Sangoma Technologies Corporation (SANG) 10-Year Financial Performance & Capital Metrics

SANG • • Industrial / General

TechnologyInfrastructure SoftwareCommunications & Network InfrastructureCommunications Platforms

AboutSangoma Technologies Corporation develops, manufactures, distributes, and supports voice and data connectivity components for software-based communication applications worldwide. The company offers Switchvox, a business phone system; PBXact, a phone system; Internet protocol (IP) phones; service provider and voice over Internet protocol gateways; Switchvox Cloud, a unified communications solution; SIPstation SIP Trunking, a hosted session initiation protocol trunking service; PBXact Cloud, a cloud based private branch exchange service; Asterisk and FreePBX, an open source IP PBX software; and FAXStation, a fax-over-IP solution. It also provides session border controllers; telephony and media transcoding cards; and open source communications software. The company serves small and medium sized businesses, enterprises, original equipment manufacturers, carriers, and service providers. Sangoma Technologies Corporation was founded in 1984 and is headquartered in Markham, Canada.Show more

Revenue $237M -4.3%
EBITDA $44M -0.7%
Net Income -$5M +42.1%
EPS (Diluted) -0.15 +42.3%
Gross Margin 68.34% -2.2%
EBITDA Margin 18.49% +3.7%
Operating Margin -0.54% -25.0%
Net Margin -2.12% +39.6%
ROE -1.95% +40.8%
ROIC -0.3% -33.6%
Debt/Equity 0.22 -35.7%
Interest Coverage -0.30 -86.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 12.5%
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y33.52%

5Y12.49%

3Y1.8%

TTM-0.76%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-2.5%

EPS CAGR

10Y-

5Y-

3Y-

TTM38.25%

ROCE

10Y Avg4.49%

5Y Avg-0.91%

3Y Avg-0.48%

Latest-0.4%

Peer Comparison

Communications Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZENVZenvia Inc.	25.58M	0.89	-0.30	18.83%	-10.99%	-16.25%	100%	0.17
TCXTucows Inc.	276.49M	24.90	-2.49	6.76%	-25.02%
SANGSangoma Technologies Corporation	163.04M	4.92	-32.80	-4.28%	-3%	-2.76%	20.21%	0.22
BANDBandwidth Inc.	387.04M	13.55	-56.46	24.52%	-1.54%	-2.97%	18.06%	1.61
FIVNFive9, Inc.	1.49B	18.99	-111.71	14.44%	2.77%	4.03%	5.29%	1.98

