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Sonos

SONO Nasdaq Consumer Electronics Financials FY2016–FY2025

Sonos' revenue fell 4.9% to $1.4 billion in fiscal 2025. Its operating margin was −3.5%, down from −3.2% a year earlier. Free cash flow was $108 million, down 19.6%. It paid out $81 million in dividends and buybacks, 75% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$17.54

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
4.9% vs prior year
Operating margin Operating income as a share of revenue.
−3.5%
0.3 pts
Net income Profit after all expenses, interest and tax.
−$61.1M
Free cash flow Cash from operations minus capital spending.
$108M
19.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−23.8%
8.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
39.9x
On $0.44 EPS (TTM)

What Sonos does

No business description yet.

Legal name
SONOS, INC.
Fiscal year ends
September 27, 2025
Latest annual report
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Accession · CIK
0001314727-25-000090
0001314727

Revenue and margins

Sonos had $1.4B of revenue in fiscal 2025, down 4.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $108M in fiscal 2025, 7.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Sonos returned $81.0M to shareholders in fiscal 2025, 75% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Sonos yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $228M and divides by 120.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 39.9x · peers 32.8x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Sonos can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $640M$275M$220M$221M$228M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −3.4x−2.2x−7.8x−51.1x−19.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 261.8x162.2x−28.0x−109.0x−108.5x
Current ratio 2.0x1.6x1.9x1.5x1.4x
Quick ratio 1.6x0.8x0.9x0.9x0.9x
Total assets $1.1B$1.2B$1.0B$916M$823M
Total liabilities $570M$628M$484M$488M$468M
Shareholders' equity $569M$561M$519M$429M$355M
Net debt (− = net cash) −$640M−$275M−$220M−$221M−$228M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$17.8M

4 insiders

Sold, 12 months

$1.7M

2 insiders

Of sales under plans

100%

$1.7M

DateInsiderTradeSharesPriceValueFiling
Sep 25, 2026 Karen BooneDirector Sold plan 46,766 $18.12 $0.8M Form 4
Sep 1, 2026 Karen BooneDirector Sold plan 10,000 $15.39 $0.2M Form 4
Jul 29, 2026 Julius GenachowskiDirector Sold plan 19,855 $17.00 $0.3M Form 4
Jul 28, 2026 Julius GenachowskiDirector Sold plan 19,855 $16.50 $0.3M Form 4
May 6, 2026 Carmine ArabiaDirector Bought 50 $14.49 $0.0M Form 4
Mar 17, 2026 Coliseum Capital Co-Invest IV L.P.10% owner Bought 125,000 $13.57 $1.7M Form 4
Mar 16, 2026 Coliseum Capital Co-Invest IV L.P.10% owner Bought 13,920 $13.25 $0.2M Form 4
Mar 13, 2026 Coliseum Capital Co-Invest IV L.P.10% owner Bought 90,000 $13.20 $1.2M Form 4
Mar 11, 2026 Coliseum Capital Management LLC10% owner Bought 180,000 $14.22 $2.6M Form 4
Mar 10, 2026 Coliseum Capital Management LLC10% owner Bought 320,000 $14.19 $4.5M Form 4
Mar 9, 2026 Coliseum Capital Management LLC10% owner Bought 420,000 $13.95 $5.9M Form 4
Feb 25, 2026 Christopher S Shackelton10% owner Bought 118,020 $15.25 $1.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 4 / 95 / 94 / 9
Accruals ratio −10.1%−23.8%−22.8%
Altman Z'' 2.951.711.15

