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SLEEP NUMBER CORPORATION

SNBRQ · Materials · FY2025 filings · Shallow moat ·

Price verdict withheld — value if growth stopped today unreliable

Shallow moat
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The five investor questions

5

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $2.2B to $1.4B, decreasing; diluted EPS 6.16 to -5.77, decreasing.

100

Median gross margin 60.5% over 10y, very stable.

96

Median ROIC 55.9%, above the 12% hurdle in 88% of years.

0

Net debt/EBITDA 65.1x, interest coverage -1x.

64

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
$22.5M
$10.94
$10.94
Unavailable — no recent price
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. SNBRQ revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

SLEEP NUMBER CORPORATION booked $1.4B of revenue in FY2025 in the Materials sector and kept 59.0% of it as gross profit — a high-margin business by that measure. After every other cost, −9.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $544M (FY2009) to $1.4B (FY2025) — about 6.1% a year compounded over 16 years.

It earned −458.3% on invested capital in the latest filed year, FY2025. Across the full 14-year measurable filed record, median ROIC was 54.8%. Over the v3 recent window (8 measurable filed years), median ROIC was 55.9%. The Returns on Capital filter above scores it 96/100.

The balance sheet carried $588M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Balance-Sheet Safety the weakest (0/100), which is how SNBRQ lands at 53/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from SNBRQ’s SEC filings

Sales, as filed$1.4B FY2025
$0$1B$2B2008201420202025
Revenue kept after cost of goods59.0% FY2025
0%25%50%2008201420202025
Standard ROIC or separately labeled Operating ROICROIC −458.3% FY2025

Not meaningful FY2021: invested capital is negative (cash exceeds debt + equity)

0%1000%2008201420202025
Cash an owner could take out−$90.8M FY2025
−$100M$0$100M2008201420202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How SLEEP NUMBER CORPORATION makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$1.4B · 100%Cost of revenue$578M · 41%Gross profit$833M · 59%Operating income−$46.6M · −3%Income before tax−$96M · −7%Income tax$36M · 3%Net income−$132M · −9%As of 2026-01-03 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$1.4B100%
Cost of revenue$578M41%
$833M59%
−$46.6M−3%
Income before tax−$96M−7%
Income tax$36M3%
−$132M−9%
Source: · event Jan 3, 2026 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What SLEEP NUMBER CORPORATION owns — and owes

SLEEP NUMBER CORPORATION's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$680M100%
Cash and equivalents$1.7M0%
$588M86%
Stockholders’ equity−$578M−85%
Source: · event Jan 3, 2026 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives SLEEP NUMBER CORPORATION’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity26%Tax burden137%net income ÷ pretax incomeInterest burden206%pretax ÷ operating incomeOperating margin−3%operating income ÷ revenueAsset turnover1.83×revenue ÷ average assetsEquity multiplier-1.50×average assets ÷ average equityAs of 2026-01-03 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$132MFY2025
Income before tax−$96MFY2025
Operating income−$46.6MFY2025
$1.4BFY2025
Ending assets$680MFY2025
Beginning assets$861MFY2024
−$578MFY2025
−$452MFY2024
Source:
  • SEC filingFiling detailsAccession 0000827187-26-000014
· event Jan 3, 2026 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where SLEEP NUMBER CORPORATION's cash went

SLEEP NUMBER CORPORATION’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$3.3M−100%
Depreciation and amortization$55.6M1694%
Source: · event Jan 3, 2026 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding SLEEP NUMBER CORPORATION

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What SLEEP NUMBER CORPORATION insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

15 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale52.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for SNBRQ.

Materials context

#84 of 309 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #82LPX LOUISIANA-PACIFIC CORPORATION53.3Shallow moat
  2. #83XAGE LONGEVITY HEALTH HOLDINGS, INC.53.0Shallow moat
  3. #85ESI Element Solutions Inc52.8Shallow moat
  4. #86LEGH Legacy Housing Corporation52.3Shallow moat

Compare SNBRQ with its nearest peers →All Materials companies on the Index →

Common questions about SNBRQ

Does SLEEP NUMBER CORPORATION have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores SLEEP NUMBER CORPORATION (SNBRQ) 52.9 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 5, pricing power 100, returns on capital 96, balance-sheet safety 0, capital allocation 64.
How has SNBRQ's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 52.9 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SNBRQ. See the disclaimer.