Ubiquiti Networks Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business model clearly works: a 46.2% gross margin, a 36.2% operating margin, 928.7 million dollars of operating cash flow, no short-term debt left and equity that swung from minus 115.7 million to plus 1,440.2 million in three years. What keeps us from green is an open operational question: on 21 August 2026 Ubiquiti itself warned of near-term margin pressure from more expensive components, fourth-quarter gross margin already came in 1.2 percentage points below the prior quarter, and no reserve has been recorded against two tax disputes worth more than 110 million dollars combined. On top of that sits a disclosure practice that makes management hard to hold to account: no conference calls, no guidance, 93% of the votes with one individual. This is not a solvency risk — the balance sheet is healthy — but these are open questions, and where the evidence sits between two levels we take the more cautious one. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ubiquiti is an exceptionally profitable hardware business whose numbers improved in every important line in fiscal 2026 — and whose most-quoted fourth-quarter metric is simultaneously the least informative one. Anyone reading only the 6.8% profit increase mistakes a prior-year tax benefit for a growth stall. Two things remain genuinely open: whether the margin holds against the component costs the company itself has flagged, and how to value a business that is 93% owned by one person, holds no analyst calls and issues no guidance. Not investment advice.
Earnings power
In fiscal 2026 (ended 30 June) Ubiquiti earned 1,185.4 million dollars before interest and tax on 3,274.2 million of revenue — an operating margin of 36.2%. Gross margin rose from 43.4% to 46.2%. Both are unusually high for networking hardware.
Cost structure
Total operating expenses in fiscal 2026 were 325.9 million dollars, or 10% of revenue — 204.2 million for research and development, 121.8 million for sales, general and administrative. Just 127 people work in sales and administration. Share-based compensation was 7.4 million, roughly 0.2% of revenue.
Balance sheet
Stockholders' equity swung from minus 115.7 million dollars (30 June 2023) to plus 1,440.2 million (30 June 2026). On 27 February 2026 Ubiquiti fully repaid the term loan; no short-term debt remained on the balance sheet at year end, against 611.2 million in cash and short-term investments.
Earnings quality
The fourth-quarter year-on-year comparison is distorted by a one-off: the fourth quarter of fiscal 2025 contained an immediately recognised deferred tax asset of 53.7 million dollars. That is why reported profit grew only 6.8% while the adjusted figure grew 33.6%. For the full year, operating cash flow of 928.7 million came in slightly below net income of 960.3 million.
Margin outlook
In the release of 21 August 2026 Ubiquiti warns for the first time in at least three years of near-term margin pressure from rising component costs. Fourth-quarter gross margin of 45.8% was already below the 47.0% of the prior quarter. Tariffs have been named as a drag for four consecutive quarters.
Ownership and disclosure practice
Founder and chief executive Robert J. Pera held roughly 93% of the shares as of 21 August 2026; only about 4.2 million shares trade freely. Ubiquiti holds no conference calls — none is announced in any of twelve earnings releases from August 2023 to May 2026 — and gave no margin guidance in any of them.
Worth Noting
Trigger for this analysis: the annual report on Form 10-K for the fiscal year ended 30 June 2026, filed 21 August 2026, together with the earnings release of the same day (Form 8-K, Item 2.02, Exhibit 99.1).
Price and valuation data as of 28 August 2026, closing price 599.35 dollars. All filing figures carry the date of their own report, not the date of the price snapshot.
Possible confusion: on the New York Stock Exchange the ticker UI stands for Ubiquiti Inc. The company was named "Ubiquiti Networks, Inc." until 19 August 2019 and some data vendors still carry the old name. The fiscal year ends on 30 June, so "fiscal 2026" broadly covers the second half of calendar 2025 and the first half of 2026.
No analyst call transcripts exist for Ubiquiti because the company holds none. The assessment of management statements therefore rests on twelve consecutive earnings releases (Exhibit 99.1 to Form 8-K) from August 2023 to May 2026 plus the release of 21 August 2026.
