At a glance
Acadia Healthcare Company Inc is worth $2.75B. Revenue grew 5.0% to $3.31B in fiscal 2025, at a loss; over 5 years it has grown 9.7% a year. It pays no dividend; it spent $50.0M buying back its shares over FY2021–FY2025. The stock returned +27.4% over the past year with dividends reinvested and −12.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 66.4% in the 2020 crash (S&P 500: 33.7%) and 16.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and within a month after the lows.
The business in plain English
Acadia Healthcare runs behavioral healthcare facilities, which treat people with mental illness and substance use disorders. At December 31, 2025, it operated 277 facilities with more than 12,500 beds in 40 states and Puerto Rico. It says it aims to be the go-to provider for patients with severe, complex needs. It calls itself the leading publicly traded "pure-play" behavioral health provider in the U.S. Pure-play means this is its only business.
Acadia makes its money from patient care. Its revenue depends heavily on payments from government programs and private insurers. Revenue was $3.31 billion in fiscal 2025, up 5% from fiscal 2024. From fiscal 2020 to fiscal 2025, revenue grew an average of 9.7% a year. But Acadia reported a net loss of $1.10 billion for fiscal 2025. The 10-K gives no clear split of revenue by segment or region. It does note that the company has large operations in Pennsylvania, California and Tennessee.
Acadia lists five ways to grow: adding beds to existing facilities, joint ventures, new "de novo" facilities built from scratch, acquisitions, and offering more types of care. In fiscal 2025 it added 1,089 beds: 311 at existing sites and 778 in six new facilities. Five of those were joint ventures, meaning facilities co-owned with Henry Ford Health, Geisinger Health, Ascension Seton, Fairview Health Services and ECU Health. Acadia also closed five facilities with 382 beds.
Price history
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ACHC +27.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $865.8M, down 0.4% from a year earlier, and net income was $10.9M (-63.7%).
- For fiscal 2025, revenue was $3.31B (+5.0% year over year; +9.7% a year from FY2020 to FY2025) with a -33.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.7% good |
|---|---|
| Free cash flow margin | -13.3% weak |
| Return on equity (FY2025) | -56.6% weak |
| Return on assets (FY2025) | -20% weak |
| Net cash (cash minus debt) | $-2.24B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.09B | $-672.1M | $433.8M |
| FY2021 | $2.31B | $190.6M | $129.7M |
| FY2022 | $2.61B | $273.1M | $84.4M |
| FY2023 | $2.93B | $-21.7M | $38.2M |
| FY2024 | $3.15B | $255.6M | $-560.7M |
| FY2025 | $3.31B | $-1.10B | $-439.9M |
Valuation snapshot
| Market value | $2.75B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Acadia Healthcare Company’s market value went from $2.90B at the end of 2016 to $2.75B on Oct 28, 2026, down 5%; since the end of 2025 it is up 110%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.75B | +109.9% |
| 2025 | $1.31B | -64.5% |
| 2024 | $3.68B | -48.6% |
| 2023 | $7.17B | -4.3% |
| 2022 | $7.49B | +37.2% |
| 2021 | $5.46B | +22.1% |
| 2020 | $4.47B | +52.0% |
| 2019 | $2.94B | +29.7% |
| 2018 | $2.27B | -20.8% |
| 2017 | $2.87B | -1.0% |
| 2016 | $2.90B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ACHC price data to Oct 28, 2026 | +108.0% | +27.4% | -25.7% | -12.8% | -2.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +108.0% |
| 2025 | -64.2% |
| 2024 | -49.0% |
| 2023 | -5.5% |
| 2022 | +35.6% |
| 2021 | +20.8% |
| 2020 | +51.3% |
| 2019 | +29.2% |
| 2018 | -21.2% |
| 2017 | -1.4% |
| 2016 | -47.0% |
| 2015 | +2.0% |
| 2014 | +29.3% |
| 2013 | +102.7% |
| 2012 | +134.2% |
| 2011 | +49.3% |
| 2010 | +47.8% |
| 2009 | -16.3% |
| 2008 | -55.0% |
| 2007 | -5.7% |
| 2006 | +52.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 81.7% over that stretch · deepest drop along the way 83%, back to its old high 26.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66.1% over that stretch · deepest drop along the way 66.4%, back to its old high 7.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 33.4% over that stretch · deepest drop along the way 16.1%, back to its old high 0.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (18 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Jun 30, 2026 |
| Wellington Management Group LLP | 6.2% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.51% | Mar 31, 2026 |
| FMR LLC | 5.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5% | Sep 30, 2026 |
| THE GOLDMAN SACHS GROUP, INC. | 1.6% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 1% | Mar 31, 2025 |
| Khrom Investments Fund, LP | 0.72% | Jun 30, 2026 |
ETFs with the most weight in ACHC
| FXH First Trust Health Care AlphaDEX Fund | 2.23% |
| XHS SPDR S&P Health Care Services ETF | 1.9% |
| MNTL Tema Neuroscience and Mental Health ETF | 0.79% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.75% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.4% |
| IHF iShares U.S. Healthcare Providers ETF | 0.4% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 0.37% |
| AUSF Global X Adaptive U.S. Factor ETF | 0.35% |
What could go wrong
- Government investigations and whistleblower lawsuits. Acadia says it is the subject of government investigations, regulatory actions and whistleblower suits, which are cases brought by insiders who allege wrongdoing. Penalties, settlements or forced changes to operations could be costly.
