Acadia Healthcare Company, Inc.
ACHC Healthcare Medical Care Facilities
Acadia Healthcare Company, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 5.04% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 63.6%, free cash flow grew 856.5% and total debt rose 6.49%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Acadia Healthcare Company, Inc. (ACHC) Altman Z-score
Acadia Healthcare Company, Inc.'s Altman Z-score for fiscal 2025 is 0.92, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.92 | (0.75) |
| FY2024 | 1.67 | (0.81) |
| FY2023 | 2.48 | (0.46) |
| FY2022 | 2.94 | 0.74 |
| FY2021 | 2.20 | 0.96 |
| FY2020 | 1.24 | 0.31 |
| FY2019 | 0.93 | 0.04 |
| FY2018 | 0.89 | (0.33) |
| FY2017 | 1.22 | 0.00 |
| FY2016 | 1.22 | (0.50) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.06 | |
| Retained earnings / total assets | (0.14) | — | −0.19 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 0.36 | — | 0.22 | |
| Sales / total assets | 0.60 | — | 0.60 | |
| Altman Z-score | Distress zone | 0.92 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GRDN Guardian Pharmacy Services, Inc. compare | 10.3× |
| ADUS Addus HomeCare Corporation compare | 5.2× |
| NHC National HealthCare Corporation compare | 5.0× |
| ASTH Astrana Health, Inc. compare | 2.4× |
| MD Pediatrix Medical Group, Inc. compare | 2.1× |
| AVAH Aveanna Healthcare Holdings Inc. compare | 1.5× |
| ACHC Acadia Healthcare Company, Inc. | 0.9× |
| SGRY Surgery Partners, Inc. compare | 0.8× |
| BKD Brookdale Senior Living Inc. compare | −0.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets