Sleep Number Corp. (SNBR) intrinsic value & 10-year financials
Sleep Number Corp. (SNBR) has a Graham intrinsic value of $17.92 per share. Over the last 10 fiscal years revenue grew 2.2% a year to $1.4B, with an average return on invested capital of 51.9%.
- Graham intrinsic value
- $17.92
- Revenue (FY2026)
- $1.4B
- Revenue growth (10-yr CAGR)
- 2.2%
- ROIC (10-yr avg)
- 51.9%
- Free cash flow (FY2026)
- -$17.7M
SNBR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.4B | -$132.0M | -$5.77 | -$17.7M | -3.3% | 20.6% |
| FY2024 | $1.7B | -$20.3M | -$0.90 | $3.6M | 1.4% | -15.2% |
| FY2023 | $1.9B | -$15.3M | -$0.68 | -$66.1M | 1.2% | -20.2% |
| FY2022 | $2.1B | $36.6M | $1.60 | -$33.3M | 3.2% | -360.1% |
| FY2021 | $1.9B | $139.2M | $4.90 | $242.6M | 10.0% | 152.4% |
| FY2019 | $1.7B | $81.8M | $2.70 | $129.9M | 6.6% | 704.8% |
| FY2018 | $1.5B | $69.5M | $1.92 | $86.0M | 6.0% | -66.8% |
| FY2017 | $1.4B | $65.1M | $1.55 | $112.8M | 6.4% | 52.7% |
| FY2016 | $1.3B | $51.4M | $1.10 | $93.8M | 5.8% | 24.9% |
| FY2015 | $1.2B | $68.0M | $1.25 | $67.9M | 8.8% | 26.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Sleep Number Corp has demonstrated mature, steady growth, with revenue compounding at 2.2% annually over the past decade.
Sleep Number Corp has historically struggled to out-earn its cost of capital, averaging just 2.7% ROIC.
Over the decade, Sleep Number Corp shows that management has aggressively returned capital to shareholders by retiring 57.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Sleep Number Corp is modeled at 2.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.92 per share.