Sangoma Technologies Corp

SANG

Sangoma Technologies Corporation, together with its subsidiaries, develops, manufactures, distributes, and supports voice and data connectivity components for software-based communication applications in the United States of America and internationally.

About the company

Country: CanadaPrice: $4.77Market Cap: $159.9M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

$15.58

+226.5% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

SANG undervalued: all 2 models price fair value above $4.77 (median $15.58)

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #2064 (Top 66.6%)	NEUTRAL	FAIL	PASS	NEUTRAL	FAIL	FAIL	PASS	FAIL	PASS	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A		N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	+75.0%	N/A	N/A	N/A	+60.4%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-09-17 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-09-17 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 2▾
SANG undervalued: all 2 models price fair value above $4.77 (median $15.58)
Munger fair value$19.10
✓Munger+75.0% margin vs $4.77
Ackman fair value$12.05
✓Ackman+60.4% margin vs $4.77
Cash Flow80% pass✓ 10✗ 2▾
8 of 10 pass — Buffett and Lynch object
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$39.4M
✗LynchPositive and growing
Operating Cash Flow$41.8M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=12.06%, ROA=-1.45%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)3.8x
✓Dreman< 8x
P/E or FCF YieldFCF Yield=24.6%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive5/5 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap24.8%
✓Ackman>= 4%
Price / FCF per Share4.0x
✓Ackman<= 25
Positive Operating Cash Flow frequency5/5 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$39.4M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+24.64%; #226/4519 (top 5.0%)
✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -44.3% vs Rev: -4.3%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.01 (2020) -> $-0.15 (2024)
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency1/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-2.1%
✗Ackman>= 5%
Positive EPS Growth Frequency3/4 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.86
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-34.9%
✗Greenblatt> 25%
Current Ratio Change YoY0.95 -> 0.86
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.62x -> 0.68x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities0.86
✗Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2022: ROIC=unavailable; FY2023: ROIC=unavailable; FY2024: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Profitability6% pass✓ 4✗ 31▾
15 of 16 flag SANG's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)1/6 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Net Income Positive (10+ years)1/6 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-10.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-2.0%
✗Lynch> 15%
EBIT / Enterprise Value-1.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.2%, ROC=-34.9%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-1.45%
✗PiotroskiROA > 0
ROA Change YoY-2.16% -> -1.45% (delta: +0.72%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=12.06%, ROA=-1.45%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY69.9% -> 68.3%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-2.7%
✗Dreman>= 8%
Net Income / Shareholders' Equity-2.0%
✗Dreman> 12%
Margin of SafetyP/B=0.6x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-5.4% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency1/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-2.0%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-3.13%; #3685/6340 (top 58.1%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+46.67%; #748/3702 (top 20.2%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity-1.97%; #3050/5226 (top 58.4%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0839; #3267/5884 (top 55.5%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years1/5 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation15% pass✓ 10✗ 18▾
11 of 13 flag SANG's valuation — Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.6x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-1.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.2%, ROC=-34.9%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)3.8x
✓Dreman< 8x
Price / Book Value per Share0.6x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=24.6%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.6x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share4.0x
✓Ackman<= 25
Price vs. Trailing Low127% of trailing low ($3.75)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-3.13%; #3685/6340 (top 58.1%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+1.5896; #849/6449 (top 13.2%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+1.4801; #1350/5247 (top 25.7%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+24.64%; #226/4519 (top 5.0%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+27.20%; #1098/6202 (top 17.7%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts21% pass✓ 3✗ 11▾
Split decision: 10 FAIL · 3 NEUTRAL · 3 PASS
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2064•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #953/2370 (Top 40.2%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Debt & Leverage42% pass✓ 8✗ 7▾
7 of 12 flag SANG's debt & leverage — Graham, Buffett, Lynch +4 more
LT Debt vs Net Current AssetsLT Debt $27.3M vs NCA $-6.9M
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.19, IC: -0.6x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.19
✓Lynch< 0.33
Cash - Long-term Debt$-13.8M
✗LynchPositive preferred
LT Debt / Total Assets Change14.46% -> 7.88%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.86
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.19
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.19
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-0.6x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.19
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.1884; #1642/4210 (top 39.0%)
✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services

Size: Micro Cap($159.9M)

Revenue: $236.7M-4.3% YoY

Net Income: $5.0M+42.1% YoY

Financial Snapshot

Operating Margin--

Return on Equity-2.0%

Debt / Equity0.19

Current Ratio0.86

EPS (Diluted)$-0.15

Buybacks (1y)$2.8M

Buybacks (2y)$2.8M

Shares Retired0.2% / −0.7% 2y

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Shareholder Return

Fiscal 2024

Retired 0.2% of shares last year, 0.7% issued over two.