Stock Watch
This analysis is as of August 30, 2026. Stock Watch will tell you what's changed at UI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 515.40 $ to 1,084.50 $ · Last price: 596.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Communication Equipment
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ubiquiti Networks Inc UI | 36.1 | – | 27.8 | 46.2 | 36.9 | 33.5 | -1.3 |
| Cisco Systems Inc CSCO | 436.0 | 35.3 | 22.8 | 64.5 | 25.0 | 5.3 | 66.2 |
| Hewlett Packard Enterprise Co HPE | 78.0 | 57.4 | 14.2 | 36.6 | 8.7 | 14.1 | 152.6 |
| Motorola Solutions Inc MSI | 76.3 | 37.7 | 22.9 | 52.1 | 19.8 | 8.0 | -2.7 |
| Lumentum Holdings Inc LITE | 71.0 | 154.2 | 114.9 | 44.2 | 21.8 | 21.0 | 447.1 |
| Ciena Corp CIEN | 48.8 | 113.9 | 47.4 | 44.1 | 15.2 | 18.8 | 152.4 |
| Telefonaktiebolaget LM Ericsson B ERIC | 33.6 | 13.2 | 7.0 | 47.6 | 0.0 | -14.2 | 30.2 |
| Ast Spacemobile Inc ASTS | 24.4 | – | -2.3 | 38.9 | -1,014.0 | 1,505.2 | 52.3 |
| Zebra Technologies Corporation ZBRA | 16.6 | 43.3 | 18.4 | 49.6 | 15.0 | 8.3 | 9.6 |
| Median of companies shown | 48.8 | 43.3 | 22.8 | 46.2 | 15.2 | 14.1 | 52.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 865 | 290 | 258 | 3.09 | 112 | 602 | 971 |
| 2018 | 1,017 | 326 | 196 | 2.51 | 332 | 316 | 1,023 |
| 2019 | 1,162 | 394 | 323 | 4.51 | 259 | 99 | 876 |
| 2020 | 1,285 | 478 | 380 | 5.80 | 460 | -295 | 737 |
| 2021 | 1,898 | 743 | 617 | 9.78 | 612 | 3 | 891 |
| 2022 | 1,692 | 462 | 379 | 6.13 | 370 | -383 | 845 |
| 2023 | 1,941 | 545 | 408 | 6.74 | -145 | -116 | 1,406 |
| 2024 | 1,928 | 499 | 350 | 5.79 | 542 | 95 | 1,154 |
| 2025 | 2,574 | 836 | 712 | 11.76 | 640 | 668 | 1,466 |
| 2026 | 3,274 | 1,185 | 960 | 15.85 | 929 | 1,440 | 2,198 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.26 | 66.40 | 600 | 29.00 | 22.80 | 152 | 150 |
| 2025: Q1 | 2.98 | 136.20 | 664 | 34.70 | 27.20 | 124 | 121 |
| 2025: Q2 | 4.41 | 156.60 | 759 | 49.60 | 35.10 | 130 | 125 |
| 2025: Q3 | 3.43 | 62.20 | 734 | 33.30 | 28.30 | 199 | 193 |
| 2025: Q4 | 3.86 | 70.70 | 815 | 35.80 | 28.70 | 264 | 269 |
| 2026: Q1 | 3.86 | 29.60 | 788 | 18.70 | 29.70 | 168 | 162 |
| 2026: Q2 | 4.70 | 6.60 | 937 | 23.50 | 30.40 | 299 | 293 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Breakout & Setup
Dividends
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 17.71 | 17.71 – 17.71 | 3,995 | 11.1% | 1 |
| 06/30/2028 | 19.58 | 19.58 – 19.58 | 4,580 | 10.5% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 17.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $908.9M |
|---|---|
| Market cap | $36.10B |
| Free cash flow in year ten | $4.39B |
| Terminal value as a share of market value | 64.0% |
For comparison: over the past five years free cash flow grew by 8.9% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Ubiquiti verkauft keine KI-Produkte, benennt im Geschäftsbericht 2026 aber ausdrücklich, dass es KI-Technologien in seine Produkte, Dienste und internen Abläufe einbaut und die Investitionen dafür erhöht.
