olivLaw · US equity research
Ubiquiti Inc. UI
Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)
Ubiquiti Inc. (UI) designs networking equipment and software platforms for enterprises and service providers, selling through distributors and its own webstores. Fiscal 2026 revenue reached 3.3 billion USD and net income 960.3 million USD, both up strongly on the prior year. The central question for investors is how durable this growth is given tariffs and component constraints.
At the close of 03 Nov 2026, Ubiquiti Inc. (UI) stock was 545.42 USD (+0.99% on the day), with market capitalisation 33.0 bn USD, P/E 34.4 on diluted EPS of 15.85 USD over the last 12 months, dividend yield 0.59%, beta 1.59, 52-week range 515.44–1,084.50 USD. Latest reported quarter (Q4 2026): revenue of 937.3 m USD (+23.5% YoY), net income of 284.9 m USD (+6.8% YoY), diluted EPS 4.70 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.2
- weak (30–45)
- Bollinger (20, 2)
- 545.17 – 657.81
- in the lower half of the band · %B 0.00 · band width 18.7%
- SMA 50 / 200
- 588.60 / 661.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -8.24 / -0.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.1% | −2.0% | −10.1 pp | — |
| 3 months | −2.6% | −2.2% | −0.4 pp | — |
| 6 months | −46.3% | +4.3% | −50.5 pp | — |
| Year to date | −1.4% | +10.6% | −12.0 pp | — |
| 1 year | −29.5% | +10.5% | −40.0 pp | +1.0% |
| 3 years | +412.9% | +73.7% | +339.2 pp | +52.1% |
| 5 years | +74.6% | +61.7% | +12.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 550.3 m | 599.9 m | 664.2 m | 759.2 m | 733.8 m | 814.9 m | 788.2 m | 937.3 m |
| Cost of revenue | 318.7 m | 352.6 m | 368.3 m | 416.4 m | 396.4 m | 440.9 m | 417.5 m | 508.1 m |
| Gross profit | 231.6 m | 247.2 m | 295.9 m | 342.7 m | 337.4 m | 374.0 m | 370.7 m | 429.3 m |
| Research & development | 38.0 m | 40.0 m | 44.3 m | 47.5 m | 48.5 m | 50.8 m | 51.8 m | 53.0 m |
| SG&A | 24.4 m | 28.5 m | 24.8 m | 33.9 m | 27.1 m | 30.3 m | 28.1 m | 36.3 m |
| Operating income | 169.2 m | 178.8 m | 226.9 m | 261.4 m | 261.7 m | 292.9 m | 290.8 m | 340.0 m |
| Depreciation & amortisation | 6.1 m | 4.6 m ≈ | 6.9 m ≈ | 4.3 m | 5.1 m | 4.5 m ≈ | 4.6 m ≈ | 4.7 m |
| Pre-tax income | 158.6 m | 167.4 m | 221.4 m | 258.2 m | 258.5 m | 291.3 m | 290.2 m | 343.1 m |
| Income tax | 30.6 m | 30.6 m | 41.0 m | -8.5 m | 50.7 m | 57.7 m | 56.2 m | 58.2 m |
| Net income | 128.0 m | 136.8 m | 180.4 m | 266.7 m | 207.9 m | 233.6 m | 233.9 m | 284.9 m |
| Diluted EPS | 2.12 | 2.26 | 2.98 | 4.40 ≈ | 3.43 | 3.86 | 3.86 | 4.70 ≈ |
| Operating cash flow | 233.7 m | 152.4 m ≈ | 123.6 m ≈ | 130.4 m | 198.5 m | 263.9 m ≈ | 167.8 m ≈ | 298.5 m |
| Capex | 2.6 m | 2.0 m ≈ | 2.8 m ≈ | 5.2 m | 5.2 m | 3.6 m ≈ | 5.6 m ≈ | 5.4 m |
| Dividends paid | 36.3 m | 36.3 m ≈ | 36.3 m ≈ | 36.3 m | 48.4 m | 48.4 m ≈ | 48.4 m ≈ | 48.4 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 65 percentile of its own 43-quarter history (min 15.5, median 31.9, max 52.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 1.9 bn | 1.7 bn | 1.9 bn | 1.9 bn | 2.6 bn | 3.3 bn |
