Sonos

SONO

Consumer Electronics · Technology

Also trades as: 0ZFN.L

Price

$15.83

-0.22 (-1.37%)

Market Cap

$1.87B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 27, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count falling — buybacks

−13.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 140.3M (2021) → 120.8M (2025)

Winston Score History

The full picture

Sonos makes wireless speakers and home audio systems for everyday consumers. Its products include smart speakers, soundbars, and subwoofers that connect to streaming services like Spotify and Apple Music. The company sells directly to consumers and through retail partners, competing in the premium home audio market where it is known for its multi-room audio ecosystem.

Sonos earns money primarily through hardware sales, with a gross margin around 46%, which is high for a consumer electronics company. It sells mainly in North America and Europe, and its moat comes from the loyalty of customers already invested in its speaker ecosystem — once you own several Sonos speakers, switching to a competitor means replacing everything. The company's main risk is competition from large tech companies like Apple, Amazon, and Google, which bundle smart speakers into broader ecosystems and can afford to sell audio hardware at a loss.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$280M/ year

↓ Declining (-8% vs prior year)

19.4% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

17.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$261M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Sonos is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

50.4%

Healthy — 50.4% gross margin

Profit after running costs

Operating Margin

6.6%

Modest — 6.6% operating margin

Return on the money invested

ROCE

16.3%

Strong — 16.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.6%

Slow sales growth (+5.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

8.4%

Modest free cash flow (8.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

143.71x

Comfortably covers interest (143.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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