Ubiquiti Inc. (UI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$4.03	$4.73	+17.4%	—	$937.3M	—
Q2 26	$3.08	$3.88	+26.0%	—	$814.9M	—
Q1 26	$2.93	$3.46	+18.1%	—	$733.8M	—
Q4 25	$2.23	$3.54	+58.7%	—	$759.2M	—
Q3 25	$1.97	$3.01	+52.8%	—	$664.2M	—
Q2 25	$2.14	$2.28	+6.5%	—	$599.9M	—
Q1 25	$1.63	$2.14	+31.3%	—	$550.3M	—
Q4 24	$1.74	$1.74	0.0%	—	$507.5M	—
Q3 24	$1.56	$1.28	-17.9%	—	$493M	—
Q2 24	$1.64	$1.38	-15.9%	—	$465M	—
Q1 24	$1.9	$1.47	-22.6%	—	$463.1M	—
Q4 23	$1.8	$1.73	-3.9%	—	$491.1M	—
Q3 23	$1.96	$1.65	-15.8%	—	$457.8M	—
Q2 23	$1.29	$1.87	+45.0%	—	$493.6M	—
Q1 23	$1.8	$1.55	-13.9%	—	$498.1M	—
Q4 22	$1.21	$1.54	+27.3%	—	$443.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$15.9	—	—	$3.3B	—
FY25	—	$11.8	—	—	$2.6B	—
FY24	—	$5.79	—	—	$1.9B	—
FY23	—	$6.75	—	—	$1.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$865.3M	$1B	$1.2B	$1.3B	$1.9B	$1.7B	$1.9B	$1.9B	$2.6B	$3.3B
YoY change	+29.8%	+17.5%	+14.2%	+10.6%	+47.8%	-10.9%	+14.7%	-0.62%	+33.4%	+27.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	865.3M	1B	1.2B	1.3B	1.9B	1.7B	1.9B	1.9B	2.6B	3.3B
Cost of revenue	469.6M	573.3M	624.1M	676.3M	985.8M	1B	1.2B	1.2B	1.5B	1.8B
Gross profit	395.7M	443.6M	537.6M	608.2M	912.3M	669.8M	760.7M	739.8M	1.1B	1.5B
Gross margin	45.7%	43.6%	46.3%	47.3%	48.1%	39.6%	39.2%	38.4%	43.4%	46.2%
Research & development	69.1M	74.3M	82.1M	89.4M	116.2M	137.7M	145.2M	159.8M	169.7M	204.2M
Selling, general & administrative	36.9M	43.1M	43.2M	40.6M	53.5M	69.9M	71M	81M	111.5M	121.8M
Operating expenses	105.9M	117.4M	125.3M	130M	169.7M	207.5M	216.2M	240.8M	281.2M	325.9M
Operating income	289.8M	326.1M	412.3M	478.2M	742.6M	462.3M	544.6M	499M	836.3M	1.2B
Operating margin	33.5%	32.1%	35.5%	37.2%	39.1%	27.3%	28.1%	25.9%	32.5%	36.2%
Non-operating income, net	—	—	-18M	—	—	—	—	—	—	—
Pretax income	285M	314.1M	381.5M	450.2M	727.7M	444.4M	486.3M	423.8M	805.7M	1.2B
Income tax	27.5M	117.9M	58.8M	69.9M	111.1M	65.8M	78.7M	73.9M	93.7M	222.8M
Net income	257.5M	196.3M	322.7M	380.3M	616.6M	378.7M	407.6M	350M	711.9M	960.3M
Net margin	29.8%	19.3%	27.8%	29.6%	32.5%	22.4%	21%	18.1%	27.7%	29.3%
EBITDA	296.9M	333.4M	419.9M	485.9M	754.7M	476M	560.9M	518.2M	858.2M	1.2B
EPS	3.16	2.54	4.52	5.81	9.79	6.14	6.75	5.79	11.8	15.9
Diluted EPS	3.09	2.51	4.51	5.8	9.78	6.13	6.74	5.79	11.8	15.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	463.1M	465M	493M	507.5M	550.3M	599.9M	664.2M	759.2M	733.8M	814.9M	788.2M	937.3M
Cost of revenue	279.2M	287.3M	318.9M	303.3M	318.7M	352.6M	368.3M	416.4M	396.4M	440.9M	417.5M	508.1M
Gross profit	183.9M	177.6M	174.1M	204.1M	231.6M	247.2M	295.9M	342.7M	337.4M	374M	370.7M	429.3M
Gross margin	39.7%	38.2%	35.3%	40.2%	42.1%	41.2%	44.5%	45.1%	46%	45.9%	47%	45.8%
Research & development	36.3M	36.9M	42.5M	44.1M	38M	40M	44.3M	47.5M	48.5M	50.8M	51.8M	53M
Selling, general & administrative	19.3M	19.6M	20.4M	21.7M	24.4M	28.5M	24.8M	33.9M	27.1M	30.3M	28.1M	36.3M
Operating expenses	55.6M	56.5M	62.9M	65.8M	62.4M	68.4M	69M	81.3M	75.7M	81.1M	79.9M	89.3M
Operating income	128.3M	121.1M	111.2M	138.4M	169.2M	178.8M	226.9M	261.4M	261.7M	292.9M	290.8M	340M
Operating margin	27.7%	26%	22.6%	27.3%	30.7%	29.8%	34.2%	34.4%	35.7%	35.9%	36.9%	36.3%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	107.1M	102.8M	92.4M	121.6M	158.6M	167.4M	221.4M	258.2M	258.5M	291.3M	290.2M	343.1M
Income tax	19.3M	20.7M	16.1M	17.8M	30.6M	30.6M	41M	-8.5M	50.7M	57.7M	56.2M	58.2M
Net income	87.8M	82.1M	76.3M	103.8M	128M	136.8M	180.4M	266.7M	207.9M	233.6M	233.9M	284.9M
Net margin	18.9%	17.7%	15.5%	20.5%	23.3%	22.8%	27.2%	35.1%	28.3%	28.7%	29.7%	30.4%
EBITDA	133.4M	125.6M	116.3M	142.9M	175.3M	183.4M	233.8M	265.7M	266.8M	297.4M	295.4M	344.7M
EPS	1.45	1.36	1.26	—	2.12	2.26	2.98	4.41	3.44	3.86	3.87	4.71
Diluted EPS	1.45	1.36	1.26	—	2.12	2.26	2.98	4.41	3.43	3.86	3.86	4.7