| Revenue YoY | +14.2% | +10.6% | +47.8% | −10.9% | +14.7% | −0.6% | +33.4% | +27.2% |
| Net income | 322.7 m | 380.3 m | 616.6 m | 378.7 m | 407.6 m | 350.0 m | 711.9 m | 960.3 m |
| Net income YoY | +64.4% | +17.9% | +62.1% | −38.6% | +7.7% | −14.1% | +103.4% | +34.9% |
| Diluted EPS | 4.51 | 5.80 | 9.78 | 6.13 | 6.74 | 5.79 | 11.76 | 15.85 |
| Diluted EPS YoY | +79.7% | +28.6% | +68.6% | −37.3% | +10.0% | −14.1% | +103.1% | +34.8% |
| net % | 27.8% | 29.6% | 32.5% | 22.4% | 21.0% | 18.1% | 27.7% | 29.3% |
| Free cash flow | 207.6 m | 429.7 m | 593.7 m | 356.8 m | -166.4 m | 529.5 m | 627.4 m | 908.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 522.6 m USD
- Financial debt
- 0 USD
- Net debt
- -522.6 m USD
- Equity
- 1.4 bn USD
- Total assets
- 2.2 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 2.93x
- ROE
- 91.1%
- ROA
- 52.4%
- FCF margin
- 27.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 1.7 bn | 1.9 bn | 1.9 bn | 2.6 bn | 3.3 bn | SEC (XBRL)· 21 Aug 2026verified |
| Cost of revenue | 985.8 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 21 Aug 2026verified |
| Gross profit | 912.3 m | 669.8 m | 760.7 m | 739.8 m | 1.1 bn | 1.5 bn | SEC (XBRL)· 21 Aug 2026verified |
| Research & development | 116.2 m | 137.7 m | 145.2 m | 159.8 m | 169.7 m | 204.2 m | SEC (XBRL)· 21 Aug 2026verified |
| SG&A | 53.5 m | 69.9 m | 71.0 m | 81.0 m | 111.5 m | 121.8 m | SEC (XBRL)· 21 Aug 2026verified |
| Operating income | 742.6 m | 462.3 m | 544.6 m | 499.0 m | 836.3 m | 1.2 bn | SEC (XBRL)· 21 Aug 2026verified |
| Depreciation & amortisation | 12.1 m | 13.7 m | 16.3 m | 19.3 m | 21.9 m | 18.9 m | SEC (XBRL)· 21 Aug 2026verified |
| EBITDA | 754.7 m ≈ | 476.0 m ≈ | 560.9 m ≈ | 518.2 m ≈ | 858.2 m ≈ | 1.2 bn ≈ | SEC (XBRL)· 21 Aug 2026derived |
| Pre-tax income | 727.7 m | 444.4 m | 486.3 m | 423.8 m | 805.7 m | 1.2 bn | SEC (XBRL)· 21 Aug 2026verified |
| Income tax | 111.1 m | 65.8 m | 78.7 m | 73.9 m | 93.7 m | 222.8 m | SEC (XBRL)· 21 Aug 2026verified |
| Net income | 616.6 m | 378.7 m | 407.6 m | 350.0 m | 711.9 m | 960.3 m | SEC (XBRL)· 21 Aug 2026verified |
| Diluted EPS | 9.78 | 6.13 | 6.74 | 5.79 | 11.76 | 15.85 | SEC (XBRL)· 21 Aug 2026verified |
| Weighted average diluted shares | 63.1 m | 61.7 m | 60.5 m | 60.5 m | 60.5 m | 60.6 m | SEC (XBRL)· 21 Aug 2026verified |
| Dividend per share | 1.60 | 2.40 | 2.40 | 2.40 | 2.40 | 3.20 | SEC (XBRL)· 21 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 249.4 m | 136.2 m | 114.8 m | 126.3 m | 149.7 m | 522.6 m | SEC (XBRL)· 21 Aug 2026verified |
| Receivables | 172.3 m | 119.6 m | 167.8 m | 169.1 m | 244.6 m | 301.7 m | SEC (XBRL)· 21 Aug 2026verified |
| Inventories | 233.8 m | 262.4 m | 737.1 m | 462.0 m | 675.1 m | 780.4 m | SEC (XBRL)· 21 Aug 2026verified |
| Current assets | 694.2 m | 621.6 m | 1.2 bn | 916.0 m | 1.2 bn | 1.8 bn | SEC (XBRL)· 21 Aug 2026verified |
| Property, plant & equipment, net | 79.1 m | 80.2 m | 86.8 m | 81.1 m | 73.5 m | 75.9 m | SEC (XBRL)· 21 Aug 2026verified |
| Intangibles (excl. goodwill) | 8.7 m | 7.2 m | 5.7 m | 4.2 m | 2.6 m | 1.7 m | SEC (XBRL)· 21 Aug 2026verified |
