Ubiquiti
UI on NYSE. Ubiquiti sells networking equipment and software to businesses and internet providers. Market value $36.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.40 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 60 cents a year. Above 10 is good.
Quality score: 86 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.
$626.48 a share, 25% above its 1-year low
Over the past year the price has ranged from $500.23 to $1,099.99.
Dividend: 0.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.7bn | $1.9bn | $1.9bn | $2.6bn | $3.3bn |
| Operating margin | |||||
| Operating margin | 27.3% | 28.1% | 25.9% | 32.5% | 36.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 7.83 | 0.75 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 11.5% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $937 million last quarter, up 23% on a year ago.
- Profit: $285 million, up 7% on a year ago.
- It keeps 36 cents of each $1 of sales as operating profit, up from 33 cents a year earlier.
- Spare cash over the past 12 months: $909 million, up from $627 million.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $550m |
| December 2024 | $600m |
| March 2025 | $664m |
| June 2025 | $759m |
| September 2025 | $734m |
| December 2025 | $815m |
| March 2026 | $788m |
| June 2026 | $937m |
| Quarter to | Amount |
|---|---|
| September 2024 | $128m |
| December 2024 | $137m |
| March 2025 | $180m |
| June 2025 | $267m |
| September 2025 | $208m |
| December 2025 | $234m |
| March 2026 | $234m |
| June 2026 | $285m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 21 August 2026
- Next quarterly (estimated, 10-Q)
- 7 August 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 356 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $22m | <0.1% | Cut |
Largest holders overall
- BlackRock$163mAdded
- Renaissance Technologies$106mCut
- SW Investment Management$75m
- Capital World Investors$61mAdded
- State Street$54mAdded
- Arrowstreet Capital, Limited Partnership$49mCut
- Geode Capital Management$40m
- Goldman Sachs Group$37mCut
- Morgan Stanley$37mCut
- AQR Capital Management$36mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $542,068.
- Radigan KevinCHIEF ACCOUNTING OFFICERSold
- Date
- 13 May 2026
- Shares
- 500
- Price
- $680.53
- Value
- $340,265
- Radigan KevinCHIEF ACCOUNTING OFFICERSold
- Date
- 12 November 2025
- Shares
- 350
- Price
- $576.58
- Value
- $201,803
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 May 2026 | Radigan Kevin CHIEF ACCOUNTING OFFICER | Sold | 500 | $680.53 | $340,265 |
| 12 November 2025 | Radigan Kevin CHIEF ACCOUNTING OFFICER | Sold | 350 | $576.58 | $201,803 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.