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olivLaw · US equity research

Sonida Senior Living, Inc. SNDA

Services-Nursing & Personal Care Facilities · SIC 8050 · Vertical: Health services (SIC 805x)

34.06USD−7.97% · 1 dayClose 05 Nov 2026

Sonida Senior Living is one of the largest pure-play owner-operators and investors in US senior housing, focused on independent living, assisted living and memory care for people aged 75 and older. After the March 2026 merger with CHP, its portfolio grew to 164 communities, making the company far more relevant but also far more indebted while integration is under way. Resident revenue in the second quarter of 2026 reached 188.0 million dollars.

At the close of 05 Nov 2026, Sonida Senior Living, Inc. (SNDA) stock was 34.06 USD (−7.97% on the day), with market capitalisation 1.6 bn USD, beta 0.92, 52-week range 30.30–43.07 USD. Latest reported quarter (Q2 2026): revenue of 207.6 m USD (+122.0% YoY), net income of -24.5 m USD, diluted EPS -0.52 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.6 bn USD
shares as of 07 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -6.11 · TTM to 30 Jun 2026
E/P (TTM)
-17.95%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.92
Volatility (1y) 39%
52-week range
30.3043.07

Price history

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Technical reading

RSI (14)
44.3
weak (30–45)
Bollinger (20, 2)
32.40 – 36.74
in the lower half of the band · %B 0.38 · band width 12.6%
SMA 50 / 200
36.67 / 36.48
mixed trend
MACD (12, 26, 9)
-0.64 / -0.90
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−8.2%−1.1%−7.1 pp—
3 months−15.6%−0.5%−15.2 pp—
6 months−6.8%+4.4%−11.2 pp—
Year to date+4.4%+12.3%−7.9 pp—
1 year+15.4%+13.5%+1.8 pp+33.7%
3 years+278.4%+76.4%+202.0 pp+131.3%
5 years+20.4%+63.7%−43.3 pp—
Max drawdown (1y)
−23.8%
28 Jul 2026 → 27 Oct 2026
Max drawdown (5y)
−82.1%
02 Mar 2022 → 17 May 2023
Compound annual growth (5y)
+3.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
207.6 m USD
+122.0% YoY
Net income
-24.5 m USD
unavailable YoY
Diluted EPS
-0.52
unavailable YoY
net / operating
-11.8% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue74.8 m91.9 m91.9 m93.5 m98.0 m97.7 m122.6 m207.6 m
Operating income——20.1 m—————
Depreciation & amortisation10.7 m13.3 m13.7 m13.6 m14.6 m14.8 m20.0 m43.2 m
Interest expense9.8 m9.6 m9.4 m9.3 m9.9 m10.0 m12.8 m22.5 m
Pre-tax income-14.2 m-6.2 m-13.0 m-1.9 m-27.3 m-30.1 m-41.2 m-24.4 m
Income tax68.0 k46.0 k75.0 k91.0 k88.0 k76.0 k208.0 k325.0 k
Net income-13.8 m-5.5 m-12.5 m-1.6 m-26.9 m-29.8 m-41.2 m-24.5 m
Diluted EPS-0.98-0.30 ≈-0.77-0.16-1.56-1.64 ≈-2.39-0.52
Operating cash flow3.0 m ≈-3.1 m3.8 m8.9 m ≈12.0 m ≈-400.0 k-35.9 m8.7 m ≈
Capex8.0 m ≈7.2 m8.3 m7.0 m ≈9.0 m ≈8.9 m6.8 m12.4 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020⚠ 20212022202320242025
Revenue460.0 m447.1 m383.9 m234.7 m238.4 m255.3 m304.3 m381.1 m
Revenue YoY−1.5%−2.8%−14.1%—+1.6%+7.1%+19.2%+25.2%
Net income-53.6 m-36.0 m-295.4 m125.6 m-54.4 m-21.1 m-2.1 m-70.8 m
Net income YoYunavailableunavailableunavailable—−143.3%unavailableunavailableunavailable
Diluted EPS-26.97-17.87-144.0837.92-9.27-3.85-0.54-4.22
Diluted EPS YoYunavailableunavailableunavailable—−124.4%unavailableunavailableunavailable
net %-11.7%-8.1%-76.9%53.5%-22.8%-8.3%-0.7%-18.6%
Free cash flow14.9 m-15.1 m-22.4 m-39.2 m-27.1 m-7.3 m-27.0 m-8.9 m

