Detailed financial statements for Sangoma Technologies Corporation (SANG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Sangoma Technologies Corporation is a global company that designs, produces, distributes, and maintains voice and data connectivity solutions crucial for software-based communication platforms. Their extensive product range encompasses business telephony systems like Switchvox and PBXact, along with a variety of IP handsets. They also provide gateways for service providers and Voice over IP (VoIP) networks.
Analysis Summary
Sangoma Technologies Corporation reported revenue of $322.5M in the most recent fiscal year, growing at a 5-year CAGR of 27.4%.
Trailing-twelve-month margins: gross margin 66.1%, operating margin -2.5%, net margin -3.7%. Free cash flow grew at 23.9% CAGR over 5 years.
At the current price of $3.61, SANG has negative trailing earnings (P/E not meaningful) and an ROE of -3.18%. Market capitalisation stands at $120M.
Balance sheet quality for SANG: current ratio of 0.9, net debt of $42.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $16.4M | $20.7M | $43.6M | $83.5M | $96.2M | $224.4M | $288.9M | $334.5M | $338.2M | $322.5M |
| Cost of Revenue | $5.2M | $7.2M | $20.1M | $32.6M | $34.1M | $67.5M | $86.9M | $105.6M | $101.8M | $102.1M |
| Gross Profit | $11.1M | $13.5M | $23.5M | $50.9M | $62.2M | $156.9M | $202.0M | $228.9M | $236.4M | $220.4M |
| Research & Development | $3.6M | $4.0M | $5.9M | $15.8M | $17.5M | $34.2M | $44.0M | $49.6M | $54.1M | $57.4M |
| Selling, General & Admin | $7.2M | $8.4M | $14.3M | $29.5M | $37.2M | $128.3M | $165.1M | $138.2M | $138.2M | $120.0M |
| Operating Expenses | $10.8M | $12.4M | $20.2M | $45.3M | $54.7M | $162.4M | $209.1M | $232.8M | $237.8M | $222.1M |
| Operating Income | $339972 | $1.1M | $3.3M | $5.6M | $7.5M | -$5.5M | -$7.1M | -$3.9M | -$1.5M | -$1.7M |
| EBITDA | $2.2M | $3.0M | $6.0M | $8.4M | $14.7M | -$61.2M | -$78.8M | $26.4M | $57.9M | $58.5M |
| Interest Expense | $84064 | $76676 | $187639 | $1.1M | $1.9M | $5.0M | $5.0M | $9.0M | $9.1M | $5.8M |
| Pre-tax Income | $219041 | $915431 | $3.0M | $2.2M | $3.7M | -$104.4M | -$134.4M | -$42.3M | -$13.0M | -$8.6M |
| Income Tax | $130593 | $300162 | $1.1M | $1.0M | $857919 | $6.4M | $8.2M | -$3.9M | -$1.1M | -$1.8M |
| Net Income | $88448 | $615269 | $1.9M | $1.2M | $2.9M | -$110.8M | -$142.6M | -$38.5M | -$11.8M | -$6.8M |
| EPS | $0.02 | $0.17 | $0.46 | $0.21 | $0.38 | $-3.83 | $-4.45 | $-1.17 | $-0.35 | $-0.21 |
| EPS (Diluted) | $0.02 | $0.16 | $0.32 | $0.20 | $0.37 | $-3.80 | $-4.45 | $-1.17 | $-0.35 | $-0.21 |
| Shares Outstanding (Diluted) | $4.6M | $4.9M | $5.8M | $7.7M | $10.4M | $29.2M | $31.5M | $33.1M | $33.2M | $33.5M |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Revenue | $80.9M | $70.9M | $70.6M | $51.0M |
| Gross Profit | $54.6M | $51.3M | $52.5M | $36.4M |
| Operating Income | $1.3M | -$2.3M | -$2.4M | -$2.1M |
| EBITDA | $15.6M | $12.4M | $12.4M | $8.1M |
| Net Income | $284747 | -$3.3M | -$2.7M | -$2.3M |
