It has been more than a year since I last measured or reviewed a DAC!
To be honest, in 2026, DACs are IMO boring from the perspective of expecting any sonic progress when it comes to high-fidelity audio. They are very much a "solved problem" and will not pose any challenge for the audiophile who desires accuracy. Unless there's some new technology to evaluate or must-have features, digital-to-analogue conversion has clearly matured to allow extremely high resolution playback - perceptibly perfect even - within reach of basically everyone in the last decade.
[In the big cultural-level picture, I think we're at the phase now with less expensive products (eg. Chi-Fi) where more than adequate function has been achieved and we're going to be seeing an emphasis on "Design-Driven Innovation" where emotional, symbolic, and esthetic significance become more important with each generation for product differentiation. I think we're already seeing this with the FiiO line-up as I describe related products to this at the end of this post. In time, I suspect this will be an existential threat to many current High-End brands.]
Because of that lack of excitement around evaluating yet another DAC objectively, for more than 6 months now, this FiiO K11 R2R DAC (US$176, Canada link) has been sitting on my table for evaluation! 🙄 I bought this with the plan of using it in my office at the hospital for desktop speaker playback and headphone listening which I'll do after publishing this.
Make sure not to confuse this model with the slightly less expensive FiiO K11 non-R2R DAC (US$145) which uses the Cirrus Logic CS43198 chip. Feature-wise, I think they're very similar and look identical other than the stylized "R2R" stamped on the top of the case.
Okay, let's put this through its paces...