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Unity Software

U NYSE Application Software Financials FY2018–FY2025

Unity Software's revenue rose 2.0% to $1.8 billion in fiscal 2025. Its operating margin was −25.9%, up from −41.6% a year earlier. Free cash flow was $404 million, up 41.2%. The diluted share count rose 6.3%.

Last close · Oct 23, 2026

$40.79

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
2.0% vs prior year
Operating margin Operating income as a share of revenue.
−25.9%
15.8 pts
Net income Profit after all expenses, interest and tax.
−$403M
Free cash flow Cash from operations minus capital spending.
$404M
41.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−10.3%
4.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$17.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Unity held no short-term investments at the end of 2023 (its 10-K tags them as zero), so its cash and short-term investments that year are its cash alone.

What Unity Software does

No business description yet.

Legal name
UNITY SOFTWARE INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001810806-26-000011
0001810806

Revenue and margins

Unity Software had $1.8B of revenue in fiscal 2025, up 2.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $404M in fiscal 2025, 21.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Unity Software returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 6.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Unity Software yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$180M and divides by 420.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Unity Software can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.7B$1.6B$1.6B$1.5B$2.1B
Debt incl. finance leases $1.7B$2.7B$2.7B$2.2B$2.2B
Debt / equity 0.7x0.8x0.9x0.7x0.7x
Interest coverage −470.1x−119.2x−33.9x−32.1x−20.0x
Current ratio 3.4x2.3x2.6x2.5x1.8x
Quick ratio 3.4x2.3x2.6x2.5x1.8x
Total assets $4.8B$7.8B$7.2B$6.7B$6.8B
Total liabilities $2.4B$4.1B$3.8B$3.3B$3.3B
Shareholders' equity $2.4B$3.5B$3.2B$3.2B$3.2B
Net debt (− = net cash) −$34.1M$1.1B$1.1B$721M$180M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$10.3M

5 insiders

Of sales under plans

34%

$3.5M

DateInsiderTradeSharesPriceValueFiling
Aug 28, 2026 Alexander BlumSVP, Chief Operating Officer Sold plan 43,556 $43.51 $1.9M Form 4
Aug 27, 2026 Alexander BlumSVP, Chief Operating Officer Sold plan 1,964 $44.81 $0.1M Form 4
Aug 25, 2026 Alexander BlumSVP, Chief Operating Officer Sold plan 20,595 $45.31 $0.9M Form 4
Aug 25, 2026 Jarrod YahesSVP, Chief Financial Officer Sold 26,017 $45.31 $1.2M Form 4
Aug 25, 2026 Matthew S BrombergPresident and CEO, Director Sold 16,383 $45.31 $0.7M Form 4
Aug 25, 2026 Rebecca Berenice BoydenSVP, Chief Legal Officer Sold 1,032 $45.32 $0.0M Form 4
May 28, 2026 Alexander BlumSVP, Chief Operating Officer Sold plan 2,099 $27.37 $0.1M Form 4
May 26, 2026 Alexander BlumSVP, Chief Operating Officer Sold plan 19,009 $27.18 $0.5M Form 4
May 26, 2026 Jarrod YahesSVP, Chief Financial Officer Sold 24,021 $27.18 $0.7M Form 4
May 26, 2026 Mark BarrysmithChief Accounting Officer Sold 13,247 $27.18 $0.4M Form 4
May 26, 2026 Matthew S BrombergCEO and President, Director Sold 138,993 $27.18 $3.8M Form 4
May 26, 2026 Rebecca Berenice BoydenSVP, Chief Legal Officer Sold 952 $27.20 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 95 / 95 / 9
Accruals ratio −14.0%−14.0%−12.2%
Altman Z'' 0.02−0.25−0.19

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Unity Software U $17.9B 2.0% −25.9% 21.8% −10.3% — 5
Pegasystems PEGA $6.1B 16.6% 15.1% 28.1% — 22.6x 6 Compare →
Fair Isaac FICO $18.5B 15.9% 46.5% 38.7% 65.6% 23.6x 7 Compare →
Dynatrace DT $18.8B 18.8% 12.2% 26.2% 9.0% 128.1x 4 Compare →
Bill BILL $5.1B 13.0% −4.4% 25.0% −1.7% — 4 Compare →