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	16.38M	20.67M	43.61M	83.52M	131.42M	224.35M	224.35M	252.53M	247.28M	236.69M
Revenue Growth %	0.25%	0.26%	1.11%	0.92%	0.57%	0.71%	0%	0.13%	-0.02%	-0.04%
Cost of Goods Sold+	5.24M	7.19M	20.11M	32.62M	46.51M	67.46M	67.46M	79.74M	74.46M	74.94M
COGS % of Revenue	0.32%	0.35%	0.46%	0.39%	0.35%	0.3%	0.3%	0.32%	0.3%	0.32%
Gross Profit+	11.14M	13.48M	23.5M	50.9M	84.91M	156.89M	156.89M	172.79M	172.82M	161.75M
Gross Margin %	0.68%	0.65%	0.54%	0.61%	0.65%	0.7%	0.7%	0.68%	0.7%	0.68%
Gross Profit Growth %	0.26%	0.21%	0.74%	1.17%	0.67%	0.85%	0%	0.1%	0%	-0.06%
Operating Expenses+	10.8M	12.36M	20.16M	45.33M	77.58M	162.41M	162.41M	175.74M	173.88M	163.02M
OpEx % of Revenue	0.66%	0.6%	0.46%	0.54%	0.59%	0.72%	0.72%	0.7%	0.7%	0.69%
Selling, General & Admin	7.23M	8.41M	14.26M	29.53M	50.81M	128.26M	128.26M	104.34M	101.03M	88.1M
SG&A % of Revenue	0.44%	0.41%	0.33%	0.35%	0.39%	0.57%	0.57%	0.41%	0.41%	0.37%
Research & Development	3.56M	3.95M	5.9M	15.8M	26.77M	34.16M	34.16M	37.47M	39.54M	42.15M
R&D % of Revenue	0.22%	0.19%	0.14%	0.19%	0.2%	0.15%	0.15%	0.15%	0.16%	0.18%
Other Operating Expenses	0	0	0	0	0	0	0	33.93M	33.31M	32.77M
Operating Income+	339.97K	1.12M	3.34M	5.58M	7.33M	-5.53M	-5.53M	-2.95M	-1.06M	-1.27M
Operating Margin %	0.02%	0.05%	0.08%	0.07%	0.06%	-0.02%	-0.02%	-0.01%	-0%	-0.01%
Operating Income Growth %	-0.36%	2.28%	1.99%	0.67%	0.31%	-1.75%	0%	0.47%	0.64%	-0.2%
EBITDA+	2.19M	3.72M	7M	12.32M	13.58M	33.83M	33.83M	42.2M	44.09M	43.77M
EBITDA Margin %	0.13%	0.18%	0.16%	0.15%	0.1%	0.15%	0.15%	0.17%	0.18%	0.18%
EBITDA Growth %	-0.08%	0.7%	0.88%	0.76%	0.1%	1.49%	0%	0.25%	0.04%	-0.01%
D&A (Non-Cash Add-back)	1.85M	2.6M	3.67M	6.73M	6.24M	39.35M	39.35M	45.14M	45.15M	45.04M
EBIT	303.11K	992.11K	3.19M	3.25M	10.19M	-100.52M	-100.52M	-25.19M	-2.83M	-2.09M
Net Interest Income+	-81.98K	-76.05K	-186.45K	-1.04M	-1.82M	-1.91M	-3.86M	-6.77M	-6.64M	-4.01M
Interest Income	2.08K	630	1.19K	10.48K	39.04K	38K	12K	41K	0	242K
Interest Expense	84.06K	76.68K	187.64K	1.05M	1.86M	1.95M	3.88M	6.81M	6.64M	4.25M
Other Income/Expense	-120.93K	-188.82K	699.88K	-1.95M	-2.26M	-98.86M	-98.86M	-29.01M	-8.44M	-5.07M
Pretax Income+	219.04K	915.43K	3M	2.19M	5.08M	-104.39M	-104.39M	-31.96M	-9.5M	-6.34M
Pretax Margin %	0.01%	0.04%	0.07%	0.03%	0.04%	-0.47%	-0.47%	-0.13%	-0.04%	-0.03%
Income Tax+	130.59K	300.16K	1.14M	1.02M	1.17M	6.39M	6.39M	-2.93M	-840K	-1.33M
Effective Tax Rate %	0.4%	0.67%	0.62%	0.53%	0.77%	1.06%	1.06%	0.91%	0.91%	0.79%
Net Income+	88.45K	615.27K	1.87M	1.17M	3.9M	-110.78M	-110.78M	-29.03M	-8.66M	-5.01M
Net Margin %	0.01%	0.03%	0.04%	0.01%	0.03%	-0.49%	-0.49%	-0.11%	-0.04%	-0.02%
Net Income Growth %	-0.57%	5.96%	2.03%	-0.37%	2.33%	-29.37%	0%	0.74%	0.7%	0.42%
Net Income (Continuing)	88.45K	615.27K	1.87M	1.17M	3.9M	-110.78M	-110.78M	-29.03M	-8.66M	-5.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.02	0.12	0.32	0.15	0.38	0.02	-3.46	-0.89	-0.26	-0.15
EPS Growth %	-0.52%	4.56%	1.67%	-0.53%	1.53%	-0.94%	-164.21%	0.74%	0.71%	0.42%
EPS (Basic)	0.02	0.13	0.32	0.16	0.38	0.02	-3.46	-0.89	-0.26	-0.15
Diluted Shares Outstanding	4.64M	4.94M	5.82M	7.72M	10.37M	29.18M	31.48M	33.12M	33.16M	33.5M
Basic Shares Outstanding	4.64M	4.65M	5.82M	7.28M	10.2M	28.94M	31.48M	33.12M	33.16M	33.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	8.51M	11.7M	24.01M	28.06M	39.74M	53.33M	61.01M	61.62M	57.11M	42.62M
