Acadia Healthcar Stock Price, News & Analysis

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) is a behavioral healthcare company in the United States that focuses on the treatment of behavioral health and substance use disorders. According to the company’s public disclosures, Acadia operates a large network of behavioral healthcare facilities and is described as the largest stand-alone behavioral healthcare company in the U.S. Its common stock is listed on the NASDAQ Global Select Market under the symbol ACHC.

Acadia’s business centers on providing behavioral healthcare services in multiple care settings. The company states that it delivers care through inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers and outpatient clinics. These facilities are intended to serve the behavioral healthcare and recovery needs of communities across the United States and Puerto Rico.

Business model and services

Acadia Healthcare describes itself as a holding company whose direct and indirect subsidiaries own and operate a broad network of behavioral health facilities. The company’s revenue is derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care, and adolescent residential treatment. These services are delivered through acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers, residential treatment centers and outpatient behavioral healthcare clinics.

The company’s behavioral healthcare network includes acute inpatient psychiatric hospitals, which focus on higher-acuity psychiatric care, and specialty treatment facilities, which address specific behavioral health and recovery needs. Acadia also operates residential treatment centers and outpatient clinics, as well as comprehensive treatment centers that provide outpatient behavioral healthcare services. The company has disclosed that its facilities, centers, clinics and hospitals are owned, operated or managed by its subsidiaries.

Scale and geographic footprint

Acadia reports that, as of September 30, 2025, it operated a network of 278 behavioral healthcare facilities with approximately 12,500 beds in 40 states and Puerto Rico. The company has also stated that, with approximately 25,500 employees serving more than 82,000 patients daily, it is the largest stand-alone behavioral healthcare company in the U.S. Earlier disclosures in 2025 referenced a network of 274 facilities with approximately 12,100 beds in 39 states and Puerto Rico, indicating continued expansion of its footprint and bed capacity over time.

Acadia’s development activity has included adding new beds to existing facilities and opening new facilities. The company has reported adding hundreds of newly licensed beds across its network over recent periods, including beds added through new hospitals and expansions of existing hospitals. It has also described the addition of new comprehensive treatment centers that extend its reach across numerous states.

Facility types and care settings

According to Acadia’s public statements and filings, the company’s operations span several key facility categories:

• Acute inpatient psychiatric facilities – hospitals that provide inpatient psychiatric care and generate a significant portion of the company’s revenue.
• Specialty treatment facilities – facilities that focus on specific behavioral health and recovery needs.
• Comprehensive treatment centers – facilities that provide outpatient behavioral healthcare services as part of the company’s broader network.
• Residential treatment centers – centers that provide residential behavioral healthcare and adolescent residential treatment.
• Outpatient clinics – clinics that deliver outpatient psychiatric and behavioral healthcare services.

The company has stated that these facilities are intended to serve behavioral healthcare and recovery needs in the communities where they operate.

Strategic focus and capital deployment

Acadia has communicated a strategic focus on disciplined growth, portfolio optimization and operational efficiency across its national network. In its public communications, the company has discussed actions to reduce capital expenditures, increase free cash flow generation, and concentrate on high-performing markets and service lines. It has also provided guidance on expected capital expenditures and bed additions, including plans to reduce total capital spending relative to prior guidance while continuing to add new beds across its network.

The company has described efforts to optimize the performance of its expanded footprint, including initiatives to drive volume growth, referral source-level action plans at underperforming facilities, and data-driven planning to support execution. Acadia has also highlighted investments in quality and technology, including an integrated quality dashboard that tracks numerous performance indicators to support delivery of evidence-based care and engagement with payor partners.

Financial reporting and guidance

Acadia regularly reports its operating and financial results through press releases and SEC filings. The company has disclosed revenue performance by service type, including revenue from acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers and residential treatment centers. It also provides same-facility metrics, such as same-facility revenue, revenue per patient day, patient days and admissions.

In its public guidance, Acadia has discussed expectations for revenue, adjusted EBITDA, adjusted earnings per share, operating cash flows, capital expenditures and bed additions. The company has also described assumptions underlying its guidance, including expectations for same-facility volume growth, revenue per patient day, startup losses from newly opened facilities and the impact of Medicaid supplemental payments. Acadia notes that its guidance does not include the impact of future acquisitions, divestitures or certain non-recurring items.

Risk management and litigation

Acadia has reported that it maintains professional and general liability (PLGL) reserves, which are updated following third-party actuarial reviews. The company has described increases in PLGL expense driven by factors such as higher expected settlement costs for patient-related claims, increased claim frequency, elevated incurred-but-not-reported reserves and changes in reinsurance coverage terms. These PLGL expenses affect the company’s projected adjusted EBITDA and earnings guidance.

