Acadia has the scarce behavioral-health capacity investors want to find, but its own filings put the growth story next to DOJ and SEC subpoenas, liability reserve pressure, government-payor exposure, and more than $2.5 billion of debt.
References
Sources used in this report
SEC submissionsSEC submissions JSON for CIK 00015206972026-05-13 · Issuer identity, ticker, exchange, headquarters, SIC, fiscal year end, and filing inventory.SEC XBRL companyfactsSEC companyfacts for CIK 00015206972026-05-13 · Standardized financial fact cross-check for Acadia reported financials.Annual reportFY2025 Form 10-K2026-02-27 · Business description, facility footprint, service mix, payor mix, growth strategy, impairment, risks, and debt context.Quarterly reportQ1 2026 Form 10-Q2026-04-30 · Q1 operating metrics, legal proceedings, debt, cash flow, capex, DSO, OBBBA discussion, and liquidity.Earnings releaseQ1 2026 earnings release, Exhibit 99.12026-04-29 · Q1 revenue, same-facility metrics, segment revenue, adjusted EBITDA, guidance, cash, revolver availability, and net leverage.Earnings releaseFY2025 earnings release, Exhibit 99.12026-02-25 · FY2025 adjusted EBITDA, PLGL reserve pressure, legal settlements, CTC scale, net leverage, and FY2026 guideposts.Proxy statement2026 definitive proxy statement2026-03-25 · Board structure, CEO/CFO transitions, risk oversight, compensation metrics, ownership guidelines, and no-hedging/no-pledging policy.Peer annual reportUniversal Health Services FY2025 Form 10-K2026-02-25 · Peer context for behavioral health facilities, hospital partnerships, staffing, reimbursement, regulation, quality, and competition.