One-glance verdict
Overvalued
$358.16 our estimate vs market $596.44
Wall Street consensus: $734.50 (105.1% higher than our fair-value estimate)
67% above our estimate, beyond the bull case
Fundamentals snapshot
Ubiquiti Inc.
UI · NYQ · Technology · Communication Equipment
Current price
$596.44
52-week range
$500.23 - $1,099.99
Market cap
$36.10B
Balance sheet
Healthy
500.82x Strong cushion
Net cash $531.24M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 27.2% last year.
- Reward Returns 91.1% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 9/10 years.
- Risk Stock trades 20.0% above its 5-year average P/E.
What this company does
Ubiquiti Inc.
Ubiquiti sells professional-grade networking equipment, such as Wi-Fi systems and security cameras, to businesses, internet service providers, and tech-savvy consumers. The company makes money primarily from these one-time hardware sales, attracting loyal customers by creating a product ecosystem (a family of devices designed to work together, encouraging people to buy more from the same brand). This matters because as more devices connect to the internet, the demand for powerful and affordable networking gear continues to grow.
How the company got here
Founded in 2003 by a former Apple engineer, Robert Pera, Ubiquiti started by making affordable wireless networking gear for internet service providers in areas that were often overlooked. A key moment was the 2010 launch of its UniFi line of products, which expanded its reach to businesses and tech-savvy consumers. This move shifted the company from just a supplier of wireless equipment to a provider of a broader range of networking technology. Unlike many tech companies, Ubiquiti has grown mostly by developing its own products rather than buying other companies.
What it actually does
Ubiquiti designs and sells a wide range of networking and communication equipment. Think of it as the gear that makes the internet and other network services work, from the Wi-Fi in your home or office to the equipment that brings internet to your entire neighborhood. Their products include things like wireless access points (devices that create a Wi-Fi signal), routers (which direct internet traffic), switches (which help devices on a network talk to each other), security cameras, and even door access systems. They sell these products to businesses, internet service providers, and directly to consumers online.
Enterprise Technology
This is Ubiquiti's largest business area, making up the vast majority of its sales. This segment is centered around the UniFi product line, which offers a whole ecosystem of networking devices that work together. Businesses and technically skilled consumers buy these products to build and manage their own IT systems, including Wi-Fi networks, video surveillance with UniFi Protect, and door security with UniFi Access. The key idea is that all these different pieces can be managed from a single software interface, making it easier to control a whole building's technology.
Service Provider Technology
This is the original part of Ubiquiti's business and represents a smaller but still significant portion of its revenue. This segment provides equipment to wireless internet service providers (WISPs), who then deliver internet access to homes and businesses, often in rural or hard-to-reach areas. The products here, like the airMAX and airFiber lines, are designed for long-range outdoor wireless communication, allowing providers to create networks that span large distances without having to lay physical cables.
What management is betting on now
The company is focused on expanding its UniFi platform to include more than just Wi-Fi. They are adding new products like security cameras, door access systems, and even phone systems to create a more complete and interconnected technology ecosystem for buildings. This strategy aims to get customers to buy more types of products from them and makes it more likely they'll stick with Ubiquiti for the long term. The company is also concentrating on improving its products for businesses and managing its operations on a larger, global scale.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q1
$231.06M
FY2025 Q2
$150.44M
FY2025 Q3
$120.75M
FY2025 Q4
$125.19M
FY2026 Q1
$193.29M
FY2026 Q2
$260.27M
FY2026 Q3
$162.23M
FY2026 Q4
$293.15M
Revenue
$937.32M
Net income
$284.90M
Diluted EPS
4.70
Operating cash flow
$298.54M
Free cash flow
$293.15M
Fetching…
Sources
Revenue
$788.20M
Net income
$233.91M
Diluted EPS
3.86
Operating cash flow
$167.79M
Free cash flow
$162.23M
Fetching…
Sources
Revenue
$814.87M
Net income
$233.61M
Diluted EPS
3.86
Operating cash flow
$263.91M
Free cash flow
$260.27M
Fetching…
Sources
Revenue
$733.77M
Net income
$207.88M
Diluted EPS
3.43
Operating cash flow
$198.45M
Free cash flow
$193.29M
Fetching…
Sources
Revenue
$759.15M
Net income
$266.70M
Diluted EPS
4.40
Operating cash flow
$130.36M
Free cash flow
$125.19M
Fetching…
Sources
Revenue
$664.17M
Net income
$180.44M
Diluted EPS
2.98
Operating cash flow
$123.57M
Free cash flow
$120.75M
Fetching…
Sources
Revenue
$599.88M
Net income
$136.79M
Diluted EPS
2.26
Operating cash flow
$152.43M
Free cash flow
$150.44M
Fetching…
Sources
Revenue
$550.34M
Net income
$127.99M
Diluted EPS
2.12
Operating cash flow
$233.67M
Free cash flow
$231.06M
Fetching…
Sources
Is it cheap or expensive?
Fair value $358.16 vs current price $596.44
Wall Street consensus is the average analyst price target: $734.50 (105.1% higher than our fair-value estimate).
Our most-likely fair value is $358.16 a share — about 40.0% below today's price of $596.44, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $531.2M - more cash than debt. Interest coverage 500.8x.
Net debt
$-531.24M
Interest coverage
500.82x
Ubiquiti Inc.'s profit covers its interest bill about 500.8 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
UI
BASELINE
Ubiquiti Inc.
Total debt $79.96M Interest coverage 500.82x This is the baseline the peer rows are being compared against.
Total debt $194.57M Interest coverage 4.64x -99% vs UI Carries about 107.9x less debt cushion than UI.
Total debt $0.00 Interest coverage 10.06x -98% vs UI Carries about 49.8x less debt cushion than UI.
Total debt $3.29B Interest coverage 3.39x -99% vs UI Carries about 147.9x less debt cushion than UI.
What you should know
The case for and against UI
3 Rewards
1 Risk
Rewards
-
Revenue grew 27.2% last year.
-
Returns 91.1% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Stock trades 20.0% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
35.97x
Forward P/E
30.46x
P/B
30.03x
P/S
11.03x
EV/EBITDA
29.53x
PEG ratio
1.10x
Profitability
How much profit each dollar creates
Gross margin
46.2%
Operating margin
36.3%
Net margin
29.3%
ROE
91.1%
ROA
40.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.06x
Current ratio
2.93x
Quick ratio
1.46x
Total debt
$79.96M
Total cash
$611.20M
Growth
How the business has been compounding
Revenue TTM
$3.27B
Revenue 5Y CAGR
17.9%
EPS TTM
16.58
EPS 5Y CAGR
33.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$928.68M
Free CF TTM
$908.94M
FCF margin
27.8%
Dividend
Shareholder payout
Yield
0.7%
Payout ratio
20.2%
Last ex-div date
2026-08-31