| Total assets | 891.0 m | 844.7 m | 1.4 bn | 1.2 bn | 1.5 bn | 2.2 bn | SEC (XBRL)· 21 Aug 2026verified |
| Accounts payable | 112.1 m | 83.7 m | 154.2 m | 51.1 m | 164.8 m | 432.2 m | SEC (XBRL)· 21 Aug 2026verified |
| Short-term debt | 23.9 m | 23.9 m | 36.5 m | 36.5 m | 249.6 m | 0 | SEC (XBRL)· 21 Aug 2026verified |
| Long-term debt | 467.0 m | 762.6 m | 1.0 bn | 669.9 m | 0 | — | SEC (XBRL)· 22 Aug 2025verified |
| Current liabilities | 276.4 m | 311.0 m | 351.8 m | 284.8 m | 710.9 m | 626.6 m | SEC (XBRL)· 21 Aug 2026verified |
| Total liabilities | 888.3 m | 1.2 bn | 1.5 bn | 1.1 bn | 798.2 m | 757.9 m | SEC (XBRL)· 21 Aug 2026verified |
| Equity | 2.7 m † | -382.9 m † | -115.7 m † | 95.1 m † | 668.3 m † | 1.4 bn † | SEC (XBRL)· 21 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 612.0 m | 370.3 m | -145.4 m | 541.5 m | 640.0 m | 928.7 m | SEC (XBRL)· 21 Aug 2026verified |
| Capex | 18.3 m | 13.5 m | 20.9 m | 12.0 m | 12.6 m | 19.7 m | SEC (XBRL)· 21 Aug 2026verified |
| Free cash flow | 593.7 m ≈ | 356.8 m ≈ | -166.4 m ≈ | 529.5 m ≈ | 627.4 m ≈ | 908.9 m ≈ | SEC (XBRL)· 21 Aug 2026derived |
| Investing cash flow | -19.3 m | -11.2 m | -20.9 m | -12.0 m | -12.6 m | -109.1 m | SEC (XBRL)· 21 Aug 2026verified |
| Financing cash flow | -486.0 m | -472.3 m | 145.0 m | -518.0 m | -604.1 m | -446.8 m | SEC (XBRL)· 21 Aug 2026verified |
| Dividends paid | 100.8 m | 148.1 m | 145.0 m | 145.1 m | 145.2 m | 193.6 m | SEC (XBRL)· 21 Aug 2026verified |
| Share repurchases | 219.8 m | 618.1 m | 0 | 0 | — | — | SEC (XBRL)· 23 Aug 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 33.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet75
- Valuation24
- Quality67
- Growth74
- Returns43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 44.98 – 302.40 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Sales44.98 – 216.41 (Mid 90.54)10 companies used · median multiple 1.5x · quartiles 0.7x – 3.8xAVNW, BKSY, CRNT, GILT, HLIT, KUST, MSI, QCOM, VISN, WATT
- Peers: EV/EBITDA154.96 – 302.40 (Mid 206.86)6 companies used · median multiple 10.0x · quartiles 7.4x – 14.8xAVNW, CRNT, GILT, MSI, QCOM, VISN
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 46.2% | 15 (on a fixed band) | 11% |
| EBIT margin · Quality | 36.2% | 100 (vs peers) | 9% |
| FCF margin · Quality | 27.8% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 19.0% | 76 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 27.2% | 70 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.4x | 50 (vs peers) | 6% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 6% |
| EV/Sales · Valuation | 9.9x | 0 (vs peers) | 17% |
| FCF yield · Valuation | 2.8% | 55 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.6% | 43 (on a fixed band) | 4% |
Score groups
- Balance sheet75/100 · 2/2 factors with a value
- Growth74/100 · 2/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns43/100 · 1/1 factors with a value
- Valuation24/100 · 2/2 factors with a value
Memo
UBIQUITI INC. (UI). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.3 bn USD in 2026; YoY growth 27.2%; net margin 29.3%; ROE 91.1%; net debt/EBITDA -0.4x.
