Sleep Number Corporation
SNBRQ Consumer Cyclical Furnishings Fixtures & Appliances
Sleep Number Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, down 16.1% from fiscal 2024. In the quarter to March 2026, revenue fell 18.9%, EPS fell 476.3% and free cash flow fell 82.6%, each against the same quarter a year earlier.
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Sleep Number Corporation (SNBRQ) Beneish M-score
Sleep Number Corporation's Beneish M-score for fiscal 2025 is −3.55; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.55 | (0.44) |
| FY2024 | −3.11 | (0.63) |
| FY2023 | −2.49 | (0.06) |
| FY2022 | −2.43 | 0.96 |
| FY2021 | −3.38 | (0.55) |
| FY2020 | −2.84 | (0.18) |
| FY2019 | −2.65 | 0.36 |
| FY2018 | −3.02 | 0.66 |
| FY2017 | −3.68 | 0.32 |
| FY2016 | −4.00 | (2.20) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.84 | — | 0.75 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.19) | — | −0.89 | |
| Leverage index | 1.27 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.55 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NCLX Northann Corp. compare | −4.1× |
| SNBRQ Sleep Number Corporation | −3.6× |
| FGI FGI Industries Ltd. compare | −3.2× |
| CRWS Crown Crafts, Inc. compare | −3.0× |
| MWYN Marwynn Holdings, Inc. compare | −3.0× |
| PRPL PURPLE INNOVATION, INC. compare | −2.7× |
| VIOT Viomi Technology Co., Ltd. Sponsored ADR compare | −2.6× |
| EFOI Energy Focus, Inc. compare | −2.3× |
| AUVI Applied UV, Inc. compare | −1.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI