Acadia Healthcare’s stock has roughly doubled since New Year’s Day. Zacks Equity Research put the year-to-date gain at 100% in a September 22 note, against 11.1% for its industry group and 13.2% for the S&P 500.
That’s a sharp turn for a company whose shares slid through much of 2025. It’s also put a brighter spotlight on the Franklin, Tennessee, operator’s board, which founder Reeve Waud chairs. Waud started Acadia as a private company in 2005, and it went public in 2011.
January’s Leadership Reset
On January 19, the board brought back Debbie Osteen, who’d run the company from December 2018 to March 2022, as chief executive. The appointment took effect right away.
“We are confident that with her deep knowledge of Acadia and track record of success, Debbie is the right person to step into the CEO role while the Board conducts a comprehensive search for a long-term successor and continues to evaluate all paths to deliver enhanced shareholder value,”Reeve Waud said.
Guidance Moved Up Twice
Management raised its 2026 adjusted EBITDA and earnings outlook after the first quarter and again after the second, Zacks reported. Expected operating cash flow climbed to $350 million to $400 million, up from $285 million to $325 million. Planned capital spending came down to $235 million to $255 million.
Analysts moved, too. Zacks logged four upward revisions to its consensus 2026 earnings estimate in 60 days and no cuts. The figure now sits at $1.55 a share. Acadia has topped estimates in each of its last four quarters, by an average of 47%.
Sales forecasts rose with them: $3.42 billion for 2026, a 3.4% gain, and $3.61 billion for 2027. Part of that comes from new capacity at Reeve Waud’s company. During the second quarter, Acadia opened joint venture hospitals with Orlando Health in Florida and Methodist Jennie Edmundson Hospital in Iowa, which together brought 240 licensed beds online. Two Comprehensive Treatment Center locations opened as well.
Where Things Stand
At midyear, Acadia ran 279 behavioral health facilities with about 12,600 beds in 40 states and Puerto Rico. Roughly 25,000 employees serve more than 84,000 patients a day.
Reeve Waud is also founder and managing partner of Waud Capital Partners, the Chicago private equity firm he launched in 1993. His board’s next public checkpoint is November 4. Third-quarter results are due after the market closes that day, and the analyst call is set for 9 a.m. Eastern the next morning.
