Revenue growth reached 33.4% in 2026Q1, yet the company continues to struggle with profitability, evidenced by a negative 23.3% operating margin and a 33.6% net margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 411.85M | 381.14M | 304.33M | 255.32M | 238.43M | 234.72M | 383.86M | 447.1M | 460.02M | 467M | 447.45M | 412.18M | 383.93M | 350.36M | 310.54M | 263.5M | 211.93M | 191.99M | 193.27M | 189.05M | 159.07M | 105.23M | 93.26M | 66.33M | 61.48M | 70.54M | 59.65M | 64M | 42.8M | 30.7M |
| Revenue Growth % | 25.25% | 25.24% | 19.19% | 7.08% | 1.58% | -38.85% | -14.14% | -2.81% | -1.49% | 4.37% | 8.56% | 7.36% | 9.58% | 12.82% | 17.85% | 24.34% | 10.38% | -0.66% | 2.23% | 18.85% | 51.16% | 12.83% | 40.61% | 7.88% | -12.84% | 18.25% | -6.79% | 49.53% | 39.41% | - |
| Cost of Goods Sold | 534.91M | 411.51M | 33.1M | 21.1M | 27.37M | 40.9M | 279.57M | 310.55M | 294.66M | 290.66M | 273.9M | 248.74M | 233.6M | 213.83M | 187.3M | 154.04M | 132.5M | 148.69M | 107.31M | 120.58M | 106.04M | 68.71M | 57.8M | 40.21M | 33.12M | 38.18M | 29.04M | 24M | 16.9M | 17.5M |
| COGS % of Revenue | - | 107.97% | 10.88% | 8.26% | 11.48% | 17.43% | 72.83% | 69.46% | 64.05% | 62.24% | 61.21% | 60.35% | 60.85% | 61.03% | 60.32% | 58.46% | 62.52% | 77.45% | 55.52% | 63.78% | 66.66% | 65.29% | 61.98% | 60.62% | 53.87% | 54.12% | 48.67% | 37.5% | 39.49% | 57% |
| Gross Profit | -123.06M | -30.37M | 271.23M | 234.22M | 211.06M | 193.82M | 104.29M | 136.55M | 165.36M | 176.34M | 173.55M | 163.44M | 150.32M | 136.53M | 123.24M | 109.46M | 79.43M | 43.3M | 85.96M | 68.47M | 53.03M | 36.52M | 35.46M | 26.12M | 28.36M | 32.36M | 30.62M | 40M | 25.9M | 13.2M |
| Gross Margin % | -29.88% | -7.97% | 89.12% | 91.74% | 88.52% | 82.57% | 27.17% | 30.54% | 35.95% | 37.76% | 38.79% | 39.65% | 39.15% | 38.97% | 39.68% | 41.54% | 37.48% | 22.55% | 44.48% | 36.22% | 33.34% | 34.71% | 38.02% | 39.38% | 46.13% | 45.88% | 51.33% | 62.5% | 60.51% | 43% |
| Gross Profit Growth % | - | -111.2% | 15.8% | 10.97% | 8.9% | 85.84% | -23.62% | -17.42% | -6.23% | 1.61% | 6.18% | 8.73% | 10.1% | 10.79% | 12.59% | 37.81% | 83.42% | -49.62% | 25.55% | 29.1% | 45.2% | 2.99% | 35.78% | -7.92% | -12.35% | 5.69% | -23.45% | 54.44% | 96.21% | - |
| Operating Expenses | -38.53M | 27.84M | 286.06M | 249.41M | 240.37M | 227.47M | 104.29M | 151.24M | 157.75M | 155.63M | 159.16M | 144.61M | 136.42M | 125.28M | 109.58M | 91.55M | 60.91M | 26.69M | 68.94M | 51.7M | 41.37M | 25.56M | 28.73M | 20.3M | 17.4M | 19.09M | 21.11M | 30.3M | 9.5M | 8.4M |
| OpEx % of Revenue | - | 7.3% | 94% | 97.68% | 100.81% | 96.91% | 27.17% | 33.83% | 34.29% | 33.33% | 35.57% | 35.08% | 35.53% | 35.76% | 35.29% | 34.74% | 28.74% | 13.9% | 35.67% | 27.35% | 26% | 24.29% | 30.81% | 30.61% | 28.31% | 27.06% | 35.4% | 47.34% | 22.2% | 27.36% |
