Acadia Healthcare vs Encompass Health
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The short version
- Encompass Health is the larger business, with $5.9B of revenue in fiscal 2025 against $3.3B for Acadia Healthcare, about 1.8 times as much.
- Encompass Health grew revenue faster (10.5%, against 5.0%).
- Encompass Health turned more of its sales into free cash flow (7.4% FCF margin, against −13.3%).
- Encompass Health earned a higher return on the capital invested in it (15.8%, against −16.0%).
| Latest fiscal year | ACHC · FY25 | EHC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $12.4B |
| Revenue | $3.3B | $5.9B |
| Free cash flow | −$440M | $439M |
| Net income | −$1.1B | $566M |
| Growth | ||
| Revenue growth | 5.0% | 10.5% |
| 5-year growth | 9.7% | 10.7% |
| Share count change | −1.5% | 0.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | −33.3% | 9.5% |
| FCF margin | −13.3% | 7.4% |
| Return on capital | −16.0% | 15.8% |
| Return on equity | −43.9% | 25.1% |
| Balance sheet | ||
| Net debt | $2.4B | $2.4B |
| Net debt / EBITDA | — | 1.7x |
| Dividends and buybacks | $50.0M | $229M |
| Valuation & quality | ||
| P/E | — | 20.2x |
| Piotroski F-score | 4 | 8 |
Revenue
FY16
ACHC $2.8B
EHC $3.6B
FY17
ACHC $2.8B
EHC $3.9B
FY18
ACHC $1.9B
EHC $4.3B
FY19
ACHC $2.0B
EHC $4.6B
FY20
ACHC $2.1B
EHC $3.6B
FY21
ACHC $2.3B
EHC $4.0B
FY22
ACHC $2.6B
EHC $4.3B
FY23
ACHC $2.9B
EHC $4.8B
FY24
ACHC $3.2B
EHC $5.4B
FY25
ACHC $3.3B
EHC $5.9B
ACHC
EHC
Operating margin
FY16
ACHC 21.7%
EHC 16.2%
FY17
ACHC 21.3%
EHC 14.8%
FY18
ACHC 31.2%
EHC 13.0%
FY19
ACHC 29.2%
EHC 13.3%
FY20
ACHC —
EHC 15.8%
FY21
ACHC —
EHC 13.9%
FY22
ACHC —
EHC 12.4%
FY23
ACHC —
EHC —
FY24
ACHC —
EHC —
FY25
ACHC —
EHC —
ACHC
EHC
Free cash flow
FY16
ACHC $54.0M
EHC $463M
FY17
ACHC $125M
EHC $433M
FY18
ACHC $161M
EHC $508M
FY19
ACHC $100M
EHC $263M
FY20
ACHC $434M
EHC $312M
FY21
ACHC $130M
EHC $191M
FY22
ACHC $84.4M
EHC $141M
FY23
ACHC $38.2M
EHC $268M
FY24
ACHC −$561M
EHC $360M
FY25
ACHC −$440M
EHC $439M
ACHC
EHC
Return on capital
FY16
ACHC 6.5%
EHC 10.0%
FY17
ACHC 9.1%
EHC 10.5%
FY18
ACHC 9.0%
EHC 10.6%
FY19
ACHC 7.2%
EHC 11.2%
FY20
ACHC 4.9%
EHC 9.1%
FY21
ACHC 6.5%
EHC 8.4%
FY22
ACHC 8.2%
EHC 8.3%
FY23
ACHC 1.1%
EHC 12.4%
FY24
ACHC 7.8%
EHC 14.0%
FY25
ACHC −16.0%
EHC 15.8%
ACHC
EHC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.