Acadia Healthcare Company, Inc. (ACHC)
NEUTRALファンダメンタル
45
株価
$29.55
時価総額
$2.66B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
需要を左右する要因
ディフェンシブ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.
主なリスク
- 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.
顧客集中度
主要顧客が売上高の72%を占める
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.
強気材料
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.
弱気材料
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.
貸借対照表と流動性
売上高
$3.31B
2025/12/31に終了した会計年度
純利益
$-1.10B
2025/12/31に終了した会計年度
フリーキャッシュフロー
$-440M
自己資本合計
$1.95B
負債合計
$3.39B
流動比率
1.71
利払い倍率
-
負債/EBITDA
4.99
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$68.99
現在株価
$29.55
安全マージン
+57.2%
適正価値レンジ
$44.85 - $93.14
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-56.6%
P/B レシオ
1.33
P/FCF
-
粗利益率
-
ROIC
-
収益性レーダー
Value Creation (Economic Moat)
ROIC
-
WACC
6.1%
ROIC − WACC
-
ファンダメンタル分析基準
合格（9）
- P/B Ratio 1.33
- 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
不合格（7）
- EPS shows upward trend
- Price CAGR -1.72%
- Positive Free Cash Flow
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Overvalued)
- ROE -50.0%
データなし（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-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
10
取締役会リスク
7
報酬リスク
6
株主権利リスク
5
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
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