its Managing Partner since that time. Prior to founding WCP, Mr. Waud was an investment professional at Golder, Thoma, Cressey, Rauner, Inc. (GTCR), a private equity investment group. Before joining GTCR, he was a founding member of the Venture Capital Group at Salomon Brothers Inc. Acadia Healthcare was established in 2005 as a private corporation with a private equity-backed roll-up strategy, with initial capital provided by Waud Capital Partners L.P.
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The key risks to Acadia Healthcare (ACHC) primarily revolve around escalating operational costs, pressures on its primary revenue streams, and challenges related to capital allocation and investor confidence.
- Rising Legal, Insurance, and Compliance Costs: Acadia Healthcare faces structurally higher professional and general liability (PLGL) expenses, increasing legal liabilities, and the costs associated with ongoing government investigations from bodies like the DOJ and SEC. For example, the company anticipated a more than doubling of its PLGL expense in 2025 compared to 2024, with costs expected to remain elevated in 2026. This surge in expenses significantly impacts profitability and highlights escalating legal and operational risks.
- Medicaid Reimbursement Pressures and Policy Changes: A significant portion of Acadia Healthcare's business relies on Medicaid, which is experiencing tighter utilization management, pressure to shorten lengths of stay, and lower revenue per patient day. Furthermore, federal policy changes, such as a planned step-down in state-directed payments beginning in 2028, are expected to complicate reimbursement. These factors lead to weaker Medicaid volumes, increased claim denials, and higher bad debt, directly impacting the company's revenue and profitability.
- Capital Allocation Issues and Activist Investor Pressure: Acadia Healthcare's past aggressive capital expenditure strategy has resulted in poor capital allocation and negative free cash flow. This has attracted pressure from activist investors advocating for asset sales and cuts to capital expenditures. In response, the company has begun to reduce its capital expenditures and has closed underperforming facilities, acknowledging that some previous growth decisions were not value-adding.
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The emergence and rapid expansion of telehealth and digital mental health platforms, offering remote therapy, psychiatry, and support services, which provide more accessible and often lower-cost alternatives to traditional in-person behavioral healthcare facilities.
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Acadia Healthcare (ACHC) operates within the expansive U.S. behavioral healthcare market, which encompasses a variety of specialized services, including inpatient psychiatric facilities, residential treatment centers, substance abuse facilities, and eating disorder treatment centers.
The addressable markets for Acadia Healthcare's main products and services in the United States are:
- The overall U.S. behavioral health market was valued at approximately USD 94.82 billion in 2025 and is anticipated to reach around USD 165.38 billion by 2034.
- For inpatient psychiatric facilities, the U.S. psychiatric hospitals industry revenue is expected to reach USD 36.6 billion by 2026.
- The U.S. substance abuse treatment market was valued at USD 2.57 billion in 2025 and is projected to reach USD 8.20 billion by 2033.
- The U.S. eating disorder clinics industry revenue is expected to reach USD 4.8 billion in 2025.
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Acadia Healthcare Company, Inc. (ACHC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of Bed Capacity and Optimization of New Facilities: A primary growth driver for Acadia Healthcare is its continued expansion of bed capacity through new joint venture partnerships and de novo facilities. The company plans significant bed additions in the coming years, including 1,150 beds planned for 2024 and 2025, and an additional 2,000 beds over 2025 and 2026. A crucial part of this strategy involves increasing occupancy rates in these recently opened facilities to realize embedded EBITDA opportunities.
- Growth and Expansion of Comprehensive Treatment Centers (CTCs): Acadia Healthcare is focused on expanding its network of Comprehensive Treatment Centers (CTCs), which provide specialized addiction treatment services. For instance, the company expanded its CTC network by seven new centers in the first quarter of 2025, bringing the total to 170 CTCs, with plans to open an additional 14 CTCs in 2024. This strategic focus addresses the ongoing demand for these specialized services.
