Ubiquiti Inc. UI
The Company was founded by Robert Pera in 2005. We sell equipment, and provide the related software platforms, worldwide through a network of over 100 distributors, on-line retailers and direct to customers through our webstores. Ubiquiti is focused on democratizing network technology on a global scale. Our devices play a role in creating networking infrastructure in over 200 countries and territories around the world. Our professional networking products are powered by our UISP and UniFi OS software platforms to provide high-capacity distributed Internet access and unified information technology management, respectively.
We develop technology platforms for high-capacity distributed internet access, unified information for secure and easily managed network infrastructure, connected sensors, cameras, access devices, appliances and other endpoint devices for enterprises, industrial and service-provider environments. We categorize our solutions into two main categories: high performance networking technology for enterprises and service providers. We target the enterprise and service provider markets through our highly engaged community of service providers, distributors, value added resellers, webstores, systems integrators and corporate IT professionals, which we refer to as the Ubiquiti Community.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.27B | $2.57B | $1.93B | $1.94B | $1.69B | $1.90B | $1.28B | $1.16B | $1.02B | $865.3M |
| Cost of revenue | $1.76B | $1.46B | $1.19B | $1.18B | $1.02B | $985.8M | $676.3M | $624.1M | $573.3M | $469.6M |
| Gross profit | $1.51B | $1.12B | $739.8M | $760.7M | $669.8M | $912.3M | $608.2M | $537.6M | $443.6M | $395.7M |
| R&D | $204.2M | $169.7M | $159.8M | $145.2M | $137.7M | $116.2M | $89.4M | $82.1M | $74.3M | $69.1M |
| SG&A | $121.8M | $111.5M | $81.0M | $71.0M | $69.9M | $53.5M | $40.6M | $43.2M | $43.1M | $36.9M |
| Total operating expenses | $325.9M | $281.2M | $240.8M | $216.2M | $207.5M | $169.7M | $130.0M | $143.3M | $117.4M | $105.9M |
| Operating income | $1.19B | $836.3M | $499.0M | $544.6M | $462.3M | $742.6M | $478.2M | $394.3M | $326.1M | $289.8M |
| Pre-tax income | $1.18B | $805.7M | $423.8M | $486.3M | $444.4M | $727.7M | $450.2M | $381.5M | $314.1M | $285.0M |
| Income tax | $222.8M | $93.7M | $73.9M | $78.7M | $65.8M | $111.1M | $69.9M | $58.8M | $117.9M | $27.5M |
| Net income | $960.3M | $711.9M | $350.0M | $407.6M | $378.7M | $616.6M | $380.3M | $322.7M | $196.3M | $257.5M |
| EPS, basic | 15.87 | 11.77 | 5.79 | 6.75 | 6.14 | 9.79 | 5.81 | 4.52 | 2.54 | 3.16 |
| EPS, diluted | 15.85 | 11.76 | 5.79 | 6.74 | 6.13 | 9.78 | 5.80 | 4.51 | 2.51 | 3.09 |
| Shares, diluted (wtd. avg.) | $60.6M | $60.5M | $60.5M | $60.5M | $61.7M | $63.1M | $65.5M | $71.6M | $78.3M | $83.3M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $522.6M | $149.7M | $126.3M | $114.8M | $136.2M | $249.4M | $142.6M | $238.1M | $666.7M | $604.2M |
| Short-term investments | $88.6M | $0 | $0 | $109.0K | $427.0K | $1.3M | $925.0K | $69.9M | $0 | — |