Cash & Short-Term Investments	1.61M	5.2M	12M	8.93M	20M	22.09M	12.7M	11.16M	16.23M	13.49M
Cash Only	1.61M	5.2M	12M	8.93M	20M	22.09M	12.7M	11.16M	16.23M	13.49M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.55M	2.47M	5.49M	9.17M	8.72M	16.14M	25.17M	27.13M	21.52M	17.02M
Days Sales Outstanding	79.02	43.55	45.98	40.09	24.21	26.25	40.95	39.22	31.76	26.24
Inventory	3M	3.5M	5.11M	8.47M	9.28M	11.82M	17.43M	17.97M	14.77M	8.23M
Days Inventory Outstanding	209.11	177.39	92.8	94.74	72.81	63.92	94.28	82.26	72.39	40.07
Other Current Assets	448.94K	537.58K	1.41M	1.48M	1.75M	6.35M	5.01M	5.64M	4.59M	3.88M
Total Non-Current Assets+	9.08M	9.26M	15.19M	45.39M	89.21M	486.79M	437.52M	381.12M	343.54M	303.92M
Property, Plant & Equipment	461.52K	439.37K	653.66K	1.85M	14.07M	21.17M	27.25M	22.3M	18.56M	13.65M
Fixed Asset Turnover	35.49x	47.04x	66.72x	45.24x	9.34x	10.60x	8.23x	11.32x	13.32x	17.34x
Goodwill	1.27M	1.26M	3.93M	16.31M	32.3M	267.28M	210.01M	187.5M	187.5M	186.84M
Intangible Assets	6.17M	6.38M	9.95M	24.05M	38.64M	195.43M	194.23M	164.01M	131.94M	99.56M
Long-Term Investments	0	0	0	1	0	1.06M	3.31M	3.68M	0	0
Other Non-Current Assets	0	2	1	0	320K	-204.84K	-35.3K	422K	3.2M	2.16M
Total Assets+	17.59M	20.96M	39.2M	73.44M	128.95M	540.12M	498.53M	442.75M	400.64M	346.55M
Asset Turnover	0.93x	0.99x	1.11x	1.14x	1.02x	0.42x	0.45x	0.57x	0.62x	0.68x
Asset Growth %	-0.09%	0.19%	0.87%	0.87%	0.76%	3.19%	-0.08%	-0.11%	-0.1%	-0.14%
Total Current Liabilities+	3.5M	6.09M	9.47M	24.01M	36.48M	55.15M	78.41M	63.19M	60.1M	49.48M
Accounts Payable	1.88M	2.21M	6.02M	11.14M	10.41M	22.36M	28.57M	24.08M	21.45M	15.55M
Days Payables Outstanding	131.02	112.11	109.26	124.68	81.7	120.97	154.56	110.21	105.14	75.74
Short-Term Debt	1.04M	3.88M	818.33K	2.99M	12.4M	14.55M	17.7M	17.7M	19.88M	20.6M
Deferred Revenue (Current)	322.6K	605.49K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.11M	-802.64K	-808.39K	-1.77M	1.07M	757.21K	200K	237K	405K	172K
Current Ratio	2.43x	1.92x	2.54x	1.17x	1.09x	0.97x	0.78x	0.98x	0.95x	0.86x
Quick Ratio	1.57x	1.35x	2.00x	0.82x	0.84x	0.75x	0.56x	0.69x	0.70x	0.70x
Cash Conversion Cycle	157.1	108.83	29.52	10.15	15.32	-30.8	-19.34	11.26	-1	-9.43
Total Non-Current Liabilities+	0	0	2.86M	17.57M	37.6M	108.97M	126.32M	113.44M	80.81M	42.87M
Long-Term Debt	0	0	3.47M	14.33M	24.65M	60.41M	86.92M	83.13M	57.95M	27.3M
Capital Lease Obligations	0	0	-832.5K	0	10.03M	11.82M	14.4M	11.61M	8.56M	6.75M
Deferred Tax Liabilities	0	0	1	1	0	24.75M	16.66M	14.29M	9.89M	4.3M
Other Non-Current Liabilities	0	0	-832.5K	0	0	7.68M	4.85M	766K	1.33M	1.83M
Total Liabilities	3.5M	6.09M	12.33M	41.58M	74.08M	164.12M	204.72M	176.63M	140.91M	92.35M
Total Debt+	1.04M	2.99M	3.46M	17.31M	49.25M	89.17M	122.61M	115.16M	89.11M	56.11M
Net Debt	-576.86K	-2.21M	-8.54M	8.38M	29.25M	67.08M	109.91M	104M	72.88M	42.61M
Debt / Equity	0.07x	0.20x	0.13x	0.54x	0.90x	0.24x	0.42x	0.43x	0.34x	0.22x
Debt / EBITDA	0.47x	0.80x	0.49x	1.41x	3.63x	2.64x	3.62x	2.73x	2.02x	1.28x
Net Debt / EBITDA	-0.26x	-0.59x	-1.22x	0.68x	2.15x	1.98x	3.25x	2.46x	1.65x	0.97x
Interest Coverage	4.04x	14.55x	17.79x	5.29x	3.95x	-2.84x	-1.43x	-0.43x	-0.16x	-0.30x
Total Equity+	14.09M	14.87M	26.87M	31.86M	54.87M	375.99M	293.81M	266.12M	259.73M	254.19M
