Sonos Inc key statistics and ratios

In fiscal 2025, Sonos Inc had return on equity of -15.6%, an operating margin of -3.5%, debt equal to 0.0% of equity and a current ratio of 1.43. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Sonos Inc: financial ratios, annual
Fiscal year	2015Oct 2015	2016Oct 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Oct 2020	2021Oct 2021	2022Oct 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Gross margin	45.3%	44.8%	45.9%	43.0%	41.8%	43.1%	47.2%	45.4%	43.3%	45.4%	43.7%	46.5%
Operating margin	—	−3.4%	−1.6%	−0.8%	0.5%	−2.1%	9.0%	5.1%	−1.2%	−3.2%	−3.5%	4.4%
Net margin	−8.2%	−4.2%	−1.4%	−1.4%	−0.4%	−1.5%	9.2%	3.8%	−0.6%	−2.5%	−4.2%	3.8%
Free-cash-flow margin	—	−1.0%	3.1%	−0.5%	7.7%	9.7%	12.1%	−4.3%	3.0%	8.9%	7.5%	8.4%
Return on equity	—	—	—	−15.0%	−1.9%	−7.0%	36.6%	11.9%	−1.9%	−8.1%	−15.6%	15.0%
Return on assets	—	—	−3.6%	−3.2%	−0.7%	−2.5%	16.2%	5.8%	−0.9%	−4.0%	−7.0%	6.7%
Asset turnover	—	—	2.48	2.30	1.87	1.68	1.76	1.51	1.51	1.58	1.66	1.75
Current ratio	—	—	1.35	1.68	1.69	1.68	2.01	1.62	1.86	1.51	1.43	1.61
Debt to equity	—	—	>999%	19.2%	11.9%	8.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	—	—	n/m	n/m	2.3x	n/m	—	162.2x	n/m	n/m	n/m	143.7x
Effective tax rate	—	—	—	—	—	—	−1.1%	2.0%	—	—	—	19.7%
R&D as % of revenue	—	12.0%	12.5%	12.5%	13.6%	16.2%	13.4%	14.6%	18.2%	20.1%	19.4%	17.0%
Capital spending as % of revenue	—	5.8%	3.4%	3.1%	1.8%	2.5%	2.7%	2.6%	3.0%	3.6%	2.0%	1.5%
Free cash flow ÷ net income	—	—	—	—	—	—	131.0%	−110.5%	—	—	—	219.9%
Dividends and buybacks ÷ free cash flow	—	—	32.9%	—	2.5%	38.8%	24.1%	—	199.6%	95.8%	74.9%	92.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Sonos Inc: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	40.3%	43.8%	43.7%	43.4%	43.7%	46.5%	44.3%	50.4%
Operating margin	−27.2%	8.7%	−23.6%	−0.8%	−12.0%	18.4%	−11.2%	8.4%
Net margin	−20.8%	9.1%	−27.0%	−1.0%	−13.1%	17.2%	−10.3%	8.0%
Free-cash-flow margin	−21.0%	26.0%	−25.1%	9.5%	−0.8%	28.8%	−24.9%	10.7%
Current ratio	1.51	1.64	1.56	1.59	1.43	1.65	1.58	1.61
R&D as % of revenue	27.7%	14.7%	29.8%	17.3%	21.5%	11.0%	22.8%	18.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · June 27, 2026

What it owns · $882m

Short-term assets $592mLonger-term assets $290m

What it owes, and who funded it · $882m

Short-term liabilities $367mLonger-term liabilities $112mShareholders' equity $404m

Short-term assets cover short-term liabilities $592m of assets due within a year against $367m of liabilities due within a year.
Short-term assets cover long-term liabilities $592m short-term assets against $112m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $66m against $459,000 of interest.

From Sonos Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

66 /100

Moderate moat

How hard Sonos's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 29.3% of total assets over 8 years.
Pricing power 15 / 20

Gross margin has been a median 44.1%, moving by 2.1 percentage points (standard deviation) across 9 years.
Durability 10 / 20

Operating margin has been a median -0.4%; its worst year was -6.1%.
Cash conversion 10 / 20

Free cash flow was positive in 7 of 9 years, at a median 4.2% of revenue.
Discipline 16 / 20

The diluted share count fell 6.9% over five years; stock-based pay has been a median 4.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Sonos Inc's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Sonos Inc.