- Patient harm or lapses in care. Acadia treats many vulnerable patients with complex needs. A care failure at one facility could bring lawsuits, tighter oversight and bad publicity. Acadia may also owe large sums its insurance does not cover.
- Dependence on government and insurer payments. Revenue depends heavily on government programs and private insurers. Payment cuts, insurers choosing a single provider, pay tied to patient outcomes, or limits on inpatient stays could all reduce what Acadia earns.
- Heavy debt and strict loan terms. As of June 30, 2026, Acadia had $2.41 billion of debt and $171 million in cash and investments. Loan terms cap debt relative to earnings, and a default could let lenders demand early repayment.
- Hiring and keeping clinical staff. Acadia must recruit and keep psychiatrists, nurses and counselors. Labor shortages, high turnover and rising wages can raise costs and squeeze profits. Some staff belong to unions and could stop work.
- Costly, regulated expansion plans. Growth relies on new facilities, joint ventures and added beds. Construction costs have jumped, and some states require approval to build. Free cash flow, the cash left after investment, was negative $440 million in fiscal 2025.
Recent events
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Acadia pays no dividend. Its 10-K says it does not expect to pay cash dividends in the foreseeable future, and its loan and bond agreements also limit payouts. For an income investor, that means no cash payments, so any return depends entirely on the share price. Acadia repurchased $50 million of stock in fiscal 2025, its only buyback from fiscal 2021 through 2025. Even so, shares outstanding rose 3.6% between August 3, 2021 and July 27, 2026. The stock fell hard in past downturns. It dropped 83% in the 2008 financial crisis and did not regain its earlier high until May 2011. It fell 66% in the 2020 COVID crash and recovered by late October 2020. It held up in the 2022 bear market, gaining 33% while the market slid. As of October 28, 2026, it was down 59% over three years despite a 108% gain year to date. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Acadia Healthcare make money?
Acadia makes money by treating patients with mental illness and substance use disorders in its behavioral healthcare facilities. Its revenue depends heavily on payments from government programs and private insurers. At December 31, 2025, it ran 277 facilities with more than 12,500 beds in 40 states and Puerto Rico. Revenue was $3.31 billion in fiscal 2025, up 5% from fiscal 2024. The 10-K gives no clear split of revenue by segment or region.
Does Acadia Healthcare pay a dividend?
No. Acadia does not pay a dividend, and its 10-K says it does not expect to pay cash dividends in the foreseeable future. Its credit agreement and bond terms also restrict dividends. The company repurchased $50 million of shares in fiscal 2025. Even so, shares outstanding rose 3.6% between August 3, 2021 and July 27, 2026. Investors who need regular income would get none from this stock.
Is Acadia Healthcare profitable?
Not for fiscal 2025 as a whole. Acadia reported a net loss of $1.10 billion, or $12.16 per share, on $3.31 billion of revenue. Free cash flow, the cash left after running the business and paying for buildings and equipment, was negative $440 million. Results have swung widely: Acadia earned $256 million in fiscal 2024 and lost $22 million in fiscal 2023. In the quarter ended June 30, 2026, it earned $10.9 million, down 63.7% from a year earlier.
How much debt does Acadia Healthcare have?
As of June 30, 2026, Acadia had $2.41 billion of total debt and $171 million in cash and investments. That leaves about $2.24 billion of net debt. Its stock market value was about $2.75 billion as of October 28, 2026. The debt includes a bank credit facility that matures on February 28, 2030, and $550 million of 7.375% bonds due 2033. Loan terms cap debt relative to earnings, and Acadia met those terms at December 31, 2025.
How has Acadia Healthcare stock performed?
Poorly over most longer periods, despite a sharp rebound. As of October 28, 2026, the shares were down 59% over three years, 49% over five years and 20% over ten years in total. They were up 27.4% over one year and 108% year to date. The stock lost 49% in 2024 and 64% in 2025. Its deepest drop over three years was 86.6% from peak to low. One-year volatility, a measure of how widely the price swings, was 63.7%.