Equity Growth %	-0.03%	0.06%	0.81%	0.19%	0.72%	5.85%	-0.22%	-0.09%	-0.02%	-0.02%
Book Value per Share	3.04	3.01	4.61	4.13	5.29	12.88	9.33	8.04	7.83	7.59
Total Shareholders' Equity	14.09M	14.87M	26.87M	31.86M	54.87M	375.99M	293.81M	266.12M	259.73M	254.19M
Common Stock	12.75M	12.7M	22.68M	26.55M	47.42M	172.46M	203.03M	379.92M	380.99M	380.13M
Retained Earnings	-241.28K	375.25K	2.24M	3.41M	6.25M	6.53M	-104.25M	-133.28M	-141.94M	-146.94M
Treasury Stock	0	4.47M	0	8.05M	0	0	0	0	0	0
Accumulated OCI	-14.81K	31.56K	46.94K	-41.26K	-585K	-333K	839K	1.33M	626K	65K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	3.27M	3.97M	5.31M	8.73M	11.91M	21.06M	21.06M	26.49M	44.25M	41.79M
Operating CF Margin %	0.2%	0.19%	0.12%	0.1%	0.09%	0.09%	0.09%	0.1%	0.18%	0.18%
Operating CF Growth %	0.22%	0.22%	0.34%	0.64%	0.36%	0.77%	0%	0.26%	0.67%	-0.06%
Net Income	88.45K	615.27K	1.87M	1.17M	3.9M	-110.78M	-110.78M	-29.03M	-8.66M	-5.01M
Depreciation & Amortization	1.85M	2M	2.79M	5.13M	12.52M	39.35M	39.35M	45.14M	45.15M	45.04M
Stock-Based Compensation	138K	177.64K	132.4K	310.54K	401.98K	9.93M	9.93M	3.1M	2.98M	2.91M
Deferred Taxes	130.59K	300.16K	1.14M	1.02M	0	6.39M	6.39M	-2.93M	-840K	-1.33M
Other Non-Cash Items	39.58K	-36.74K	-62.13K	-518.69K	-5.52M	89.45M	89.45M	16.99M	1.73M	-1.75M
Working Capital Changes	1.02M	916.32K	-545.31K	1.62M	607.56K	-13.28M	-13.28M	-6.79M	3.88M	1.93M
Change in Receivables	819.54K	995.26K	894.5K	-1.85M	899.78K	-643K	-643K	-854K	3.87M	7.05M
Change in Inventory	68.53K	-514.6K	-420.21K	-706.26K	-931.23K	-5.19M	-5.19M	-544K	3.2M	3.65M
Change in Payables	193.23K	185.33K	-222.43K	2.4M	0	-3.23M	-3.23M	-4.49M	-2.63M	-4.58M
Cash from Investing+	-3.59M	-2.32M	-8.47M	-26.17M	-41.88M	-55.82M	-55.82M	-11.27M	-10.91M	-8.84M
Capital Expenditures	-2.15M	-1.83M	-1.47M	-1.87M	-631.34K	-1.87M	-1.87M	-4.02M	-4.13M	-2.39M
CapEx % of Revenue	0.13%	0.09%	0.03%	0.02%	0%	0.01%	0.01%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.44M	-153.44K	-142.04K	-416.85K	-1.96M	-3.24M	-3.24M	-7.25M	-6.78M	-6.45M
Cash from Financing+	0	1.97M	10M	14.5M	45.18M	25.37M	25.37M	-16.77M	-28.26M	-35.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	13.38K	300.51K	5.18M	22.3M	-889K	-889K	-8.29M	-2.1M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.12M	2.14M	3.84M	6.86M	11.28M	15.95M	15.95M	15.22M	33.33M	32.95M
FCF Margin %	0.07%	0.1%	0.09%	0.08%	0.09%	0.07%	0.07%	0.06%	0.13%	0.14%
FCF Growth %	0.63%	0.91%	0.79%	0.79%	0.65%	0.41%	0%	-0.05%	1.19%	-0.01%
FCF per Share	0.24	0.43	0.66	0.89	1.09	0.55	0.51	0.46	1.01	0.98
FCF Conversion (FCF/Net Income)	36.95x	6.46x	2.85x	7.45x	3.05x	-0.19x	-0.19x	-0.91x	-5.11x	-8.34x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	0.62%	4.25%	8.94%	3.99%	9%	-51.42%	-33.08%	-10.37%	-3.29%	-1.95%
Return on Invested Capital (ROIC)	1.89%	6.39%	16.16%	14.3%	8.84%	-1.57%	-0.98%	-0.57%	-0.23%	-0.3%
Gross Margin	67.98%	65.2%	53.88%	60.95%	64.61%	69.93%	69.93%	68.42%	69.89%	68.34%
Net Margin	0.54%	2.98%	4.28%	1.4%	2.97%	-49.38%	-49.38%	-11.49%	-3.5%	-2.12%
Debt / Equity	0.07x	0.20x	0.13x	0.54x	0.90x	0.24x	0.42x	0.43x	0.34x	0.22x
Interest Coverage	4.04x	14.55x	17.79x	5.29x	3.95x	-2.84x	-1.43x	-0.43x	-0.16x	-0.30x
FCF Conversion	36.95x	6.46x	2.85x	7.45x	3.05x	-0.19x	-0.19x	-0.91x	-5.11x	-8.34x
Revenue Growth	24.61%	26.17%	111.02%	91.5%	57.35%	70.72%	0%	12.56%	-2.08%	-4.28%

