# Sonos, Inc. (SONO)

> Source: Nexqual · https://nexqual.com/SONO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sonos, Inc. (SONO), nexqual.com/SONO" · informational, not investment advice.

**Price:** USD 17.71 (+1.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.47 · day 17.42–17.75 · 52w 12.44–19.82 · market cap $2.09B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $1.49B, net income $56.9M (3.8% margin), free cash flow $125M (SEC filings).
- Valuation: P/E 36.8x.
- 1 of 80 tracked superinvestors hold SONO (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.7M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.25 on a 1–5 scale) (4 analysts), mean target USD 18.63 (range 15.5–21).
- Total return with dividends: 1Y +2.0% vs S&P 500 +14.9%; 5Y -44.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD 0.05, revenue estimate $340M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.72B | $1.75B | $1.66B | $1.52B | $1.44B | $1.49B |
| Gross profit | $810M | $796M | $716M | $689M | $631M | — |
| Operating income | $155M | $89.5M | -$20.5M | -$48.0M | -$50.5M | $66.0M |
| Net income | $159M | $67.4M | -$10.3M | -$38.1M | -$61.1M | $56.9M |
| EPS (diluted) | $1.13 | $0.49 | -$0.08 | -$0.31 | -$0.51 | — |
| Free cash flow | $208M | -$74.5M | $50.1M | $135M | $108M | $125M |
| Gross margin | 47.2% | 45.4% | 43.3% | 45.4% | 43.7% | — |
| Operating margin | 9.0% | 5.1% | -1.2% | -3.2% | -3.5% | 4.4% |
| Net margin | 9.2% | 3.8% | -0.6% | -2.5% | -4.2% | 3.8% |
| Revenue growth | +29.4% | +2.1% | -5.5% | -8.3% | -4.9% | — |
| Cash + short-term investments | $640M | $275M | $220M | $221M | $228M | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 36.8x · P/S 1.4x · P/FCF 16.7x · P/B 5.2x · FCF yield 5.98% · Earnings yield 2.72% · Buyback yield (TTM) 5.52%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SONO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $14.3M | Added +48.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-25 | Boone Karen | Director | 46,766 | $848K | 40.3% | Yes (adopted May 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Boone Karen | Director | 10,000 | $154K | 10.6% | Yes (adopted May 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-28…2026-07-29 | Genachowski Julius | Director | 39,710 | $665K | 21.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-06 | Arabia Carmine | Director | 50 | $1K | 14.49 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 4 analysts; mean target USD 18.63 (low 15.5, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-30 | Rosenblatt | Maintained | Buy | $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.0% | -44.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.0% | -11.1% |
| Volatility (annualized) | 47.3% | 46.8% |
| Max drawdown | -33.7% (Dec 2025→Mar 2026) | -76.7% (Nov 2021→Apr 2025) |

## Peers (Consumer Electronics)
LPL (LG Display Co, Ltd AMERICAN DEP) USD 2.61 -1.14% · SONY (Sony Group Corporation) USD 26.2 +4.38% · AAPL (Apple Inc.) USD 348.22 +1.23% · SNPS (Synopsys, Inc.) USD 422.48 -6.36% · ASX (ASE Technology Holding Co., Ltd) USD 37.74 -11.01% · CDNS (Cadence Design Systems, Inc.) USD 309.65 -5.04%

## More
Full page: https://nexqual.com/SONO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.01 | +400.0% | $340.3M | 1 |
| Next quarter (ends 2026-12-31) | $0.60 | $0.82 | -26.8% | $574.9M | 1 |
| Current fiscal year (ends 2026-09-30) | $1.22 | $0.98 | +23.9% | $1.53B | 1 |
| Next fiscal year (ends 2027-09-30) | $1.30 | $1.07 | +22.0% | $1.64B | 2 |