Sonos, Inc.
SONO Technology Consumer Electronics
Sonos, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $1.4 billion, down 4.93% from fiscal 2024. In the quarter to June 2026, revenue grew 8.85%, EPS grew 933.3% and free cash flow grew 23.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Sonos, Inc. (SONO) Beneish M-score
Sonos, Inc.'s Beneish M-score for fiscal 2025 is −3.15; 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 | −3.15 | 0.85 |
| FY2024 | −4.00 | (0.88) |
| FY2023 | −3.12 | (1.44) |
| FY2022 | −1.68 | 0.55 |
| FY2021 | −2.24 | (6.11) |
| FY2020 | 3.87 | 6.85 |
| FY2019 | −2.98 | (0.63) |
| FY2018 | −2.35 | 1.23 |
| FY2017 | −3.58 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.56 | — | 1.43 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 0.73 | — | 0.08 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.24) | — | −1.13 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.15 | ||
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 |
|---|---|
| UEIC Universal Electronics Inc. compare | −3.4× |
| LPL LG Display Co., Ltd. compare | −3.2× |
| SONO Sonos, Inc. | −3.1× |
| GPRO GoPro, Inc. compare | −3.1× |
| TBCH Turtle Beach Corporation compare | −3.0× |
| KOSS Koss Corporation compare | −2.7× |
| AXIL AXIL Brands, Inc. compare | 1.0× |
| FXHO UTime Limited compare | 77.2× |
| VUZI Vuzix Corporation compare | — |
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