8 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $381M $542M $772M $1.1B $1.4B $2.2B $1.8B $1.8B
Gross profit $300M $423M $600M $857M $949M $1.5B $1.3B $1.4B
Research and development $204M $256M $404M $696M $960M $1.1B $925M $930M
Operating income −$130M −$151M −$275M −$532M −$882M −$833M −$755M −$479M
Interest expense $0.0M $0.0M $1.5M $1.1M $7.4M $24.6M $23.5M $24.0M
Pretax income −$133M −$153M −$280M −$531M −$882M −$798M −$667M −$395M
Income tax −$1.0M $9.9M $2.1M $1.4M $37.1M $28.5M −$2.8M $6.3M
Net income −$132M −$163M −$282M −$533M −$921M −$822M −$664M −$403M
Diluted EPS −$1.24 −$2.39 −$1.66 −$1.89 −$2.96 −$2.16 −$1.68 −$0.96
Diluted shares 0.11B 0.11B 0.17B 0.28B 0.31B 0.38B 0.40B 0.42B
Cash flow
Cash from operations −$81.1M −$67.9M $19.9M −$111M −$59.4M $235M $316M $423M
Capital expenditure $38.0M $27.0M $40.2M $41.9M $57.1M $55.9M $29.5M $19.0M
Free cash flow −$119M −$95.0M −$20.2M −$153M −$117M $179M $286M $404M
Depreciation and amortization $20.5M $31.1M $43.0M $64.6M $212M $564M $409M $461M
Stock-based compensation $20.6M $31.0M $135M $347M $550M $649M $596M $385M
Acquisitions $2.0M $193M $52.5M $1.6B $122M $0.0M $0.0M $0.0M
Share buybacks $0.0M $286M $0.1M $0.0M $1.5B $250M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $286M $0.1M $0.0M $1.5B $250M $0.0M $0.0M
Balance sheet
Cash and short-term investments $259M $130M $1.3B $1.7B $1.6B $1.6B $1.5B $2.1B
Total debt — — $0.0M $1.7B $2.7B $2.7B $2.2B $2.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $367M $2.1B $2.2B $2.4B $2.3B $2.2B $2.8B
Current liabilities — $337M $503M $626M $1.0B $894M $890M $1.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $79.0M $95.5M $106M $122M $141M $98.8M $68.3M
Total assets — $763M $2.7B $4.8B $7.8B $7.2B $6.7B $6.8B
Total liabilities — $369M $634M $2.4B $4.1B $3.8B $3.3B $3.3B
Shareholders' equity $316M $394M $2.0B $2.4B $3.5B $3.2B $3.2B $3.2B
Margins
Gross margin 78.7% 78.1% 77.7% 77.2% 68.2% 66.5% 73.5% 74.2%
Operating margin −34.2% −27.8% −35.6% −47.9% −63.4% −38.1% −41.7% −25.9%
EBITDA margin −28.8% −22.1% −30.0% −42.1% −48.2% −12.3% −19.1% −1.0%
Net margin −34.6% −30.1% −36.6% −48.0% −66.2% −37.6% −36.6% −21.8%
FCF margin −31.3% −17.5% −2.6% −13.8% −8.4% 8.2% 15.8% 21.8%
Returns
Return on capital — — — −26.9% −19.9% −14.7% −14.5% −10.3%
Return on capital employed — — −21.2% −16.7% −16.0% −12.6% −12.4% −8.6%
Return on equity — — −23.2% −24.0% −31.1% −24.5% −20.8% −12.5%
Return on assets — — −16.4% −14.2% −14.5% −10.9% −9.5% −5.9%
Growth
Revenue growth — 42.3% 42.6% 43.8% 25.3% 57.3% −17.1% 2.0%
FCF growth — — — — — — 60.0% 41.2%
Share count change — 8.0% 48.5% 66.0% 10.0% 22.5% 4.1% 6.3%
Financial health
Debt / equity — — 0.0x 0.7x 0.8x 0.9x 0.7x 0.7x
Interest coverage — — −180.8x −470.1x −119.2x −33.9x −32.1x −20.0x
Current ratio — 1.1x 4.1x 3.4x 2.3x 2.6x 2.5x 1.8x
Quick ratio — 1.1x 4.1x 3.4x 2.3x 2.6x 2.5x 1.8x
Capital allocation
Capex / revenue 10.0% 5.0% 5.2% 3.8% 4.1% 2.6% 1.6% 1.0%
Stock comp / revenue 5.4% 5.7% 17.4% 31.3% 39.5% 29.7% 32.9% 20.8%
Payouts / FCF — — — — — 139.8% 0.0% 0.0%
Quality scores
Piotroski F-score — — — 2.0 3.0 5.0 5.0 5.0
Altman Z'' — −2.1 5.6 1.5 0.4 0.0 −0.3 −0.2
Accruals ratio — — −17.6% −11.2% −13.6% −14.0% −14.0% −12.2%

Source: SEC EDGAR XBRL filings (CIK 0001810806). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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