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Sonos SONO $2.1B −4.9% −3.5% 7.5% −23.8% 39.9x 4
Garmin GRMN $56.9B 15.1% 25.9% 18.8% 26.8% 32.8x 6 Compare →
Shake Shack SHAK $2.7B 15.4% 4.3% 3.9% 9.6% 68.6x 7 Compare →
Wyndham Hotels & Resorts WH $5.4B 1.5% 28.1% 22.5% 9.9% 26.5x 4 Compare →
Fox Factory FOXF $637M 5.3% −35.6% 1.8% −29.3% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $901M $993M $1.1B $1.3B $1.3B $1.7B $1.8B $1.7B $1.5B $1.4B
Gross profit $403M $456M $489M $527M $572M $810M $796M $717M $689M $631M
Research and development $108M $124M $142M $171M $215M $230M $256M $301M $305M $280M
Operating income −$30.9M −$15.6M −$8.9M $5.7M −$27.2M $155M $89.5M −$20.5M −$48.0M −$50.5M
Interest expense $2.3M $4.4M $5.2M $2.5M $1.5M $0.6M $0.6M $0.7M $0.4M $0.5M
Pretax income −$35.6M −$16.5M −$14.5M −$1.1M −$20.1M $157M $68.7M $4.4M −$27.2M −$50.5M
Income tax $2.6M −$2.3M $1.1M $3.7M $0.0M −$1.7M $1.3M $14.7M $11.0M $10.6M
Net income −$38.2M −$14.2M −$15.6M −$4.8M −$20.1M $159M $67.4M −$10.3M −$38.1M −$61.1M
Diluted EPS −$0.71 −$0.25 −$0.24 −$0.05 −$0.18 $1.13 $0.49 −$0.08 −$0.31 −$0.51
Diluted shares 0.05B 0.06B 0.07B 0.10B 0.11B 0.14B 0.14B 0.13B 0.12B 0.12B
Cash flow
Cash from operations $43.3M $64.0M $30.6M $121M $162M $253M −$28.3M $100M $190M $137M
Capital expenditure $52.5M $33.6M $35.7M $23.2M $33.0M $45.5M $46.2M $50.3M $55.2M $28.7M
Free cash flow −$9.2M $30.4M −$5.2M $97.4M $129M $208M −$74.5M $50.1M $135M $108M
Depreciation and amortization $34.3M $35.0M $39.4M $36.4M $36.4M $33.9M $38.5M $49.0M $52.4M $62.3M
Stock-based compensation $26.0M $36.5M $38.6M $46.6M $57.6M $62.1M $75.6M $76.9M $84.3M $81.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $36.3M $0.0M $126M $0.0M $0.0M $0.0M
Share buybacks $0.1M $10.0M $0.9M $2.4M $50.0M $50.0M $150M $100M $129M $81.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.1M $10.0M $0.9M $2.4M $50.0M $50.0M $150M $100M $129M $81.0M
Balance sheet
Cash and short-term investments $74.9M $131M $221M $339M $407M $640M $275M $220M $221M $228M
Total debt — $39.6M $39.8M $33.2M $24.9M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $302M $498M $679M $660M $958M $867M $660M $551M $504M
Current liabilities — $223M $296M $403M $393M $476M $536M $354M $366M $352M
Inventory $53.6M $114M $193M $220M $181M $185M $454M $347M $232M $171M
Property and equipment, net — $95.1M $85.4M $78.1M $60.8M $71.3M $86.2M $87.1M $102M $72.3M
Total assets — $400M $588M $762M $816M $1.1B $1.2B $1.0B $916M $823M
Total liabilities — $310M $379M $481M $518M $570M $628M $484M $488M $468M
Shareholders' equity −$28.8M $0.0M $208M $281M $298M $569M $561M $519M $429M $355M
Margins
Gross margin 44.8% 46.0% 43.0% 41.8% 43.1% 47.2% 45.5% 43.3% 45.4% 43.7%
Operating margin −3.4% −1.6% −0.8% 0.5% −2.1% 9.0% 5.1% −1.2% −3.2% −3.5%
EBITDA margin 0.4% 2.0% 2.7% 3.3% 0.7% 11.0% 7.3% 1.7% 0.3% 0.8%
Net margin −4.2% −1.4% −1.4% −0.4% −1.5% 9.2% 3.9% −0.6% −2.5% −4.2%
FCF margin −1.0% 3.1% −0.5% 7.7% 9.7% 12.1% −4.3% 3.0% 8.9% 7.5%
Returns
Return on capital — — — — — — — −3.5% −15.0% −23.8%
Return on capital employed — — −3.8% 1.8% −7.0% 28.6% 13.6% −3.2% −8.0% −9.9%
Return on equity — — −15.0% −2.0% −7.0% 36.6% 11.9% −1.9% −8.1% −15.6%
Return on assets — — −3.2% −0.7% −2.6% 16.2% 5.8% −0.9% −4.0% −7.0%
Growth
Revenue growth — 10.1% 14.6% 10.9% 5.2% 29.4% 2.1% −5.5% −8.3% −4.9%
Net income growth — — — — — — −57.5% −115.3% — —
EPS growth — — — — — — −56.6% −116.3% — —
FCF growth — — −117.0% — 32.4% 61.1% −135.9% — 168.7% −19.7%
Share count change — 4.5% 16.7% 58.0% 5.8% 27.8% −1.8% −7.3% −3.5% −2.0%
Financial health
Net debt / EBITDA — −4.7x −5.9x −7.3x −41.6x −3.4x −2.2x −7.8x −51.1x −19.2x
Debt / equity — — 0.2x 0.1x 0.1x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage −13.3x −3.6x −1.7x 2.3x −18.3x 261.8x 162.2x −28.0x −109.0x −108.5x
Current ratio — 1.4x 1.7x 1.7x 1.7x 2.0x 1.6x 1.9x 1.5x 1.4x
Quick ratio — 0.8x 1.0x 1.1x 1.2x 1.6x 0.8x 0.9x 0.9x 0.9x
Capital allocation
Capex / revenue 5.8% 3.4% 3.1% 1.8% 2.5% 2.7% 2.6% 3.0% 3.6% 2.0%
Stock comp / revenue 2.9% 3.7% 3.4% 3.7% 4.3% 3.6% 4.3% 4.6% 5.6% 5.7%
Payouts / FCF — 32.9% — 2.5% 38.8% 24.1% — 199.7% 95.8% 74.9%
Quality scores
Piotroski F-score — — — 5.0 4.0 8.0 2.0 4.0 5.0 4.0
Altman Z'' — −0.5 1.6 2.2 1.6 4.5 3.3 3.0 1.7 1.2
Accruals ratio — — −9.4% −18.6% −23.1% −9.7% 8.2% −10.1% −23.8% −22.8%

Source: SEC EDGAR XBRL filings (CIK 0001314727). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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