Latest Ratios: P/E Ratio -0.0x · EV/EBITDA 15.8x · ROE N/A. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3M | $197M | $344M | $333M | $594M | $1.9B | $2.3B | $1.5B | $1.1B | $1.6B | $1.1B |
| Enterprise Value | $944M | $1.1B | $1.3B | $1.3B | $1.5B | $2.7B | $2.9B | $2.1B | $1.3B | $1.6B | $1.1B |
| P/E Ratio → | -0.02 | — | — | — | 16.24 | 12.44 | 16.71 | 18.24 | 16.53 | 24.25 | 20.56 |
| P/S Ratio | 0.00 | 0.14 | 0.20 | 0.18 | 0.28 | 0.87 | 1.25 | 0.88 | 0.75 | 1.10 | 0.81 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | 17.74 | 6.62 |
| P/FCF | — | — | 94.43 | — | — | 8.20 | 9.67 | 11.50 | 13.34 | 14.03 | 11.31 |
| P/OCF | — | — | 12.66 | — | 16.43 | 6.37 | 8.32 | 7.90 | 8.72 | 9.17 | 7.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.81 | 0.76 | 0.69 | 0.70 | 1.24 | 1.57 | 1.23 | 0.88 | 1.11 | 0.82 |
| EV / EBITDA | 15.80 | 19.05 | 14.32 | 13.66 | 11.00 | 10.63 | 11.82 | 11.97 | 8.71 | 10.46 | 8.02 |
| EV / EBIT | 229.90 | — | 55.86 | 56.78 | 21.92 | 13.95 | 15.75 | 18.57 | 14.56 | 17.44 | 14.01 |
| EV / FCF | — | — | 351.20 | — | — | 11.58 | 12.10 | 16.02 | 15.64 | 14.21 | 11.45 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.0% | 59.0% | 59.6% | 57.7% | 56.9% | 60.4% | 62.3% | 61.9% | 60.6% | 62.1% | 61.8% |
| Operating Margin | 0.3% | 0.3% | 1.4% | 1.2% | 3.2% | 8.9% | 10.0% | 6.6% | 6.0% | 6.4% | 5.8% |
| Net Profit Margin | -9.3% | -9.3% | -1.2% | -0.8% | 1.7% | 7.0% | 7.5% | 4.8% | 4.5% | 4.5% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | 52.2% | 26.9% |
| ROA | -17.1% | -17.1% | -2.2% | -1.6% | 3.9% | 17.9% | 17.3% | 12.8% | 14.8% | 14.0% | 10.6% |
| ROIC | 0.7% | 0.7% | 3.4% | 3.5% | 12.4% | 40.1% | 35.2% | 32.6% | 69.9% | 48.7% | 29.5% |
| ROCE | — | — | — | 117.9% | 368.1% | 246.6% | 104.0% | 116.3% | 125.8% | 46.3% | 29.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | 0.27 | 0.15 |
| Debt / EBITDA | 15.78 | 15.78 | 10.49 | 10.20 | 6.62 | 3.12 | 2.39 | 3.38 | 1.29 | 0.16 | 0.18 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | 0.23 | 0.08 |
| Net Debt / EBITDA | 15.76 | 15.76 | 10.47 | 10.18 | 6.61 | 3.11 | 2.37 | 3.37 | 1.28 | 0.14 | 0.10 |
| Debt / FCF | — | — | 256.78 | — | — | 3.38 | 2.43 | 4.52 | 2.30 | 0.18 | 0.14 |
| Interest Coverage | -0.94 | -0.94 | 0.47 | 0.54 | 3.58 | 30.99 | 20.72 | 9.67 | 15.64 | 94.27 | 94.51 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.16 | 0.16 | 0.20 | 0.22 | 0.21 | 0.23 | 0.28 | 0.27 | 0.31 | 0.50 | 0.61 |
| Quick Ratio | 0.07 | 0.07 | 0.09 | 0.10 | 0.09 | 0.11 | 0.15 | 0.12 | 0.14 | 0.22 | 0.28 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.01 | 0.05 |
| Asset Turnover | — | 2.08 | 1.95 | 1.98 | 2.22 | 2.38 | 2.32 | 2.11 | 3.26 | 3.06 | 2.87 |
| Inventory Turnover | 7.03 | 7.03 | 6.59 | 6.92 | 8.00 | 8.20 | 8.61 | 7.42 | 7.11 | 6.49 | 6.68 |
| Days Sales Outstanding | — | 4.01 | 3.80 | 5.19 | 4.49 | 4.30 | 6.27 | 4.29 | 5.91 | 4.88 | 5.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 6.2% | 8.0% | 6.0% | 5.5% | 6.1% | 4.1% | 4.9% |
| FCF Yield | — | — | 1.1% | — | — | 12.2% | 10.3% | 8.7% | 7.5% | 7.1% | 8.8% |
| Buyback Yield | 41.4% | 0.6% | 0.2% | 1.1% | 10.8% | 20.0% | 10.1% | 11.0% | 23.7% | 9.8% | 11.9% |
| Total Shareholder Yield | 41.4% | 0.6% | 0.2% | 1.1% | 10.8% | 20.0% | 10.1% | 11.0% | 23.7% | 9.8% | 11.9% |
| Shares Outstanding | — | $23M | $23M | $22M | $23M | $25M | $28M | $30M | $36M | $42M | $47M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SNBR stock.
