SNDASONIDA SENIOR LIVING, INC.
Services-Nursing & Personal Care Facilities
- Revenue
- $381M
- 25% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.6B
- Employees
- —
- Net debt / EBITDA
- —
- $1.5B net debt
- AI in 10-K
- 3.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo10% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.2 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo13.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes4 filingsActive-intent 13D in 18 months
- Net insider sellingNo$89M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $235M | $238M | $255M | $304M | $381M | 25% |
| Operating income | — | — | $58M | $69M | — | |
| Net income | $126M | −$54M | −$21M | −$3M | −$72M | 2110% |
| Operating cash flow | −$29M | −$3M | $11M | −$2M | $24M | 1467% |
| Capex | $10M | $25M | $18M | $25M | $33M | 32% |
| Stock-based comp | $3M | $4M | $3M | $4M | $5M | 16% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 25, 2026 | Conversant Capital LLC | SCHEDULE 13D/A | 15.9% | Passive |
| Aug 10, 2026 | Conversant Capital LLC | SCHEDULE 13D/A | 16.2% | Active |
| Mar 13, 2026 | Conversant Capital LLC | SCHEDULE 13D/A | 16.2% | Active |
| Mar 11, 2026 | Levinson Sam | SCHEDULE 13D/A | 6.7% | Active |
| Nov 6, 2025 | Levinson Sam | SCHEDULE 13D/A | 27.2% | Passive |
| Nov 5, 2025 | Conversant Capital LLC | SCHEDULE 13D/A | 54.1% | Active |
| Oct 17, 2024 | Conversant Capital LLC | SC 13D/A | 35.7% | Passive |
| Aug 21, 2024 | Conversant Capital LLC | SC 13D/A | 48.7% | Passive |
| Aug 19, 2024 | Levinson Sam | SC 13D/A | 13.3% | Passive |
| May 9, 2024 | Arbiter Partners Capital Management LLC | SC 13D/A | 3.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $100M · 4
- Open-market sells, 12 mo
- $11M · 9
- Net
- $89M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $4M | 140 | — |
| FY2024 | $3M | $4M | 259 | — |
| FY2023 | $2M | $955K | 78 | — |