| Receivables | $301.7M | $244.6M | $169.1M | $167.8M | $119.6M | $172.3M | $142.2M | $156.0M | $174.5M | $140.6M |
| Inventory | $780.4M | $675.1M | $462.0M | $737.1M | $262.4M | $233.8M | $285.9M | $264.3M | $102.2M | $142.0M |
| Total current assets | $1.83B | $1.17B | $916.0M | $1.17B | $621.6M | $694.2M | $586.6M | $753.8M | $1.00B | $952.3M |
| Property, plant and equipment | $75.9M | $73.5M | $81.1M | $86.8M | $80.2M | $79.1M | $78.5M | $13.6M | $14.3M | $12.9M |
| Other intangibles | $1.7M | $2.6M | $4.2M | $5.7M | $7.2M | $8.7M | $3.1M | $3.3M | $460.0K | $437.0K |
| Total assets | $2.20B | $1.47B | $1.15B | $1.41B | $844.7M | $891.0M | $737.5M | $875.9M | $1.02B | $972.7M |
| Accounts payable | $432.2M | $164.8M | $51.1M | $154.2M | $83.7M | $112.1M | $155.5M | $38.7M | $14.1M | $49.0M |
| Short-term debt | $0 | $249.6M | $36.5M | $36.5M | $23.9M | $23.9M | $24.1M | $30.7M | $24.4M | $14.7M |
| Total current liabilities | $626.6M | $710.9M | $284.8M | $351.8M | $310.9M | $276.4M | $264.3M | $179.2M | $112.9M | $98.5M |
| Long-term debt | — | $0 | $669.9M | $1.04B | $762.6M | $467.0M | $628.4M | $464.7M | $460.4M | $241.8M |
| Total liabilities | $757.9M | $798.2M | $1.06B | $1.52B | $1.23B | $888.3M | $1.03B | $776.6M | $706.8M | $370.9M |
| Retained earnings | $1.42B | $651.1M | $84.4M | -$120.5M | -$383.1M | $2.6M | -$296.0M | $98.8M | $315.3M | $601.2M |
| Total equity | $1.44B | $668.3M | $95.1M | -$115.7M | -$382.9M | $2.7M | -$295.5M | $99.3M | $315.7M | $601.8M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $928.7M | $640.0M | $541.5M | -$145.4M | $370.3M | $612.0M | $460.3M | $259.3M | $332.0M | $112.0M |
| Depreciation and amortisation | $18.9M | $21.9M | $19.3M | $16.3M | $13.7M | $12.1M | $7.7M | $7.6M | $7.3M | $7.1M |
| Stock-based compensation | $7.4M | $7.2M | $6.4M | $4.7M | $3.5M | $3.0M | $2.9M | $2.9M | $3.2M | $2.8M |
| Capital expenditure | $19.7M | $12.6M | $12.0M | $20.9M | $13.5M | $18.3M | $30.6M | $51.7M | $9.1M | $7.2M |
| Investing cash flow | -$109.1M | -$12.6M | -$12.0M | -$20.9M | -$11.2M | -$19.3M | $69.6M | -$157.6M | -$9.1M | -$7.2M |
| Financing cash flow | -$446.8M | -$604.1M | -$518.0M | $145.0M | -$472.3M | -$486.0M | -$625.4M | -$530.2M | -$260.4M | -$51.6M |
| Dividends paid | $193.6M | $145.2M | $145.1M | $145.0M | $148.1M | $100.8M | $78.7M | $71.4M | $0 | $0 |
| Buybacks | — | — | $0 | $0 | $618.1M | $219.8M | $700.1M | $468.2M | $445.0M | $105.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001511737-26-000056.
Others in SIC 3663
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| QCOM | QUALCOMM INC/DE | $177.18B | 33.7x | 13.7% |
| MSI | Motorola Solutions, Inc. | $77.46B | 36.7x | 8.0% |
| PL | Planet Labs PBC | $6.52B | — | — |
| ONDS | Ondas Inc. | $4.35B | — | 605.3% |
| VISN | Vistance Networks, Inc. | $1.48B | 0.7x | 39.7% |
| HLIT | HARMONIC INC. | $1.28B | — | -26.2% |
| UMAC | Unusual Machines, Inc. | $1.19B | — | 101.2% |
| BKSY | BlackSky Technology Inc. | $839.0M | — | 4.4% |