Best DAC for around $2,500 or less

The last three DACs I have had are the Wyred 4 Sound DAC 2, Yggdrasil Analog 2, and now the Denafrips Terminator. Each was a nice step up for me, particularly going from the W4S to the Yggy. I tend to like a somewhat forward, detailed sound with plenty of energy.

I wasn't a real fan of the W4S  - I found the sound kind of flat and boring. But I've made a lot of other changes to my system since then. Also, W4S has come out with at least one upgrade model since the one I had.

The Yggy and Terminator really work well in my system (to my ears), but if you're looking for a more laid back sound that's more forgiving on recording quality, you might prefer other options. 

I've often found that my enjoyment of a product is inversely correlated to how it measures (at least traditional measurements like THD and signal to noise). The only measurements that I've found to be at all meaningful in my evaluation of audio products are input and output impedance, and speaker waterfall charts.

The impedance numbers give some indication of likely compatibility between components. I'd never purchase a speaker based on its waterfall chart, but if there are obvious ringing or decay problems, I won't waste my time auditioning them because this does tend to correlate to my likely enjoyment of them.