Acadia Healthcare Stock Has Tanked This Past Year, and One Fund Just Called It Quits on a $13 Million Stake
Key Points
Canyon Capital sold 521,774 shares of Acadia Healthcare in the fourth quarter.
The quarter-end position value fell by approximately $12.92 million as a result.
Post-trade, the fund held zero shares of Acadia Healthcare.
The stake previously made up approximately 1.8% of the fund’s assets under management as of the prior quarter.
On February 17, 2026, Canyon Capital Advisors reported in a Securities and Exchange Commission (SEC) filing that it sold all 521,774 shares of Acadia Healthcare (NASDAQ:ACHC) in the fourth quarter.
What happened
According to a filing with the Securities and Exchange Commission dated February 17, 2026, Canyon Capital Advisors fully exited its position in Acadia Healthcare by selling 521,774 shares. The quarter-end position value decreased by approximately $12.92 million as a result.
What else to know
- Top holdings after the filing:
- NYSE:CBL: $313.25 million (41.2% of AUM)
- NYSE:SDRL: $129.48 million (17.0% of AUM)
- NYSE:AMCR: $54.58 million (7.2% of AUM)
- NYSE:AMBP: $51.02 million (6.7% of AUM)
- NYSE:FFWM: $50.22 million (6.6% of AUM)
- As of Tuesday, shares of Acadia Healthcare were priced at $22.74, down 22% over the past year and well underperforming the S&P 500, which is instead up about 16%.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.27 billion |
| Net income (TTM) | $107.36 million |
| Price (as of Tuesday) | $22.74 |
Company snapshot
- Acadia Healthcare provides behavioral healthcare services through inpatient psychiatric hospitals, specialty treatment facilities, residential centers, and outpatient clinics
- The company generates revenue primarily from patient care services, focusing on mental health and addiction treatment across a network of owned and operated facilities
- It serves individuals requiring behavioral health treatment in the United States and Puerto Rico, targeting both publicly and privately insured patients
Acadia Healthcare operates one of the largest networks of behavioral healthcare facilities in the United States, offering a diversified portfolio of inpatient and outpatient services. The company leverages its scale, clinical expertise, and geographic reach to address growing demand for mental health and addiction treatment.
What this transaction means for investors
It’s been a brutal stretch for Acadia Healthcare. Though shares are now down about 20% this past year, they were down as much as 60% in recent months amid broader financial pressure for the firm.
Revenue rose 6.1% in the fourth quarter to $821.5 million and 5% for the year to $3.31 billion as same facility revenue climbed 4.4%, and the company added 1,089 licensed beds in 2025. But the complication is below the revenue line. Adjusted EBITDA fell to $608.9 million for the year, and the quarter included a $996.2 million goodwill impairment tied to facility closures and write-downs. Net leverage sits at 4.0x adjusted EBITDA, leaving less room for operational missteps.
The broader portfolio leans heavily into distressed real estate and cyclical energy. Acadia offered exposure to a structurally growing mental health market with different economic drivers. Walking away suggests a preference for clearer asset-backed recovery plays over healthcare turnaround risk.
Long-term investors should watch occupancy trends and liability reserve stability. If margins stabilize and leverage trends lower, sentiment could shift quickly. If legal and reimbursement headwinds persist, patience will be tested.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amcor Plc. The Motley Fool has a disclosure policy.