Forensic Analysis · Healthcare Providers & Services · as of Nov 9, 2026
Sonida Senior Living, Inc. (SNDA)
A forensic read on Sonida Senior Living, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-2.7
Distress distance
Clean
Earnings quality
3
Forensic signals
25.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sonida Senior Living, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -2.7, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.5%
FY2025
Return on invested capital.Return on invested capital is -3.5% in the latest fiscal year and slipping across FY2023–FY2025 from 8.2%. After-tax operating profit was $46M in FY2023 and ($26M) in FY2025, with operating income at 22.7% of revenue in FY2023 and 22.6% in FY2024. The capital base behind it grew +34% across FY2023–FY2025, from $559M to $750M, while the return fell 11.7 points, so the dollars added over that window earned less than the 8.2% the older base was already earning. FY2025's operating profit carried a $16M restructuring charge that alone took about 1.7 points off that year's return, so about 1.7 of the 11.7-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $6M restructuring charge that alone took about 0.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+63.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +167% over the last 2 years to FY2025 (+63.3%/yr). The count is growing — 6.8M shares in FY2023, 18.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~63.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~62%.
1.3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.3% of revenue in FY2025 — about $0.28 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 63.3% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$381.1M
Revenue Growth YoY+25.2%
Revenue CAGR (2yr)+22.2%
Net Margin-18.6%
Free Cash Flow-$8.9M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sonida Senior Living, Inc.'s actual 10-K/10-Q/8-K filings?