Revenue by Segment

	2022	2024	2025
Services	158.61M	202.14M	195.1M
Services Growth	-	27.44%	-3.48%
Products	65.74M	45.15M	41.59M
Products Growth	-	-31.33%	-7.87%

Revenue by Geography

	2022	2024	2025
UNITED STATES	-	-	224.1M
UNITED STATES Growth	-	-	-
USA	202.89M	-	-
USA Growth	-	-	-
All other countries	16.13M	-	-
All other countries Growth	-	-	-
Canada	5.33M	-	-
Canada Growth	-	-	-

Frequently Asked Questions

Growth & Financials

Sangoma Technologies Corporation (SANG) reported $236.4M in revenue for fiscal year 2025. This represents a 1647% increase from $13.5M in 2012.

Sangoma Technologies Corporation (SANG) saw revenue decline by 4.3% over the past year.

Sangoma Technologies Corporation (SANG) reported a net loss of $7.1M for fiscal year 2025.

Dividend & Returns

Sangoma Technologies Corporation (SANG) has a return on equity (ROE) of -1.9%. Negative ROE indicates the company is unprofitable.

Sangoma Technologies Corporation (SANG) generated $39.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Sangoma Technologies Corporation (SANG) 10-Year Financial Performance & Capital Metrics

SANG • • Industrial / General

TechnologyInfrastructure SoftwareCommunications & Network InfrastructureCommunications Platforms

Revenue $237M -4.3%
EBITDA $44M -0.7%
Net Income -$5M +42.1%
EPS (Diluted) -0.15 +42.3%
Gross Margin 68.34% -2.2%
EBITDA Margin 18.49% +3.7%
Operating Margin -0.54% -25.0%
Net Margin -2.12% +39.6%
ROE -1.95% +40.8%
ROIC -0.3% -33.6%
Debt/Equity 0.22 -35.7%
Interest Coverage -0.30 -86.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 12.5%
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y33.52%

5Y12.49%

3Y1.8%

TTM-0.76%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-2.5%

EPS CAGR

10Y-

5Y-

3Y-

TTM38.25%

ROCE

10Y Avg4.49%

5Y Avg-0.91%

3Y Avg-0.48%

Latest-0.4%

Peer Comparison

Communications Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZENVZenvia Inc.	25.58M	0.89	-0.30	18.83%	-10.99%	-16.25%	100%	0.17
TCXTucows Inc.	276.49M	24.90	-2.49	6.76%	-25.02%
SANGSangoma Technologies Corporation	163.04M	4.92	-32.80	-4.28%	-3%	-2.76%	20.21%	0.22
BANDBandwidth Inc.	387.04M	13.55	-56.46	24.52%	-1.54%	-2.97%	18.06%	1.61
FIVNFive9, Inc.	1.49B	18.99	-111.71	14.44%	2.77%	4.03%	5.29%	1.98

