Acadia Healthcare Company Inc

Acadia Healthcare shares have surged 100% year to date, rebounding from a 2025 slump driven by patient-related litigation costs and legal liability concerns. Early this year the company brought back former CEO Debra Osteen, replacing Chris Hunter, while reaffirming its 2025 guidance. Management raised its 2026 adjusted EBITDA and earnings outlook after both the first- and second-quarter results, and after the second quarter increased its operating cash flow guidance to $350-$400 million from $285-$325 million while lowering expected capital expenditures to $235-$255 million from $255-$280 million. The company added 240 licensed beds in the second quarter of 2026 through two newly opened joint-venture facilities, a 144-bed facility with Orlando Health in Florida and a 96-bed facility with Methodist Jennie Edmundson Hospital in Iowa, and also opened two new Comprehensive Treatment Center locations. The Zacks Consensus Estimate for 2026 earnings stands at $1.55 per share with four upward revisions and no cuts over the past 60 days, while the 2027 EPS consensus implies 14.4% year-over-year growth and 2026 and 2027 revenue consensus of $3.42 billion and $3.61 billion signals increases of 3.4% and 5.4%, respectively.

Acadia Healthcare updated its full-year 2026 guidance to reflect revenue between $3.4 billion and $3.45 billion. Interim Chief Financial Officer David Duckworth also set adjusted EBITDA expectations at $590 million to $615 million, adjusted EPS at $1.45 to $1.60, and operating cash flow at $350 million to $400 million. The company tightened its capital expenditure forecast to a range of $235 million to $255 million and remains on track to add 500 to 600 beds this year. CEO Debra Osteen reiterated confidence in delivering $200 million of incremental adjusted EBITDA versus 2025, while noting that unmodeled supplemental payment approvals in Florida and Ohio could contribute more than $20 million in additional EBITDA.

Zacks Equity Research identifies Tenet Healthcare, Universal Health Services, Acadia Healthcare, and Community Health Systems as hospital stocks worth watching amid a structural shift toward lower-cost care settings. The Zacks Medical-Hospital industry is seeing the fastest growth in ambulatory surgery centers, home health, and post-acute care, while hospitals face elevated costs and reimbursement uncertainty. The industry carries a Zacks Industry Rank of 107, placing it in the top 43% of nearly 250 industries, and its 2026 earnings estimates have risen 5.7% over the past year. Tenet Healthcare is expanding its ambulatory care segment, with consensus 2026 earnings per share of $17.61, up 5% year over year. Universal Health Services is growing through tuck-in acquisitions and facility expansion, with 2026 earnings per share estimated at $23.47, an 8% increase. Acadia Healthcare is seeing rising patient days and strong demand for mental health treatment, with 2026 earnings per share of $1.50 and a projected 14.8% jump in 2027. Community Health Systems is benefiting from lower expenses and improving payer mix, with 2026 revenues pegged at $11.56 billion and shares up 15.9% in the past month.

Acadia Healthcare is shifting its strategy from pursuing growth to maximizing returns from its existing footprint, limiting planned 2026 capital expenditures to a range of $255 million to $280 million. The largest standalone behavioral health provider in the United States, operating 275 facilities and more than 12,400 beds across 40 states, reported first-quarter 2026 revenues rose 7.6% year over year to $828.8 million. Management raised its full-year adjusted EBITDA guidance from $575-$610 million to $580-$615 million. The company has also resolved legacy billing disputes, strengthened compliance standards, and brought back Debbie Osteen as CEO. Shares of Acadia have gained 20.9% over the past year, compared to an 8.4% decline for the industry.