Ubiquiti

UI · NYSE · Information Technology · Financials, fiscal 2017 to 2026

UI · Last close · October 26, 2026

$584.72

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.

UBIQUITI INC. Latest fiscal year ended June 30, 2026 10-K filed August 21, 2026 · 0001511737-26-000056 Updated October 11, 2026

Revenue

$3.3B

27.2%

Operating margin

36.2%

3.7 pts

Net income

$960M

34.9%

Free cash flow

$909M

44.9%

Return on capital

104.2%

18.8 pts

Market cap

$35.4B

Oct 26 close

P/E

36.9x

On $15.85 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Limited visibility into future sales because it relies on distributors, and on a small number of them.
Relying on a few contract manufacturers and suppliers for its products and parts.
Competitors with longer histories, bigger brands and larger customer bases.
Keeping its products up to date with technology, and defects or security flaws in complex products.
Its dependence on its founder and chief executive, and on the strength of its brand.

From Ubiquiti's annual report on Form 10-K, filed August 21, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 19.9% a year and net income 15.7% a year, as buybacks cut the share count by 27%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ubiquiti yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ubiquiti's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Ubiquiti's fiscal 2026 free cash flow of $909M, net cash of $611M at June 30, 2026 and 61 million diluted shares, from its filings. The scenarios are fitted to Ubiquiti: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 19.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Communications Equipment), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Ubiquiti's own revenue growth, as above. Cautious: growth of 9.5% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 19% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $584.72
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Ubiquiti's earnings per share of $15.85 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 36.9×, the middle of Ubiquiti's own P/E today, its peers' median and its sector's median (Ubiquiti's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: F5, Ciena.

Earnings growth in the years ahead (% a year) Starts at Ubiquiti's revenue growth over the last 3 years, 19.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $584.72
Value at this multiple, against the last close: —
Ubiquiti's P/E at the last close: 36.9×

Company	Last close	Earnings per share	P/E today
CienaCIEN	$335.93	$4.48	75.0×
UbiquitiUI	$584.72	$15.85	36.9×
F5FFIV	$461.60	$12.56	36.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	137	115	126	150	611
Debt incl. finance leases	493	1,117	745	500	0
Net debt (negative means net cash)	356	1,002	618	350	−611
Net debt to EBITDA	0.8x	1.8x	1.2x	0.4x	−0.5x
Debt to equity	—	—	7.8x	0.8x	0.0x
Interest coverage	40.0x	10.1x	6.6x	26.9x	233.4x
Current ratio	2.0x	3.3x	3.2x	1.6x	2.9x
Quick ratio	1.1x	1.2x	1.6x	0.7x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Ubiquiti shares on the open market, and 1 insider sold $542,068.

Date	Insider	Trade	Shares	Price	Value	Filing
May 13, 2026	Kevin RadiganChief Accounting Officer	Sold	500	$680.53	$340,265	Form 4
Nov 12, 2025	Kevin RadiganChief Accounting Officer	Sold	350	$576.58	$201,803	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 9	6 of 9	7 of 9
Accruals ratio	−15.0%	5.5%	1.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Ubiquiti side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ubiquiti	FY26	27.2%	36.2%	27.8%	104.2%	−0.5x	7
F5	FY25	9.7%	24.8%	29.4%	30.5%	−1.6x	8	Compare
Lumentum	FY26	83.2%	17.4%	10.0%	10.4%	0.6x	5	Compare
Viasat	FY26	2.7%	2.3%	32.2%	0.6%	3.3x	6	Compare
Ciena	FY25	18.8%	4.1%	13.9%	5.1%	0.8x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	865	1,017	1,162	1,284	1,898	1,692	1,940	1,928	2,574	3,274
Revenue growth	29.8%	17.5%	14.2%	10.6%	47.8%	−10.9%	14.7%	−0.6%	33.5%	27.2%
Gross profit	396	444	538	608	912	670	761	740	1,118	1,511
Research and development	69	74	82	89	116	138	145	160	170	204
Operating income	290	326	394	478	743	462	545	499	836	1,185
Net income	258	196	323	380	617	379	408	350	712	960
Diluted EPS (US$)	3.09	2.51	4.51	5.80	9.78	6.13	6.74	5.79	11.76	15.85
Diluted shares (millions)	83	78	72	66	63	62	60	60	60	61
Cash flow
Cash from operations	112	332	259	460	612	370	−145	542	640	929
Capital expenditure	7	9	52	31	18	14	21	12	13	20
Free cash flow	105	323	208	430	594	357	−166	530	627	909
Dividends paid	0	0	71	79	101	148	145	145	145	194
Share buybacks	105	445	468	700	220	618	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	3	3	3	3	3	4	5	6	7	7
Balance sheet at fiscal year end
Cash and short-term investments	604	667	308	144	251	137	115	126	150	611
Debt incl. finance leases	272	512	528	679	518	493	1,117	745	500	0
Total assets	973	1,023	876	738	891	845	1,406	1,154	1,466	2,198
Total liabilities	371	707	777	1,033	888	1,228	1,522	1,059	798	758
Shareholders' equity	602	316	99	−296	3	−383	−116	95	668	1,440
Margins and ratios
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%
Net margin	29.8%	19.3%	27.8%	29.6%	32.5%	22.4%	21.0%	18.1%	27.7%	29.3%
Free cash flow margin	12.1%	31.8%	17.9%	33.5%	31.3%	21.1%	−8.6%	27.5%	24.4%	27.8%
Return on capital	140.2%	94.7%	138.8%	144.4%	246.9%	324.6%	106.2%	51.5%	85.4%	104.2%
Return on equity	49.4%	42.8%	155.5%	—	—	—	—	—	186.5%	91.1%
Return on assets	29.9%	19.7%	34.0%	47.1%	75.7%	43.6%	36.2%	27.3%	54.3%	52.4%
Net debt to EBITDA	−1.1x	−0.5x	0.6x	1.1x	0.3x	0.8x	1.8x	1.2x	0.4x	−0.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ubiquiti's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ubiquiti.