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what it is
Acadia runs mental health and addiction treatment facilities across the U.S. and gets paid when beds, clinics, and programs stay full.
how it gets paid
FY2025 revenue was $3,312.8M (~+5.0% YoY). Segment mix in this snapshot is illustrative—tie any segment dollars to the latest 10-K / earnings tables before trading on them.
why it's growing
Q4’25 GAAP diluted EPS was $(13.02) (goodwill impairment); adjusted diluted EPS was $0.07 vs. $0.64 in Q4’24—read adjusted metrics with the company’s reconciliation.
what just happened
Same quarter revenue $821.5M (+6.1% YoY)—the earnings line is dominated by one-time GAAP charges unless you move to adjusted results.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
~8.4× on FY2025 adjusted EPS (~$2.00) — GAAP FY EPS was $(12.16)
4.5% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
Acadia runs mental health and addiction treatment facilities across the U.S. and gets paid when beds, clinics, and programs stay full.
When someone needs inpatient psychiatric care, you cannot send them a download link. The segment mix on this page is rounded illustration—behavioral health capacity is physical and local, so regional bed supply still drives pricing power.
How they make money
$3.31B
FY2025 revenue · +5.0% YoY
Acute inpatient psychiatric facilities
$1.68B
Specialty treatment facilities
$0.66B
Comprehensive treatment centers
$0.59B
Residential treatment centers
$0.36B
The products that matter
operates psychiatric hospitals
Inpatient Psychiatric Facilities
$1.7B · 51% of sales
Illustrative split: ~51% of the ~$3.31B FY2025 revenue base in this layout—verify against the latest segment footnote before relying on percentages.
51% of sales
runs specialty care facilities
Specialty Treatment Facilities
$660M · 20% of sales
this $660M segment is one-fifth of revenue in this rounded layout—FY2025 GAAP net margin is not a clean 6% story because of impairment charges.
20% of sales
provides opioid treatment services
Comprehensive Treatment Centers
$594M · 18% of sales
at $594M, this outpatient business gives you some diversification away from inpatient care. just not enough to outrun the main narrative if the core business keeps drawing scrutiny.
18% of sales
Key numbers
$2.40
fy2027 eps est
$4B
fy2029 rev est
~8.4×
adj. trailing P/E
~$16.77 ÷ ~$2.00 FY2025 adjusted diluted EPS—GAAP FY2025 was negative after goodwill.
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $2.3B (62% of capital)
- net margin (GAAP FY2025) negative after ~$996M goodwill impairment—use adjusted EBITDA/EPS for run-rate ops
- return on equity 8% — $0.08 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ACHC 3 years ago → it's now worth $6,290.
The index would have given you $13,880.
source: institutional data · total return
What just happened
Q4 / FY2025
Q4’25 revenue $821.5M (+6.1% YoY) · GAAP diluted EPS $(13.02) · adjusted diluted EPS $0.07.
FY2025 revenue $3,312.8M; GAAP diluted EPS $(12.16) including a ~$996.2M goodwill impairment; adjusted diluted EPS $2.00 for the year—use the reconciliation in the release, not a single “beat” headline.
$821.5M
Q4 revenue
$(13.02)
GAAP EPS
$0.07
adj. EPS
the number that mattered
The goodwill impairment and any legal / regulatory updates matter more than a cosmetic “estimate beat” on adjusted figures.
-
acadia healthcare has undertaken a change at the top.the beleaguered provider of behavioral healthcare services has installed debra osteen as interim ceo, succeeding chris hunter, who served as ceo since april of 2022.
-
under the watch of mr.hunter, acadia repeatedly faced scrutiny and significant legal actions, only some of which have been resolved. most recently, in december, acadia settled a shareholder class-action lawsuit for $179 million, in which it was alleged the company had made false and misleading statements regarding patient care, staffing levels, and regulatory compliance.
-
this came on the heels of a protracted 85% decline in the share price of achc stock that followed the publication of a new york times investigative report in september of 2024, alleging the company held patients against their will in a manner that likely violated state laws.
-
multiple related lawsuits have been filed and remain pending.this debacle followed an october, 2023, $400 million settlement, through which acadia resolved three civil cases related to allegations of sexual abuse at a new mexico facility.
-
clearly, something was rotten in denmark, and the return of ms.
source: Acadia Healthcare Company Q4/FY2025 materials (e.g. Yahoo mirror of Feb 25, 2026 release)
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What could go wrong
this is not a generic healthcare risk list. ACHC's main problem is that patient-care allegations, legal cash costs, and weak earnings quality can feed each other.
med
regulatory and licensing escalation
the allegations behind the september 2024 investigation go straight to how facilities are supervised and how freely they can operate. when your product is patient care, reputational damage becomes operating damage fast.
impact: this hangs over the full ~$3.31B FY2025 revenue base, not just one facility
med
settlement cash needs meeting a debt-heavy balance sheet
the company already agreed to a $179M shareholder settlement and previously reached a $400M settlement while carrying $2.3B of long-term debt. even if operations stabilize, cash still has several claimants ahead of equity holders.
impact: debt equals 62% of capital, so legal cash outflows directly pressure flexibility
med
earnings recovery fails to show up
the value case leans hard on EPS moving from $2.00 to the $2.20 estimate. if revenue keeps growing while profitability does not, the stock stops looking misunderstood and starts looking correctly discounted.
impact: a stock at 8.4x earnings still gets cheaper if the earnings in that denominator keep slipping
what would change our mind on the downside: another major investigation, another large settlement, or EPS failing to recover while debt stays near $2.3B. if one of those hits, the discount probably is not temporary.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
EPS getting back to $2.20 or not
the stock looks cheap because full-year EPS fell to $2.00. if the company cannot reach the $2.20 estimate, the value case gets thinner fast.
risk
new patient-care or facility-level disclosures
one more major headline can matter more than a quarter of modest revenue growth. here's the thing: trust is still the variable that moves first.
calendar
the next earnings report for proof, not promises
you want to see whether revenue growth still holds and whether earnings stop sliding. one decent quarter will not fix the story, but it can start changing the script.
trend
institutional selling getting worse or calming down
140 buyers versus 151 sellers is cautious, not catastrophic. if that gap widens, big money is telling you patience still has not returned.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts do not see a strong edge either way over the next year.
risk profile
average
stability score 3. the model says average risk. the legal record says you should treat that as incomplete, not comforting.
chart momentum
below average
technical score 4. translation: price action still looks weaker than most stocks.
earnings predictability
15 / 100
this is very low. if you own it, expect earnings to surprise you more often than a steady compounder would.
source: institutional data
Institutional activity
140 buyers vs. 151 sellers in 3q2025. total institutional holdings: 0.1B shares.
source: institutional data
Price targets
3-5 year target range
$13
$52
$17
current price
$33
target midpoint · +97% from current · 3-5yr high: $40 (+140% · 24% ann'l return)
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