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
11.0 m USD
Financial debt
689.7 m USD
Net debt
678.7 m USD
Equity
5.0 m USD
Total assets
844.8 m USD
Debt / equity
137.78x
Current ratio
0.74x
ROE
-169.8%
ROA
-8.4%
FCF margin
-2.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
255.3 m
2024
304.3 m
2025
381.1 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2023
57.9 m
2024
68.7 m
2025
—

SEC (XBRL)· 17 Mar 2025verified

Depreciation & amortisation
2023
39.9 m
2024
44.1 m
2025
56.8 m

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
97.8 m ≈
2024
112.7 m ≈
2025
—

SEC (XBRL)· 17 Mar 2025derived

Interest expense
2023
36.1 m
2024
37.0 m
2025
38.6 m

SEC (XBRL)· 12 Mar 2026verified

Pre-tax income
2023
-20.9 m
2024
-3.0 m
2025
-72.2 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
253.0 k
2024
239.0 k
2025
330.0 k

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
-21.1 m
2024
-2.1 m
2025
-70.8 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
-3.85
2024
-0.54
2025
-4.22

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
6.8 m
2024
14.1 m
2025
18.1 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
4.1 m
2024
17.0 m
2025
11.0 m

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
8.0 m
2024
19.0 m
2025
18.6 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
32.3 m
2024
64.1 m
2025
77.9 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
578.4 m
2024
576.4 m
2025
560.7 m

SEC (XBRL)· 12 Mar 2026verified

Goodwill
2023
—
2024
—
2025
0

SEC (XBRL)· 11 May 2026verified

Intangibles (excl. goodwill)
2023
—
2024
24.5 m
2025
19.7 m

SEC (XBRL)· 11 May 2026verified

Total assets
2023
621.5 m
2024
841.9 m
2025
844.8 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
11.4 m
2024
9.0 m
2025
4.7 m

SEC (XBRL)· 12 Mar 2026verified

Short-term debt
2023
42.3 m
2024
15.5 m
2025
7.3 m

SEC (XBRL)· 12 Mar 2026verified

Long-term debt
2023
587.1 m
2024
635.9 m
2025
682.5 m

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
100.9 m
2024
75.6 m
2025
105.1 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
688.0 m
2024
712.3 m
2025
788.6 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
-115.1 m
2024
78.4 m
2025
5.0 m

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
10.7 m
2024
-1.8 m
2025
24.4 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
17.9 m
2024
25.2 m
2025
33.3 m

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
-7.3 m ≈
2024
-27.0 m ≈
2025
-8.9 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
-16.6 m
2024
-208.9 m
2025
-70.7 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
-7.1 m
2024
232.0 m
2025
37.5 m

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
25.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
16.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-23.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-10.0%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-26.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-7.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.8x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-15.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
37.1 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-52.7 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
16 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
3.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-18.0%
computed by olivLawTTM to 30 Jun 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
3.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
6.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

34.06 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 1.6 bn USD

Key indicators

Market capitalisation
1.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-26.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-23.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
25.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 07 Aug 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 2006derived 148

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Health services (SIC 805x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-23.3%0 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth16.9%100 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.9x7 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-3.2%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial7/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

SONIDA SENIOR LIVING, INC. (SNDA). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 381.1 m USD in 2025; YoY growth 25.2%; net margin -23.3%; ROE -26.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 16.9%

What contradicts it

  • Net margin: -23.3%
  • Current ratio: 0.9x
  • FCF yield: -3.2%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Health services (SIC 805x) · same industry group (3-digit SIC) · compared with 5 companies