View the full file — quotes, sources, reviewed filings
„We are incorporating artificial intelligence technologies into our products, services and processes. These technologies may present business, compliance, and reputational risks."
Wir bauen Technologien der künstlichen Intelligenz in unsere Produkte, Dienstleistungen und Abläufe ein. Diese Technologien können geschäftliche, aufsichtsrechtliche und Reputationsrisiken mit sich bringen.
10-K · 2026-08-21 · View SEC filing
„As we increase our investment in technology, software and systems to adopt AI into our internal processes, products and services, such investments may not increase productivity, result in more efficient operations or deliver better products, services and customer experiences."
Während wir unsere Investitionen in Technik, Software und Systeme erhöhen, um KI in unsere internen Abläufe, Produkte und Dienstleistungen zu übernehmen, könnten diese Investitionen die Produktivität nicht steigern, nicht zu effizienteren Abläufen führen und keine besseren Produkte, Dienstleistungen und Kundenerlebnisse hervorbringen.
10-K · 2026-08-21 · View SEC filing
„Internet traffic remains driven by bandwidth-intensive uses such as video streaming, cloud-based applications, remote work, online collaboration, gaming, artificial intelligence-enabled services and connected-device ecosystems."
Der Internetverkehr wird weiterhin von bandbreitenintensiven Anwendungen getrieben — Videostreaming, Cloud-Anwendungen, Arbeit aus der Ferne, Zusammenarbeit im Netz, Spiele, KI-gestützte Dienste und Ökosysteme vernetzter Geräte.
10-K · 2026-08-21 · View SEC filing
Filings Reviewed: 10-K 2026-08-21 · 10-K 2025-08-22 · 10-Q 2026-05-08 · 10-Q 2026-02-06 · 10-Q 2025-11-07 · 10-Q 2025-05-09
Rated on August 30, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 19.0%
- More than 10% revenue growth is expected for the coming year 15.7%
- Share count grows by less than 3% a year 0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 55.0%
- Gross margin at 40% or higher and without meaningful erosion 46.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 531 m net cash
- Operating cash flow covers the profits of the last three years 88 m
- Return on capital at 15% or higher, or up versus two years ago 75.4%
- Insiders hold at least 10% or are net buyers 93.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
10/10 Quality stockThe AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 15.9%
- Exp. sales growth 3Y > 5% 18.3%
- EBIT growth 10Y > 5% 16.9%
- Exp. EBIT growth 3Y > 5% 11.1%
- Net debt < 4x EBIT -0.4x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 37.8%
- Return on equity > 15% 66.8%
- ROCE > 15% 75.4%
- Expected return > 10% 13.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 60 | 536.38 | 32,183 |
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 123 | 0.00 | – |
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 166 | 536.38 | 89,039 |
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 340 | 0.00 | – |
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 139 | 536.38 | 74,557 |
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 284 | 0.00 | – |
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 191 | 536.38 | 102,449 |
| Jul 1, 2026 | Radigan Kevin | CHIEF ACCOUNTING OFFICER | Other | 407 | 0.00 | – |
The company
About the Company
Ubiquiti Inc. entwickelt Netzwerktechnologie für Diensteanbieter, Unternehmen und Verbraucher in Nordamerika, Europa, dem Nahen Osten, Afrika, im asiatisch-pazifischen Raum und Südamerika.
- Employees
- 1,818
- Headquarters
- New York, NY
- Address
- 685 Third Avenue, 10017 New York, United States
- Phone
- 646 780 7958
- Website
- ui.com
- IPO Date
- 10/14/2011
- ISIN
- US90353W1036
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert J. Pera | Founder, Chairman & CEO | 1978 |
| Kevin Radigan | Chief Accounting & Finance Officer | 1959 |
| Hartley Nisenbaum J.D. | Executive Vice President of Operations & Legal Affairs | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/21/2026 Ubiquiti Inc. (UI): Results of Operations and Financial Condition; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.