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Ubiquiti Inc.Ubiquiti Inc. develops networking technology for service providers, enterprises, and consumers. It develops technology platforms for high-capacity distributed Internet access, unified information technology, and consumer electronics for professional, home, and personal use. Its service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing; and enterprise product platforms provide wireless LAN infrastructure, vid
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2028-Q2 | 950.0 | 342.0 | -- | 261.3 | -- | 237.5 | -5.7 | 2,230 | -- | -- | -- | -- | -- |
| Est | 2028-Q1 | 895.0 | 317.7 | -- | 241.7 | -- | 250.6 | -5.4 | 1,992 | -- | -- | -- | -- | -- |
| Est | 2027-Q4 | 940.0 | 338.4 | -- | 258.5 | -- | 216.2 | -6.6 | 1,742 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 920.0 | 335.8 | -- | 257.6 | -- | 248.4 | -5.5 | 1,525 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 890.0 | 324.9 | -- | 249.2 | -- | 231.4 | -5.3 | 1,277 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 830.0 | 298.8 | -- | 228.3 | -- | 249.0 | -5.0 | 1,046 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 870.0 | 317.6 | -- | 243.6 | -- | 191.4 | -6.1 | 796.7 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 845.0 | 311.0 | -- | 240.8 | -- | 236.6 | -5.1 | 605.3 | -- | -- | -- | -- | -- |
| Act | 2026-Q3 | 788.2 | 290.8 | 290.8 | 233.9 | 167.8 | 162.2 | -5.6 | 368.7 | 66.9 | 60.6 | 61.1% | 440.0x | 42.4x |
| Act | 2026-Q2 | 814.9 | 297.4 | 292.9 | 233.6 | 263.9 | 269.1 | -5.2 | 302.8 | 174.1 | 60.6 | 63.7% | 187.2x | 38.2x |
| Act | 2026-Q1 | 733.8 | 266.8 | 261.7 | 207.9 | 198.5 | 193.3 | -5.2 | 177.2 | 211.9 | 60.6 | 62.8% | 83.8x | 26.1x |
| Act | 2025-Q4 | 759.2 | 265.7 | 261.4 | 266.7 | 130.4 | 125.2 | -5.2 | 149.7 | 297.4 | 60.6 | 81.3% | 83.3x | 22.1x |
| Act | 2025-Q3 | 664.2 | 233.8 | 226.9 | 180.4 | 123.6 | 120.8 | -2.8 | 151.0 | 383.7 | 60.6 | 64.5% | 43.1x | 28.0x |
| Act | 2025-Q2 | 599.9 | 183.4 | 178.8 | 136.8 | 152.4 | 150.4 | -2.0 | 133.1 | 451.3 | 60.5 | 54.7% | 16.0x | 22.4x |
| Act | 2025-Q1 | 550.3 | 175.3 | 169.2 | 128.0 | 233.7 | 231.1 | -2.6 | 165.2 | 600.0 | 60.5 | 48.7% | 16.6x | 16.7x |
| Act | 2024-Q4 | 507.5 | 142.9 | 138.4 | 103.8 | 231.4 | 229.5 | -1.9 | 126.3 | 757.3 | 60.5 | 39.9% | 8.5x | 14.7x |
| Act | 2024-Q3 | 493.0 | 116.3 | 111.2 | 76.3 | 163.9 | 160.6 | -3.2 | 102.5 | 927.0 | 60.5 | 28.9% | 6.2x | 17.4x |
| Act | 2024-Q2 | 465.0 | 125.6 | 121.1 | 82.1 | 78.6 | 74.7 | -3.9 | 97.7 | 1,049 | 60.5 | 28.7% | 6.9x | 17.4x |
| Act | 2024-Q1 | 463.1 | 133.4 | 128.3 | 87.8 | 67.7 | 64.7 | -3.0 | 108.6 | 1,102 | 60.5 | 30.9% | 6.3x | 20.4x |
| Act | 2023-Q4 | 491.1 | 148.0 | 143.9 | 103.7 | 14.4 | 9.2 | -5.3 | 114.9 | 1,138 | 60.5 | 35.3% | 7.5x | 30.8x |
| Act | 2023-Q3 | 457.8 | 138.1 | 133.5 | 98.6 | -162.2 | -164.4 | -2.2 | 152.6 | 1,151 | 60.5 | 34.2% | 8.4x | 32.8x |
| Act | 2023-Q2 | 493.6 | 149.1 | 145.2 | 112.2 | -39.7 | -44.5 | -4.8 | 159.7 | 956.2 | 60.5 | 45.3% | 13.2x | 41.2x |
| Act | 2023-Q1 | 498.1 | 125.7 | 122.0 | 93.2 | 42.0 | 33.3 | -8.7 | 136.9 | 854.8 | 60.5 | 45.5% | 11.8x | 35.6x |
