This is always the biggest can of worms. If you follow ASR, then it would be evident that the benchmark is quite far from the best and measured performance, although the mola is better by a good bit on ASR. Personally, I have eight different Dacs And out of curiosity, I had purchased two units that measured very near the top of the scale or at the top of the scale at the time from the ASR ranking. To tell you the truth, I wasn’t as thrilled by the Unit that ranked quite high on ASR compared to some of my other units. I am quite convinced that it has much more to do with the output stage And that the digital sections of most of these units are fairly good. I even have. Units that have identical, digital sections and very different output stages (Audio Note Dacs) and there is a massive difference.
while I wasn’t incredibly thrilled with the Topping and SMSL units they were quite good sounding, but not the best I had ever heard and clearly in stark contrast to the mantra of the people on ASR who rely completely on their SNAD metric.
my observations seem to indicate that the impact of the output stage is profound, and in our current world of specification based criteria, which almost all of which is digital specs. It seems the role of the output and IV stages if so equipped is largely overlooked.