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Ubiquiti

UI NYSE Communications Equipment Financials FY2017–FY2026

Ubiquiti's revenue rose 27.2% to $3.3 billion in fiscal 2026. Its operating margin was 36.2%, up from 32.5% a year earlier. Free cash flow was $909 million, up 44.9%. It paid out $194 million in dividends and buybacks, 21% of free cash flow.

Last close · Oct 23, 2026

$587.42

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$3.3B
27.2% vs prior year
Operating margin Operating income as a share of revenue.
36.2%
3.7 pts
Net income Profit after all expenses, interest and tax.
$960M
34.9%
Free cash flow Cash from operations minus capital spending.
$909M
44.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
104.2%
18.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$35.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
37.1x

What Ubiquiti does

Ubiquiti designs and sells networking equipment and the software that runs it. Its products include wireless links for internet providers, switches, Wi-Fi equipment, cameras and access-control devices for businesses, service providers and smart homes. Its UISP and UniFi OS software platforms manage this gear. Founder Robert Pera is its chairman and chief executive.

It reports one segment. It sells through over 100 distributors, online retailers and its own web stores, and has no traditional direct sales force. Instead it relies on online reviews and its user community. Its devices are used in over 200 countries and territories. Revenue was $3.3 billion in the fiscal year ended June 30, 2026, up from $2.6 billion the year before.

Ubiquiti names Cisco, Fortinet, Hewlett Packard Enterprise and Ruckus among its rivals in enterprise Wi-Fi and switching, and Axis, Hikvision, Hanwha Vision and Verkada in video surveillance. At June 30, 2026, it employed or contracted with 1,818 full-time equivalent people, most of them in research and development.

Legal name
UBIQUITI INC.
Fiscal year ends
June 30, 2026
Latest annual report
10-K · Aug 21, 2026
Accession · CIK
0001511737-26-000056
0001511737

Revenue and margins

Ubiquiti had $3.3B of revenue in fiscal 2026, up 27.2% 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

From fiscal 2017 to 2026, diluted EPS grew 19.9% a year. 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 $909M in fiscal 2026, 27.8% 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

Ubiquiti returned $194M to shareholders in fiscal 2026, 21% of free cash flow. The diluted share count rose 0.1%.

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

Value Ubiquiti 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 $611M and divides by 60.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 37.1x · peers 53.9x · sector 33.0x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $137M$115M$126M$150M$611M
Debt incl. finance leases $493M$1.1B$745M$500M$0.0M
Net debt / EBITDA 0.8x1.8x1.2x0.4x−0.5x
Debt / equity ——7.8x0.8x0.0x
Interest coverage 40.0x10.1x6.6x26.9x233.5x
Current ratio 2.0x3.3x3.2x1.7x2.9x
Quick ratio 1.2x1.2x1.6x0.7x1.7x
Total assets $845M$1.4B$1.2B$1.5B$2.2B
Total liabilities $1.2B$1.5B$1.1B$798M$758M
Shareholders' equity −$383M−$116M$95.1M$668M$1.4B
Net debt (− = net cash) $356M$1.0B$618M$350M−$611M

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

$0.5M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 13, 2026 Kevin RadiganChief Accounting Officer Sold 500 $680.53 $0.3M Form 4
Nov 12, 2025 Kevin RadiganChief Accounting Officer Sold 350 $576.58 $0.2M Form 4

Piotroski F-score

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

TestFY24FY25FY26
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 4 / 96 / 97 / 9
Accruals ratio −15.0%5.5%1.7%
Altman Z'' 6.828.2311.33

