Is there any such thing as a bad sounding DAC these days?

I think I get your point. In comparison to ten or twenty years ago, most DACs sound much better. There were some truly hideous sounding DACs back then.

Now, each level up sounds better... absolutely. Every step in increased price in major DAC lines nets much better sound.

Then there is a question of does the sound characteristics match your tastes. Like for me, a Benchmark or dCS DAC is not even close to a sound I want for music and however Audio Research or Berkely is. But I can’t really say any of them are bad.

I can’t believe there are not some really inexpensive DACs that don’t still sound bad. But I don’t have any now, and can’t think of any reason I would audition any.

You might be surprised by hearing some very nice sounding DACs / players from long ago. They will absolutely measure like dog crap compared to modern. But our ear-brains do not process information via Fast Fourier Transform!

I tried an RME ADI-2 Pro "Black Edition" and hated it. Measures great. I hated the Benchmark DAC-1 too, back 20 years ago when that was all the rage - great measurements for its time, and was being dubbed "best DAC at any price" etc. Have a 30 year old Meridian 566 DAC. A real dinosaur. Very rich, warm, vibrant and natural tonality. Musical. More like my vinyl playback, in these aspects. Not as refined nor detailed as great vinyl, or modern digital. But probably more enjoyable (to me) than most modern digital. I had a R2R DAC too (Yggdrasil) and it didn’t have this quality, at all.

The technical progression of DACs over the past fews decades, from a mathematical and engineering standpoint, has been immense. But when metered as enjoyable listening devices - the progression has been far from linear, and not always in the "right" direction. There have been gems and dogs in every era. 

All DACs contain an analog amplifier stage, There are plenty of differences there. 

@lanx0003 my point seems to have been lost on you. The ASR review has nothing to do with my point. ASR reviews of Benchmark and Topping dacs are stellar, but they sound bad to my ears and in my system. This supports my point all the more.

I am talking about subjectivity being a reality with Audiophiles while you introduce only objectivity? 

Well, the 49c dac in consumer electronics isn’t much of a quality piece.

But if you speak of DACs made for the audio enthusiast, there probably isn’t a bad one, but there are some that are much, much better.

Jerry

PS  ASR...LOL