Acadia Healthcare Company, Inc. (ACHC)
NASDAQ:ACHC
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Acadia Healthcare
(NASDAQ:ACHC)
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Rating:55Neutral
Price Target:
$27.00
▲(2.62% Upside)
Action:ReiteratedDate:03/13/26
The score is held back primarily by weakened financial quality—large TTM net loss and negative free cash flow—despite strong revenue growth and a manageable (but deteriorating) balance-sheet trend. Technicals are supportive with clear upward momentum, while the earnings call points to improving 2026 cash flow and disciplined CapEx but with meaningful legal/PLGL and reimbursement headwinds that temper confidence.
Positive Factors
Network & Capacity Expansion
Sustained bed additions materially expand Acadia’s treatment footprint, raising long-term revenue potential and referral scale. A larger network supports payer contracting, utilization gains and spreading fixed costs, improving unit economics as new facilities ramp over multiple years.
Negative Factors
Large PLGL Reserve & Expense
A material, persistent PLGL reserve is a durable drag on profitability and operating cash flow and introduces settlement timing risk. Ongoing large provisions reduce free cash generation and constrain ability to pay down leverage or fund growth until legal outcomes are resolved.
Read all positive and negative factors
Positive Factors
Negative Factors
Network & Capacity Expansion
Sustained bed additions materially expand Acadia’s treatment footprint, raising long-term revenue potential and referral scale. A larger network supports payer contracting, utilization gains and spreading fixed costs, improving unit economics as new facilities ramp over multiple years.
Read all positive factors
Acadia Healthcare (ACHC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.43B
Dividend YieldN/A
Average Volume (3M)3.48M
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth4.58%
EPS Growth-61.50%
CountryUS
Employees25,500
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.07
Shares Outstanding92,211,780
10 Day Avg. Volume2,549,655
30 Day Avg. Volume3,479,589
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.66
Price to Sales (P/S)0.39
P/FCF Ratio-2.93
Enterprise Value/Market Cap2.07
Enterprise Value/Revenue1.52
Enterprise Value/Gross Profit2.50
Enterprise Value/Ebitda-6.83
Forecast
1Y Price Target
$21.50Price Target Upside-18.28% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)1.51
Revenue Forecast (FY)$3.41B
Acadia Healthcare Business Overview & Revenue Model
Company Description
Acadia Healthcare Company, Inc. provides behavioral healthcare services in the United States and Puerto Rico. The company offers behavioral healthcare services to its patients in various settings, including inpatient psychiatric hospitals, special...
How the Company Makes Money
Acadia Healthcare primarily makes money by providing behavioral healthcare treatment services and collecting reimbursement for patient care delivered at its facilities and programs. Its core revenue stream is patient service revenue generated when...
Acadia Healthcare Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Neutral
The call presented a mix of clear operational and financial progress—revenue and adjusted EBITDA growth, strong bed additions, a sizable embedded EBITDA opportunity (> $200M), reduced CapEx and a move toward positive free cash flow—balanced against material challenges including a large PLGL reserve/expense, a $25M–$30M NY Medicaid policy headwind, start-up losses and ongoing legal/regulatory uncertainty. Management emphasized disciplined capital allocation, operational execution and quality/leadership changes to unlock embedded value.Positive Updates
Revenue Growth and Beat
Q4 revenue of $821.5M, up 6.1% year-over-year; FY2025 revenue of $3.31B, up 5% and slightly above the high end of guidance (reflecting improved volume).
Negative Updates
Professional & General Liability (PLGL) Reserve and Expense
Q4 included a $52.7M adjustment to the PLGL reserve. PLGL expense expected to be $100M–$110M for 2026, a material ongoing headwind to profitability and cash flow.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth and Beat
Q4 revenue of $821.5M, up 6.1% year-over-year; FY2025 revenue of $3.31B, up 5% and slightly above the high end of guidance (reflecting improved volume).