| Selling, General & Admin | 41.84M | 39.85M | 40M | 32.2M | 30.29M | 32.33M | 57.74M | 87.05M | 91.94M | 87.69M | 97.03M | 90.4M | 86.22M | 81.55M | 73.7M | 72.96M | 46.71M | 13.08M | 56.48M | 40.41M | 29.02M | 12.52M | 16.72M | 12.51M | 11.56M | 12M | 15.43M | 25.1M | 6.6M | 6.3M |
| SG&A % of Revenue | - | 10.46% | 13.14% | 12.61% | 12.7% | 13.77% | 15.04% | 19.47% | 19.99% | 18.78% | 21.69% | 21.93% | 22.46% | 23.27% | 23.73% | 27.69% | 22.04% | 6.81% | 29.22% | 21.37% | 18.24% | 11.89% | 17.93% | 18.86% | 18.8% | 17.01% | 25.87% | 39.22% | 15.42% | 20.52% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -12.02M | 246.07M | 217.21M | 210.08M | 195.14M | 46.55M | 64.19M | 3K | 7K | 233K | 1K | 23K | 34K | 35.88M | 18.59M | 14.2M | 13.61M | 68.94M | 51.7M | 41.37M | 25.56M | 28.73M | 20.3M | 17.4M | 19.09M | 21.11M | 30.3M | 9.5M | 8.4M |
| Operating Income | -84.53M | -58.2M | -14.83M | -15.19M | -29.31M | -33.65M | 0 | -14.69M | 7.6M | 7.84M | 14.39M | 18.84M | 13.9M | 11.25M | 13.65M | 17.91M | 18.52M | 16.61M | 17.02M | 16.76M | 11.67M | 10.96M | 6.73M | 5.82M | 10.96M | 13.27M | 9.5M | 9.7M | 16.4M | 4.8M |
| Operating Margin % | -20.52% | -15.27% | -4.87% | -5.95% | -12.29% | -14.34% | - | -3.29% | 1.65% | 1.68% | 3.22% | 4.57% | 3.62% | 3.21% | 4.4% | 6.8% | 8.74% | 8.65% | 8.8% | 8.87% | 7.33% | 10.42% | 7.22% | 8.77% | 17.83% | 18.81% | 15.93% | 15.16% | 38.32% | 15.64% |
| Operating Income Growth % | - | -292.4% | 2.32% | 48.18% | 12.91% | - | 100% | -293.2% | -3.05% | -45.5% | -23.6% | 35.5% | 23.56% | -17.61% | -23.76% | -3.26% | 11.46% | -2.37% | 1.5% | 43.68% | 6.43% | 62.86% | 15.75% | -46.95% | -17.41% | 39.65% | -2.02% | -40.85% | 241.67% | - |
| EBITDA | -21.49M | -1.44M | 29.22M | 24.7M | 9.14M | 4.22M | -190.11M | 49.5M | 460.02M | 467M | 447.45M | 71.85M | 63.39M | 54.49M | 48.78M | 36.21M | 32.55M | 30.58M | 30.36M | 28.98M | 25M | 24.75M | 19.64M | 14.69M | 17.67M | 21.25M | 15.19M | 14.9M | 19.3M | 6.9M |
| EBITDA Margin % | -5.22% | -0.38% | 9.6% | 9.67% | 3.83% | 1.8% | -49.53% | 11.07% | 100% | 100% | 100% | 17.43% | 16.51% | 15.55% | 15.71% | 13.74% | 15.36% | 15.93% | 15.71% | 15.33% | 15.71% | 23.52% | 21.06% | 22.14% | 28.75% | 30.12% | 25.46% | 23.28% | 45.09% | 22.48% |
| EBITDA Growth % | -164.51% | -104.92% | 18.28% | 170.23% | 116.66% | 102.22% | -484.06% | -89.24% | -1.49% | 4.37% | 522.74% | 13.35% | 16.33% | 11.69% | 34.73% | 11.26% | 6.43% | 0.71% | 4.79% | 15.93% | 0.97% | 26.02% | 33.75% | -16.91% | -16.83% | 39.95% | 1.91% | -22.8% | 179.71% | - |
| D&A (Non-Cash Add-back) | 63.04M | 56.77M | 44.05M | 39.89M | 38.45M | 37.87M | 60.3M | 64.19M | 452.42M | 459.15M | 433.06M | 53.02M | 49.49M | 43.24M | 35.13M | 18.3M | 14.03M | 13.97M | 13.35M | 12.21M | 13.33M | 13.79M | 12.91M | 8.87M | 6.71M | 7.98M | 5.68M | 5.2M | 2.9M | 2.1M |
| EBIT | -58.04M | -33.53M | 33.95M | 15.26M | -21.29M | 163.42M | -250.41M | 14.22M | -4.82M | 7.8M | 14.63M | 22.35M | 7.85M | 13.02M | 13.87M | 17.42M | 18.92M | 16.79M | 18.25M | 16.76M | 11.67M | 10.96M | 6.73M | 5.82M | 10.96M | 13.27M | 9.5M | 9.65M | 16.4M | 4.8M |
