ACHC

LONG

ACADIA HEALTHCARE COMPANY IN

Funds

Score

5.00

vs SPY

-17.1%

Stock return (since Q-end)

-0.8%

SPY return (since Q-end)

+16.3%

Current price

$23.20

News Summary

Neutral

Acadia delivered a solid Q1 2026 earnings beat with 7.6% revenue growth and raised full-year 2026 guidance (adjusted EPS midpoint +3.5%), supported by strong acute inpatient performance and same-facility admissions growth of 6.5%. However, material headwinds persist: ongoing DOJ/SEC investigations into admissions and billing practices, a $61M jump in professional liability costs in 2025 with claims up 186%, leadership instability (CFO departure, recent CEO change), and an estimated $25–$30M negative impact from New York Medicaid policy changes that create execution risk.

Red flags

•DOJ and SEC investigations into admissions, length-of-stay, and billing practices remain active and unresolved
•Professional liability claims frequency surged 168% in 2025 with PLGL expense jumping $61M year-over-year
•CFO departure in April 2026 (Todd Young) and interim appointment of former CFO; CEO replaced in January 2026
•Recent Senate Finance Committee and media investigations alleging widespread neglect and abuse across multiple facilities
•$25–$30M estimated negative impact from New York Medicaid policy changes
•Net leverage at 3.9x with guidance suggesting 4.4x–4.5x in Q2 2026; deleveraging dependent on execution and DOJ resolution
•Goodwill impairment of $996M recorded in Q4 2025 signals prior valuation concerns

Funds Buying (4)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Greenlight Capital	David Einhorn	4.5M	+397K	$105.7B	+10%	Existing
Maverick Capital	Lee Ainslie	1.3M	+409K	$30.7B	+45%	Existing
Point72	Steve Cohen	537K	+537K	$12.5B	—	NEW
Soros Fund Management	Soros Family Office	23K	+23K	$527M	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.