# Acadia Healthcare Company (ACHC.US)

Canonical: https://gigainvestors.com/s/ACHC

Analysis as of: 2026-10-16T07:26:09.801Z. Financial observations: FY2010–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $31.04 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.33×

- FY2020: 0.17×

- FY2021: 0.18×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.17×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 23.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.5%

- ROIC, second-lowest year: 9.7%

- Typical minus recent gross margin: 23.4 pp

- Typical gross margin (annual median): 41.0%

- Recent gross margin (lower of latest and 3-year median): 17.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.3%

- ROIC including acquisitions, ten-year median: -1.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.6%

- FY2017: 12.3%

- FY2018: 9.5%

- FY2019: 12.6%

- FY2020: 10.7%

- FY2021: 17.2%

- FY2022: 17.3%

- FY2023: 20.3%

- FY2024: 14.3%

- FY2025: 9.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.0B

- Net income, five-year total: -$405M

- Return on incremental invested capital: 2.9%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 9.3%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $191M

- FY2022: $273M

- FY2023: -$55M

- FY2024: -$96M

- FY2025: -$1.3B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.6% vs 14.3%

- Per-share earnings: 1.75 to -0.24 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.9%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: -$1.6B

- Cumulative retained earnings: -$986M

- Diluted shares, 10-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.99

- Per-share value, starting three-year median: $1.75

- Per-share value, ending three-year median: -$0.24

- Buybacks concentrated in cheaper years (correlation): -0.27

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $852M

- Cumulative net income, 10 years: -$938M

- ROIC, first three-year median: 10.6%

- ROIC, last three-year median: 14.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.07

- FY2017: $2.30

- FY2018: -$2.01

- FY2019: $1.24

- FY2020: -$7.59

- FY2021: $2.10

- FY2022: $2.98

- FY2023: -$0.24

- FY2024: $2.78

- FY2025: -$12.16

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -22.3%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 24.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.71×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: -3.1%

- FY2018: -9.6%

- FY2019: -3.3%

- FY2020: -20.5%

- FY2021: -3.9%

- FY2022: -2.2%

- FY2023: -9.0%

- FY2024: 2.1%

- FY2025: -22.3%

## Holders

- [Gavin Abrams](https://gigainvestors.com/ABI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 65% since Nov 2022 · "ACHC recently warned investors that its liability costs are rising far faster than expected." (finance.yahoo.com, Dec 2025) · sales +5%

Story as of 2026-10-16T09:58:13.367Z; price observation 2026-10-15.

- 2025-08-07: Acadia Healthcare Q2 Earnings Beat on Growing Admission Volumes ([finance.yahoo.com](https://finance.yahoo.com/news/acadia-healthcare-q2-earnings-beat-162800979.html))

- 2025-09-10: Acadia Healthcare cut at Bank of America on Medicaid cuts ([seekingalpha.com](https://seekingalpha.com/news/4493745-acadia-healthcare-stock-cut-bank-of-america?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-07: ACHC Q3 Deep Dive: Margin Compression and Revised Guidance Amid Medicaid Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/achc-q3-deep-dive-margin-142546289.html))

- 2025-12-02: Acadia Healthcare Updates PLGL Reserves Following Annual Actuarial Review, Lowers 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/acadia-healthcare-updates-plgl-reserves-210500854.html))

- 2026-02-25: Update: Acadia Healthcare Shares Rise After Q4 Adjusted Earnings, Revenue Top Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/acadia-healthcare-shares-rise-q4-151247135.html))

### Sales · FY2024–2025

sales +5%; source https://www.sec.gov/Archives/edgar/data/1520697/000119312526078266/achc-20251231.htm; observed 2026-02-27.