| Net Interest Income | -31.06M | -36.53M | -35.31M | -35.51M | -32.79M | -37.23M | -44.37M | -49.58M | -50.38M | -49.4M | -42.14M | -35.68M | -31.21M | -23.62M | -17.57M | -11.8M | -11.19M | -11.75M | -11.79M | -12.09M | -15.77M | -18.46M | -15.2M | -8.2M | -4.78M | -8.97M | -6M | 0 | -1.9M | 0 |
| Interest Income | 2.08M | 2.1M | 1.68M | 608K | 235K | 6K | 193K | 221K | 165K | 73K | 67K | 53K | 52K | 151K | 453K | 102K | 48K | 67K | 422K | 674K | 843K | 133K | 572K | 4.28M | 5.97M | 5.91M | 5.98M | 0 | 0 | 0 |
| Interest Expense | 33.14M | 38.63M | 36.99M | 36.12M | 33.02M | 37.23M | 44.56M | 49.8M | 50.54M | 49.47M | 42.21M | 35.73M | 31.26M | 23.77M | 18.02M | 11.9M | 11.24M | 11.82M | 12.22M | 12.76M | 16.61M | 18.59M | 15.77M | 12.48M | 10.75M | 14.89M | 11.98M | 0 | 1.9M | 0 |
| Other Income/Expense | -15.92M | -13.96M | 11.79M | -5.67M | -25.01M | 159.84M | -294.98M | -20.89M | -62.97M | -49.51M | -41.97M | -32.22M | -37.31M | -22M | -17.8M | -12.39M | -10.84M | -11.64M | -10.98M | -9.31M | -15.18M | -18.61M | -15.8M | 2.16M | -2.84M | -6.88M | -6.35M | -1.85M | 3.1M | -300K |
| Pretax Income | -100.45M | -72.16M | -3.04M | -20.85M | -54.31M | 126.19M | -294.98M | -35.58M | -55.37M | -41.67M | -27.58M | -13.38M | -23.41M | -10.74M | -4.15M | 5.52M | 7.67M | 4.97M | 6.04M | 7.45M | -3.51M | -7.65M | -9.07M | 7.98M | 8.13M | 4.78M | 2M | 7.8M | 19.5M | 4.5M |
| Pretax Margin % | -24.39% | -18.93% | -1% | -8.17% | -22.78% | 53.76% | -76.84% | -7.96% | -12.04% | -8.92% | -6.16% | -3.25% | -6.1% | -3.07% | -1.34% | 2.1% | 3.62% | 2.59% | 3.12% | 3.94% | -2.21% | -7.27% | -9.72% | 12.03% | 13.22% | 6.78% | 3.36% | 12.19% | 45.56% | 14.66% |
| Income Tax | 463K | 330K | 239K | 253K | 86K | 583K | 389K | 448K | -1.77M | 2.5M | 435K | 900K | 719K | 5.76M | -1.03M | 2.5M | 3.42M | 2.21M | 2.31M | 3.09M | -909K | -2.27M | -2.27M | 3.1M | 3.02M | 1.87M | 763K | 3M | 7.5M | 800K |
| Effective Tax Rate % | -0.46% | -0.46% | -7.86% | -1.21% | -0.16% | 0.46% | -0.13% | -1.26% | 3.2% | -5.99% | -1.58% | -6.72% | -3.07% | -53.6% | 24.84% | 45.24% | 44.57% | 44.45% | 38.31% | 41.48% | 25.9% | 29.73% | 25.04% | 38.83% | 37.11% | 39.14% | 38.11% | 38.46% | 38.46% | 17.78% |
| Net Income | -99.48M | -70.78M | -2.06M | -21.11M | -54.4M | 125.61M | -295.37M | -36.03M | -53.6M | -44.17M | -28.02M | -14.28M | -24.13M | -16.5M | -3.12M | 3.02M | 4.25M | 2.76M | 3.72M | 4.36M | -2.6M | -5.35M | -6.76M | 4.99M | 4.68M | 2.76M | 1.24M | 4.8M | 12M | 3.7M |
| Net Margin % | -24.15% | -18.57% | -0.68% | -8.27% | -22.82% | 53.51% | -76.95% | -8.06% | -11.65% | -9.46% | -6.26% | -3.47% | -6.28% | -4.71% | -1% | 1.15% | 2.01% | 1.44% | 1.93% | 2.31% | -1.63% | -5.09% | -7.25% | 7.52% | 7.62% | 3.91% | 2.08% | 7.5% | 28.04% | 12.05% |