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	16.38M	20.67M	43.61M	83.52M	131.42M	224.35M	224.35M	252.53M	247.28M	236.69M
Revenue Growth %	0.25%	0.26%	1.11%	0.92%	0.57%	0.71%	0%	0.13%	-0.02%	-0.04%
Cost of Goods Sold+	5.24M	7.19M	20.11M	32.62M	46.51M	67.46M	67.46M	79.74M	74.46M	74.94M
COGS % of Revenue	0.32%	0.35%	0.46%	0.39%	0.35%	0.3%	0.3%	0.32%	0.3%	0.32%
Gross Profit+	11.14M	13.48M	23.5M	50.9M	84.91M	156.89M	156.89M	172.79M	172.82M	161.75M
Gross Margin %	0.68%	0.65%	0.54%	0.61%	0.65%	0.7%	0.7%	0.68%	0.7%	0.68%
Gross Profit Growth %	0.26%	0.21%	0.74%	1.17%	0.67%	0.85%	0%	0.1%	0%	-0.06%
Operating Expenses+	10.8M	12.36M	20.16M	45.33M	77.58M	162.41M	162.41M	175.74M	173.88M	163.02M
OpEx % of Revenue	0.66%	0.6%	0.46%	0.54%	0.59%	0.72%	0.72%	0.7%	0.7%	0.69%
Selling, General & Admin	7.23M	8.41M	14.26M	29.53M	50.81M	128.26M	128.26M	104.34M	101.03M	88.1M
SG&A % of Revenue	0.44%	0.41%	0.33%	0.35%	0.39%	0.57%	0.57%	0.41%	0.41%	0.37%
Research & Development	3.56M	3.95M	5.9M	15.8M	26.77M	34.16M	34.16M	37.47M	39.54M	42.15M
R&D % of Revenue	0.22%	0.19%	0.14%	0.19%	0.2%	0.15%	0.15%	0.15%	0.16%	0.18%
Other Operating Expenses	0	0	0	0	0	0	0	33.93M	33.31M	32.77M
Operating Income+	339.97K	1.12M	3.34M	5.58M	7.33M	-5.53M	-5.53M	-2.95M	-1.06M	-1.27M
Operating Margin %	0.02%	0.05%	0.08%	0.07%	0.06%	-0.02%	-0.02%	-0.01%	-0%	-0.01%
Operating Income Growth %	-0.36%	2.28%	1.99%	0.67%	0.31%	-1.75%	0%	0.47%	0.64%	-0.2%
EBITDA+	2.19M	3.72M	7M	12.32M	13.58M	33.83M	33.83M	42.2M	44.09M	43.77M
EBITDA Margin %	0.13%	0.18%	0.16%	0.15%	0.1%	0.15%	0.15%	0.17%	0.18%	0.18%
EBITDA Growth %	-0.08%	0.7%	0.88%	0.76%	0.1%	1.49%	0%	0.25%	0.04%	-0.01%
D&A (Non-Cash Add-back)	1.85M	2.6M	3.67M	6.73M	6.24M	39.35M	39.35M	45.14M	45.15M	45.04M
EBIT	303.11K	992.11K	3.19M	3.25M	10.19M	-100.52M	-100.52M	-25.19M	-2.83M	-2.09M
Net Interest Income+	-81.98K	-76.05K	-186.45K	-1.04M	-1.82M	-1.91M	-3.86M	-6.77M	-6.64M	-4.01M
Interest Income	2.08K	630	1.19K	10.48K	39.04K	38K	12K	41K	0	242K
Interest Expense	84.06K	76.68K	187.64K	1.05M	1.86M	1.95M	3.88M	6.81M	6.64M	4.25M
Other Income/Expense	-120.93K	-188.82K	699.88K	-1.95M	-2.26M	-98.86M	-98.86M	-29.01M	-8.44M	-5.07M
Pretax Income+	219.04K	915.43K	3M	2.19M	5.08M	-104.39M	-104.39M	-31.96M	-9.5M	-6.34M
Pretax Margin %	0.01%	0.04%	0.07%	0.03%	0.04%	-0.47%	-0.47%	-0.13%	-0.04%	-0.03%
Income Tax+	130.59K	300.16K	1.14M	1.02M	1.17M	6.39M	6.39M	-2.93M	-840K	-1.33M
Effective Tax Rate %	0.4%	0.67%	0.62%	0.53%	0.77%	1.06%	1.06%	0.91%	0.91%	0.79%
Net Income+	88.45K	615.27K	1.87M	1.17M	3.9M	-110.78M	-110.78M	-29.03M	-8.66M	-5.01M
Net Margin %	0.01%	0.03%	0.04%	0.01%	0.03%	-0.49%	-0.49%	-0.11%	-0.04%	-0.02%
Net Income Growth %	-0.57%	5.96%	2.03%	-0.37%	2.33%	-29.37%	0%	0.74%	0.7%	0.42%
Net Income (Continuing)	88.45K	615.27K	1.87M	1.17M	3.9M	-110.78M	-110.78M	-29.03M	-8.66M	-5.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.02	0.12	0.32	0.15	0.38	0.02	-3.46	-0.89	-0.26	-0.15
EPS Growth %	-0.52%	4.56%	1.67%	-0.53%	1.53%	-0.94%	-164.21%	0.74%	0.71%	0.42%
EPS (Basic)	0.02	0.13	0.32	0.16	0.38	0.02	-3.46	-0.89	-0.26	-0.15
Diluted Shares Outstanding	4.64M	4.94M	5.82M	7.72M	10.37M	29.18M	31.48M	33.12M	33.16M	33.5M
Basic Shares Outstanding	4.64M	4.65M	5.82M	7.28M	10.2M	28.94M	31.48M	33.12M	33.16M	33.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	8.51M	11.7M	24.01M	28.06M	39.74M	53.33M	61.01M	61.62M	57.11M	42.62M
Cash & Short-Term Investments	1.61M	5.2M	12M	8.93M	20M	22.09M	12.7M	11.16M	16.23M	13.49M
Cash Only	1.61M	5.2M	12M	8.93M	20M	22.09M	12.7M	11.16M	16.23M	13.49M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.55M	2.47M	5.49M	9.17M	8.72M	16.14M	25.17M	27.13M	21.52M	17.02M