| EPS | $0.01 | $-0.10 | $-0.08 | $-0.07 |
| EPS (Diluted) | $0.01 | $-0.10 | $-0.08 | $-0.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.6M | $5.2M | $12.0M | $8.9M | $20.0M | $22.1M | $12.7M | $11.2M | $16.2M | $13.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.5M | $3.0M | $5.5M | $9.2M | $8.7M | $16.1M | $25.2M | $27.1M | $21.5M | $17.0M |
| Inventory | $3.0M | $3.5M | $5.1M | $8.5M | $9.3M | $11.8M | $17.4M | $18.0M | $14.8M | $8.2M |
| Total Current Assets | $8.5M | $11.7M | $24.0M | $28.1M | $39.7M | $53.3M | $61.0M | $61.6M | $57.1M | $42.6M |
| Property, Plant & Equipment | $461518 | $439368 | $653657 | $1.8M | $14.1M | $21.2M | $27.2M | $22.3M | $18.6M | $13.6M |
| Goodwill | $1.3M | $1.3M | $3.9M | $16.3M | $32.3M | $267.3M | $210.0M | $187.5M | $187.5M | $186.8M |
| Intangible Assets | $6.2M | $6.4M | $10.0M | $24.1M | $38.6M | $195.4M | $194.2M | $164.0M | $131.9M | $99.6M |
| Total Assets | $17.6M | $21.0M | $39.2M | $73.4M | $129.0M | $540.1M | $498.5M | $442.7M | $400.6M | $346.5M |
| Accounts Payable | $2.4M | $2.9M | $7.4M | $14.6M | $10.4M | $22.4M | $28.6M | $24.1M | $21.4M | $15.6M |
| Short-term Debt | $1.3M | $3.9M | $818333 | $3.0M | $12.4M | $14.6M | $17.7M | $17.7M | $19.9M | $20.6M |
| Total Current Liabilities | $4.5M | $6.1M | $9.5M | $24.0M | $36.5M | $55.1M | $78.4M | $63.2M | $60.1M | $49.5M |
| Long-term Debt | 0 | 0 | $3.5M | $14.3M | $24.6M | $60.4M | $86.9M | $83.1M | $58.0M | $27.3M |
| Total Liabilities | $3.5M | $6.1M | $12.3M | $41.6M | $74.1M | $164.1M | $204.7M | $176.6M | $140.9M | $92.3M |
| Retained Earnings | -$312166 | $488029 | $2.2M | $3.4M | $6.2M | $6.5M | -$104.2M | -$133.3M | -$141.9M | -$146.9M |
| Total Equity | $18.2M | $19.3M | $35.3M | $31.9M | $54.9M | $376.0M | $293.8M | $266.1M | $259.7M | $254.2M |
| Total Debt | $1.0M | $3.9M | $3.5M | $17.3M | $49.2M | $89.2M | $122.6M | $115.2M | $89.1M | $56.1M |
| Net Debt | -$576860 | -$1.3M | -$8.5M | $8.4M | $29.3M | $67.1M | $109.9M | $104.0M | $72.9M | $42.6M |
| Working Capital | $4.0M | $5.6M | $14.5M | $4.1M | $3.3M | -$1.8M | -$17.4M | -$1.6M | -$3.0M | -$6.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Cash & Equivalents | $17.1M | $17.1M | $17.1M | $15.2M |
| Total Assets | $373.7M | $373.7M | $325.4M | $318.5M |
| Total Liabilities | $116.4M | $116.4M | $75.4M | $69.2M |
| Total Equity | $257.3M | $257.3M | $250.0M | $249.2M |
| Total Debt | $70.3M | $70.3M | $45.2M | $39.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $88448 | $615269 | $1.9M | $1.2M | $3.9M | -$110.8M | -$110.8M | -$29.0M | -$8.7M | -$5.0M |
| Depreciation & Amortization | $1.8M | $2.0M | $2.8M | $5.1M | $12.5M | $39.4M | $39.4M | $45.1M | $45.2M | $45.0M |
| Stock-based Compensation | $137998 | $177641 | $132403 | $310539 | $401977 | $9.9M | $9.9M | $3.1M | $3.0M | $2.9M |
| Change in Working Capital | $1.0M | $916316 | -$545314 | $1.6M | $607562 | -$13.3M | -$13.3M | -$6.8M | $3.9M | $1.9M |
