Lumentum vs Ubiquiti
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The short version
- Ubiquiti is the larger business, with $3.3B of revenue in fiscal 2026 against $3.0B for Lumentum.
- Lumentum grew revenue faster (83.2%, against 27.2%).
- Ubiquiti kept more of each dollar of sales as operating profit (36.2% operating margin, against 17.4%).
- Ubiquiti turned more of its sales into free cash flow (27.8% FCF margin, against 10.0%).
- Ubiquiti earned a higher return on the capital invested in it (104.2%, against 10.4%).
| Latest fiscal year | LITE · FY26 | UI · FY26 |
|---|---|---|
| Size | ||
| Market cap | $56.4B | $35.6B |
| Revenue | $3.0B | $3.3B |
| Free cash flow | $300M | $909M |
| Net income | −$6.9B | $960M |
| Growth | ||
| Revenue growth | 83.2% | 27.2% |
| 5-year growth | 11.6% | 11.5% |
| Share count change | 7.2% | 0.1% |
| Profitability | ||
| Gross margin | 41.7% | 46.2% |
| Operating margin | 17.4% | 36.2% |
| Net margin | −230.1% | 29.3% |
| FCF margin | 10.0% | 27.8% |
| Return on capital | 10.4% | 104.2% |
| Return on equity | −240.0% | 91.1% |
| Balance sheet | ||
| Net debt | $496M | −$611M |
| Net debt / EBITDA | 0.6x | −0.5x |
| Dividends and buybacks | $0.0M | $194M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
LITE $1.0B
UI $865M
FY18
LITE $1.2B
UI $1.0B
FY19
LITE $1.6B
UI $1.2B
FY20
LITE $1.7B
UI $1.3B
FY21
LITE $1.7B
UI $1.9B
FY22
LITE $1.7B
UI $1.7B
FY23
LITE $1.8B
UI $1.9B
FY24
LITE $1.4B
UI $1.9B
FY25
LITE $1.6B
UI $2.6B
FY26
LITE $3.0B
UI $3.3B
LITE
UI
Operating margin
FY17
LITE 4.8%
UI 33.5%
FY18
LITE 11.2%
UI 32.1%
FY19
LITE −1.4%
UI 33.9%
FY20
LITE 12.2%
UI 37.2%
FY21
LITE 30.2%
UI 39.1%
FY22
LITE 17.7%
UI 27.3%
FY23
LITE −6.6%
UI 28.1%
FY24
LITE −31.9%
UI 25.9%
FY25
LITE −11.0%
UI 32.5%
FY26
LITE 17.4%
UI 36.2%
LITE
UI
Free cash flow
FY17
LITE −$53.1M
UI $105M
FY18
LITE $154M
UI $323M
FY19
LITE $164M
UI $208M
FY20
LITE $438M
UI $430M
FY21
LITE $654M
UI $594M
FY22
LITE $368M
UI $357M
FY23
LITE $51.3M
UI −$166M
FY24
LITE −$108M
UI $530M
FY25
LITE −$105M
UI $627M
FY26
LITE $300M
UI $909M
LITE
UI
Return on capital
FY17
LITE 8.7%
UI 140.2%
FY18
LITE 23.5%
UI 94.7%
FY19
LITE −2.0%
UI 138.9%
FY20
LITE 11.3%
UI 144.4%
FY21
LITE 27.5%
UI 246.9%
FY22
LITE 15.6%
UI 324.6%
FY23
LITE −4.7%
UI 106.2%
FY24
LITE −14.5%
UI 51.5%
FY25
LITE −5.3%
UI 85.4%
FY26
LITE 10.4%
UI 104.2%
LITE
UI
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.