The company has also disclosed the settlement of previously reported securities litigation in the United States District Court for the Middle District of Tennessee. According to an 8-K filing, Acadia agreed to pay a specified aggregate amount to fully resolve the case, with no admission or finding of liability by the company or its current or former officers. The settlement is to be funded through a combination of anticipated insurance proceeds, cash on hand and existing credit lines, and the company has stated that the settlement funds will be excluded from adjusted EBITDA.

Corporate governance and leadership changes

Acadia’s SEC filings describe changes in its executive leadership, including the appointment of a new Chief Financial Officer and the resignation of its Chief Operating Officer. The company has entered into employment and transition agreements with these executives, outlining compensation, incentive opportunities, severance benefits and other terms. These filings also describe the company’s approach to executive transitions, including interim appointments and searches for permanent successors.

In addition, Acadia has been the subject of public letters from certain shareholders expressing views on the company’s strategy, governance and capital allocation. The company has responded with public statements emphasizing its focus on enhancing long-term shareholder value, disciplined growth, portfolio optimization and governance evaluation, and has disclosed that it engages financial and legal advisors in connection with these matters.

Investor communications and conferences

Acadia regularly participates in healthcare and investor conferences hosted by financial institutions. The company announces its participation in these events and provides webcasts of its presentations through its investor relations channels. It also schedules conference calls to discuss quarterly financial results, with live webcasts and replay availability for a limited period.

Through these communications, Acadia provides updates on its operating performance, development activity, capital allocation plans and strategic priorities. The company uses these forums to discuss trends in patient volumes, reimbursement, capital expenditures, bed additions and other factors affecting its behavioral healthcare operations.

FAQs about Acadia Healthcare Company, Inc.

• What does Acadia Healthcare Company, Inc. do?
  Acadia Healthcare Company, Inc. is a behavioral healthcare company whose subsidiaries own and operate facilities that provide behavioral healthcare services. According to the company, it offers inpatient psychiatric and substance abuse care, outpatient psychiatric care and adolescent residential treatment through acute inpatient psychiatric hospitals, specialty treatment facilities, comprehensive treatment centers, residential treatment centers and outpatient clinics.
• Where does Acadia Healthcare operate?
  Acadia reports that, as of September 30, 2025, it operated 278 behavioral healthcare facilities with approximately 12,500 beds in 40 states and Puerto Rico. Earlier in 2025, it reported operating 274 facilities with approximately 12,100 beds in 39 states and Puerto Rico.
• How does Acadia Healthcare generate revenue?
  According to the company’s description, Acadia’s revenue is derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care and adolescent residential treatment. These services are provided across its network of acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers, residential treatment centers and outpatient clinics.
• What types of facilities are in Acadia’s network?
  Acadia’s network includes inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers, comprehensive treatment centers and outpatient clinics. The company states that these facilities are owned, operated or managed by its subsidiaries and are designed to serve behavioral healthcare and recovery needs.
• On which exchange is Acadia Healthcare’s stock listed?
  Acadia Healthcare Company, Inc.’s common stock is registered on the NASDAQ Global Select Market under the trading symbol ACHC, as disclosed in its SEC filings.
• How large is Acadia Healthcare’s patient base?
  In its public statements, Acadia has reported that its employees serve more than 82,000 patients daily across its network of behavioral healthcare facilities in the United States and Puerto Rico.
• What has Acadia disclosed about its capital expenditures and bed growth?
  Acadia has provided guidance on total capital expenditures and expected bed additions in its public filings and presentations. For example, it has discussed plans to reduce total capital expenditures relative to prior guidance while still adding hundreds of beds, including 500 to 700 beds in a future year, through expansions of existing facilities and new facility openings.
• How does Acadia address professional and general liability costs?
  The company updates its professional and general liability reserves based on annual third-party actuarial reviews. It has reported increases in PLGL expense driven by higher expected settlement costs for prior policy years, increased claim frequency, elevated incurred-but-not-reported reserves and less favorable reinsurance coverage terms.
• Has Acadia been involved in securities litigation?
  Yes. In an 8-K filing, Acadia disclosed that it agreed to settle previously reported securities litigation in the United States District Court for the Middle District of Tennessee. The settlement is intended to fully resolve the case, includes a release with no admission or finding of liability, and is subject to court approval.
• How does Acadia communicate with investors?
  Acadia issues press releases about its quarterly financial results, guidance updates, capital plans and development activity. It participates in investor and healthcare conferences, provides webcasts of its presentations and conference calls, and files current reports on Form 8-K with the SEC to furnish key information such as earnings releases, executive appointments and other material events.