Sleep Number Corp's current P/E ratio is -0.0x. The historical average is 24.3x.
Sleep Number Corp's current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Based on historical data, Sleep Number Corp is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.
Sleep Number Corp has 59.0% gross margin and 0.3% operating margin.
Sleep Number Corp's Debt/EBITDA ratio is 15.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Severe liquidity and solvency
Metrics are mathematically derived from official filings.
Complexity Discount Reflects Operational Risk
According to current market data, Sleep Number’s negative TTM P/E ratio and 16.47x EV/EBITDA multiple suggest that investors are applying a significant complexity discount compared to peers like The Lovesac Company, reflecting deep skepticism regarding the firm's ability to return to profitable growth in the near term.
The valuation multiples appear to be heavily distorted by the company's recent shift into negative earnings territory, rendering traditional P/E analysis largely irrelevant. The forward EV/EBITDA multiple of 8.29x implies a market expectation of a rapid operational turnaround that may not be supported by the current trajectory of revenue contraction.
Capital Efficiency Decay Under Pressure
As reported in financial statements, the company's ROIC has deteriorated from positive territory in early 2024 to -3.3% in 2026Q1, signaling that the firm is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants significant investor concern.
The collapse in ROIC is primarily driven by the inability to maintain operating margins amidst a shrinking revenue base. This trend suggests that the company's high-fixed-cost retail model is currently destroying shareholder value rather than compounding it, as the efficiency of the asset base continues to decline.
Working Capital Management Under Stress
Based on the provided quarterly data, the cash conversion cycle has shifted into negative territory, reaching -18 days in 2026Q1, which appears to be a byproduct of aggressive payables management rather than an improvement in underlying operational efficiency or inventory turnover velocity.
While a negative CCC is often viewed as a sign of strength, in this context, it likely indicates that the company is stretching its supplier payment terms to preserve cash. Investors should monitor whether this reliance on DPO expansion is sustainable or if it risks damaging critical supplier relationships.
Liquidity Buffer Nearing Critical Threshold
According to the latest quarterly filings, the current ratio has plummeted to 0.15, indicating that the company possesses an extremely thin liquidity cushion that leaves it highly vulnerable to even minor disruptions in consumer demand or credit availability within the US retail market.
The quick ratio of 0.07 further highlights the company's heavy dependence on inventory liquidation to meet short-term obligations. This liquidity position suggests that the firm may face significant challenges in servicing its debt or funding ongoing operations without access to external financing.
Misapplied Focus on Gross Margin
Market participants often overemphasize Sleep Number's 58.7% gross margin as a sign of brand strength, yet this metric obscures the reality that the company's high-fixed-cost retail structure requires significantly higher volume to achieve operating breakeven, rendering the gross margin a misleading indicator of true earning power.
Analysts should instead focus on the contribution margin per store or the operating margin, which better reflect the company's ability to scale its retail footprint. Relying on gross margin alone ignores the substantial SG&A burden that currently consumes the entirety of the company's gross profit.