Buybacks: $2.8M
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2024 Sources 40-F · 2025-09-17	FY 2023 Sources 40-F · 2024-09-18	FY 2022 Sources 40-F · 2023-09-27	FY 2021 Sources 40-F · 2022-09-27	FY 2020 Sources 40-F · 2022-09-27
Market Cap	$159.9Mcurrent	$95.7Mest.	$151.0Mest.	$311.9Mest.	$404.8Mest.
Revenue	$236.7M↓4%	$247.3M↓2%	$252.5M↑13%	$224.4M↑71%	$131.4M
Operating Income	--	--	--	--	--
Net Income	-$5.0M↑42%	-$8.7M↑70%	-$29.0M↑74%	-$110.8M↓39384%	$282.0K
EPS (Diluted)	$-0.15↑42%	$-0.26↑70%	$-0.88↑75%	$-3.52↓35300%	$0.01
Gross Margin	68.3%↓2%	69.9%↑2%	68.4%↓2%	69.9%↑3%	68.1%
Operating Margin	—	—	—	—	—
ROE	-2.0%↑41%	-3.3%↑69%	-10.9%↑71%	-37.7%↓50394%	0.1%
Total Debt	$47.9M↓38%	$77.8M↓23%	$100.8M↓4%	$104.6M↑40%	$75.0M
Shareholders' Equity	$254.2M↓2%	$259.7M↓2%	$266.1M↓9%	$293.8M↓22%	$376.2M
Current Ratio	0.86↓9%	0.95↓3%	0.98↑27%	0.77↓20%	0.97
Debt / Equity	0.19↓37%	0.30↓21%	0.38↑6%	0.36↑79%	0.20
Operating Cash Flow	$41.8M↓6%	$44.2M↑67%	$26.5M↑26%	$21.1M↑14%	$18.5M
Free Cash Flow	$39.4M↓2%	$40.1M↑79%	$22.5M↑17%	$19.2M↑10%	$17.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

SANG vs Peers — Financial Grading

Revenue$236.7MBottom 25%

Net Income$5.0MMedian

ROE-2.0%Bottom 25%

D/E0.19Top 25%

Op. Margin—

Curr. Ratio0.86Bottom 25%

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AUTOMATIC DATA PROCESSING INCADP	$122.3B	$309.93	$21.9B	$4.4B	73.2%	0.82	24.2%	1.05	4/9	5/9	3/7	0/3	F-Score 6	5/11
ELECTRONIC ARTS INC.EA	$52.9B	$209.70	$7.5B	$887.0M	13.1%	0.22	15.4%	1.05	1/9	4/9	4/7	0/3	F-Score 6	6/11
Rubrik, Inc.RBRK	$22.6B	$109.88	$1.3B	$348.8M	67.1%	—	-26.2%	1.69	1/9	0/9	2/7	0/3	F-Score 6	2/11
AECOMACM	$9.1B	$70.50	$16.1B	$561.8M	22.5%	1.09	6.4%	1.14	1/9	3/9	3/7	1/3	F-Score 8	2/11
COMMVAULT SYSTEMS INCCVLT	$6.2B	$152.07	$1.2B	$70.7M	942.8%	—	6.3%	1.95	1/9	2/9	4/7	0/3	F-Score 6	6/11
WPP plcWPP	$6.0B	$27.79	$18.2B	$289.5M	-8.5%	1.94	2.8%	0.89	1/9	2/9	1/7	0/3	F-Score 3	2/11
VARONIS SYSTEMS INCVRNS	$5.6B	$48.94	$623.5M	$129.3M	-21.6%	0.76	-23.5%	1.97	1/9	0/9	1/7	0/3	F-Score 5	1/11
ROBERT HALF INC.RHI	$4.3B	$42.00	$5.4B	$133.0M	10.4%	—	1.4%	1.53	2/9	5/9	1/7	0/3	F-Score 5	2/11