Multiples and returns vs the median

P/E
—
vertical median 25.3x
EV/EBITDA
—
vertical median 16.7x
P/S
3.1x
vertical median 1.4x
above median (+122.8%)
P/B
1.9x
vertical median 3.7x
below median (−48.3%)
ROE
-26.7%
vertical median 17.1%
below median (−256.2%)
Net margin
-23.3%
vertical median 5.6%
below median (−517.1%)
EBIT margin
—
vertical median 8.2%
Revenue YoY
25.2%
vertical median 16.1%
above median (+56.8%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
—
vertical median 0.8%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ENSGEnsign Group, Inc10.6 bn27.117.1%7.0%+18.7%−2% / +70%
PACSPACS Group, Inc.8.0 bn27.926.6%4.9%+29.3%+50% / unavailable
NHCNational Healthcare Corp3.3 bn23.413.1%9.0%+16.1%+52% / +171%
BKDBrookdale Senior Living Inc.2.6 bn—-362.1%-4.5%+2.2%−3% / +104%
HCSGHealthcare Services Group, Inc.1.7 bn16.920.4%5.6%+7.1%+34% / +159%
SNDASonida Senior Living, Inc.1.6 bn—-26.7%-23.3%+25.2%+15% / +278%

1- and 3-year price returns: for SNDA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Sonida Senior Living is one of the largest pure-play owner-operators and investors in US senior housing, focused on independent living, assisted living and memory care for people aged 75 and older. After the March 2026 merger with CHP, its portfolio grew to 164 communities 2, making the company far more relevant but also far more indebted while integration is under way. Resident revenue in the second quarter of 2026 reached 188.0 million dollars 2.

    SWOT

    Strengths

    • The company is one of the largest pure-play operators in the US, with national scale and an integrated continuum of care 12.
    • Rising NOI and occupancy in the existing portfolio point to real pricing power and margin optimization 3.
    • The CHP merger roughly doubled owned capacity and broadened geographic presence across several regions 1.

    Weaknesses

    • Debt is substantial, and cross-default clauses can extend a payment issue across many communities 1.
    • The company posted net losses in the year ended 2025 and in the first half of 2026 23.
    • Reliance on private-pay residents and high staff costs limit flexibility in margins 1.

    Opportunities

    • Integration of CHP could deliver synergies and cost reductions if executed as planned 1.
    • ATM equity sales and refinancings can improve balance sheet flexibility 3.
    • Markets with growing populations aged 75 and older could support long-term growth 1.

    Threats

    • Refinancing of near-maturity debt could occur at higher rates or under tighter terms 1.
    • Wage pressure and staff shortages could erode margins if rates do not rise enough 3.
    • Government regulation and changes in public reimbursement could affect revenue 1.

    Risks

    • High indebtednesshigh

      Total debt rose sharply after the merger, and servicing it could become a pressure if cash flow weakens 1.

    • Refinancing riskhigh

      The bridge facility matures in 2027, and refinancing could occur on more expensive terms 1.

    • CHP integrationmedium

      Integrating a large portfolio and unexpected obligations could reduce the benefits expected from the merger 1.

    • Labor costsmedium

      Higher wages and staff shortages could reduce operating margins 1.

    • Dilution from new sharesmedium

      Equity issuance for funding and conversion of preferred stock could reduce existing shareholders' stakes 12.

    Investment thesis

    What would need to be true (bull case)

    • If NOI and occupancy growth holds in the existing portfolio and CHP integration delivers the expected synergies, greater scale could support better margins 3.
    • Long-term demand for senior housing remains favorable, and the expanded portfolio is more geographically diversified 1.
    • Access to capital markets through the ATM program and recent financings could improve liquidity if conditions stay supportive 3.

    What would break the thesis

    • Heavy debt and cross-default clauses could amplify the impact of any payment or covenant compliance problem 1.
    • Repeated net losses and dilution from share issuance could weigh on shareholders if integration falls short 23.
    • Wage pressure, high interest rates and competition from better-funded operators could limit margin expansion 1.

    What to watch

    • Progress on CHP integration and realization of cost synergiesQ3 2026
    • Refinancing of the bridge facility maturing in March 20272027
    • Trends in NOI and occupancy in the existing portfolioQ3 2026
    • Net debt level and interest expense after the mergernext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company owns, operates and invests in senior living communities and provides independent living, assisted living and memory care, often within a continuum of care that lets residents stay in the same community as their needs rise 1. As of December 31, 2025 it owned, managed or was invested in 96 communities with an aggregate capacity of about 10,150 residents 1. Resident lease agreements are generally for one year and can be terminated on 30 days' notice 1.