Days Sales Outstanding	79.02	43.55	45.98	40.09	24.21	26.25	40.95	39.22	31.76	26.24
Inventory	3M	3.5M	5.11M	8.47M	9.28M	11.82M	17.43M	17.97M	14.77M	8.23M
Days Inventory Outstanding	209.11	177.39	92.8	94.74	72.81	63.92	94.28	82.26	72.39	40.07
Other Current Assets	448.94K	537.58K	1.41M	1.48M	1.75M	6.35M	5.01M	5.64M	4.59M	3.88M
Total Non-Current Assets+	9.08M	9.26M	15.19M	45.39M	89.21M	486.79M	437.52M	381.12M	343.54M	303.92M
Property, Plant & Equipment	461.52K	439.37K	653.66K	1.85M	14.07M	21.17M	27.25M	22.3M	18.56M	13.65M
Fixed Asset Turnover	35.49x	47.04x	66.72x	45.24x	9.34x	10.60x	8.23x	11.32x	13.32x	17.34x
Goodwill	1.27M	1.26M	3.93M	16.31M	32.3M	267.28M	210.01M	187.5M	187.5M	186.84M
Intangible Assets	6.17M	6.38M	9.95M	24.05M	38.64M	195.43M	194.23M	164.01M	131.94M	99.56M
Long-Term Investments	0	0	0	1	0	1.06M	3.31M	3.68M	0	0
Other Non-Current Assets	0	2	1	0	320K	-204.84K	-35.3K	422K	3.2M	2.16M
Total Assets+	17.59M	20.96M	39.2M	73.44M	128.95M	540.12M	498.53M	442.75M	400.64M	346.55M
Asset Turnover	0.93x	0.99x	1.11x	1.14x	1.02x	0.42x	0.45x	0.57x	0.62x	0.68x
Asset Growth %	-0.09%	0.19%	0.87%	0.87%	0.76%	3.19%	-0.08%	-0.11%	-0.1%	-0.14%
Total Current Liabilities+	3.5M	6.09M	9.47M	24.01M	36.48M	55.15M	78.41M	63.19M	60.1M	49.48M
Accounts Payable	1.88M	2.21M	6.02M	11.14M	10.41M	22.36M	28.57M	24.08M	21.45M	15.55M
Days Payables Outstanding	131.02	112.11	109.26	124.68	81.7	120.97	154.56	110.21	105.14	75.74
Short-Term Debt	1.04M	3.88M	818.33K	2.99M	12.4M	14.55M	17.7M	17.7M	19.88M	20.6M
Deferred Revenue (Current)	322.6K	605.49K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.11M	-802.64K	-808.39K	-1.77M	1.07M	757.21K	200K	237K	405K	172K
Current Ratio	2.43x	1.92x	2.54x	1.17x	1.09x	0.97x	0.78x	0.98x	0.95x	0.86x
Quick Ratio	1.57x	1.35x	2.00x	0.82x	0.84x	0.75x	0.56x	0.69x	0.70x	0.70x
Cash Conversion Cycle	157.1	108.83	29.52	10.15	15.32	-30.8	-19.34	11.26	-1	-9.43
Total Non-Current Liabilities+	0	0	2.86M	17.57M	37.6M	108.97M	126.32M	113.44M	80.81M	42.87M
Long-Term Debt	0	0	3.47M	14.33M	24.65M	60.41M	86.92M	83.13M	57.95M	27.3M
Capital Lease Obligations	0	0	-832.5K	0	10.03M	11.82M	14.4M	11.61M	8.56M	6.75M
Deferred Tax Liabilities	0	0	1	1	0	24.75M	16.66M	14.29M	9.89M	4.3M
Other Non-Current Liabilities	0	0	-832.5K	0	0	7.68M	4.85M	766K	1.33M	1.83M
Total Liabilities	3.5M	6.09M	12.33M	41.58M	74.08M	164.12M	204.72M	176.63M	140.91M	92.35M
Total Debt+	1.04M	2.99M	3.46M	17.31M	49.25M	89.17M	122.61M	115.16M	89.11M	56.11M
Net Debt	-576.86K	-2.21M	-8.54M	8.38M	29.25M	67.08M	109.91M	104M	72.88M	42.61M
Debt / Equity	0.07x	0.20x	0.13x	0.54x	0.90x	0.24x	0.42x	0.43x	0.34x	0.22x
Debt / EBITDA	0.47x	0.80x	0.49x	1.41x	3.63x	2.64x	3.62x	2.73x	2.02x	1.28x
Net Debt / EBITDA	-0.26x	-0.59x	-1.22x	0.68x	2.15x	1.98x	3.25x	2.46x	1.65x	0.97x
Interest Coverage	4.04x	14.55x	17.79x	5.29x	3.95x	-2.84x	-1.43x	-0.43x	-0.16x	-0.30x
Total Equity+	14.09M	14.87M	26.87M	31.86M	54.87M	375.99M	293.81M	266.12M	259.73M	254.19M
Equity Growth %	-0.03%	0.06%	0.81%	0.19%	0.72%	5.85%	-0.22%	-0.09%	-0.02%	-0.02%
Book Value per Share	3.04	3.01	4.61	4.13	5.29	12.88	9.33	8.04	7.83	7.59
Total Shareholders' Equity	14.09M	14.87M	26.87M	31.86M	54.87M	375.99M	293.81M	266.12M	259.73M	254.19M
Common Stock	12.75M	12.7M	22.68M	26.55M	47.42M	172.46M	203.03M	379.92M	380.99M	380.13M
Retained Earnings	-241.28K	375.25K	2.24M	3.41M	6.25M	6.53M	-104.25M	-133.28M	-141.94M	-146.94M
Treasury Stock	0	4.47M	0	8.05M	0	0	0	0	0	0
Accumulated OCI	-14.81K	31.56K	46.94K	-41.26K	-585K	-333K	839K	1.33M	626K	65K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	3.27M	3.97M	5.31M	8.73M	11.91M	21.06M	21.06M	26.49M	44.25M	41.79M
