Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.6
Distress distance
Clean
Earnings quality
6
Forensic signals
-2.3
P / E (ttm)
-56.6%
ROE
$2.7B
Market cap
0.00%
Dividend yield
5.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Acadia Healthcare Company, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.6, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-17.2%
FY2025
Return on invested capital.Return on invested capital is -17.2% in the latest fiscal year, against -0.5% in FY2023, having run between -17.2% and 4.9% across FY2023–FY2025 with no direction held. After-tax operating profit was ($20M) in FY2023 and ($842M) in FY2025. The capital base behind it grew +11% across FY2023–FY2025, from $4.4B to $4.9B, while the return fell 16.7 points, so the dollars added over that window earned less than the -0.5% the older base was already earning. FY2023's operating profit carried a $10M asset write-down that took about 0.2 points off that year's return, and FY2025's carried a $1.0B asset write-down and a $996M goodwill write-off that took about 32.3 points off the latest; so, net of each other, the two charges take about 32.1 points off the -16.7-point change across FY2023–FY2025.
FCF ($440M)
FY2025
Shareholder returns.Returned $54M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($440M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $132M — 41% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
49d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 42 to 49 days FY2024→FY2025 (receivables +21% vs revenue +5%). Across FY2023–FY2025 the day count ran 45 → 42 → 49 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue grew +66% over the same period, which accounts for part of the balance but not for a day count that widened against the same quarters a year earlier. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Sep 2025 +3, Dec 2025 +6, Mar 2026 +5 days). In the latest of them the receivable balance grew +19% against sales +8%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$3.31B
Revenue Growth YoY+5.0%
Revenue CAGR (2yr)+6.3%
Net Margin-33.3%
Free Cash Flow-$439.9M
Return on Equity-56.6%
Debt / Equity1.28x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Acadia Healthcare Company, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Acadia Healthcare Company, Inc. (ACHC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
-0.1%/yr
FY2023–FY2025
Share count.Diluted share count changed 0% over the last 2 years to FY2025 (-0.1%/yr). Roughly flat — buybacks ($50M) are about offsetting stock comp ($32M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$996M
FY2025–FY2025
Goodwill impairments.Took $996M of goodwill writedowns across 1 year (FY2025 ($996M)). Writedowns mean past acquisitions underperformed what was paid for them.
-43%
FY2023→FY2024
Dividend — cut.The payout was CUT ~43% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.