| Net Income Growth % | -139.09% | -3337.54% | 90.24% | 61.2% | -143.31% | 142.53% | -719.78% | 32.77% | -21.35% | -57.65% | -96.14% | 40.79% | -46.18% | -429.14% | -203.11% | -28.89% | 54.19% | -25.91% | -14.59% | 267.69% | 51.44% | 20.78% | -235.43% | 6.58% | 69.88% | 122.44% | -74.19% | -60% | 224.32% | - |
| Net Income (Continuing) | -100.92M | -72.49M | -3.28M | -21.11M | -54.4M | 125.61M | -295.37M | -36.03M | -53.6M | -44.17M | -28.02M | -14.28M | -24.13M | -16.5M | -3.12M | 3.02M | 4.25M | 2.76M | 3.72M | 4.36M | -2.6M | -5.35M | -6.76M | 4.99M | 4.68M | 2.91M | 1.24M | 4.8M | 12M | 3.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.16M | 5.02M | 6.58M | 0 | 0 | 0 | 0 | 0 | 978.19M | 978.82M | 891.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 252K | 0 | 686K | 2.38M | 8.57M | 11.4M | 11.2M | 11.1M |
| EPS (Diluted) | -5.49 | -4.22 | -0.54 | -3.85 | -9.27 | 37.92 | -134.87 | -16.72 | -26.97 | -22.49 | -14.54 | -7.47 | -12.79 | -8.90 | -1.71 | 1.65 | 2.40 | 1.50 | 2.10 | 2.40 | -1.50 | -3.11 | -4.05 | 3.75 | 3.60 | 2.10 | 0.90 | 3.60 | 9.15 | 2.92 |
| EPS Growth % | -94.98% | -681.48% | 85.97% | 58.47% | -124.45% | 128.12% | -706.64% | 38.01% | -19.92% | -54.68% | -94.65% | 41.59% | -43.71% | -420.47% | -203.64% | -31.25% | 60% | -28.57% | -12.5% | 260% | 51.77% | 23.21% | -208% | 4.17% | 71.43% | 133.33% | -75% | -60.66% | 213.36% | - |
| EPS (Basic) | - | -4.22 | -0.54 | -3.85 | -9.27 | 38.24 | -134.87 | -16.72 | -26.97 | -22.50 | -14.55 | -7.50 | -12.79 | -8.98 | -1.71 | 1.65 | 2.40 | 1.50 | 2.10 | 2.55 | -1.50 | -3.11 | -4.05 | 3.75 | 3.60 | 2.10 | 0.90 | 3.75 | 9.15 | 2.92 |
| Diluted Shares Outstanding | 18.11M | 18.09M | 14.11M | 6.79M | 6.36M | 2.77M | 2.19M | 2.16M | 1.99M | 1.96M | 1.93M | 1.91M | 1.89M | 1.85M | 1.82M | 1.8M | 1.78M | 1.76M | 1.77M | 1.78M | 1.73M | 1.72M | 1.67M | 1.33M | 1.33M | 1.32M | 1.31M | 1.32M | 1.31M | 1.27M |
| Basic Shares Outstanding | 18.11M | 18.09M | 14.11M | 6.79M | 6.36M | 2.75M | 2.19M | 2.16M | 1.99M | 1.96M | 1.93M | 1.9M | 1.89M | 1.84M | 1.82M | 1.8M | 1.77M | 1.75M | 1.76M | 1.75M | 1.73M | 1.72M | 1.67M | 1.32M | 1.32M | 1.31M | 1.31M | 1.31M | 1.31M | 1.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.93% | - | - | - | 25% | - | 18.92% |
Liquidity and margin insolvency
As reported in recent financial filings, Sonida Senior Living achieved a notable 33.4% year-over-year revenue growth in 2026Q1, yet this top-line momentum remains disconnected from operational profitability, suggesting that the company's aggressive scaling strategy has not yet achieved the necessary density to overcome its high fixed-cost base.
The consistent double-digit revenue growth indicates that the company is successfully capturing market share or effectively implementing pricing actions across its portfolio. However, investors should monitor whether this growth is sustainable or if it is being driven by unsustainable promotional pricing that fails to cover the underlying cost of care delivery.