| Act | 2022-Q4 | 443.1 | 116.2 | 112.6 | 92.5 | 70.0 | 67.6 | -2.4 | 136.7 | 853.3 | 60.5 | 47.1% | 14.5x | 38.4x |
| Act | 2022-Q3 | 358.1 | 66.2 | 62.6 | 50.4 | 104.2 | 99.6 | -4.6 | 146.6 | 785.5 | 61.4 | 27.3% | 20.4x | -- |
| Act | 2022-Q2 | 431.6 | 128.7 | 125.4 | 103.7 | 95.2 | 91.7 | -3.5 | 214.4 | 573.4 | 62.4 | 74.2% | 47.4x | -- |
| Act | 2022-Q1 | 458.9 | 164.9 | 161.7 | 132.2 | 100.9 | 98.0 | -3.0 | 267.0 | 548.5 | 62.6 | 95.9% | 43.2x | -- |
AI Analysis
LLM Evaluations
Ubiquiti is an exceptional business with outstanding unit economics — near-zero CapEx, 60%+ ROIC, and ~24% FCF margins generated by a lean 1,500-person organization disrupting enterprise networking. However, the stock at $749 trades at ~64x trailing FCF, embedding ~25% revenue CAGR for a decade with no margin for error. The implied growth rate is wildly above the 5-year average of 5.8% and assumes the current product cycle surge is permanent. Meanwhile, the company faces a potentially existential ITC investigation that could block Wi-Fi 6 product imports into the U.S. (54% of revenue), $110M+ in unreserved tax liabilities, and severe governance opacity under Robert Pera's 90%+ ownership. The 13.4% short interest and 5.2 days to cover reflect legitimate structural concerns. Even assuming continued strong execution and no adverse ITC outcome, the stock needs to grow into its valuation for several years, offering poor risk/reward at current levels.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 7.0% of float, sold 6.6%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $233M | $249.99 | +$2.4M | +$4.2M | -0.2% | $5.69T |
| RENAISSANCE TECHNOLOGIES LLC | $173M | $462.40 | −$3.1M | +$9.6M | +1.2% | $63.91B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $145M | $449.16 | +$79K | +$74.2M | +0.1% | $184.72B |
| SW Investment Management LLC | $113M | $185.63 | +$2.0M | −$117M | -0.8% | $451M |
| AQR CAPITAL MANAGEMENT LLC | $98.8M | $356.00 | +$25.0M | −$78.6M | -0.2% | $218.19B |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $97.7M | $536.96 | −$29.9M | +$76.0M | -0.0% | $45.12B |
| Capital World Investors | $85.0M | $586.94 | +$6.0M | +$68.7M | +0.3% | $732.46B |
| STATE STREET CORPPassive | $67.5M | $515.11 | +$7.0M | +$9.6M | -0.2% | $2.89T |
| MORGAN STANLEY | $61.6M | $242.79 | −$19.0M | +$6.9M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $60.8M | $432.90 | +$13.3M | +$34.1M | -0.2% | $760.93B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $59.6M | $329.53 | +$1.9M | +$6.6M | +2.3% | $1.61T |
| Bank of New York Mellon Corp | $38.3M | $136.92 | −$124K | −$11.2M | +0.5% | $543.21B |
| Gotham Asset Management, LLC | $36.1M | $304.13 | −$993K | +$7.9M | +0.4% | $32.62B |
| LONG WALK MANAGEMENT LP | $35.8M | $454.85 | −$30.7M | +$35.8M | +1.8% | $344M |
| RHUMBLINE ADVISERS | $34.1M | $405.81 | +$89K | +$30.5M | +0.4% | $116.90B |
| JPMORGAN CHASE & CO | $31.7M | $397.06 | +$14.4M | +$19.7M | -0.2% | $1.47T |
| NORTHERN TRUST CORPPassive | $23.2M | $301.40 | −$1.4M | +$143K | -0.2% | $755.34B |
| CITIGROUP INC | $21.0M | $461.10 | −$994K | +$20.5M | -0.3% | $156.55B |
| FIRST TRUST ADVISORS LP | $20.1M | $222.52 | −$10.3M | −$7.4M | -0.9% | $139.72B |
