Ubiquiti vs Viavi Solutions
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The short version
- Ubiquiti is the larger business, with $3.3B of revenue in fiscal 2026 against $1.5B for Viavi Solutions, about 2.2 times as much.
- Viavi Solutions grew revenue faster (40.0%, against 27.2%).
- Ubiquiti kept more of each dollar of sales as operating profit (36.2% operating margin, against 6.9%).
- Ubiquiti turned more of its sales into free cash flow (27.8% FCF margin, against 5.5%).
- Ubiquiti earned a higher return on the capital invested in it (104.2%, against 4.3%).
| Latest fiscal year | UI · FY26 | VIAV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $35.6B | $7.0B |
| Revenue | $3.3B | $1.5B |
| Free cash flow | $909M | $82.8M |
| Net income | $960M | −$30.4M |
| Growth | ||
| Revenue growth | 27.2% | 40.0% |
| 5-year growth | 11.5% | 4.8% |
| Share count change | 0.1% | 1.7% |
| Profitability | ||
| Gross margin | 46.2% | 57.7% |
| Operating margin | 36.2% | 6.9% |
| Net margin | 29.3% | −2.0% |
| FCF margin | 27.8% | 5.5% |
| Return on capital | 104.2% | 4.3% |
| Return on equity | 91.1% | −2.7% |
| Balance sheet | ||
| Net debt | −$611M | −$7.9M |
| Net debt / EBITDA | −0.5x | −0.1x |
| Dividends and buybacks | $194M | $30.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
UI $865M
VIAV $805M
FY18
UI $1.0B
VIAV $876M
FY19
UI $1.2B
VIAV $1.1B
FY20
UI $1.3B
VIAV $1.1B
FY21
UI $1.9B
VIAV $1.2B
FY22
UI $1.7B
VIAV $1.3B
FY23
UI $1.9B
VIAV $1.1B
FY24
UI $1.9B
VIAV $1.0B
FY25
UI $2.6B
VIAV $1.1B
FY26
UI $3.3B
VIAV $1.5B
UI
VIAV
Operating margin
FY17
UI 33.5%
VIAV 0.9%
FY18
UI 32.1%
VIAV 0.2%
FY19
UI 33.9%
VIAV 6.0%
FY20
UI 37.2%
VIAV 10.4%
FY21
UI 39.1%
VIAV 11.9%
FY22
UI 27.3%
VIAV 14.3%
FY23
UI 28.1%
VIAV 7.5%
FY24
UI 25.9%
VIAV 2.1%
FY25
UI 32.5%
VIAV 5.3%
FY26
UI 36.2%
VIAV 6.9%
UI
VIAV
Free cash flow
FY17
UI $105M
VIAV $55.7M
FY18
UI $323M
VIAV $23.5M
FY19
UI $208M
VIAV $93.8M
FY20
UI $430M
VIAV $104M
FY21
UI $594M
VIAV $191M
FY22
UI $357M
VIAV $106M
FY23
UI −$166M
VIAV $63.0M
FY24
UI $530M
VIAV $96.9M
FY25
UI $627M
VIAV $62.0M
FY26
UI $909M
VIAV $82.8M
UI
VIAV
Return on capital
FY17
UI 140.2%
VIAV 2.0%
FY18
UI 94.7%
VIAV 0.3%
FY19
UI 138.9%
VIAV 4.6%
FY20
UI 144.4%
VIAV 8.6%
FY21
UI 246.9%
VIAV 10.2%
FY22
UI 324.6%
VIAV 12.0%
FY23
UI 106.2%
VIAV 4.9%
FY24
UI 51.5%
VIAV 1.2%
FY25
UI 85.4%
VIAV 5.6%
FY26
UI 104.2%
VIAV 4.3%
UI
VIAV
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.