Sonida Senior Living, Inc. (SNDA)
NYSE:SNDA
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Sonida Senior Living
(NYSE:SNDA)
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Rating:56Neutral
Price Target:
$39.00
▲(12.49% Upside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by weak financial performance (ongoing losses, negative operating/free cash flow, and leverage risk), partially offset by constructive price momentum and a positive earnings-call outlook pointing to improving occupancy/NOI, synergies, and enhanced liquidity. Valuation is mixed due to a negative P/E and no stated dividend yield.
Positive Factors
Scale & Portfolio Expansion
The CHP acquisition materially increases scale and geographic diversification, creating a ~$3.3B owner-operator platform. Greater scale supports operating leverage, improved procurement and financing access, and a larger revenue base that can sustain growth and margin improvement over multiple quarters.
Negative Factors
High Absolute Debt
Substantial absolute debt leaves the company sensitive to occupancy and margin swings; high interest and principal obligations constrain cash available for capex or buybacks. Leverage heightens refinancing and covenant risk if operating trends slow or markets tighten over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Portfolio Expansion
The CHP acquisition materially increases scale and geographic diversification, creating a ~$3.3B owner-operator platform. Greater scale supports operating leverage, improved procurement and financing access, and a larger revenue base that can sustain growth and margin improvement over multiple quarters.
Read all positive factors
Sonida Senior Living (SNDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.67B
Dividend YieldN/A
Average Volume (3M)57.79K
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue Growth25.25%
EPS Growth-96.16%
CountryUS
Employees3,415
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-5.83
Shares Outstanding47,346,256
10 Day Avg. Volume56,486
30 Day Avg. Volume57,792
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)11.51
Price to Sales (P/S)1.55
P/FCF Ratio-66.12
Enterprise Value/Market Cap1.34
Enterprise Value/Revenue5.45
Enterprise Value/Gross Profit-18.24
Enterprise Value/Ebitda448.74
Forecast
1Y Price Target
$39.00Price Target Upside12.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)-3.9
Revenue Forecast (FY)$519.17M
Sonida Senior Living Business Overview & Revenue Model
Company Description
Sonida Senior Living, Inc. develops, owns, operates, and manages senior housing communities in the United States. The company provides independent living services, which include daily meals, transportation, social and recreational activities, laun...
How the Company Makes Money
Sonida primarily makes money by operating senior living communities and charging residents recurring monthly fees. The core revenue stream is resident service revenue, which typically includes (i) rent or accommodation charges for a unit, (ii) bun...
Sonida Senior Living Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive operational and financial momentum—including a completed $1.8B acquisition with broad shareholder support, double-digit NOI and EBITDA growth, meaningful REVPOR and rate increases, acquisition cohort outperformance, labor and G&A improvements, and enhanced liquidity/capital structure. The company also acknowledged transitional challenges: lower starting occupancy and margins on acquired assets, a plan to prune ~10% of lower‑earning communities, ongoing labor optimization, and pending normalized FFO disclosure. Overall, the highlights (growth, margin expansion, successful merger execution, and capital improvements) materially outweigh the manageable execution and reporting risks.Positive Updates
Completed CHP Acquisition
Closed acquisition of CNL Healthcare Properties (CHP) for $1.8 billion with >95% shareholder support; accretive asymmetrical collar resulted in ~8 million fewer shares issued than expected and CHP shareholders received $7.22 total consideration (vs. $6.90 if in-collar). Transaction expected to enhance scale, liquidity, balance sheet strength and earnings accretion.
Negative Updates
Lower Starting Occupancy and Margin from Acquisitions
Acquisitions entered with below-average starting occupancy and margins, which unfavorably impacted overall portfolio occupancy and margin percentages despite strong improvement in the cohorts post-acquisition.
Read all updates
Q4-2025 Updates
Positive
Negative
Completed CHP Acquisition
Closed acquisition of CNL Healthcare Properties (CHP) for $1.8 billion with >95% shareholder support; accretive asymmetrical collar resulted in ~8 million fewer shares issued than expected and CHP shareholders received $7.22 total consideration (vs. $6.90 if in-collar). Transaction expected to enhance scale, liquidity, balance sheet strength and earnings accretion.