| BARCLAYS PLC | $19.6M | $297.15 | +$11.6M | +$14.2M | -0.1% | $279.69B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 37.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
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Analyst Coverage
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-13 | SELL | Radigan Kevin | officer: CHIEF ACCOUNTING OFFICER | 500 | $680.53 | $340K | $1.54M |
| 2025-11-12 | SELL | Radigan Kevin | officer: CHIEF ACCOUNTING OFFICER | 350 | $576.58 | $202K | $1.60M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Enterprise Technology | $717.9M | +23% |
| Service Provider Technology | $70.3M | -10% |
| North America | $410.2M | +27% |
| UNITED STATES | $374.1M | NEW |
| EMEA | $303.8M | +8% |
| Asia Pacific | $43.2M | +15% |
| South America | $31.1M | +42% |
Filing Risk Analysis
Filing Risk Scores
Ubiquiti Inc.: Strong Cash Flows Masking High-Stakes Patent Litigation and Significant Unreserved Tax Liabilities
Counter-Thesis
Counter-Thesis & Recent News
Ubiquiti reported a 'blowout' Q4 2025 earnings result on February 6, 2026, with revenue of $814.87M (up 35.8% YoY) and EPS of $3.88, significantly beating the $3.08 consensus. Following these results, the stock was upgraded to a Zacks Rank #1 (Strong Buy) in March 2026. The company also declared a $0.80 quarterly dividend, signaling confidence in sustained cash flow (Sources: Nasdaq, Perplexity, GuruFocus).
The primary bear thesis rests on an extreme valuation and transparency issues. UI trades at a P/E ratio of ~51.9x, which is significantly higher than its estimated DCF fair value of ~$198. Critics also point to 'low quality' earnings due to high non-cash components and a lack of granular segment reporting from CEO Robert Pera, who controls over 90% of the shares, leaving the public float vulnerable to volatility (Sources: Simply Wall St, Seeking Alpha).
Serious compliance concerns have emerged regarding the 'grey market' distribution of Ubiquiti products into sanctioned regions like Russia and Iran. Additionally, while margins are high (29.9% net margin), there are concerns about their sustainability given potential tariff-driven cost increases and a five-year average earnings growth (5.8%) that is far lower than the recent surge (Sources: Intellectia.AI, Seeking Alpha community).
Ubiquiti faces pressure from enterprise giants like Cisco and HPE/Aruba, particularly as they move toward more flexible software models. However, UI’s 'disruptive pricing' (e.g., UniFi Express at $149) and lack of recurring license fees continue to undercut traditional competitors, though the commoditization of Wi-Fi 7 hardware remains a long-term margin risk (Sources: McCann Tech, Seeking Alpha).
Customer sentiment remains highly positive among IT professionals and prosumers, driven by the successful rollout of the UniFi 7 (Wi-Fi 7) ecosystem. The community praises the hardware's 'versatility' and 'value for money,' specifically highlighting the Swiss Army Knife AP and the new gateway lineup as 'enterprise-grade' improvements that have repaired previous software reputation issues (Sources: McCann Tech, InsideWire YouTube).