Operating CF Margin %	0.2%	0.19%	0.12%	0.1%	0.09%	0.09%	0.09%	0.1%	0.18%	0.18%
Operating CF Growth %	0.22%	0.22%	0.34%	0.64%	0.36%	0.77%	0%	0.26%	0.67%	-0.06%
Net Income	88.45K	615.27K	1.87M	1.17M	3.9M	-110.78M	-110.78M	-29.03M	-8.66M	-5.01M
Depreciation & Amortization	1.85M	2M	2.79M	5.13M	12.52M	39.35M	39.35M	45.14M	45.15M	45.04M
Stock-Based Compensation	138K	177.64K	132.4K	310.54K	401.98K	9.93M	9.93M	3.1M	2.98M	2.91M
Deferred Taxes	130.59K	300.16K	1.14M	1.02M	0	6.39M	6.39M	-2.93M	-840K	-1.33M
Other Non-Cash Items	39.58K	-36.74K	-62.13K	-518.69K	-5.52M	89.45M	89.45M	16.99M	1.73M	-1.75M
Working Capital Changes	1.02M	916.32K	-545.31K	1.62M	607.56K	-13.28M	-13.28M	-6.79M	3.88M	1.93M
Change in Receivables	819.54K	995.26K	894.5K	-1.85M	899.78K	-643K	-643K	-854K	3.87M	7.05M
Change in Inventory	68.53K	-514.6K	-420.21K	-706.26K	-931.23K	-5.19M	-5.19M	-544K	3.2M	3.65M
Change in Payables	193.23K	185.33K	-222.43K	2.4M	0	-3.23M	-3.23M	-4.49M	-2.63M	-4.58M
Cash from Investing+	-3.59M	-2.32M	-8.47M	-26.17M	-41.88M	-55.82M	-55.82M	-11.27M	-10.91M	-8.84M
Capital Expenditures	-2.15M	-1.83M	-1.47M	-1.87M	-631.34K	-1.87M	-1.87M	-4.02M	-4.13M	-2.39M
CapEx % of Revenue	0.13%	0.09%	0.03%	0.02%	0%	0.01%	0.01%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.44M	-153.44K	-142.04K	-416.85K	-1.96M	-3.24M	-3.24M	-7.25M	-6.78M	-6.45M
Cash from Financing+	0	1.97M	10M	14.5M	45.18M	25.37M	25.37M	-16.77M	-28.26M	-35.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	13.38K	300.51K	5.18M	22.3M	-889K	-889K	-8.29M	-2.1M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.12M	2.14M	3.84M	6.86M	11.28M	15.95M	15.95M	15.22M	33.33M	32.95M
FCF Margin %	0.07%	0.1%	0.09%	0.08%	0.09%	0.07%	0.07%	0.06%	0.13%	0.14%
FCF Growth %	0.63%	0.91%	0.79%	0.79%	0.65%	0.41%	0%	-0.05%	1.19%	-0.01%
FCF per Share	0.24	0.43	0.66	0.89	1.09	0.55	0.51	0.46	1.01	0.98
FCF Conversion (FCF/Net Income)	36.95x	6.46x	2.85x	7.45x	3.05x	-0.19x	-0.19x	-0.91x	-5.11x	-8.34x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	0.62%	4.25%	8.94%	3.99%	9%	-51.42%	-33.08%	-10.37%	-3.29%	-1.95%
Return on Invested Capital (ROIC)	1.89%	6.39%	16.16%	14.3%	8.84%	-1.57%	-0.98%	-0.57%	-0.23%	-0.3%
Gross Margin	67.98%	65.2%	53.88%	60.95%	64.61%	69.93%	69.93%	68.42%	69.89%	68.34%
Net Margin	0.54%	2.98%	4.28%	1.4%	2.97%	-49.38%	-49.38%	-11.49%	-3.5%	-2.12%
Debt / Equity	0.07x	0.20x	0.13x	0.54x	0.90x	0.24x	0.42x	0.43x	0.34x	0.22x
Interest Coverage	4.04x	14.55x	17.79x	5.29x	3.95x	-2.84x	-1.43x	-0.43x	-0.16x	-0.30x
FCF Conversion	36.95x	6.46x	2.85x	7.45x	3.05x	-0.19x	-0.19x	-0.91x	-5.11x	-8.34x
Revenue Growth	24.61%	26.17%	111.02%	91.5%	57.35%	70.72%	0%	12.56%	-2.08%	-4.28%

Revenue by Segment

	2022	2024	2025
Services	158.61M	202.14M	195.1M
Services Growth	-	27.44%	-3.48%
Products	65.74M	45.15M	41.59M
Products Growth	-	-31.33%	-7.87%

Revenue by Geography

	2022	2024	2025
UNITED STATES	-	-	224.1M
UNITED STATES Growth	-	-	-
USA	202.89M	-	-
USA Growth	-	-	-
All other countries	16.13M	-	-
All other countries Growth	-	-	-
Canada	5.33M	-	-
Canada Growth	-	-	-

Frequently Asked Questions

Growth & Financials

Sangoma Technologies Corporation (SANG) reported $236.4M in revenue for fiscal year 2025. This represents a 1647% increase from $13.5M in 2012.

Sangoma Technologies Corporation (SANG) saw revenue decline by 4.3% over the past year.

Sangoma Technologies Corporation (SANG) reported a net loss of $7.1M for fiscal year 2025.

Dividend & Returns

Sangoma Technologies Corporation (SANG) has a return on equity (ROE) of -1.9%. Negative ROE indicates the company is unprofitable.

Sangoma Technologies Corporation (SANG) generated $39.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.