The significant goodwill impairment and declining adjusted profitability, coupled with negative guidance for 2026 EBITDA, suggest ongoing operational and regulatory challenges. The stock is likely to face pressure despite revenue growth. Monitor the impact of the New York Medicaid policy change and the new CEO's ability to stabilize margins.
Price Chart
Executive Summary
Acadia Healthcare reported a significant net loss of $12.16 per share for 2025 due to a $996.2 million goodwill impairment charge, despite a 5% revenue increase. Adjusted earnings per share fell 39% to $2.00. The company guided for flat to slightly lower 2026 revenue and adjusted EBITDA, citing ongoing challenges including a $25-$30 million negative impact from a New York Medicaid policy change.
Key Financial Metrics
Key Facts
- Net loss of $12.16 per share in 2025 vs. net income of $2.78 per share in 2024, driven by a $996.2 million non-cash goodwill impairment charge.
- Adjusted EPS declined 39% to $2.00 from $3.30 in 2024.
- 2026 guidance projects revenue of $3.37-$3.45 billion (up 1.7%-4.1% from 2025) and adjusted EBITDA of $575-$610 million (down 5.3%-10.5% from 2025).
- The company faces a $25-$30 million negative EBITDA impact in 2026 from a change in New York Medicaid policy.
- Debbie Osteen was named CEO, replacing Christopher Hunter.
Financial Impact
Revenue increased 5% to $3.31B, but adjusted EBITDA fell 14% to $608.9M. 2026 guidance forecasts a decline in adjusted EBITDA to $575-$610M.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Acute Inpatient Psychiatric Facilities | $1.3B | +10.0% |
| Specialty Treatment Facilities | $537.0M | -4.0% |
| Comprehensive Treatment Centers | $574.0M | +5.0% |
| Residential Treatment Centers | $359.0M | +3.0% |
Risk Factors
- Significant decline in adjusted earnings and EBITDA.
- Negative 2026 EBITDA guidance due to Medicaid policy changes.
- High level of goodwill on the balance sheet ($1.3B) remains a risk for future impairments.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-005431 |
| Document: achc20260224_8k.htm | 0001437749-26-005431 |
| Document: 0001437749-26-005431-index-headers.html | 0001437749-26-005431 |
| Document: 0001437749-26-005431-index.html | 0001437749-26-005431 |
| Document: 0001437749-26-005431.txt | 0001437749-26-005431 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | SC 13G | $28.48 $29.25 | ▲ +2.70% | ▲ +2.10% | $29.89 (+4.93%) |
Sep 25, 2026 4w ago | 8-K | $27.91 $28.04 | ▲ +0.47% | ▲ +0.65% | $29.89 (+7.08%) |
Aug 5, 2026 11w ago | Institutional Cluster | $30.72 $31.53 | ▲ +2.64% | ▲ +2.03% | $29.89 (−2.72%) |
Jul 28, 2026 12w ago | 8-K | $27.35 $28.14 | ▲ +2.89% | ▲ +1.21% | $29.89 (+9.27%) |
May 27, 2026 21w ago | Court Ruling | $24.09 $23.76 | ▼ −1.37% | ▼ −1.92% | $29.89 (+24.06%) |
May 18, 2026 23w ago | 8-K | $24.92 $24.07 | ▲ +3.41% | ▲ +4.45% | $29.89 (−19.92%) |
Apr 29, 2026 25w ago | 8-K | $25.90 $27.85 | ▲ +7.53% | ▲ +7.31% | $29.89 (+15.39%) |
Apr 7, 2026 29w ago | Court Ruling | $25.39 $26.31 | ▼ −3.62% | ▼ −1.08% | $29.89 (−17.70%) |
Mar 25, 2026 30w ago | DEFA14A | $23.85 $22.91 | ▼ −3.94% | ▼ −2.26% | $29.89 (+25.30%) |
Feb 25, 2026 34w ago | 8-K | $20.84 $22.29 | ▼ −6.96% | ▼ −7.50% | $29.89 (−43.40%) |
US Market Status
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