The estimated value range is 99.97–259.41 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 148.70 USD, the price of 545.42 USD leaves a potential of -72.7% (value / price − 1) and a margin of safety of -266.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 36.2%
- FCF margin: 27.8%
- Revenue CAGR 3Y: 19.0%
- Revenue growth (YoY): 27.2%
- Current ratio: 2.9x
What contradicts it
- Gross margin: 46.2%
- EV/Sales: 9.9x
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QCOMQualcomm Inc | 172.7 bn | 19.0 | 33.8% | 21.0% | +13.7% | −2% / +27% |
| MSIMotorola Solutions, Inc. | 81.3 bn | 38.7 | 92.0% | 17.4% | +8.0% | +33% / +52% |
| UIUbiquiti Inc. | 33.0 bn | 34.4 | 91.1% | 29.3% | +27.2% | −30% / +413% |
| PLPlanet Labs PBC | 3.3 bn | — | -72.0% | -95.1% | +25.9% | +6% / +421% |
| ONDSOndas Inc. | 3.0 bn | 18.0 | 20.1% | 96.0% | +605.3% | −33% / +381% |
| VISNVistance Networks, Inc. | 1.5 bn | 0.2 | 22,304.0% | 247.7% | +39.7% | −67% / +286% |
| HLITHarmonic Inc. | 1.1 bn | — | -11.7% | -13.7% | −26.2% | +7% / −8% |
| BKSYBlacksky Technology Inc | 686.3 m | — | -44.8% | -61.2% | +4.4% | −5% / +59% |
| UMACUnusual Machines, Inc. | 650.9 m | — | -2.9% | -20.3% | +101.2% | +49% / unavailable |
| GILTGilat Satellite Networks Ltd. | 521.2 m | 20.8 | 5.2% | 4.6% | +47.9% | −39% / +10% |
| AVNWAviat Networks, Inc. | 254.8 m | 104.7 | 1.0% | 0.6% | +1.2% | −10% / −34% |
| BKTIBK Technologies Corp | 252.4 m | 19.7 | 30.6% | 15.0% | +12.5% | +5% / +415% |
| CRNTCeragon Networks Ltd | 176.8 m | — | -1.2% | -0.6% | −14.1% | −2% / +6% |
| VUZIVuzix Corp | 171.4 m | — | -122.7% | -519.0% | +9.1% | −25% / −3% |
| SATLSatellogic Inc. | 87.6 m | — | — | -325.6% | +37.6% | +95% / +140% |
| AIRGAirgain, Inc. | 55.4 m | — | -23.7% | -13.6% | −14.6% | +4% / +76% |
| WATTEnergous Corporation | 45.0 m | — | -32.8% | -76.4% | +633.1% | +30% / −87% |
| CMTLComtech Telecommunications Corp | 37.4 m | — | -50.5% | -14.5% | −17.0% | −59% / −90% |
| KUSTKustom Entertainment, Inc. | 22.6 m | — | -323.8% | -126.5% | +1.7% | −98% / −100% |
| NOKNokia Corporation | — | — | 3.1% | 3.3% | +3.5% | +36% / +137% |
| ERICEricsson Lm Telephone Co | — | — | 27.9% | 12.0% | −4.5% | +15% / +126% |
1- and 3-year price returns: for UI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 356.76 Total return -34% · Per year -34% | 627.84 Total return 16% · Per year 16% | 941.76 Total return 73% · Per year 73% |
| 3 years | 423.17 Total return -21% · Per year -7% | 830.32 Total return 55% · Per year 16% | 1,356.13 Total return 152% · Per year 36% |
| 5 years | 501.95 Total return -5% · Per year -1% | 1,098.10 Total return 106% · Per year 16% | 1,952.83 Total return 264% · Per year 29% |
- Exit P/E± 207.58
- Net margin± 145.31
- Annual revenue growth± 108.37
- Annual dilution± 12.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ubiquiti Inc. (UI) designs networking equipment and software platforms for enterprises and service providers, selling through distributors and its own webstores. Fiscal 2026 revenue reached 3.3 billion USD 12 and net income 960.3 million USD 1, both up strongly on the prior year. The central question for investors is how durable this growth is given tariffs and component constraints 12.
SWOT
Strengths
- Rapid revenue growth and a rising gross margin suggest the distributor and webstore model is working 12.
- Proprietary software and firmware expertise and hardware design are described as differentiators 1.
- A presence in very many countries and a broad distributor network reduce reliance on a single channel 1.
Weaknesses
- Visibility into end-customer sales is limited, which makes forecasting results difficult 1.
- Reliance on a small number of component suppliers and contract manufacturers could disrupt production 1.
- The company has no traditional direct sales force, which may limit penetration of large enterprise accounts 1.
Opportunities
Risks
- Limited sales visibilityhigh
Reliance on distributors means the company knows little about final demand and channel inventory, which can lead to excess stock or lost sales 1.
- Tariffs and trade policyhigh
Frequent tariff changes can raise product costs and make historical margins less indicative of the future 12.