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
Ubiquiti UI $35.6B 27.2% 36.2% 27.8% 104.2% 37.1x 7
F5 FFIV $26.2B 9.7% 24.8% 29.4% 30.5% 36.3x 8 Compare →
Lumentum LITE $56.4B 83.2% 17.4% 10.0% 10.4% — 5 Compare →
Viasat VSAT $8.4B 2.7% 2.3% 32.2% 0.6% — 6 Compare →
Ciena CIEN $46.8B 18.8% 4.1% 14.0% 5.1% 71.5x 7 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $865M $1.0B $1.2B $1.3B $1.9B $1.7B $1.9B $1.9B $2.6B $3.3B
Gross profit $396M $444M $538M $608M $912M $670M $761M $740M $1.1B $1.5B
Research and development $69.1M $74.3M $82.1M $89.4M $116M $138M $145M $160M $170M $204M
Operating income $290M $326M $394M $478M $743M $462M $545M $499M $836M $1.2B
Interest expense $5.2M $11.4M $23.3M $21.8M $11.8M $11.6M $53.9M $75.1M $31.0M $5.1M
Pretax income $285M $314M $382M $450M $728M $444M $486M $424M $806M $1.2B
Income tax $27.5M $118M $58.8M $69.9M $111M $65.8M $78.7M $73.9M $93.7M $223M
Net income $258M $196M $323M $380M $617M $379M $408M $350M $712M $960M
Diluted EPS $3.09 $2.51 $4.51 $5.80 $9.78 $6.13 $6.74 $5.79 $11.76 $15.85
Diluted shares 0.08B 0.08B 0.07B 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $112M $332M $259M $460M $612M $370M −$145M $542M $640M $929M
Capital expenditure $7.2M $9.1M $51.7M $30.6M $18.3M $13.5M $20.9M $12.0M $12.6M $19.7M
Free cash flow $105M $323M $208M $430M $594M $357M −$166M $530M $627M $909M
Depreciation and amortization $7.1M $7.3M $7.6M $7.7M $12.1M $13.7M $16.3M $19.3M $21.9M $18.9M
Stock-based compensation $2.8M $3.2M $2.9M $2.9M $3.0M $3.5M $4.7M $6.4M $7.2M $7.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $105M $445M $468M $700M $220M $618M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $71.4M $78.7M $101M $148M $145M $145M $145M $194M
Dividends and buybacks $105M $445M $540M $779M $321M $766M $145M $145M $145M $194M
Balance sheet
Cash and short-term investments $604M $667M $308M $144M $251M $137M $115M $126M $150M $611M
Total debt $272M $512M $528M $679M $518M $493M $1.1B $745M $500M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $952M $1.0B $754M $587M $694M $622M $1.2B $916M $1.2B $1.8B
Current liabilities $98.5M $113M $179M $264M $276M $311M $352M $285M $711M $627M
Inventory $142M $102M $264M $286M $234M $262M $737M $462M $675M $780M
Property and equipment, net $12.9M $14.3M $13.6M $78.5M $79.1M $80.2M $86.8M $81.1M $73.5M $75.9M
Total assets $973M $1.0B $876M $738M $891M $845M $1.4B $1.2B $1.5B $2.2B
Total liabilities $371M $707M $777M $1.0B $888M $1.2B $1.5B $1.1B $798M $758M
Shareholders' equity $602M $316M $99.3M −$296M $2.7M −$383M −$116M $95.1M $668M $1.4B
Margins
Gross margin 45.7% 43.6% 46.3% 47.4% 48.1% 39.6% 39.2% 38.4% 43.4% 46.2%
Operating margin 33.5% 32.1% 33.9% 37.2% 39.1% 27.3% 28.1% 25.9% 32.5% 36.2%
EBITDA margin 34.3% 32.8% 34.6% 37.8% 39.8% 28.1% 28.9% 26.9% 33.4% 36.8%
Net margin 29.8% 19.3% 27.8% 29.6% 32.5% 22.4% 21.0% 18.2% 27.7% 29.3%
FCF margin 12.1% 31.8% 17.9% 33.5% 31.3% 21.1% −8.6% 27.5% 24.4% 27.8%
Returns
Return on capital 140.2% 94.7% 138.9% 144.4% 246.9% 324.6% 106.2% 51.5% 85.4% 104.2%
Return on capital employed 37.9% 36.6% 49.1% 81.8% 136.5% 80.5% 68.6% 51.9% 102.9% 101.9%
Return on equity 49.4% 42.8% 155.5% — — — — — 186.5% 91.1%
Return on assets 30.0% 19.7% 34.0% 47.1% 75.7% 43.6% 36.2% 27.3% 54.3% 52.4%
Growth
Revenue growth 29.8% 17.5% 14.3% 10.6% 47.8% −10.9% 14.7% −0.6% 33.5% 27.2%
Net income growth 20.6% −23.8% 64.4% 17.9% 62.1% −38.6% 7.7% −14.2% 103.4% 34.9%
EPS growth 24.1% −18.8% 79.7% 28.6% 68.6% −37.3% 10.0% −14.1% 103.1% 34.8%
FCF growth −45.2% 208.1% −35.7% 107.0% 38.2% −39.9% −146.6% — 18.5% 44.9%
Share count change −3.0% −5.9% −8.6% −8.5% −3.8% −2.1% −2.1% 0.0% 0.1% 0.1%
Financial health
Net debt / EBITDA −1.1x −0.5x 0.6x 1.1x 0.4x 0.8x 1.8x 1.2x 0.4x −0.5x
Debt / equity 0.5x 1.6x 5.3x — — — — 7.8x 0.8x 0.0x
Interest coverage 55.8x 28.7x 16.9x 21.9x 62.9x 40.0x 10.1x 6.6x 26.9x 233.5x
Current ratio 9.7x 8.9x 4.2x 2.2x 2.5x 2.0x 3.3x 3.2x 1.7x 2.9x
Quick ratio 8.2x 8.0x 2.7x 1.1x 1.7x 1.2x 1.2x 1.6x 0.7x 1.7x
Capital allocation
Capex / revenue 0.8% 0.9% 4.5% 2.4% 1.0% 0.8% 1.1% 0.6% 0.5% 0.6%
Stock comp / revenue 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% 0.2%
Payouts / FCF 100.4% 137.8% 260.0% 181.3% 54.0% 214.7% — 27.4% 23.1% 21.3%
Quality scores
Piotroski F-score 6.0 4.0 6.0 7.0 8.0 4.0 5.0 4.0 6.0 7.0
Altman Z'' 11.5 9.3 7.8 5.6 8.7 4.3 6.1 6.8 8.2 11.3
Accruals ratio 16.9% −13.6% 6.7% −9.9% 0.6% 1.0% 49.1% −15.0% 5.5% 1.7%

Source: SEC EDGAR XBRL filings (CIK 0001511737). Data updated October 11, 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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