- Strategic Mergers and Acquisitions (M&A): While joint ventures are a significant focus, mergers and acquisitions remain a critical component of Acadia's growth strategy, particularly within the fragmented behavioral health sector. The company aims to be an "acquirer of choice" to consolidate services and enhance its market position, supported by a strong balance sheet.
- Increases in Same-Facility Revenue per Patient Day: Acadia anticipates a 2% to 3% increase in same-facility revenue per patient day for the full year 2026. This indicates an expected uplift in revenue generated from existing facilities through pricing adjustments or improved service mix.
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Share Repurchases
- Acadia's Board of Directors authorized a share repurchase program for up to $300 million of its outstanding common stock on February 27, 2025, with no expiration date.
- The company repurchased 1,602,688 shares for a total of $47.3 million during the first quarter of 2025.
- As of March 6, 2026, Acadia Healthcare's shares buyback ratio was 1.44%.
Share Issuance
- Acadia's shares outstanding have gradually increased, rising from 88.0 million at the end of 2020 to 91.8 million at the end of 2024.
Outbound Investments
- Acadia Healthcare has pursued growth through acquisitions, joint ventures, and de novo facilities.
- In March 2021, ACHC announced a joint venture with Lutheran Health Network of Indiana, LLC, to construct a new 120-bed behavioral health hospital.
- During 2025, Acadia added 1,089 licensed beds, including 311 to existing facilities and 778 beds from new facilities, and added 15 new comprehensive treatment centers (CTCs).
Capital Expenditures
- Capital expenditures for the full year 2024 increased to $690 million, from $225 million in 2020.
- Acadia constructed approximately 1,300 new beds in 2024, marking the largest bed expansion in the company's history.
- Acadia plans to reduce capital expenditures by at least $300 million in 2026 compared to 2025 levels, with expected capital expenditures for 2026 between $255 million and $280 million, focusing on capital efficiency, free cash flow generation, and adding 400-600 new beds.
Peer Outperformance in Health Care Facilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ACHC | Acadia Healthcare | 6.7% | -2.3x | 18.9% | -62.3% | -58.7% | — |
| THC | Tenet Healthcare | 4.5% | 9.9x | 37.7% | 245.8% | 249.3% | +308pp |
| HCA | HCA Healthcare | 8.0% | 13.1x | -0.9% | 51.2% | 67.0% | +126pp |
| UHS | Universal Health Services | 9.5% | 6.6x | -8.2% | 33.4% | 11.4% | +70pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 13.9% | 96.3% | 127.8% | CAH 414% · MCK 351% · COR 179% |
| Managed Health Care | 8 | 33.2% | 1.7% | 3.3% | OSCR 77% · HQY 48% · ELV 16% |
| Health Care Services | 20 | 21.0% | 52.1% | -1.5% | HIMS 238% · RDNT 134% · DGX 68% |
| Health Care Facilities ← | 24 | 1.8% | 4.9% | -19.0% | THC 249% · NHC 244% · ENSG 108% |
| Health Care Equipment | 50 | -5.3% | -4.8% | -24.0% | POCI 10775% · UFPT 318% · GKOS 200% |
| Health Care Supplies | 12 | 32.3% | -14.4% | -35.5% | LNTH 272% · HAE 59% · MMSI 23% |
| Pharmaceuticals | 63 | -0.9% | 0.6% | -36.4% | LQDA 2406% · INDV 1148% · ETON 1022% |