| Operating Cash Flow | $3.3M | $4.0M | $5.3M | $8.7M | $11.9M | $21.1M | $21.1M | $26.5M | $44.2M | $41.8M |
| Capital Expenditure | -$2.1M | -$1.8M | -$1.5M | -$1.9M | -$631338 | -$5.1M | -$5.1M | -$11.3M | -$10.9M | -$8.8M |
| Acquisitions | 0 | -$337410 | -$6.9M | -$23.9M | -$39.3M | -$50.7M | -$50.7M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$605000 | 0 | -$2.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.1M | $2.1M | $3.8M | $6.9M | $11.3M | $16.0M | $16.0M | $15.2M | $33.3M | $32.9M |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Operating Cash Flow | $11.9M | $11.9M | $14.1M | $5.9M |
| Capital Expenditure | -$2.1M | -$2.1M | -$586398 | -$891500 |
| Free Cash Flow | $9.8M | $9.8M | $13.5M | $5.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.0M | $1.0M | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +26.2% | +111.0% | +91.5% | +15.2% | +133.2% | +28.8% | +15.8% | +1.1% | -4.6% |
| Net Income Growth (YoY) | | +595.6% | +203.2% | -37.2% | +144.0% | -3975.0% | -28.8% | +73.0% | +69.2% | +42.4% |
| EPS Growth (YoY) | | +588.3% | +170.6% | -54.3% | +81.0% | -1107.9% | -16.2% | +73.7% | +70.1% | +40.0% |
| Shares Change (YoY) | | +6.5% | +17.9% | +32.5% | +34.4% | +181.4% | +7.9% | +5.2% | +0.4% | +0.7% |
| FCF Growth (YoY) | | +91.3% | +79.1% | +78.5% | +64.5% | +41.4% | +0.0% | -4.6% | +119.0% | -1.2% |
| Gross Margin | 68.0% | 65.2% | 53.9% | 60.9% | 64.6% | 69.9% | 69.9% | 68.4% | 69.9% | 68.3% |
| Operating Margin | 2.1% | 5.3% | 7.7% | 6.7% | 7.8% | -2.5% | -2.5% | -1.2% | -0.4% | -0.5% |
| EBITDA Margin | 13.1% | 14.5% | 13.7% | 10.0% | 15.3% | -27.3% | -27.3% | 7.9% | 17.1% | 18.1% |
| Net Margin | 0.5% | 3.0% | 4.3% | 1.4% | 3.0% | -49.4% | -49.4% | -11.5% | -3.5% | -2.1% |
| FCF Margin | 6.8% | 10.4% | 8.8% | 8.2% | 11.7% | 7.1% | 5.5% | 4.5% | 9.9% | 10.2% |
| Effective Tax Rate | 59.6% | 32.8% | 37.9% | 46.6% | 23.1% | -6.1% | -6.1% | 9.2% | 8.8% | 21.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.24 | $0.43 | $0.66 | $0.89 | $1.09 | $0.55 | $0.51 | $0.46 | $1.00 | $0.98 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $4.6M | $4.6M | $5.4M | $7.3M | $10.2M | $28.9M | $31.5M | $33.1M | $33.2M | $33.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -3.18% |
| Return on Invested Capital | -1.56% |
| Return on Assets | -2.54% |
| Gross Margin | 66.15% |
| Operating Margin | -2.46% |
| Net Margin | -3.66% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 0.90 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 73.25 | 33.24 | 17.41 | 52.36 | 42.01 | -5.81 | -1.89 | -3.16 | -13.83 | -28.81 |
| P/B | 0.46 | 1.36 | 1.22 | 2.51 | 2.97 | 1.71 | 0.90 | 0.46 | 0.62 | 0.80 |
| P/S | 0.51 | 1.27 | 0.99 | 0.96 | 1.69 | 2.87 | 0.92 | 0.37 | 0.48 | 0.63 |
| Gross Margin | 68.0% | 65.2% | 53.9% | 60.9% | 64.6% | 69.9% | 69.9% | 68.4% | 69.9% | 68.3% |
| Operating Margin | 2.1% | 5.3% | 7.7% | 6.7% | 7.8% | -2.5% | -2.5% | -1.2% | -0.4% | -0.5% |
| Net Margin | 0.5% | 3.0% | 4.3% | 1.4% | 3.0% | -49.4% | -49.4% | -11.5% | -3.5% | -2.1% |