Direct Answer
7 SEC filers are classified under the Standard Industrial Classification code that describes the behavioral health providers industry, and their latest annual reports show $21.0 billion of combined revenue and a median operating margin of -3.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Behavioral health providers run psychiatric hospitals, addiction treatment programs and outpatient mental health services, paid by insurers and government programs. Demand is rising, but staffing and reimbursement set margins. The first numbers to compare across companies here are patient days and admissions, revenue per patient day and same-facility growth.
Key Industry Metrics
- Patient days and admissions: Total days of inpatient care delivered and number of admissions. Together they show volume and how long patients stay, a key driver of revenue.
- Revenue per patient day: Average payment received per day of care. It depends on payer mix and level of care, and rate updates change it without any change in volume.
- Same-facility growth: Revenue growth at facilities open in both periods. It separates demand and pricing from acquisitions and new openings.
- Labor cost ratio: Clinician and staff cost relative to revenue. A rising ratio signals shortages or wage pressure that reimbursement is not covering.
- Occupancy: Share of licensed beds filled. High occupancy spreads fixed cost over more days, but very high levels can limit admissions.
Primary Macro Drivers
- Mental health and substance use demand: More people seeking care for mental health and substance use raises admissions and patient days, which supports revenue per facility.
- Insurance parity rules and reimbursement: Rules that require insurers to cover mental health like other care improve payment, which supports revenue per patient day.
- Clinician availability: Psychiatrists, nurses and therapists limit how many patients facilities can treat, so supply affects patient days and labor cost ratio.
- Telehealth adoption: Virtual visits add outpatient capacity and referral channels, which can supplement volume while competing with in-person programs.
Major Risks
- Staffing shortages: Short staffing forces facilities to use premium pay or reduce beds, which raises labor cost ratio and lowers occupancy; watch labor cost and census.
- Reimbursement and regulatory scrutiny: Government audits and payment reviews can lead to repayments and rate changes; watch final payment rules and legal notes.
- Litigation and quality incidents: A patient injury or quality failure can lead to lawsuits, lost referrals and license action; watch legal proceedings and insurance cost.
- Referral and payer concentration: A few payers or referral sources may supply much of volume, so changes in their policies affect admissions; watch referral and payer mix.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Defensive |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | U.S. |
Behavioral Health Providers Filers in the SEC Record
7 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 8090. Their latest fiscal years end in 2025, and together they reported $21.0 billion of revenue. Median revenue growth over the prior year was -1.3%. Median operating margin was -3.1% and median net margin -6.6%. Median total liabilities were 86% of total assets, and 3 of 7 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Davita Inc. | $13.6 billion | 6.5% | 15.0% | 7.9% | FY 2025 |
| Agilon Health, Inc. | $5.9 billion | -2.1% | -7.8% | -6.6% | FY 2025 |
| Sotera Health Co | $1.2 billion | 5.7% | n/a | 6.7% | FY 2025 |
| Viemed Healthcare, Inc. | $270 million | 20.5% | 8.5% | 5.7% | FY 2025 |
| Cryo Cell International Inc | $32 million | -1.3% | 1.5% | -7.7% | FY 2025 |
| Mangoceuticals, Inc. | $456,021 | -26.0% | -3954.3% | -4526.8% | FY 2025 |
| Biorestorative Therapies, Inc. | $359,700 | -10.3% | -4350.1% | -3959.4% | FY 2025 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Behavioral Health Providers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Behavioral Health Providers industry?
Key performance indicators for the Behavioral Health Providers industry include: Patient days and admissions, Revenue per patient day, Same-facility growth, Labor cost ratio, Occupancy. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Behavioral Health Providers industry?
The Behavioral Health Providers industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.
What are the biggest risks in the Behavioral Health Providers industry?
The primary risks for Behavioral Health Providers companies include: Staffing shortages, Reimbursement and regulatory scrutiny, Litigation and quality incidents, Referral and payer concentration. Investors should assess each company's exposure to these factors and its track record of navigating them.