| Life Sciences Tools & Services | 109 | 2.4% | -28.7% | -73.9% | SNWV 1688% · MEDP 203% · AXGN 178% |
| Biotechnology | 363 | 8.8% | -25.7% | -76.8% | BRTX 73900% · DNTH 1558% · CELZ 1486% |
| Health Care Technology | 20 | -25.0% | -56.7% | -78.6% | SPOK 68% · HSTM -2% · VEEV -13% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 121.79 |
| Mkt Cap | 9.9 |
| Rev LTM | 5,487 |
| Op Inc LTM | 467 |
| FCF LTM | 229 |
| FCF 3Y Avg | 208 |
| CFO LTM | 608 |
| CFO 3Y Avg | 464 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.0% |
| Rev Chg 3Y Avg | 10.7% |
| Rev Chg Q | 9.6% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 15.5% |
| Op Inc Chg 3Y Avg | 17.9% |
| Op Mgn LTM | 10.1% |
| Op Mgn 3Y Avg | 10.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 11.1% |
| CFO/Rev 3Y Avg | 9.7% |
| FCF/Rev LTM | 4.5% |
| FCF/Rev 3Y Avg | 5.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.9 |
| P/S | 1.8 |
| P/Op Inc | 10.8 |
| P/EBIT | 10.4 |
| P/E | 19.4 |
| P/CFO | 12.1 |
| Total Yield | 4.0% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.1% |
| 3M Rtn | 17.2% |
| 6M Rtn | 9.8% |
| 12M Rtn | -1.1% |
| 3Y Rtn | 67.1% |
| 1M Excs Rtn | -2.5% |
| 3M Excs Rtn | 12.6% |
| 6M Excs Rtn | -4.7% |
| 12M Excs Rtn | -19.8% |
| 3Y Excs Rtn | -19.6% |
Comparison Analyses
Price Behavior
| Market Price | $28.13 | |
| Market Cap ($ Bil) | 2.6 | |
| First Trading Date | 03/04/1994 | |
| Distance from 52W High | -21.0% | |
| 50 Days | 200 Days | |
| DMA Price | $30.49 | $22.95 |
| DMA Trend | up | up |
| Distance from DMA | -7.7% | 22.5% |
| 3M | 1YR | |
| Volatility | 63.4% | 67.2% |
| Downside Capture | 220.31 | 96.25 |
| Upside Capture | 242.04 | 96.32 |
| Correlation (SPY) | 48.5% | 17.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.69 | 2.91 | 2.21 | 1.41 | 0.88 | 0.76 |
| Up Beta | 0.79 | 1.59 | 0.95 | 0.27 | 0.68 | 0.65 |
| Down Beta | 5.70 | 5.51 | 3.29 | 2.14 | 0.91 | 0.91 |
| Up Capture | 234% | 220% | 313% | 189% | 95% | 18% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 23 | 38 | 71 | 130 | 367 |
| Down Capture | 530% | 338% | 176% | 149% | 97% | 101% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 19 | 25 | 54 | 118 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACHC | |
|---|---|---|---|---|
| ACHC | 19.0% | 67.2% | 0.52 | - |
| Sector ETF (XLV) | 26.5% | 16.0% | 1.28 | 11.9% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 16.9% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 13.6% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | 0.0% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 4.7% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 0.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACHC | |
|---|---|---|---|---|
| ACHC | -15.8% | 47.5% | -0.20 | - |
| Sector ETF (XLV) | 6.6% | 15.1% | 0.25 | 31.5% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 29.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 9.1% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 7.8% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 25.7% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 8.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACHC | |
|---|---|---|---|---|
