SONOS, INC.
In the published model solve dated 2026-Q2, anchored at $15.91, SONOS, INC. (SONO) is priced for today's economics sustained for ~8.4 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 11, 2026 from SEC EDGAR filings.
• Sonos is a debt-free home-audio company with $249 million of net cash, a share count shrinking 3.7% a year, and a returning-customer engine: ⟦"in fiscal 2025, existing customers accounted for approximately 45% of new product registrations"⟧ [FY2025 10-K, accession 0001314727-25-000090]. • The risk is the price, not the balance sheet: at $14.50 (July 10, 2026) the market pays several hundred times a trailing operating income that only recently turned positive, a bet that the profit recovery now
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281 institutional managers reported holding SONO in 13F filings for the quarter ended 2026-03-31. 42 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 12.0M shares were sold short as of the 2026-06-15 count, about 10% of shares outstanding (7.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
SONO has cut its share count 3.9% over the past five years, spending $553.59M on repurchases. It pays no dividend. Cash returned over the past three years: $330.12M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at SONO over the trailing three years: 2025: 21 buys totaling $34.84M; 2026: 15 buys totaling $46.91M. 18 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
SONO's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-11 | -7.8% | -22.4% |
| 2023-11-21 | +18.0% | +18.5% |
| 2024-02-08 | +21.8% | -2.1% |
| 2024-05-09 | -5.8% | -13.3% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
SONO's latest 8-K filings: 2026-07-29 (items 5.02, 7.01, 9.01); 2026-07-29 (items 2.02, 9.01); 2026-05-04 (items 2.02, 5.02, 9.01); 2026-03-11 (items 5.03, 5.07, 9.01); 2026-02-03 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.