Acadia Healthcare Company, Inc. (ACHC)

The past six months have seen several significant events impacting Acadia Healthcare's stock price. A government investigation and media reports in September-October 2024 led to a significant drop in Acadia's market capitalization. In September 2025, activist investor Engine Capital urged Acadia's Board of Directors to consider a formal strategic review, including a potential sale. Acadia Healthcare reported its Q3 2025 earnings on November 5, 2025, and subsequently lowered its full-year 2025 guidance for revenue, EBITDA, and adjusted EPS. In response to financial pressures, Acadia announced in November 2025 that it would pause several de novo development projects and reduce its expected 2026 spending. Acadia Healthcare appointed Todd Young as its new Chief Financial Officer on October 7, 2025.

Demand for behavioral healthcare services exhibits seasonal patterns. Studies have shown increased emergency department psychiatry presentations in spring and summer, with peaks for suicide rates and hospital admission rates. Winter can present logistical barriers that impede patient therapeutic adherence. The summer period is increasingly defined by acute, high-acuity crises linked to temperature volatility and extreme heat. Mental health service utilization among children and adolescents also demonstrates clear seasonal patterns. Acadia Healthcare's management has acknowledged seasonality in their earnings calls, with Q1 typically having the highest startup costs and lowest contribution from new beds.

Acadia Healthcare Company, Inc. (ACHC) is a leading American provider of for-profit behavioral healthcare services, operating within the Healthcare sector. Its core business involves developing and operating a network of facilities that address a wide spectrum of behavioral health needs. The company provides acute inpatient psychiatric care, specialty treatment facilities, comprehensive treatment centers offering medication-assisted treatment, residential treatment centers, and outpatient behavioral healthcare services. As of late 2024, Acadia operated 165 methadone clinics in 33 states, making it the largest methadone-clinic chain in the U.S.

Acadia Healthcare has a substantial geographic footprint across the United States and Puerto Rico. As of September 30, 2025, the company operated a network of 278 behavioral healthcare facilities with approximately 12,500 beds across 40 states and Puerto Rico. The company's headquarters are located in Franklin, Tennessee.

Acadia Healthcare's brand reputation has been significantly impacted in the past year by negative media reports and a government investigation. In September 2024, a New York Times report and subsequent federal investigations revealed potential fraud and issues with patient admission and retention practices. Acadia has publicly committed to providing high-quality care and is cooperating fully with the investigation, making investments in talent, technology, clinical protocols, and training to improve care and compliance.

Acadia Healthcare Company, Inc. is a publicly traded company with ownership distributed among institutional, retail, and insider investors. Major institutional owners as of September 2025 include BlackRock, Inc., Wellington Management Group LLP, and Vanguard Group Inc. Reeve B. Waud, a founding team member, is a significant individual shareholder, owning 14.90 million shares representing 16.15% of the company.