Ubiquiti Inc. (UI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.3B

Revenue growth

27.2%

Net income, last twelve months

$960.3M

Earnings per share

$15.85

Gross margin

46.2%

Operating margin

36.2%

Net margin

29.3%

Free cash flow

$908.9M

Return on equity

66.7%

Market value

$36.5B

Price to earnings

38.0x

Dividend yield

0.5%

Cash

$522.6M

Debt

$0

Debt to equity

0.00

Shares outstanding

60.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the fourth quarter of fiscal 2026 results, filed 21 August 2026.

• Quarterly revenue rose to $937.3M. Revenue was $937.3 million, up 18.9% from the prior quarter and 23.5% from the year-earlier quarter.
• Full-year revenue rose 27.2%. Fiscal 2026 revenue was $3.3 billion, up 27.2% on fiscal 2025. Full-year income from operations was $1,185.4 million, against $836.3 million a year earlier.
• Operating income reached $340.0M. Income from operations was $340.0 million, against $290.8 million in the prior quarter and $261.4 million a year earlier. Net income was $284.9 million.
• Diluted EPS $4.70 GAAP, $4.73 non-GAAP. GAAP diluted EPS was $4.70 and non-GAAP diluted EPS was $4.73, against $4.41 and $3.54 a year earlier. Full-year GAAP diluted EPS was $15.85.
• Enterprise Technology drove the increase. Enterprise Technology revenue was $868.3 million, up from $717.9 million in the prior quarter and $680.1 million a year earlier. The company attributed growth mainly to this platform.
• Service Provider Technology declined. Service Provider Technology revenue was $69.0 million, down from $70.3 million in the prior quarter and $79.0 million a year earlier.
• North America was largest region. North America revenue was $507.4 million, against $410.2 million in the prior quarter and $379.9 million a year earlier. Europe, the Middle East and Africa was $331.6 million.
• Asia Pacific rose, South America fell sequentially. Asia Pacific revenue was $69.4 million, against $43.2 million in the prior quarter and $47.3 million a year earlier. South America was $28.9 million, against $31.1 million in the prior quarter.
• Gross margin fell to 45.8%. GAAP gross margin was 45.8%, down 1.2 percentage points from 47.0% in the prior quarter and up 0.7 percentage points from 45.1% a year earlier.
• Component and shipping costs cut margin. The sequential margin decline was primarily driven by higher component and shipping costs, partly offset by lower other indirect costs.
• Lower indirect costs lifted year-on-year margin. Year-over-year gross margin rose mainly on lower other indirect costs, partly offset by unfavorable product mix, higher shipping costs and higher component costs.
• Full-year gross margin reached 46.2%. Fiscal 2026 gross margin was 46.2%, up 2.8 percentage points from 43.4% in fiscal 2025, driven by favorable product mix and lower other indirect costs, offset by higher tariff costs.
• R&D and SG&A expenses rose. R&D expense was $53.0 million, up from $51.8 million in the prior quarter and $47.5 million a year earlier. SG&A was $36.3 million, up from $28.1 million in the prior quarter.
• Full-year R&D rose $34.5 million. Fiscal 2026 R&D expense was $204.2 million, up $34.5 million on fiscal 2025. The increase was driven by employee, prototype, facility and software costs, partly offset by lower depreciation.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2026

By region, FY2026

Company events

The newest 8-K filings of 120 held.

Every filing

The newest filings with the SEC of 250 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

446 funds held it at 30 Jun 2026: 156 added and 139 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Qualcomm Inc. (QCOM): revenue $44.1B, market value $193.4B
• Motorola Solutions, Inc. (MSI): revenue $12.2B, market value $80.0B
• Nokia Corporation (NOK): revenue $22.5B, market value $51.6B
• Telefonaktiebolaget LM Ericsson (ERIC): revenue $24.2B, market value $37.3B
• Planet Labs PBC (PL): revenue $378.3M, market value $5.2B
• Ondas Inc. (ONDS): revenue $174.1M, market value $3.6B
• Harmonic Inc. (HLIT): revenue –, market value $1.2B

What the company does

Ubiquiti was founded by Robert Pera in 2005. It sells networking equipment and the related software platforms worldwide, through a network of over 100 distributors and online retailers and direct to customers through its webstores. Its devices are used to build networking infrastructure in over 200 countries and territories. The company operates as one reportable and operating segment. As of 30 June 2026 it employed or contracted with 1,818 full time equivalent people.