Read all positive updates
Company Guidance
Acadia's 2026 guidance targets full‑year revenue of $3.37–3.45 billion, adjusted EBITDA of $575–610 million, and adjusted EPS of $1.30–1.55 while expecting positive free cash flow; assumptions include full‑year same‑facility volume growth of 0–1% (with ~630 beds being added to the same‑store bucket in Q1), same‑facility revenue per patient day up 2–3% (guidance reflects a ~350‑bp headwind from the New York Medicaid change with an estimated $25–30 million annual EBITDA impact), start‑up losses of $47–53 million (≈60% weighted to H1), PLGL expense of $100–110 million, CapEx of $255–280 million, and at least a $22 million EBITDA benefit if certain pending programs are approved; Q1 2026 outlook is revenue of $820–830 million and adjusted EBITDA of $130–137 million, which assumes ~ $14 million of start‑up losses, $11 million of out‑of‑period supplemental payments recognized in Q1, and a ~$3.7 million severe‑weather impact.Acadia Healthcare Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
62
Positive
Cash Flow
39
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.31B | 3.15B | 2.93B | 2.61B | 2.31B |
| Gross Profit | 583.44M | 711.98M | 682.61M | 2.51B | 2.22B |
| EBITDA | -737.83M | 607.84M | 189.11M | 561.67M | 459.47M |
| Net Income | -1.10B | 255.61M | -21.67M | 273.14M | 190.63M |
Balance Sheet | |||||
| Total Assets | 5.53B | 5.96B | 5.36B | 4.99B | 4.77B |
| Cash, Cash Equivalents and Short-Term Investments | 133.24M | 76.31M | 100.07M | 97.65M | 133.81M |
| Total Debt | 2.65B | 2.09B | 1.51B | 1.53B | 1.64B |
| Total Liabilities | 3.39B | 2.77B | 2.47B | 2.09B | 2.19B |
| Stockholders Equity | 1.95B | 3.07B | 2.78B | 2.81B | 2.52B |
Cash Flow | |||||
| Free Cash Flow | -439.91M | -560.69M | 38.21M | 84.42M | 129.67M |
| Operating Cash Flow | 131.90M | 129.69M | 462.34M | 380.57M | 374.48M |
| Investing Cash Flow | -547.58M | -736.48M | -397.22M | -305.83M | 1.02B |
| Financing Cash Flow | 472.61M | 583.02M | -62.70M | -110.90M | -1.64B |
Acadia Healthcare Technical Analysis
Positive
26.31
Price Trends
20.18
Positive
17.41
Positive
19.99
Positive
Market Momentum
1.16
Negative
70.05
Negative
94.62
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACHC, the sentiment is Positive. The current price of 26.31 is above the 20-day moving average (MA) of 23.72, above the 50-day MA of 20.18, and above the 200-day MA of 19.99, indicating a bullish trend. The MACD of 1.16 indicates Negative momentum. The RSI at 70.05 is Negative, neither overbought nor oversold. The STOCH value of 94.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACHC.
Acadia Healthcare Risk Analysis
Acadia Healthcare disclosed 55 risk factors in its most recent earnings report. Acadia Healthcare reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Acadia Healthcare Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.68B | 17.67 | 11.57% | 1.80% | 23.74% | -18.99% | |
62 Neutral | $2.03B | 12.54 | 5.57% | 1.69% | -22.96% | -59.35% | |
59 Neutral | $2.55B | 281.23 | 0.65% | ― | 13.39% | 90.55% | |
56 Neutral | $1.64B | -25.23 | -4.50% | ― | 10.14% | -182.12% | |
55 Neutral | $2.43B | ― | -39.42% | ― | 4.58% | -61.50% | |
53 Neutral | $3.36B | -9.62 | -523.78% | ― | 3.93% | -42.22% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ACHC
Acadia Healthcare
26.31
-0.77
-2.84%
BKD
Brookdale Senior Living
14.12
8.29
142.20%
NHC
National Healthcare
172.37
83.48
93.92%
SEM
Select Medical
16.35
0.23
1.40%
SGRY
Surgery Partners
12.65
-8.22
-39.39%
LFST
Lifestance Health Group
6.54
-0.23
-3.40%
Acadia Healthcare Corporate Events
Business Operations and StrategyExecutive/Board Changes
Acadia Healthcare Refreshes Board With Finance Veteran Appointment
Positive
Mar 12, 2026
On March 12, 2026, Acadia Healthcare announced the appointment of veteran healthcare finance executive Daniel Cancelmi to its board of directors, effective immediately, following a search led by the board’s nominating committee and an execut...
Executive/Board Changes
Acadia Healthcare CEO Christopher Hunter Departs Company, Board
Negative
Jan 23, 2026
On January 20, 2026, Acadia Healthcare Company, Inc. announced that Chief Executive Officer Christopher H. Hunter departed from his role and simultaneously resigned from the company’s board of directors, with both changes effective that same...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Acadia Healthcare Reinstates Former CEO Amid Leadership Transition
Positive
Jan 20, 2026
On January 20, 2026, Acadia Healthcare announced that Chief Executive Officer Christopher H. Hunter departed the company and resigned from its board, with the company expecting to enter into a separation and release agreement to be detailed in a l...
Business Operations and StrategyFinancial Disclosures
Acadia Healthcare Reaffirms 2025 Financial Guidance at Conference
Positive
Jan 13, 2026
On January 13, 2026, Acadia Healthcare representatives participated in the 44th Annual J.P. Morgan Healthcare Conference, where management reaffirmed its 2025 financial guidance, projecting revenue of $3.28 billion to $3.30 billion, adjusted EBITD...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.