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	4.2B	6.5B	9.4B	11.4B	19.7B	15.3B	10.6B	8.8B	24.9B	32.3B	33.5B
Enterprise value	3.9B	6.4B	9.6B	12B	19.9B	16B	11.6B	9.4B	25B	31.8B	33.4B
Shares outstanding	81.5M	77.2M	71.4M	65.4M	63M	61.7M	60.4M	60.5M	60.5M	60.5M	60.5M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	16.4	33.3	29.1	30	31.9	40.4	26.1	25.2	35	33.6	35.4
P/S	4.89	6.43	8.09	8.89	10.4	9.05	5.47	4.57	9.67	9.87	10.4
P/B	7.04	20.7	94.6	-38.7	7.3K	-40	-91.8	92.6	37.3	22.4	23.6
EV/EBITDA	13.1	19.1	22.8	24.6	26.4	33.7	20.8	18.2	29.2	26.4	27.7
EV/Sales	4.49	6.25	8.25	9.31	10.5	9.47	6	4.89	9.73	9.71	10.2
Earnings yield	6.08%	3%	3.44%	3.33%	3.14%	2.47%	3.84%	3.97%	2.86%	2.97%	2.82%
FCF yield	2.48%	4.94%	2.21%	3.76%	3.02%	2.33%	-1.57%	6.01%	2.52%	2.81%	2.12%
PEG	—	—	—	—	—	—	—	—	—	—	5.21

