SONOSonos Inc

Household Audio & Video Equipment

Revenue: $1.4B; 4.9% YoY
Operating margin: -3.5%; 10% YoY
EBITDA: $12M; 174% YoY
Market cap: $1.9B
Employees: 1,404; $1M revenue each
Net debt / EBITDA: -15.4×; −$182M net debt
AI in 10-K: 5.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
59% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$1M · 77th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.1 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 15.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$46M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$1.8B	$1.7B	$1.5B	$1.4B	4.9%
Operating income	$155M	$90M	−$21M	−$48M	−$50M	5.0%
Net income	$159M	$67M	−$10M	−$38M	−$61M	60%
Operating cash flow	$253M	−$28M	$100M	$190M	$137M	28%
Capex	$46M	$46M	$50M	$55M	$29M	48%
Stock-based comp	$62M	$76M	$77M	$84M	$82M	3.2%
Buybacks	$50M	$150M	$100M	$129M	$81M	37%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 3, 2026	Coliseum Capital Management, LLC	SCHEDULE 13D	30.4%	Passive

Insider trading

Open-market buys, 12 mo: $48M · 17
Open-market sells, 12 mo: $2M · 6
Net: $46M

Pay vs performance

No pay-versus-performance disclosure yet.