Acadia Healthcare

Debbie Osteen returned as CEO in January 2026, bringing decades of behavioral leadership at UHS and prior tenure at Acadia. Early 2026 communications emphasize cost discipline, operating focus and tightening guidance; Q1 2026 execution was solid on same‑facility growth.

However, turnover at the top over the last few years, higher legal exposure and reputational issues reduce our conviction relative to founder‑led compounders. We will watch PLGL trends, occupancy ramps of new beds, and cash conversion under Osteen’s renewed leadership.