    The merger with CNL Healthcare Properties, Inc. (CHP), completed on March 11, 2026, added a national portfolio of 69 communities, 54 managed by third parties and 15 leased under triple-net contracts 1. The transaction was valued at about 1.8 billion dollars and was paid roughly two-thirds in new Sonida shares 2. Management says it will focus on assets with strong growth characteristics and could evaluate sales in low-growth markets 1.

    Strategy combines organic growth through rate optimization and margin improvement at existing communities with prudent acquisitions and investments 1. Second-quarter 2026 results show same-store occupancy of 87.8% and same-store NOI up 16.9% 3, and the company states it aims to sustain this growth in its existing portfolio 3.

    Segments

    Owned and operated communities

    Most revenue comes from communities the company owns and operates directly, where resident fees are the main income source 2. In the second quarter of 2026 resident revenue rose to 188.0 million dollars, mainly due to the 54 communities added through the merger 2.

    Triple-net rent and management services

    The 15 communities leased to third parties under triple-net contracts generate rental income, with the tenant bearing taxes, insurance and repairs 2. The company also manages communities for third parties and joint ventures for a fee based on revenues and, in some cases, performance 2.

    Joint venture investments

    The company holds interests in partnerships, including a 32.71 percent stake in Stone JV and a 51 percent controlling stake in the Palatine joint ventures, where it manages the assets 1. In March 2026 it bought the 49 percent minority interest in one of these entities and became sole owner 2.

    Market context

    The senior housing industry is fragmented, with many small operators, which makes scale important for offering a full range of services 1. Demand is supported by the growing population aged 75 and older and by the reduced role of family as primary caregiver 1. However, communities are geographically concentrated and the market is sensitive to labor costs and regulation 1.

    Sonida says its portfolio sits in markets with favorable demographic trends, especially growth in the population over 75 and in income 1. If demand in these markets holds, occupancy and rate gains could continue, although cost pressures, particularly for staff, may limit margins 3.

    Trends

    • Aging populationtailwind

      A growing number of people aged 75 and older supports demand for senior housing with services, a long-term driver 1.

    • Labor costsheadwind

      Staff shortages and wage increases can pressure margins, and the company has flagged this as a major risk 3.

    • High interest ratesheadwind

      Debt tied to SOFR makes the level of interest rates directly relevant to the cost of capital and liquidity 1.

    • Acquisition integrationmixed

      Integrating CHP could bring synergies and cost savings, but integration costs have been large and expected benefits may not fully materialize 1.

    Competitive position

    The company describes the sector as highly competitive, with some rivals having substantially greater financial resources than it does 1. Competition for acquisitions sometimes comes from larger or better-funded operators 1.

    Sonida's stated edge is its national scale and continuum of care, which let residents age in place in ways smaller operators cannot offer 1. Competitive intensity varies by market, and local competition can be intense 1.

    • Large senior housing operators

      Rivals with greater financial resources, cited in the annual report as the main competitive pressure 1.

    • Small and regional operators

      The sector is fragmented, with many small providers offering limited services 1.

    • Home health care providers

      In-home care can partly substitute for community services in the independent living stage 1.

    • Skilled nursing facilities

      Nursing facilities compete for residents with higher medical care needs 1.

    News & filings

    In the press

    The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 07 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Current report07 Oct 2026
      Amendments to articles or bylaws · Financial statements and exhibits
    • Current report17 Aug 2026
      Other events · Financial statements and exhibits
    • Current report13 Aug 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report10 Aug 2026
      Material agreement · Item 3.02 · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
    • Quarterly report10 Aug 2026
    • Current report10 Aug 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report12 Jun 2026
      Shareholder vote
    • Current report01 Jun 2026
      Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
    • Current report18 May 2026
      Material agreement · Financial statements and exhibits
    • Results of operations · Regulation FD disclosure · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sonida Senior Living, Inc. · 12 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sonida Senior Living, Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Sonida Senior Living, Inc. · 10 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.