Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Acadia Healthcare Company, Inc. (ACHC)
A forensic read on Acadia Healthcare Company, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-0.8
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-43.8%
ROE
$2.5B
Market cap
Acadia Healthcare Company, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -0.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
49d DSOReceivables vs revenue.Days sales outstanding moved from 42 to 49 days FY2024→FY2025 (receivables +21% vs revenue +5%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-17%Return on invested capital.Return on invested capital is -17% and slipping from 6% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
-0.3%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$996MGoodwill impairments.Took $996M of goodwill writedowns across 1 year(s) (FY2025 ($996M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-33.3%
Debt / Equity1.28x
Free Cash Flow$-439.9M
Latest Revenue$3.31B
Return on Equity-56.6%
Revenue Growth YoY+5.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Acadia Healthcare Company, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ACHC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown