Acadia Healthcare Company, Inc.

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) operates as the leading publicly traded pure-play provider of behavioral healthcare services in the United States. The company delivers comprehensive mental health and substance use disorder treatment across a diversified portfolio of facility types and care settings, serving patients throughout 40 states and Puerto Rico.

As of December 31, 2025, Acadia operates 277 behavioral healthcare facilities with over 12,500 beds. The company's service offerings span acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers (CTCs), and residential treatment centers, complemented by outpatient behavioral healthcare services. Acute inpatient psychiatric facilities represent 55 percent of revenue, specialty treatment facilities contribute 17 percent, comprehensive treatment centers account for 17 percent, and residential treatment centers generate 11 percent of total revenue.

For the year ended December 31, 2025, Acadia generated revenue of $3.31 billion. The company maintains a diversified payor base, receiving 57.7 percent of revenue from Medicaid, 24.6 percent from commercial payors, 14.3 percent from Medicare, and 3.4 percent from other sources. This diversification extends geographically as well, with no single facility representing more than 4 percent of revenue and no state accounting for more than 14 percent of revenue.

Acadia's business strategy focuses on becoming the indispensable behavioral healthcare provider for high-acuity and complex-needs patient populations. The company pursues growth through five primary pathways: expansions of existing facilities, joint venture partnerships, de novo facility development, acquisitions, and expansion across the continuum of care. During 2025, Acadia added 1,089 beds through facility expansions, new wholly-owned facilities, and joint venture partnerships with major health systems including Henry Ford Health, Geisinger Health, and Ascension Seton. The company also opened 15 new comprehensive treatment centers during the year.

Acadia maintains a strong financial position with a $1.65 billion credit facility and $550 million in senior notes due 2033. The company's maintenance capital expenditure requirements remain modest at approximately 3 percent of revenue, reflecting the asset-light nature of behavioral healthcare operations compared to other facility-based healthcare providers.