Read all positive updates
Company Guidance
The company’s guidance signals continued top-line and margin improvement into 2026, with a target for revenue per occupied room growth at or above 2025 same-store results and an expectation of continued occupancy and NOI expansion after FY2025 results that showed NOI up >22% and adjusted EBITDA at share up 28%; Q4 REVPOR rose 5.9% year‑over‑year and full‑year REVPOR grew 8.8%. Management pointed to strong acquisition performance (the 19 communities from 2024 saw sequential occupancy improve 290 bps Q3→Q4 and 820 bps YoY, revenue +22% and NOI margin expansion—Brandon cited 21%→28% while Kevin reported a 550 bps gain to 24.7% from 19.2%), a pro forma same‑store NOI growth of 16.2% with a pro forma NOI margin of 27.8% and an objective to exceed a 30% NOI margin, same‑store occupancy up 20 bps sequentially, March 1 rent renewals averaging 7.9% (covering 96% of residents) vs 6.8% a year ago, and level‑of‑care revenues +11.4% in 2025. On costs and capital, labor excluding benefits was down 40 bps QoQ with hours per occupancy down 2% and non‑labor expense down ~$200k QoQ, the company expects initial G&A run‑rate synergies of $16–$20 million (with more upside identified), plans to prune ~10% of communities (representing materially less than 10% of NOI) to delever and recycle capital, is targeting net leverage of 6.0x–6.5x, has two term loans totaling $525M at S+195bps (can step to S+130bps), an upsized $405M revolver with a $320M accordion (total bank capacity ~$1.25B), converted a $51.25M Series A (11% coupon) into common at $32/sh to save >$5M annually, and closed the $1.8B CHP acquisition (>-95% shareholder approval) with CHP holders receiving $7.22 in total consideration.Sonida Senior Living Financial Statement Overview
Summary
Income Statement
33
Negative
Balance Sheet
30
Negative
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 411.85M | 381.14M | 304.33M | 255.32M | 238.43M | 234.72M |
| Gross Profit | -123.06M | -30.37M | 271.23M | 234.22M | 211.06M | 193.82M |
| EBITDA | 5.00M | 23.24M | 78.00M | 55.15M | 17.16M | 201.29M |
| Net Income | -99.48M | -70.78M | -2.06M | -21.11M | -54.40M | 125.61M |
Balance Sheet | ||||||
| Total Assets | 2.63B | 844.85M | 841.92M | 621.46M | 661.27M | 728.55M |
| Cash, Cash Equivalents and Short-Term Investments | 84.28M | 11.01M | 16.99M | 4.08M | 16.91M | 78.69M |
| Total Debt | 1.62B | 689.74M | 651.39M | 629.42M | 671.03M | 683.68M |
| Total Liabilities | 1.74B | 788.59M | 712.31M | 688.01M | 719.43M | 734.11M |
| Stockholders Equity | 884.86M | 51.24M | 123.03M | -66.55M | -58.16M | -5.56M |
Cash Flow | ||||||
| Free Cash Flow | -47.05M | -8.92M | -26.95M | -7.25M | -27.14M | -39.24M |
| Operating Cash Flow | -15.35M | 24.36M | -1.78M | 10.68M | -2.58M | -28.80M |
| Investing Cash Flow | -986.08M | -70.69M | -208.92M | -16.56M | -36.90M | -10.44M |
| Financing Cash Flow | 1.07B | 37.51M | 232.04M | -7.11M | -22.65M | 99.42M |
Sonida Senior Living Technical Analysis
Neutral
34.67
Price Trends
35.07
Positive
34.45
Positive
31.52
Positive
Market Momentum
0.21
Positive
43.48
Neutral
23.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNDA, the sentiment is Neutral. The current price of 34.67 is below the 20-day moving average (MA) of 37.21, below the 50-day MA of 35.07, and above the 200-day MA of 31.52, indicating a neutral trend. The MACD of 0.21 indicates Positive momentum. The RSI at 43.48 is Neutral, neither overbought nor oversold. The STOCH value of 23.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SNDA.