- FY2016: $2.8B 

- FY2017: $2.8B 

- FY2018: $3.0B 

- FY2019: $2.0B 

- FY2020: $2.1B 

- FY2021: $2.3B 

- FY2022: $2.6B 

- FY2023: $2.9B 

- FY2024: $3.2B 

- FY2025: $3.3B 

### Gross margin · FY2025

gross margin 17.6%; source https://www.sec.gov/Archives/edgar/data/1520697/000119312526078266/achc-20251231.htm; observed 2026-02-27.

- FY2016: 41.0% 

- FY2017: 41.8% 

- FY2018: 41.0% 

- FY2019: 40.6% 

- FY2020: 95.8% 

- FY2021: 96.1% 

- FY2022: 96.2% 

- FY2023: 23.3% 

- FY2024: 22.6% 

- FY2025: 17.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical care facilities; annual sales are USD 3.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1520697/000119312526078266/achc-20251231.htm (filed 2026-02-27); FY2025: revenue 3312769000; grossProfit 583440000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACHC.US: Acadia Healthcare Company, Inc. provides behavioral healthcare services in the United States and Puerto Rico. The company owns and operates acute inpatient psychiatric facilities; specialty treatment facilities comprising residential recovery facilities and eating disorder facilities; comprehensive treatment centers; and residential treatment centers, as well as facilities providing outpatient behavioral healthcare services for the behavioral healthcare and recovery needs of communities. Acadia Healthcare Company, Inc. was founded in 2005 and is headquartered in Franklin, Tennessee.

### Why customers stay

Margins ranged from 17.6% to 23.3% during 2023–25; it earns 12.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 22.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1520697/000119312526078266/achc-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.10648224954200558],[2017,0.12325969255611313],[2018,0.09502316952585892],[2019,0.12575386546754072],[2020,0.10655722103126852],[2021,0.17174011117837937],[2022,0.17312698388524442],[2023,0.20349689932413606],[2024,0.1433869543662269],[2025,0.09655528455694352]]; median 0.12450677901182693. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back USD 50 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 172369000; upkeep 135103000; owner earnings 6143000. Growth capex / owner earnings = 28.05941722285528.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 23230203.090164125; upkeep 250946796.90983588; owner earnings 91898203.09016412. Growth capex / owner earnings = 0.2527819076872729.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 138094000; upkeep 106717000; owner earnings 190635000. Growth capex / owner earnings = 0.7243895402208409.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 178380000; upkeep 117769000; owner earnings 273139000. Growth capex / owner earnings = 0.653074075836845.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,1667846000],[2017,681642000],[2018,0],[2019,154000],[2020,1843000],[2021,1588000],[2022,17792000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1520697/000119312526078266/achc-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 50034000 USD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACHC.US SharesStats.PercentInsiders = 1.538 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 31.04 USD; reporting-to-trading FX 1; FY2025 annual sales per share 36.52245190452566; price multiple 0.8498881751187601. FY2025 cash earnings/share -14.84919188568551. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $35.96 per share