What it sells

Ubiquiti groups its products into two categories, Enterprise Technology and Service Provider Technology. Enterprise Technology covers the UniFi platforms: UniFi Cloud Gateway, UniFi WiFi, UniFi Switch, UniFi Protect (video surveillance), UniFi Access (door access control) and UniFi Talk (a business phone system and VoIP subscription service). Service Provider Technology covers airMAX, airFiber, UFiber GPON and Wave, along with embedded radio products and base stations, radios, backhaul equipment and customer premise equipment. Enterprise Technology made up 91% of fiscal 2026 revenues and Service Provider Technology made up 9%.

Revenues come principally from networking hardware. In many arrangements the company includes implied post-contract customer support free of charge, and it attributes a portion of its revenues to that support. The company says its products are differentiated by its proprietary software, firmware expertise and hardware design capabilities.

Who it sells to and how

Ubiquiti sells to enterprises and service providers, mainly through distributors and its own webstores. In fiscal 2026, distributors accounted for 55% of revenues and webstore sales for 45%.

The company does not employ a traditional direct sales force. It builds awareness through online reviews and publications, its website, its distributors and a user community, which it calls the Ubiquiti Community. In that community customers deal directly with its research and development, marketing and support teams. Web sales generally allow returns within 30 days, and distributors are generally due to pay within 60 days of the invoice date.

Where it sells

Revenues by customer ship-to destination in fiscal 2026 were 53% North America, 36% Europe, the Middle East and Africa, 7% Asia Pacific and 4% South America. A majority of sales are made outside the United States. The company has no visibility into where individual network operators and service providers buy from its distributors.

How its products are made

Ubiquiti uses contract manufacturers, primarily in Vietnam and China. They are not required to make its products for any specific period or in any specific quantity. The company says moving manufacturing, quality assurance and shipping to new providers would take approximately three to six months.

The company and its manufacturers depend on a single supplier or a limited number of suppliers for several components, including chipsets, and they buy on purchase orders rather than long-term contracts. Ubiquiti licenses technology from some of these suppliers so it can replace firmware on certain chipsets with its own. It runs warehouses in the U.S., Europe and Asia Pacific and outsources other logistics and order fulfilment in Vietnam, Panama and, to a lesser extent, other countries. U.S. tariffs on imports from China and most other countries, including Vietnam, have increased its product costs. Warranties on certain products generally run one to two years.

Research and development

The research and development team had 1,321 full time equivalent employees, including contractors, as of 30 June 2026. They are located in the United States, Taiwan, China, Latvia, the Czech Republic, Lithuania, Ukraine, Sweden and elsewhere. The company says it uses a relatively flat reporting structure in which individual contributors or small development teams develop, test and obtain feedback on products. It relies on patent, copyright, trademark and trade secret laws, along with confidentiality procedures and contractual restrictions, to protect its intellectual property.

How it competes

The company names these factors in its markets: total cost of ownership, simplicity of deployment, reliability and scalability, brand awareness, secure wireless access, product suite breadth, centralized management and product support.

- Backhaul: Cambium Networks, Ceragon Networks, MikroTîk and Trango. - Customer premise equipment: Cambium Networks, MikroTîk, Tarana Wireless and TP-Link Technologies. - Enterprise WLAN and switching: Cisco, Fortinet, Hewlett Packard Enterprise (Aruba Networks and Juniper Networks) and Ruckus (Belden). - Video surveillance: Axis Communications, HIKVISION, Hanwha Vision and Verkada. - Internet service providers: Cambium Networks, MikroTîk, Tarana Wireless and TP-Link Technologies.

Its people

Of the 1,818 full time equivalent employees and contractors, 1,321 work in research and development, 370 in operations and 127 in sales, general and administrative roles. By location, 65% are in Asia Pacific, 23% in Europe, the Middle East and Africa, and 12% in the Americas. Robert Pera is the founder, Chairman of the Board and Chief Executive Officer, and the company describes him as central to its business.

*From Ubiquiti's annual report on Form 10-K for the year ended 30 June 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1511737/000151173726000056/ubnt-20260630.htm)*

From the company's 10-K.