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	45.7%	43.6%	46.3%	47.3%	48.1%	39.6%	39.2%	38.4%	43.4%	46.2%	45.8%
Operating margin	33.5%	32.1%	35.5%	37.2%	39.1%	27.3%	28.1%	25.9%	32.5%	36.2%	36.3%
Net margin	29.8%	19.3%	27.8%	29.6%	32.5%	22.4%	21%	18.1%	27.7%	29.3%	29.3%
ROE	42.8%	62.2%	325%	-128.7%	22.8K%	-98.9%	-352.2%	368.1%	106.5%	66.7%	91.1%
ROA	26.5%	19.2%	36.8%	51.6%	69.2%	44.8%	29%	30.3%	48.5%	43.7%	40.4%
ROIC	103%	152.3%	121.7%	169%	221.4%	118%	50.3%	56.8%	90.6%	105.9%	105.9%
Return on tangible assets	26.5%	19.2%	37.1%	52%	70.6%	45.6%	29.2%	30.5%	48.7%	43.8%	43.8%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	9.67	8.87	4.21	2.22	2.51	2	3.32	3.22	1.65	2.93	2.93
Quick ratio	8.23	7.96	2.73	1.14	1.67	1.15	1.22	1.59	0.7	1.68	1.68
Debt / equity	0.43	1.54	4.99	-2.3	197.2	-2.23	-9.84	7.97	0.45	0.06	0.06
Debt / assets	0.26	0.47	0.57	0.92	0.6	1.01	0.81	0.66	0.2	0.04	0.04
Net debt / EBITDA	-1.17	-0.55	0.45	1.1	0.37	1.51	1.82	1.22	0.17	-0.44	-0.44
Interest coverage	—	27.2	30.8	17.1	49.7	25.9	9.35	6.64	27.3	500.8	139.5
Effective tax rate	9.65%	37.5%	15.4%	15.5%	15.3%	14.8%	16.2%	17.4%	11.6%	18.8%	18.8%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	10.6	13.2	16.3	19.6	30.1	27.4	32.1	31.9	42.6	54.1	54.1
EPS (basic)	3.16	2.54	4.52	5.81	9.79	6.14	6.75	5.79	11.8	15.9	15.9
EPS (diluted)	3.09	2.51	4.51	5.8	9.78	6.13	6.74	5.79	11.8	15.8	15.8
Book value per share	7.39	4.09	1.39	-4.52	0.04	-6.21	-1.91	1.57	11	23.8	23.8
FCF per share	1.29	4.18	2.91	6.57	9.43	5.78	-2.75	8.76	10.4	15	15
Cash per share	7.42	8.64	4.31	2.19	3.98	2.22	1.9	2.09	2.48	10.1	10.1
Capex per share	0.09	0.12	0.72	0.47	0.29	0.22	0.35	0.2	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.84%	0.9%	4.45%	2.38%	0.97%	0.8%	1.08%	0.62%	—	—	—
Capex / operating cash flow	5.84%	5.02%	23.3%	6.17%	2.95%	3.48%	-38.9%	2.31%	—	—	—
Payout ratio	0%	0%	22.1%	20.7%	16.4%	39.1%	35.6%	41.5%	20.4%	20.2%	20.2%
Dividend yield	0%	0%	0.76%	0.69%	0.51%	0.97%	1.37%	1.65%	0.58%	0.6%	0.71%

Yield

0.71%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.00

ex-dividend Aug 31, 2026

Payout ratio

20%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$1.00
May 18, 2026	$0.80
Feb 17, 2026	$0.80
Nov 17, 2025	$0.80
Sep 2, 2025	$0.80
May 19, 2025	$0.60
Feb 18, 2025	$0.60
Nov 18, 2024	$0.60