Sonida Senior Living Risk Analysis
Sonida Senior Living disclosed 36 risk factors in its most recent earnings report. Sonida Senior Living reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sonida Senior Living Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.88B | 23.18 | 11.68% | 1.80% | 11.40% | 13.96% | |
71 Outperform | $1.19B | 39.22 | 9.23% | ― | 36.76% | 11.22% | |
60 Neutral | $423.23M | -4.18 | -27.10% | ― | -20.37% | -479.68% | |
56 Neutral | $1.67B | -6.43 | -35.37% | ― | 25.25% | -96.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $3.07B | -14.98 | 9999.00% | ― | -0.36% | 16.69% | |
41 Neutral | $383.29M | -4.14 | 5.89% | ― | -2.87% | ― |
* Healthcare Sector Average
SNDA
Sonida Senior Living
35.35
11.12
45.89%
BKD
Brookdale Senior Living
12.87
6.50
102.04%
CYH
Community Health
2.72
-1.12
-29.17%
CCRN
Cross Country Healthcare
13.09
-0.06
-0.46%
NHC
National Healthcare
184.42
82.87
81.60%
PNTG
Pennant Group
34.25
5.42
18.80%
Sonida Senior Living Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Sonida Senior Living Announces $250 Million ATM Program
Positive
May 18, 2026
On May 18, 2026, Sonida Senior Living, Inc. launched a $250 million at-the-market equity offering program through an equity distribution agreement with a syndicate of major banks acting as sales agents, principals and forward counterparties. The c...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
Sonida Senior Living Ends Mizuho At-The-Market Program
Neutral
May 13, 2026
On May 8, 2026, Sonida Senior Living notified Mizuho Securities USA that it was terminating their at-the-market equity issuance sales agreement, effective May 13, 2026, and confirmed that no early termination penalties would be incurred, leaving i...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Sonida Senior Living Closes CNL Acquisition, Reports Q1
Positive
May 11, 2026
Sonida Senior Living reported first-quarter 2026 results on May 11, 2026, highlighting the completion of its March 11, 2026 acquisition of CNL Healthcare Properties, a $1.8 billion stock-and-cash deal that added 69 senior housing communities and m...
Executive/Board ChangesRegulatory Filings and Compliance
Sonida Senior Living Announces Board Changes and Appointment
Neutral
Apr 22, 2026
On April 16, 2026, Sonida Senior Living said independent director Shmuel S.Z. Lieberman notified the board that he would resign effective April 27, 2026, with the company noting there was no disagreement over its operations, policies or practices....
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Sonida Senior Living Simplifies Capital Structure After Conversion
Positive
Mar 12, 2026
On March 11, 2026, Sonida Senior Living, Inc. entered into a Preferred Stock Conversion and Warrant Extension Agreement with affiliates of Conversant Capital to induce the immediate conversion of all 41,250 outstanding shares of its Series A Conve...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and Financing
Sonida Senior Living Completes Transformative Merger with CHP
Positive
Mar 11, 2026
On March 11, 2026, Sonida Senior Living closed its approximately $1.8 billion cash-and-stock merger with CNL Healthcare Properties, acquiring 100% of CHP and creating a $3.3 billion senior housing owner-operator with an expanded footprint across t...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Sonida Senior Living Closes Transformative CNL Healthcare Acquisition
Positive
Mar 11, 2026
On March 11, 2026, Sonida Senior Living reported its fourth-quarter and full-year 2025 results, highlighting an 11.9% year-over-year increase in Q4 resident revenue to $86.3 million and a 90-basis-point rise in same-store occupancy to 87.9%. Despi...
Business Operations and StrategyM&A TransactionsPrivate Placements and FinancingShareholder Meetings
Sonida Senior Living Shareholders Approve Share Increase, Governance Changes
Positive
Feb 26, 2026
On February 26, 2026, Sonida Senior Living held a special stockholders’ meeting at which investors approved an increase in authorized common shares from 30 million to 100 million and backed the issuance of new stock tied to a merger with CHP...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Sonida Senior Living Grants PSUs Tied to Pending Merger
Positive
Feb 23, 2026
On February 23, 2026, Sonida Senior Living’s board compensation committee approved grants of performance stock units to key employees, including the CEO and CFO, under its 2019 Omnibus Stock and Incentive Plan. The awards are contingent on s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.