MeritValue

SONIDA SENIOR LIVING, INC.

SNDAdata completeness 100%17 fiscal years on file
The thesis, from the filings

SONIDA SENIOR LIVING, INC. earns about 2% on invested capital, but has diluted owners by 552% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$234.7M1$238.4M1$255.3M2$304.3M3$381.1M3
Net income$125.6M4−$54.4M5−$21.1M6−$2.06M7−$70.8M7
Operating cash flow−$28.8M8−$2.58M9$10.7M10−$1.78M11$24.4M11
Capital expenditure$10.4M12$24.6M13$17.9M14$25.2M15$33.3M15
Free cash flow (derived)−$39.2M8−$27.1M9−$7.26M10−$27M11−$8.92M11
Total debt$1.37B16$1.34B17$1.26B18$1.3B19$1.38B19
Cash & equivalents$78.7M20$16.9M21$4.08M22$17M23$11M23
Diluted shares2.8M6.4M6.8M14.1M18.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.01
your share of equity
Profit it earned you last year
−$39.13
Free cash flow it threw off
−$4.93
Debt you’d be carrying
$762.69

10 shares is a claim on −$0.01 of net worth that earned you −$39.13 and generated −$4.93 of cash last year, against $762.69 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 13%FY22 -1%FY23 1%FY24 -0%FY25 -4%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+552% shares · 5y

Share count is up 552% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-23-009942 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001043000-25-000010 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001043000-26-000009 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-23-009942 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-24-013376 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001043000-25-000010 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001043000-26-000009 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001628280-23-009942 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001628280-24-013376 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001043000-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001043000-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001628280-23-009942 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-24-013376 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001043000-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001043000-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001628280-23-009942 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-24-013376 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001043000-25-000010 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001043000-26-000009 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001628280-23-009942 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001628280-24-013376 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001043000-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001043000-26-000009 (CashAndCashEquivalentsAtCarryingValue)