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$463.1M	$465M	$493M	$507.5M	$550.3M	$599.9M	$664.2M	$759.2M	$733.8M	$814.9M	$788.2M	$937.3M
YoY change	-7.03%	-5.8%	+7.69%	+3.33%	+18.8%	+29%	+34.7%	+49.6%	+33.3%	+35.8%	+18.7%	+23.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	604.2M	666.7M	308M	143.5M	250.7M	136.7M	114.9M	126.3M	149.7M	611.2M
Receivables	140.6M	174.5M	156M	142.2M	172.3M	119.6M	167.8M	169.1M	244.6M	301.7M
Inventory	142M	102.2M	264.3M	285.9M	233.8M	262.4M	737.1M	462M	675.1M	780.4M
Total current assets	952.3M	1B	753.8M	586.6M	694.2M	621.6M	1.2B	916M	1.2B	1.8B
Property, plant & equipment	12.9M	14.3M	13.6M	103M	119.1M	144.5M	144.3M	128.9M	118.2M	151.8M
Goodwill & intangibles	874K	920K	6.5M	6.1M	17.4M	14.5M	11.4M	8.3M	5.3M	3.5M
Total assets	972.7M	1B	875.9M	737.5M	891M	844.7M	1.4B	1.2B	1.5B	2.2B
Accounts payable	49M	14.1M	38.7M	155.5M	112.1M	83.7M	154.2M	51.1M	164.8M	432.2M
Short-term debt	14.7M	24.4M	30.7M	31.1M	33M	36.6M	50.8M	50.2M	262M	14.7M
Total current liabilities	98.5M	112.9M	179.2M	264.3M	276.4M	310.9M	351.8M	284.8M	710.9M	626.6M
Long-term debt	241.8M	460.4M	464.7M	647M	499.3M	816.6M	1.1B	707.1M	35.5M	65.3M
Total liabilities	370.9M	706.8M	776.6M	1B	888.3M	1.2B	1.5B	1.1B	798.2M	757.9M
Shareholders' equity	601.8M	315.7M	99.3M	-295.5M	2.7M	-382.9M	-115.7M	95.1M	668.3M	1.4B
Total debt	256.6M	484.8M	495.4M	678.1M	532.3M	853.3M	1.1B	757.3M	297.4M	80M
Net debt	-347.6M	-181.9M	257.2M	535.5M	282.9M	717M	1B	630.9M	147.7M	-442.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	108.6M	97.7M	102.5M	126.3M	165.2M	133.1M	151M	149.7M	177.2M	302.8M	368.7M	611.2M
Receivables	168.7M	171.4M	187.6M	169.1M	174.5M	167.9M	222.2M	244.6M	245.3M	214.4M	245.8M	301.7M
Inventory	706.5M	683.6M	533.5M	462M	446.2M	537.3M	590.5M	675.1M	680.7M	674.7M	654M	780.4M
Total current assets	1.2B	1.1B	1B	916M	926.5M	961.7M	1.1B	1.2B	1.2B	1.3B	1.4B	1.8B
Property, plant & equipment	140.1M	135.4M	130.6M	128.9M	122.3M	117.9M	112.6M	118.2M	114.8M	139.4M	136.7M	151.8M
Goodwill & intangibles	10.7M	9.9M	9.1M	8.3M	7.5M	6.8M	6M	5.3M	4.5M	3.7M	3.6M	3.5M
Total assets	1.4B	1.3B	1.2B	1.2B	1.2B	1.2B	1.3B	1.5B	1.5B	1.6B	1.7B	2.2B
Accounts payable	124.2M	92.3M	65.3M	51.1M	52.6M	122M	129.6M	164.8M	243.4M	249.8M	168.2M	432.2M
Short-term debt	50.8M	50.9M	50.5M	50.2M	37.6M	37.4M	352.2M	262M	144.5M	58.7M	10.9M	14.7M
Total current liabilities	338.1M	287.8M	253.5M	284.8M	364.1M	432.3M	778.5M	710.9M	573.1M	475.5M	394.1M	626.6M
Long-term debt	1.1B	997.8M	876.5M	707.1M	562.4M	413.8M	31.5M	35.5M	33.7M	57.7M	56M	65.3M
