ACHCAcadia Healthcare Company, Inc.

Services-Specialty Outpatient Facilities, NEC

Revenue: $3.3B; 5.0% YoY
Operating margin: —
EBITDA: —
Market cap: $2.7B
Employees: 25,000; $133K revenue each
Net debt / EBITDA: —; $2.4B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
38% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentYes
75% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$133K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$2.6B	$2.9B	$3.2B	$3.3B	5.0%
Net income	$191M	$273M	−$22M	$256M	−$1.1B	531%
Operating cash flow	$374M	$381M	$462M	$130M	$132M	1.7%
Capex	$245M	$296M	$424M	$690M	$572M	17%
Stock-based comp	$38M	$30M	$32M	$37M	$32M	15%
Buybacks	—	—	—	—	$50M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 23, 2026	Khrom Investments Fund, LP	SCHEDULE 13D/A	8.8%	Active
Nov 24, 2025	Khrom Investments Fund, LP	SCHEDULE 13D/A	7.7%	Active
Oct 1, 2025	Khrom Investments Fund, LP	SCHEDULE 13D	10.9%	Active
Dec 11, 2020	P2 Capital Partners, LLC	SC 13D/A	4.8%	Passive
Sep 20, 2019	P2 Capital Partners, LLC	SC 13D	7.3%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.