Acadia Healthcare Company, Inc. (ACHC)
被低估基本面
43
价格
$27.18
市值
$2.59B
第一部分 · 这家公司值多少
概览
Acadia Healthcare owns and runs inpatient psychiatric hospitals, residential treatment centers and outpatient clinics for mental health and substance abuse. At the end of 2025 it operated 277 facilities with over 12,500 beds across 40 states and Puerto Rico. It grows mainly by adding beds to existing facilities, opening new ones — increasingly through joint ventures with large hospital systems — and by acquiring smaller operators in a fragmented industry.
盈利方式
Revenue comes from billing for each day a patient occupies a bed or each outpatient visit, paid mostly by government health programs rather than patients directly. For fiscal 2025 approximately 72% of revenue came from Medicare and Medicaid, which pay fixed, predetermined rates the company cannot negotiate upward; the remainder comes from commercial insurers and, for some youth and residential programs, from families paying out of pocket.
需求驱动因素
防御型Demand for psychiatric and substance-abuse treatment does not track the business cycle the way discretionary spending does, and the company states most of its revenue is protected by government insurance programs. It does note that a downturn could still hurt the self-pay portion of revenue from certain residential and youth programs.
主要风险
- Dependence on government reimbursement rates — About 72% of revenue comes from Medicare and Medicaid, which pay fixed rates the company cannot raise; recent federal legislation (OBBBA) tightens Medicaid eligibility and could increase uncompensated care.
- Patient safety incidents and regulatory scrutiny — The company states that incidents at its facilities — including patient deaths, abuse or elopement — have occurred and could trigger admissions holds, license revocation, investigations and negative media attention.
- High debt load — The company carried about $2.5 billion of total debt at the end of 2025, with covenants restricting acquisitions, dividends and additional borrowing, and variable-rate exposure on part of the balance.
- Goodwill impairment — The company recorded a non-cash goodwill impairment charge of about $996 million in fiscal 2025, illustrating how sensitive its balance sheet is to lower projections for acquired facilities.
- Activist investor pressure — The company states that activist investors have sought and may continue to seek changes to its board and strategy, which it says could divert management attention and create uncertainty about direction.
客户集中度
主要客户占营收的72%
Not customer concentration in the usual sense: about 72% of fiscal 2025 revenue came from the Medicare and Medicaid government programs, whose payment rates and eligibility rules the company does not control.
看多理由
Buyers argue that Acadia is the largest pure-play publicly traded operator in a fragmented, needs-driven industry, that joint ventures with major hospital systems give it low-risk growth capital, and that demand for behavioral healthcare is structurally underserved regardless of the economic cycle.
看空理由
Sellers fear that heavy reliance on government reimbursement leaves little room to offset cost inflation, that a large goodwill impairment already signals overpaying for past acquisitions, and that patient-safety incidents at psychiatric facilities carry reputational and regulatory risk that is hard to price.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
The only other large listed US operator of freestanding acute psychiatric and residential behavioral hospitals, competing with Acadia for the same inpatient admissions, referral sources and commercial and Medicaid contracts in overlapping local markets.
Runs inpatient behavioral health hospitals and outpatient programs largely through joint ventures with regional health systems — exactly the partnership model Acadia uses to add beds, so the two bid for the same hospital partners and the same markets.
A privately held operator of acute psychiatric hospitals and residential chemical-dependency programs for adults and adolescents, overlapping directly with Acadia's inpatient and specialty treatment lines.
The largest North American provider of medication-assisted treatment for opioid use disorder, competing clinic by clinic with Acadia's Comprehensive Treatment Centers for the same daily-dosing patients.
资产负债表与流动性
营收
$3.31B
截至2025/12/31的财政年度
净利润
$-1.10B
截至2025/12/31的财政年度
自由现金流
$-440M
股东权益合计
$1.95B
负债合计
$3.39B
流动比率
1.71
利息覆盖率
-
债务/EBITDA
4.99
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$68.79
当前价格
$27.18
安全边际
+60.5%
公允价值区间
$44.71 - $92.87
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
-
ROE
-56.6%
市净率（P/B）
1.27
P/FCF
-
毛利率
-
ROIC
-
盈利能力雷达图
价值创造（经济护城河）
ROIC
-
WACC
6.0%
ROIC − WACC
-
基本面分析标准
通过（9）
- P/B Ratio 1.27
- Debt/Equity ratio
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y 9.7%
- Analyst Consensus 65% Buy
- Earnings Surprise avg 16.8%
- Share Dilution -1.4%
- Piotroski F-Score 5/9
未通过（7）
- EPS shows upward trend
- Price CAGR -1.48%
- Positive Free Cash Flow
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Overvalued)
- ROE -50.0%
不可用（11）
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Net Margin Trend (invalid data)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Brian P. Farley Esq., J.D. | Executive VP, General Counsel & Secretary | 55 |
| Mr. Timothy Sides | Senior Vice President of Operations Finance | 47 |
| Ms. Debra K. Osteen | CEO & Director | 69 |
| Mr. David M. Duckworth | Interim Chief Financial Officer | 45 |
| Mr. Patrick Thomas Feeley C.F.A., CPA | Senior Vice President of Investor Relations | - |
| Mr. Jeffrey Woods | Operations Group President | - |
| Steve Quigley | Group President of Specialty Division | - |
审计风险
10
董事会风险
7
薪酬风险
6
股东权利风险
5
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for ACHC, sourced from Markets Gazette.
- 3/3/2026NEGATIVEAcadia Healthcare Stock Has Tanked This Past Year, and One Fund Just Called It Quits on a $13 Million Stake
Markets Gazette reports a significant bearish signal for Acadia Healthcare (ACHC) as its stock continues to underperform, having tanked over the past year. Adding to investor concerns, a prominent fund recently liquidated its entire $13 million stake in the U.S. behavioral health network. This substantial divestment by an institutional investor suggests a lack of confidence in the company's near-term prospects or a belief that its recovery may be protracted. Investors should note this move as a potential indicator of further downside risk, especially given Acadia's focus on mental health and addiction care within a competitive U.S. market. The fund's exit could trigger further selling pressure.
- 2/26/2026POSITIVEAcadia Healthcare Co Stock: A Deep Dive Into Analyst Perspectives (17 Ratings)
Markets Gazette highlights a positive sentiment surrounding Acadia Healthcare Company Inc. (ACHC), as analysts consistently maintain an "Outperform" rating. Both Credit Suisse and SVB Leerink have reiterated their confidence in the stock's performance, with positive evaluations consistently noted in March 2022 and November 2021. This sustained "Outperform" judgment suggests that market experts anticipate ACHC will outperform the average sector or broader market performance. For investors, the maintenance of such ratings by prominent investment houses can signal a robust growth outlook and stability, bolstering confidence in the company's long-term potential within the healthcare sector.
- 2/25/2026POSITIVEAcadia Healthcare Posts Upbeat Q4 Earnings, Joins Circle Internet, Resideo Technologies And Other Big Stocks Moving Higher On Wednesday
Acadia Healthcare has reported robust financial results for the fourth quarter, surpassing analyst expectations and signaling strong operational performance. This news has sparked a wave of optimism among investors, driving the company's stock higher on Wednesday. The positive figures reflect effective management and growing demand for behavioral healthcare services, a sector that continues to demonstrate resilience and growth potential. Investors should monitor Acadia's ability to maintain this momentum, considering the competitive environment and regulatory dynamics of the healthcare industry. The positive market reaction suggests strong confidence in the company's long-term strategy and its ability to generate value.
- 2/23/2026NEGATIVEAcadia Healthcare Stock Down 60% as One Investor Slashes Stake to Less Than 1% of Assets
Significant pressure is mounting on Acadia Healthcare, an operator of a broad network of behavioral health facilities across the U.S. and Puerto Rico. The news that a major investor has slashed their stake to less than 1% of their assets has triggered concern in the market. This move is widely interpreted as a strong signal of no-confidence in the company's future prospects. While the stock has already experienced a significant 60% decline, this substantial divestment by a single large shareholder amplifies investor fears. Analysts are now questioning the reasons behind this decision, which could potentially trigger a chain reaction of selling from other funds and increase volatility for the ACHC stock in the short to medium term.
via Markets Gazette