Total liabilities	1.5B	1.4B	1.2B	1.1B	969.8M	893.3M	862.2M	798.2M	661.8M	592.6M	513.3M	757.9M
Shareholders' equity	-63.1M	-15.7M	25.9M	95.1M	188.1M	290.4M	436.1M	668.3M	828.4M	1B	1.2B	1.4B
Total debt	1.1B	1B	927M	757.3M	600M	451.3M	383.7M	297.4M	178.2M	116.4M	66.9M	80M
Net debt	993.5M	951.1M	824.5M	630.9M	434.8M	318.2M	232.7M	147.7M	989K	-186.4M	-301.8M	-442.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	257.5M	196.3M	322.7M	380.3M	616.6M	378.7M	407.6M	350M	711.9M	960.3M
Depreciation & amortization	7.1M	7.3M	7.6M	7.7M	12.1M	13.7M	16.3M	19.3M	21.9M	18.9M
Stock-based compensation	2.8M	3.2M	2.9M	2.9M	3M	3.5M	4.7M	6.4M	7.2M	7.4M
Change in working capital	-144.1M	-27.7M	-111.5M	103.6M	-13.1M	-9.2M	-467.7M	152.4M	-163.1M	134.2M
Operating cash flow	123.7M	181.6M	221.5M	496.5M	620.7M	386.8M	-53.8M	518.4M	640M	928.7M
Capital expenditure	-7.2M	-9.1M	-51.7M	-30.6M	-18.3M	-13.5M	-20.9M	-12M	—	—
Investing cash flow	-7.2M	-9.1M	-199.6M	69.6M	-19.3M	-11.2M	-20.9M	-12M	—	-89.3M
Dividends paid	0	0	-71.4M	-78.7M	-100.8M	-148.1M	-145M	-145.1M	-145.2M	-193.6M
Share repurchases	-105.2M	-445M	-468.2M	-700.1M	-219.8M	-618.1M	0	0	—	—
Financing cash flow	-64.3M	149.3M	-556.1M	-468.1M	-759.8M	-177.4M	436.8M	-518M	-604.1M	-446.8M
Net change in cash	52.2M	321.7M	-534.1M	98M	-158.3M	198.3M	362.1M	-11.6M	36M	392.6M
Free cash flow	104.8M	322.9M	207.6M	429.7M	593.7M	356.8M	-166.4M	529.5M	627.4M	908.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	87.8M	82.1M	76.3M	103.8M	128M	136.8M	180.4M	266.7M	207.9M	233.6M	233.9M	284.9M
Depreciation & amortization	5.1M	4.5M	5.1M	4.5M	6.1M	4.6M	6.9M	4.3M	5.1M	4.5M	4.6M	4.7M
Stock-based compensation	1.5M	1.5M	1.7M	1.7M	1.7M	1.8M	1.8M	1.9M	1.9M	1.9M	1.6M	2M
Change in working capital	-1.3M	-12.2M	90.9M	75M	8.9M	-11.3M	-91.9M	-68.9M	80.2M	47.4M	-83M	89.5M
Operating cash flow	94M	76.3M	175M	173.2M	145.9M	131M	98.2M	130.4M	198.5M	263.9M	167.8M	298.5M
Capital expenditure	-3M	-3.9M	-3.2M	-1.9M	-2.6M	-2M	-2.8M	—	—	—	—	—
Investing cash flow	-3M	-3.9M	-3.2M	-1.9M	-2.6M	-2M	-2.8M	—	—	—	—	—
Dividends paid	-36.3M	-36.3M	-36.3M	-36.3M	-36.3M	-36.3M	-36.3M	-36.3M	-48.4M	-48.4M	-48.4M	-48.4M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-105.3M	-135M	-275.1M	-205.7M	-347.9M	-182.5M	-132.9M	271.7M	-282.1M	-134.7M	-96.4M	-49.9M
Net change in cash	-14.4M	-62.6M	-103.3M	-34.4M	-204.6M	-53.5M	-37.5M	402.1M	-83.6M	129.3M	71.4M	248.6M
Free cash flow	64.7M	74.7M	160.6M	229.5M	231.1M	150.4M	120.7M	125.2M	193.3M	260.3M	162.2M	293.1M

Ubiquiti Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement