Forensic Analysis · Healthcare Providers & Services · as of Nov 9, 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
-0.8
Distress distance
Clean
Earnings quality
4
Forensic signals
-43.9%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 -0.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-16.4%
FY2025
Return on invested capital.Return on invested capital is -16.4% in the latest fiscal year, against -0.5% in FY2023, having run between -16.4% and 5.4% 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 +17% across FY2023–FY2025, from $4.4B to $5.1B, while the return fell 15.9 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 30.8 points off the latest; so, net of each other, the two charges take about 30.6 points off the -15.9-point change across FY2023–FY2025. A non-cash write-down lowers the reported return in the year it lands.
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. Capex and the payout together ran $494M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered it: total debt rose $543M over FY2025, while cash rose $57M.
$996M
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.
Key fundamentals
Latest Revenue$3.31B
Revenue Growth YoY+5.0%
Revenue CAGR (2yr)+6.4%
Net Margin-33.3%
Free Cash Flow-$439.9M
Return on Equity-43.9%
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?