| ACHC | -5.8% | 49.0% | 0.07 | - |
| Sector ETF (XLV) | 10.8% | 16.7% | 0.53 | 39.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 39.8% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 5.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 15.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 36.9% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 9.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -8.4% | -10.5% | -17.9% |
| 2/25/2026 | 21.4% | 33.9% | 41.6% |
| 11/5/2025 | -2.0% | -15.8% | -32.3% |
| 8/5/2025 | -17.3% | -6.6% | 8.7% |
| 5/12/2025 | 4.3% | -2.9% | -11.9% |
| 2/27/2025 | -25.5% | -25.7% | -25.2% |
| 10/30/2024 | -18.0% | -18.4% | -22.0% |
| 7/31/2024 | 14.2% | 9.1% | 24.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 14 |
| # Negative | 12 | 14 | 10 |
| Median Positive | 6.6% | 6.0% | 7.8% |
| Median Negative | -6.4% | -7.4% | -12.0% |
| Max Positive | 23.0% | 33.9% | 46.5% |
| Max Negative | -25.5% | -25.7% | -32.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -8.4% | -10.5% | -17.9% |
| 2/25/2026 | 21.4% | 33.9% | 41.6% |
| 11/5/2025 | -2.0% | -15.8% | -32.3% |
| 8/5/2025 | -17.3% | -6.6% | 8.7% |
| 5/12/2025 | 4.3% | -2.9% | -11.9% |
| 2/27/2025 | -25.5% | -25.7% | -25.2% |
| 10/30/2024 | -18.0% | -18.4% | -22.0% |
| 7/31/2024 | 14.2% | 9.1% | 24.7% |
| 5/1/2024 | -8.6% | -9.5% | -5.6% |
| 2/27/2024 | -4.5% | -3.0% | -10.3% |
| 11/2/2023 | -1.4% | -1.4% | 2.1% |
| 7/27/2023 | 8.3% | 5.1% | 3.4% |
| 4/26/2023 | -1.7% | -8.3% | -8.4% |
| 2/27/2023 | -9.9% | -8.9% | -12.1% |
| 10/31/2022 | -1.3% | -3.5% | 9.5% |
| 7/27/2022 | 4.1% | 4.4% | 8.6% |
| 5/3/2022 | 7.1% | -0.7% | 5.5% |
| 2/28/2022 | 6.9% | 8.5% | 20.0% |
| 10/28/2021 | 6.2% | 6.9% | -3.0% |
| 8/2/2021 | 3.0% | 1.9% | 7.1% |
| 4/29/2021 | -0.8% | 3.9% | 4.8% |
| 2/26/2021 | 1.4% | -0.5% | 2.6% |
| 10/29/2020 | 23.0% | 33.1% | 46.5% |
| 8/4/2020 | 2.0% | 3.9% | 2.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 14 |
| # Negative | 12 | 14 | 10 |
| Median Positive | 6.6% | 6.0% | 7.8% |
| Median Negative | -6.4% | -7.4% | -12.0% |
| Max Positive | 23.0% | 33.9% | 46.5% |
| Max Negative | -25.5% | -25.7% | -32.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted earnings per diluted share | Reported | 0.3 | 0.35 | 0.4 | 27.3% | Higher New | Guidance: 0.28 for Q1 2026 | |
| Q2 2026 Revenue | Reported | 835.00 Mil | 842.50 Mil | 850.00 Mil | 2.1% | Higher New | Guidance: 825.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | 142.00 Mil | 147.00 Mil | 152.00 Mil | 10.1% | Higher New | Guidance: 133.50 Mil for Q1 2026 | |
| 2026 Adjusted earnings per diluted share | Reported | 1.35 | 1.48 | 1.6 | 3.5% | Raised | Guidance: 1.43 for 2026 | |
| 2026 Operating Cash Flow | Reported | 285.00 Mil | 305.00 Mil | 325.00 Mil | ||||
| 2026 Revenue | Reported | 3.37 Bil | 3.41 Bil | 3.45 Bil | 0 | Affirmed | Guidance: 3.41 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 580.00 Mil | 597.50 Mil | 615.00 Mil | 0.8% | Raised | Guidance: 592.50 Mil for 2026 | |
| 2026 Capital expenditures | Reported | 255.00 Mil | 267.50 Mil | 280.00 Mil | 0 | Affirmed | Guidance: 267.50 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted earnings per diluted share | Reported | 0.25 | 0.28 | 0.3 | ||||
| Q1 2026 Revenue | Reported | 820.00 Mil | 825.00 Mil | 830.00 Mil | ||||
| Q1 2026 Adjusted EBITDA | Reported | 130.00 Mil | 133.50 Mil | 137.00 Mil | ||||
| 2026 Adjusted earnings per diluted share | Reported | 1.3 | 1.43 | 1.55 | -40.6% | Lower New | Guidance: 2.4 for 2025 | |
| 2026 Revenue | Reported | 3.37 Bil | 3.41 Bil | 3.45 Bil | 3.6% | Higher New | Guidance: 3.29 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 575.00 Mil | 592.50 Mil | 610.00 Mil | -9.5% | Lower New | Guidance: 655.00 Mil for 2025 | |
| 2026 Capital expenditures | Reported | 255.00 Mil | 267.50 Mil | 280.00 Mil | -56.9% | Lower New | Guidance: 620.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted earnings per diluted share | Reported | 2.35 | 2.4 | 2.45 | -5.9% | Lowered | Guidance: 2.55 for 2025 | |
| 2025 Depreciation and amortization expense | Reported | 190.00 Mil | 192.50 Mil | 195.00 Mil | 1.3% | Raised | Guidance: 190.00 Mil for 2025 | |
| 2025 Stock compensation expense | Reported | 33.00 Mil | 35.50 Mil | 38.00 Mil | -16.5% | Lowered | Guidance: 42.50 Mil for 2025 | |
| 2025 Operating cash flows | Reported | 400.00 Mil | 412.50 Mil | 425.00 Mil | -12.7% | Lowered | Guidance: 472.50 Mil for 2025 | |
| 2025 Total bed additions | Reported | 945 | 1,010 | 1,076 | 3.6% | Raised | Guidance: 975 for 2025 | |
| 2025 Revenue | Reported | 3.28 Bil | 3.29 Bil | 3.30 Bil | -1.1% | Lowered | Guidance: 3.33 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 650.00 Mil | 655.00 Mil | 660.00 Mil | -4.7% | Lowered | Guidance: 687.50 Mil for 2025 | |
| 2025 Interest expense | Reported | 135.00 Mil | 137.50 Mil | 140.00 Mil | 1.9% | Raised | Guidance: 135.00 Mil for 2025 | |
| 2025 Tax rate | Reported | 22.5% | 23.0% | 23.5% | -2.5% | Lowered | Guidance: 25.5% for 2025 | |
| 2025 Expansion capital expenditures | Reported | 505.00 Mil | 510.00 Mil | 515.00 Mil | -1.0% | Lowered | Guidance: 515.00 Mil for 2025 | |
| 2025 Maintenance and IT capital expenditures | Reported | 105.00 Mil | 110.00 Mil | 115.00 Mil | 0.0% | Affirmed | Guidance: 110.00 Mil for 2025 | |
Investor Activity (13F)
Updated Sep 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Khrom Capital Management LLC | $121.5 Mil | 11.1% | 14 | TRIM -29.3% | 13F |
| Mak Capital One LLC | $56.9 Mil | 9.4% | 21 | New | 13F |
| Abrams Bison Investments, LLC | $102.4 Mil | 4.4% | 11 | Hold | 13F |
| Carronade Capital Management, LP | $54.7 Mil | 4.0% | 25 | New | 13F |
| Findell Capital Management LLC | $8.9 Mil | 2.6% | 17 | New | 13F |
| Hawk Ridge Capital Management LP | $19.6 Mil | 0.7% | 48 | TRIM -64.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Khrom Capital Management LLC | $121.5 Mil | 11.1% | 14 | TRIM -29.3% | 13F |
| Abrams Bison Investments, LLC | $102.4 Mil | 4.4% | 11 | Hold | 13F |
| Mak Capital One LLC | $56.9 Mil | 9.4% | 21 | New | 13F |
| Carronade Capital Management, LP | $54.7 Mil | 4.0% | 25 | New | 13F |
| Hawk Ridge Capital Management LP | $19.6 Mil | 0.7% | 48 | TRIM -64.9% | 13F |
| Findell Capital Management LLC | $8.9 Mil | 2.6% | 17 | New | 13F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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