- Concentrated supply chainmedium
Components come from a few suppliers without long-term contracts, and their shortage could interrupt production 1.
- Founder dependencemedium
The founder and chief executive controls most of the common stock, and the business depends heavily on him 1.
- Geopolitical tensionsmedium
Contract manufacturers and logistics are located in regions exposed to conflict, and a disruption could affect deliveries 1.
Investment thesis
What would need to be true (bull case)
- If enterprise revenue growth continues, the company could strengthen its position in the UniFi-type network market 12.
- A rising gross margin in fiscal 2026 could suggest better pricing power than before 2.
- The dividend policy and repurchase program show an intention to return capital to shareholders 2.
What to watch
- Gross margin trend against component costs and tariffsQ1 2027
- Revenue growth in the Enterprise Technology segment2027
- Board decisions on quarterly dividendsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Founded in 2005, the company develops platforms for high-capacity distributed internet access and unified network management, plus sensors, cameras and connected devices for enterprise, industrial and service-provider environments 1. Fiscal 2026 revenue was 3.3 billion USD and R&D expense 204.2 million USD 1. It reports one operating segment and has no traditional direct sales force, relying on the Ubiquiti Community instead 1.
In the fourth quarter of fiscal 2026 revenue was 937.3 million USD 2 and GAAP gross margin 45.8% 2. The board declared a 1.00 USD per share dividend and extended the repurchase program through September 30, 2027 2.
Market context
Demand for high-capacity connectivity keeps growing with video streaming, cloud applications, remote work and IoT, and wireless networks increasingly compete with wired ones on deployment speed and lower cost 1. Competition has intensified in enterprise networking, service-provider infrastructure and video surveillance 1.
Customers compare solutions on total cost of ownership, ease of installation, scalability and security 1. The company argues it can win where it offers integrated, low-cost solutions 1.
Trends
- US tariffsheadwind
Tariffs imposed by the US on imports from China and Vietnam have raised product costs and affected margins, and the company expects this to continue while tariffs remain in effect 12. Recent court rulings have nullified some tariffs, adding uncertainty 1.
- Growing demand for connectivitytailwind
Internet traffic and connected devices increase the need for reliable, easily managed networks, supporting the UniFi platforms 1. Revenue growth in the enterprise segment reflects this trend 2.
- Component costsheadwind
The company saw higher component and shipping costs in the fourth quarter, and availability could remain constrained, which could pressure margins if price increases cannot be passed on 2.
- International footprintmixed
Most sales come from outside the US, and expanding or repatriating production could change the cost structure as well as operational risks 1. Developing its own foreign manufacturing capacity is noted as a risk 1.
Competitive position
Networking markets are highly competitive, and the company says it competes on price-performance and rapid development 1. Competition comes from established firms and emerging players, and new entrants may appear as the company enters new markets 1.
In backhaul and CPE the named competitors are Cambium, Ceragon, MikroTik, Trango and Tarana Wireless 1. In enterprise WLAN and switching the named competitors include Cisco, Fortinet, HPE (Aruba and Juniper) and Ruckus 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Hackers hijack D-Link, Ubiquiti devices to resell your stolen bandwidthBleepingComputer · 15 Oct 2026 · EN
- Ubiquiti patches three max severity security vulnerabilitiesBleepingComputer · 26 Aug 2026 · EN
- Ubiquiti Patches Critical UniFi Flaws Across Connect, Talk, Access, Protect, and OSThe Hacker News · 08 Jul 2026 · RO
- Ubiquiti warns of new max severity UniFi OS vulnerabilityBleepingComputer · 08 Jul 2026 · RO
- CISA warns of max severity Ubiquiti flaws exploited in attacksBleepingComputer · 24 Jun 2026 · RO
- Critical Ubiquiti Vulnerabilities in Attackers’ CrosshairsSecurityWeek · 24 Jun 2026 · RO
- Ubiquiti: Enterprise NAS, Built on ZFSHacker News · 18 Jun 2026 · EN
- Ubiquiti patches three max severity UniFi OS vulnerabilitiesBleepingComputer · 22 May 2026 · RO
The latest news item in our archive is from 15 Oct 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement23 Oct 2026
- Current report21 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Annual report21 Aug 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report06 Feb 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Feb 2026
- Current report05 Dec 2025Delisting notice · Shareholder vote
- Current report07 Nov 2025Results of operations · Financial statements and exhibits
- Quarterly report07 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Ubiquiti Inc. · 21 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Ubiquiti Inc. · 21 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.