- 2016-11: $38.01 per share

- 2016-12: $33.10 per share

- 2017-01: $38.37 per share

- 2017-02: $44.72 per share

- 2017-03: $43.60 per share

- 2017-04: $43.58 per share

- 2017-05: $41.34 per share

- 2017-06: $49.38 per share

- 2017-07: $52.93 per share

- 2017-08: $46.94 per share

- 2017-09: $47.76 per share

- 2017-10: $31.36 per share

- 2017-11: $31.83 per share

- 2017-12: $32.63 per share

- 2018-01: $34.08 per share

- 2018-02: $38.10 per share

- 2018-03: $39.18 per share

- 2018-04: $35.58 per share

- 2018-05: $40.19 per share

- 2018-06: $40.91 per share

- 2018-07: $39.48 per share

- 2018-08: $41.53 per share

- 2018-09: $35.20 per share

- 2018-10: $41.50 per share

- 2018-11: $33.97 per share

- 2018-12: $25.71 per share

- 2019-01: $27.36 per share

- 2019-02: $26.29 per share

- 2019-03: $29.31 per share

- 2019-04: $32.02 per share

- 2019-05: $32.22 per share

- 2019-06: $34.95 per share

- 2019-07: $31.94 per share

- 2019-08: $26.46 per share

- 2019-09: $31.08 per share

- 2019-10: $29.99 per share

- 2019-11: $32.16 per share

- 2019-12: $33.22 per share

- 2020-01: $32.13 per share

- 2020-02: $29.60 per share

- 2020-03: $18.35 per share

- 2020-04: $24.01 per share

- 2020-05: $28.61 per share

- 2020-06: $25.12 per share

- 2020-07: $29.81 per share

- 2020-08: $30.91 per share

- 2020-09: $29.48 per share

- 2020-10: $35.65 per share

- 2020-11: $42.45 per share

- 2020-12: $50.26 per share

- 2021-01: $50.68 per share

- 2021-02: $55.24 per share

- 2021-03: $57.14 per share

- 2021-04: $60.92 per share

- 2021-05: $64.36 per share

- 2021-06: $62.75 per share

- 2021-07: $61.72 per share

- 2021-08: $66.12 per share

- 2021-09: $63.78 per share

- 2021-10: $62.00 per share

- 2021-11: $56.17 per share

- 2021-12: $60.70 per share

- 2022-01: $52.65 per share

- 2022-02: $56.71 per share

- 2022-03: $65.53 per share

- 2022-04: $67.88 per share

- 2022-05: $71.17 per share

- 2022-06: $67.63 per share

- 2022-07: $82.91 per share

- 2022-08: $81.93 per share

- 2022-09: $78.18 per share

- 2022-10: $81.30 per share

- 2022-11: $89.06 per share

- 2022-12: $82.32 per share

- 2023-01: $84.02 per share

- 2023-02: $72.51 per share

- 2023-03: $72.25 per share

- 2023-04: $72.29 per share

- 2023-05: $70.63 per share

- 2023-06: $79.64 per share

- 2023-07: $79.03 per share

- 2023-08: $77.10 per share

- 2023-09: $70.31 per share

- 2023-10: $73.51 per share

- 2023-11: $72.99 per share

- 2023-12: $77.76 per share

- 2024-01: $82.14 per share

- 2024-02: $83.45 per share

- 2024-03: $79.22 per share

- 2024-04: $73.94 per share

- 2024-05: $68.89 per share

- 2024-06: $67.54 per share

- 2024-07: $64.85 per share

- 2024-08: $81.93 per share

- 2024-09: $63.41 per share

- 2024-10: $42.69 per share

- 2024-11: $40.63 per share

- 2024-12: $39.65 per share

- 2025-01: $45.11 per share

- 2025-02: $29.98 per share

- 2025-03: $30.32 per share

- 2025-04: $23.40 per share

- 2025-05: $22.64 per share

- 2025-06: $22.69 per share

- 2025-07: $21.77 per share

- 2025-08: $22.96 per share

- 2025-09: $24.76 per share

- 2025-10: $21.50 per share

- 2025-11: $17.20 per share

- 2025-12: $14.19 per share

- 2026-01: $13.44 per share

- 2026-02: $23.44 per share

- 2026-03: $23.39 per share

- 2026-04: $25.90 per share

- 2026-05: $23.20 per share

- 2026-06: $29.53 per share

- 2026-07: $29.62 per share

- 2026-08: $27.56 per share

- 2026-09: $27.50 per share

- 2026-10: $31.04 per share

## Annual estimated value (USD per share)

- FY2016: low $21.34 per share, central $24.28 per share, high $28.19 per share

- FY2017: low $21.37 per share, central $24.30 per share, high $28.21 per share

- FY2018: low $12.20 per share, central $13.89 per share, high $16.13 per share

- FY2019: low $1.22 per share, central $1.30 per share, high $1.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1520697/000119312526078266/achc-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.