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what it is
Sonida runs senior living communities where older adults pay for housing, daily support, and memory care.
how it gets paid
Last year Sonida Senior Living made $381M in revenue. assisted living was the main engine at $152.4M, or 40% of sales.
why it's growing
Revenue grew 25.2% last year. The key number was 189% revenue growth, because size is arriving much faster than profitability and that is the whole SNDA argument.
what just happened
Revenue hit $283M, up 189% vs. prior year, but the company still posted a -$2.50 EPS loss.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
2.4% return on capital — nothing to write home about
-$2.78 fy2024 eps est
$2B fy2026 rev est
xvary composite: 28/100 — weak
What they do
Sonida runs senior living communities where older adults pay for housing, daily support, and memory care.
Its edge is local scale. Sonida runs 94 communities across 20 states and can spread staffing, marketing, and purchasing across roughly 10,000 resident slots. If your needs change, many communities offer independent living, assisted living, and memory care in one place, so leaving gets harder.
How they make money
$381M
annual revenue · their business grew +25.2% last year
assisted living
$152.4M
+25.2%
independent living
$114.3M
+25.2%
memory care
$76.2M
+25.2%
management services
$19.1M
flat
other resident services
$19.1M
+25.2%
The products that matter
senior housing operations
Independent Living
inside a $332M resident revenue base
this sits inside the $332M resident revenue engine. if more units fill up and site costs stay in line, more of each extra occupied room should fall through to profit.
filled rooms matter
higher-acuity care
Assisted Living
RevPAR $3,834 · +5.7%
RevPAR — revenue per available unit — hit $3,834, up 5.7%. In human-speak: Sonida got more dollars out of each room, which is exactly what a loss-making operator needs.
pricing test
specialized memory care
Memory Care
supports 24.0% resident revenue growth
memory care usually means more care needs and more staffing hours. with resident revenue up 24.0%, this mix only helps you if revenue rises faster than payroll and compliance costs.
margin swing factor
Key numbers
$663M
long-term debt
That was already 29% of capital before the newly disclosed $900 million merger financing, so your upside now depends on debt behaving.
+25.2%
revenue growth
Annual revenue reached $381 million, up 25.2% vs. prior year. Plain English: sales are finally rising after a brutal past decline of 34.0%.
9.6%
operating margin
Jargon → operating margin → profit after running the business, before interest and taxes → so what: Sonida has some breathing room, but not much.
2.4%
return on capital
Jargon → return on capital → how much profit the company earns on the money tied up in the business → so what: scale exists, efficiency barely does.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $663M (29% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for SNDA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $283M, up 189% vs. prior year, but the company still posted a -$2.50 EPS loss.
The quarter showed how fast Sonida is getting bigger, but not how fast it is getting cleaner. Revenue exploded while losses stayed large, which is what levered rollups look like before the math fully works.
$283M
revenue
-$2.50
eps
9.6%
operating margin
the number that mattered
The key number was 189% revenue growth, because size is arriving much faster than profitability and that is the whole SNDA argument.
source: company earnings report, 2026
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What could go wrong
the top risk is integrating the CNL Healthcare portfolio while adding about $945M of debt.
med
deal integration plus a much larger debt stack
Sonida already carries $663M of long-term debt, equal to 29% of capital. Adding about $945M more changes the balance-sheet math fast. If the acquired properties underperform, scale stops helping and debt starts dictating.
This is the risk that can rewrite the whole thesis, because the larger company still has to prove it earns more than it owes.
med
revenue growth that still does not turn into profit
Resident revenue rose 24.0% and NOI rose 22%, yet the latest quarter still produced a $29.8M net loss and a -21% profit margin. That gap is the quiet part loud: better operations have not become durable earnings.
If that gap stays open, 4.9x sales is paying up for a future margin story that has not shown up in reported profit.
med
wage and care-cost pressure
Senior housing is staff-heavy. RevPAR reached $3,834, up 5.7%, which helps. But if payroll, benefits, or care-related costs rise faster than room revenue, margin gains disappear before they reach shareholders.
Because resident revenue is 87% of the disclosed mix, cost pressure in the buildings hits almost the whole model.
med
occupancy slip after expansion
This business needs full buildings. The case for a bigger Sonida assumes the larger property base keeps filling and keeps holding price. If move-ins slow or turnover rises, the fixed-cost burden starts working against you.
A small change in occupied units can matter more here than a flashy headline, because filled rooms are what pay the bills.
A company with $663M of long-term debt, a $29.8M quarterly loss, and about $945M of added transaction debt does not have much room for a messy first year after closing.
source: institutional data · regulatory filings · risk analysis
Pay attention to
transaction
first clean post-deal quarter
You want the first report that shows the larger portfolio on one set of numbers. Scale is the pitch. Integration quality is the proof.
debt
interest cost and covenant room
The question is blunt: can a business that just lost $29.8M in a quarter carry about $945M of new debt on top of $663M already on the books.
operating metric
RevPAR and occupancy
RevPAR hit $3,834, up 5.7%. In human-speak: each room is earning more. That number needs to keep rising without staff costs taking the gain back.
profit trend
does EBITDA start reaching net income
Adjusted EBITDA rose 28% to $53.8M for 2025. The next step is obvious: quarterly losses need to shrink in a way you can see on the GAAP line, not just in adjusted metrics.
Analyst rankings
earnings predictability
15 / 100
Low score. In human-speak, analysts do not have a clean line of sight into future earnings here.
risk profile
5 / 100
This sits near the bottom of the safety stack. You are being paid in uncertainty, not in stability.
price stability
10 / 100
The stock has not traded like a sleepy healthcare name. The $19–$38 range makes that point without much help from us.
source: institutional data
Institutional activity
institutional ownership data for SNDA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$34
current price
n/a
target midpoint · n/a from current
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