Sonos
SONO on Nasdaq. Sonos sells home speakers and headphones to households. Market value $2.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.07 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 42 of 100. Price score: 65 of 100. Our list needs 70 on quality and 60 on price.
$17.43 a share, 40% above its 1-year low
Over the past year the price has ranged from $12.44 to $19.82.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.7bn | $1.8bn | $1.7bn | $1.5bn | $1.4bn |
| Operating margin | |||||
| Operating margin | 9.0% | 5.1% | -1.2% | -3.2% | -3.5% |
| Debt to equity | |||||
| Debt to equity | 0.00 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.13bn | 0.12bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsSlow, 1.7% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $375 million last quarter, up 9% on a year ago.
- Profit: $30 million, after a loss of $3 million a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, after losing 6 cents a year earlier.
- Spare cash over the past 12 months: $125 million, up from $57 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $255m |
| December 2024 | $551m |
| March 2025 | $260m |
| June 2025 | $345m |
| September 2025 | $288m |
| December 2025 | $546m |
| March 2026 | $282m |
| June 2026 | $375m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$53m |
| December 2024 | $50m |
| March 2025 | -$70m |
| June 2025 | -$3m |
| September 2025 | -$38m |
| December 2025 | $94m |
| March 2026 | -$29m |
| June 2026 | $30m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 14 November 2025
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 305 funds in all.
- Engine CapitalArnaud Ajdler
- Value
- $17m
- Share of fund
- 1.7%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $29m | <0.1% | Added |
| Engine CapitalArnaud Ajdler | $17m | 1.7% | |
| Royce & AssociatesChuck Royce | $8m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Cut |
Largest holders overall
- BlackRock$248mAdded
- Coliseum Capital Management$244m
- Vanguard Portfolio Management$124mAdded
- Vanguard Capital Management$70m
- State Street$65mAdded
- Arrowstreet Capital, Limited Partnership$45m
- Geode Capital Management$43mAdded
- Jacobs Levy Equity Management$42mAdded
- Trigran Investments$39mAdded
- Dimensional Fund Advisors LP$35mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Coliseum Capital Management, LLCPassive investorat least 15.3%+0.1 pts(filed with 5 related holders)Since 28 July 2026
What they said
The Reporting Persons acquired the Common Stock for investment purposes, and such purposes were made in the Reporting Persons' ordinary course of business. In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise…
Read the filing - Adam GrayPassive investorat least 15.2%+2.8 pts(filed with 4 related holders)Since 31 March 2026
- BlackRock, Inc.Passive investor14.2%−1.1 ptsSince 30 September 2025
- Vanguard Portfolio ManagementPassive investor7.3%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Coliseum Capital Management, LLC Passive investor | at least 15.3%+0.1 pts (filed with 5 related holders) | 28 July 2026 | What they saidThe Reporting Persons acquired the Common Stock for investment purposes, and such purposes were made in the Reporting Persons' ordinary course of business. In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise… Read the filing |
Adam Gray Passive investor | at least 15.2%+2.8 pts (filed with 4 related holders) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 14.2%−1.1 pts | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | 7.3% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $1m of shares on the open market. 3 sold $2m, $2m of it under preset trading plans.
- Boone KarenDirectorSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 46,766
- Price
- $18.13
- Value
- $847,636
- Boone KarenDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 10,000
- Price
- $15.39
- Value
- $153,900
- GENACHOWSKI JULIUSDirectorSoldunder a preset trading plan
- Date
- 29 July 2026
- Shares
- 19,855
- Price
- $17.00
- Value
- $337,535
- GENACHOWSKI JULIUSDirectorSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 19,855
- Price
- $16.50
- Value
- $327,608
- Arabia CarmineDirectorBought
- Date
- 6 May 2026
- Shares
- 50
- Price
- $14.49
- Value
- $725
- Lazarus Edward PChief Legal & Bus Dev OfficerSoldunder a preset trading plan
- Date
- 4 December 2025
- Shares
- 12,000
- Price
- $19.00
- Value
- $228,000
- Conrad ThomasChief Executive Officer, DirectorBought
- Date
- 17 November 2025
- Shares
- 62,325
- Price
- $16.17
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Boone Karen Director | Sold under a preset trading plan | 46,766 | $18.13 | $847,636 |
| 1 September 2026 | Boone Karen Director | Sold under a preset trading plan | 10,000 | $15.39 | $153,900 |
| 29 July 2026 | GENACHOWSKI JULIUS Director | Sold under a preset trading plan | 19,855 | $17.00 | $337,535 |
| 28 July 2026 | GENACHOWSKI JULIUS Director | Sold under a preset trading plan | 19,855 | $16.50 | $327,608 |
| 6 May 2026 | Arabia Carmine Director | Bought | 50 | $14.49 | $725 |
| 4 December 2025 | Lazarus Edward P Chief Legal & Bus Dev Officer | Sold under a preset trading plan | 12,000 | $19.00 | $228,000 |
| 17 November 2025 | Conrad Thomas Chief Executive Officer, Director | Bought | 62,325 | $16.17 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have barely grown: 1.7% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.