Acadia Healthcare
Acadia Healthcare's revenue rose 5.0% to $3.3 billion in fiscal 2025. Its net margin was −33.3%, down from 8.1% a year earlier. Free cash flow was −$440 million. It paid out $50 million in dividends and buybacks. The diluted share count fell 1.5%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2024, earnings per share grew 58.4% a year and net income 59.5% a year, as new shares raised the share count by 7% and diluted each share's earnings. Acadia Healthcare then lost money in fiscal 2025.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Acadia Healthcare yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Acadia Healthcare's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
The example scenarios need a positive starting cash flow. Acadia Healthcare's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.
- Last close, October 26, 2026
- $31.34
- Value on these assumptions, against the last close
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- Cash flows in years 1 to 10, valued today
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- Everything after year 10, valued today
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- Plus net cash
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- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and Acadia Healthcare's latest diluted earnings per share were negative or zero.
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 134 | 98 | 100 | 76 | 133 |
| Debt incl. finance leases | 1,509 | 1,398 | 1,384 | 1,969 | 2,512 |
| Net debt (negative means net cash) | 1,375 | 1,300 | 1,284 | 1,892 | 2,379 |
| Net debt to EBITDA | 2.9x | 2.3x | 6.8x | 3.1x | — |
| Debt to equity | 0.6x | 0.5x | 0.5x | 0.6x | 1.3x |
| Interest coverage | 3.9x | 6.7x | 0.7x | 4.0x | −7.5x |
| Current ratio | 1.2x | 1.3x | 0.7x | 1.0x | 1.6x |
| Quick ratio | 1.2x | 1.3x | 0.7x | 1.0x | 1.5x |
Insider trades
No officer, director or 10% owner of Acadia Healthcare reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Pass | Fail |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Pass | Fail |
| Cash from operations exceeds net income | Pass | Fail | Pass |
| Debt fell relative to assets | Pass | Fail | Fail |
| Current ratio rose | Fail | Pass | Pass |
| Share count didn't rise | Pass | Fail | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Pass | Fail |
| F-score | 5 of 8 | 5 of 8 | 4 of 8 |
| Accruals ratio | −9.4% | 2.2% | −21.5% |
Compare
Put Acadia Healthcare side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Acadia Healthcare | FY25 | 5.0% | — | −13.3% | −16.0% | — | 4 | |
| Astrana Health | FY25 | 56.4% | 2.5% | 3.3% | 4.2% | 4.9x | 4 | Compare |
| Ensign Group | FY25 | 18.7% | 8.4% | — | 19.7% | −0.8x | 6 | Compare |
| Option Care Health | FY25 | 13.0% | 6.0% | 3.8% | 11.4% | 2.3x | 5 | Compare |
| Encompass Health | FY25 | 10.5% | — | 7.4% | 15.8% | 1.7x | 8 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 2,811 | 2,836 | 1,905 | 2,008 | 2,090 | 2,314 | 2,610 | 2,929 | 3,154 | 3,313 |
| Revenue growth | — | 0.9% | −32.9% | 5.4% | 4.1% | 10.7% | 12.8% | 12.2% | 7.7% | 5.0% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 609 | 604 | 594 | 586 | — | — | — | — | — | — |
| Net income | 6 | 200 | −176 | 109 | −672 | 191 | 273 | −22 | 256 | −1,103 |
| Diluted EPS (US$) | 0.07 | 2.30 | −2.01 | 1.24 | −7.59 | 2.10 | 2.98 | −0.24 | 2.78 | −12.16 |
| Diluted shares (millions) | 86 | 87 | 87 | 88 | 89 | 91 | 92 | 91 | 92 | 91 |
| Cash flow | ||||||||||
| Cash from operations | 362 | 400 | 414 | 333 | 659 | 374 | 381 | 462 | 130 | 132 |
| Capital expenditure | 308 | 274 | 253 | 233 | 225 | 245 | 296 | 424 | 690 | 572 |
| Free cash flow | 54 | 125 | 161 | 100 | 434 | 130 | 84 | 38 | −561 | −440 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50 |
| Acquisitions | 684 | 18 | 0 | 45 | 0 | 139 | 10 | 0 | 54 | 8 |
| Stock-based compensation | 28 | 24 | 22 | 17 | 22 | 38 | 30 | 32 | 37 | 32 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 57 | 67 | 50 | 100 | 379 | 134 | 98 | 100 | 76 | 133 |
| Debt incl. finance leases | 3,288 | 3,240 | 3,194 | 3,200 | 3,165 | 1,509 | 1,398 | 1,384 | 1,969 | 2,512 |
| Total assets | 6,025 | 6,424 | 6,172 | 6,879 | 6,499 | 4,768 | 4,988 | 5,359 | 5,957 | 5,527 |
| Total liabilities | 3,839 | 3,829 | 3,810 | 4,341 | 4,545 | 2,185 | 2,087 | 2,471 | 2,766 | 3,387 |
| Shareholders' equity | 2,168 | 2,573 | 2,333 | 2,505 | 1,900 | 2,518 | 2,813 | 2,782 | 3,074 | 1,949 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | 21.6% | 21.3% | 31.2% | 29.2% | — | — | — | — | — | — |
| Net margin | 0.2% | 7.0% | −9.2% | 5.4% | −32.2% | 8.2% | 10.5% | −0.7% | 8.1% | −33.3% |
| Free cash flow margin | 1.9% | 4.4% | 8.4% | 5.0% | 20.8% | 5.6% | 3.2% | 1.3% | −17.8% | −13.3% |
| Return on capital | 6.5% | 9.1% | 9.0% | 7.2% | 4.9% | 6.5% | 8.2% | 1.1% | 7.8% | −16.0% |
| Return on equity | 0.3% | 8.4% | −7.2% | 4.5% | −30.5% | 8.6% | 10.2% | −0.8% | 8.7% | −43.9% |
| Return on assets | 0.1% | 3.2% | −2.8% | 1.7% | −10.1% | 3.4% | 5.6% | −0.4% | 4.5% | −19.2% |
| Net debt to EBITDA | 4.3x | 4.2x | 4.7x | 4.6x | 6.7x | 2.9x | 2.3x | 6.8x | 3.1x | — |