Based on the company's income statement data, gross margins have exhibited extreme volatility, swinging from a positive 91.2% in 2023Q4 to a negative 10.1% in 2026Q1, which highlights a fundamental inability to maintain consistent pricing power against rising labor and operational expenses in the current environment.
The erratic nature of these margins suggests that the company is highly susceptible to cost spikes, likely driven by reliance on expensive contract labor to meet staffing requirements. This lack of margin stability implies that the current business model may be structurally incapable of generating consistent returns without a significant shift in occupancy or cost management.
According to the provided quarterly data, Sonida's operating income has remained consistently negative, with the 2026Q1 operating margin of -23.3% demonstrating that the company has failed to achieve the operating leverage required to scale its overhead efficiently as revenue increases across its senior living facility footprint.
The persistent gap between revenue growth and operating income suggests that SG&A and facility-level costs are scaling in lockstep with, or faster than, top-line gains. This indicates that the company's current operational structure lacks the necessary efficiency to convert incremental revenue into meaningful operating profit, warranting further investigation into its overhead management.
As indicated by the financial statements, the company's net income volatility and negative margins, coupled with a thin cash position of $11M, suggest that the current trajectory may be unsustainable without further external financing, which could lead to significant dilution for existing shareholders in the near term.
Short-sellers would likely focus on the disconnect between the company's aggressive revenue growth and its inability to generate positive cash flow from operations. The reliance on stock-based compensation to manage cash outflows may also mask the true extent of the company's operational burn, creating a potential risk for investors if liquidity constraints tighten.
Quick answers to the most common questions about buying SNDA stock.
For fiscal year 2025, Sonida Senior Living, Inc. (SNDA) reported total revenue of $381.1M. This represents a 1141.5% increase compared to $30.7M in 1997.
Sonida Senior Living, Inc. (SNDA) reported a net loss of $70.8M for the fiscal year ending 2025.
Sonida Senior Living, Inc. (SNDA) reported an operating income of $-58.2M, resulting in an operating profit margin of -15.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Sonida Senior Living, Inc. (SNDA) generated $-30.4M in gross profit for the year, representing a gross profit margin of -8.0%. This demonstrates the company's core pricing power and production efficiency.