Acadia Healthcare

Balance sheet: gross debt about 2.56 billion dollars and net debt about 2.43 billion dollars at 12/31/2025; Q1 2026 net leverage ~3.9x adjusted EBITDA with cash of ~159 million dollars and substantial revolver availability. Liquidity is adequate, but leverage is elevated versus our quality bias.

Cash generation: TTM FCF through Q1 2026 is roughly −292 million dollars as heavy buildout continues; 2026 guidance suggests modestly positive FCF as capex normalizes, but this still leaves little margin of safety against shocks.

Maturities are staggered (notes due 2028, 2029, 2033), but the 10‑year Treasury near mid‑4s keeps interest costs meaningful. Overall, we view financial strength as fair but not robust.