Ubiquiti
UINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $685.94 Prior regular-session close from the quote source.
- $677.23–$699.50 Regular-session low and high so far today.
- 83.9K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 5 projected Projected for 2027-02-05 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $500.23–$1,099.99 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own UI if its product-led, software-managed networking ecosystem keeps converting global channel demand into premium hardware margins and cash without adding a conventional enterprise sales-cost structure.
UI price history
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Investment thesis
What must happen next
The global distributor, online-retail and direct-webstore channel continues to create pull-based demand for Ubiquiti’s equipment and software platforms without requiring a traditional enterprise sales machine.StrengtheningMateriality: High
Profile description states Ubiquiti sells equipment and related software platforms worldwide through more than 100 distributors, online retailers and direct-to-customer webstores. If this holds, Ubiquiti can keep scaling revenue efficiently; if it breaks, growth would require higher sales expense or lower prices.
Watch: Cisco/Meraki, TP-Link Omada, MikroTik or similar vendors win the installer/operator community by matching Ubiquiti’s price-performance and software manageability.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Profile description states Ubiquiti sells equipment and related software platforms worldwide through more than 100 distributors, online retailers and direct-to-customer.
Open source ↗Ubiquiti’s integrated hardware/software price-performance remains differentiated enough to avoid commodity-style discounting even as networking hardware competition stays intense.StrengtheningMateriality: High
FY2026 annual GAAP gross profit was $1.511 billion, up 35.3% from FY2025. This determines whether growth creates value or merely buys volume with lower gross profit dollars.
Watch: TP-Link, MikroTik, Cisco/Meraki or white-label Asian hardware vendors close the feature gap and force Ubiquiti to reduce prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 annual GAAP gross profit was $1.511 billion, up 35.3% from FY2025.
Open source ↗The engineering-led, low-touch go-to-market model continues to scale without a step-change in sales, marketing or support overhead.StrengtheningMateriality: Medium
FY2026 annual GAAP operating income was $1.185 billion, up 41.8% from FY2025. If operating leverage persists, incremental revenue can compound owner earnings; if heavier enterprise support becomes necessary, margins can reset lower.
Watch: Larger enterprise customers demand higher-touch pre-sales, deployment and support resources that Ubiquiti historically avoided.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 annual GAAP operating income was $1.185 billion, up 41.8% from FY2025.
Open source ↗Ubiquiti’s growth remains self-funded because product availability and inventory discipline prevent a repeat of the cash absorption seen in FY2023.StrengtheningMateriality: Medium
FY2026 annual GAAP operating cash flow was $928.7 million, up from $640.0 million in FY2025. Cash conversion separates high-quality hardware growth from growth that requires continual working-capital funding.
Watch: Component shortages or tariff uncertainty cause management to overbuild inventory again.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 annual GAAP operating cash flow was $928.7 million, up from $640.0 million in FY2025.
Open source ↗Recovered liquidity gives Ubiquiti enough flexibility to absorb product-cycle, supply-chain or channel shocks without compromising availability or resorting to dilutive financing.StrengtheningMateriality: Medium
Cash and cash equivalents were $522.6 million at June 30, 2026, versus $149.7 million at June 30, 2025. If liquidity remains strong, temporary hardware-cycle volatility is less likely to become permanent value impairment.
Watch: Large shareholder returns, inventory commitments or acquisitions consume cash faster than operating cash flow replenishes it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $522.6 million at June 30, 2026, versus $149.7 million at June 30, 2025.
Open source ↗
Full investment case & evidence
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Original research
The global distributor, online-retail and direct-webstore channel continues to create pull-based demand for Ubiquiti’s equipment and software platforms without requiring a traditional enterprise sales machine. If this holds, Ubiquiti can keep scaling revenue efficiently; if it breaks, growth would require higher sales expense or lower prices.
Ubiquiti’s integrated hardware/software price-performance remains differentiated enough to avoid commodity-style discounting even as networking hardware competition stays intense. This determines whether growth creates value or merely buys volume with lower gross profit dollars.
The engineering-led, low-touch go-to-market model continues to scale without a step-change in sales, marketing or support overhead. If operating leverage persists, incremental revenue can compound owner earnings; if heavier enterprise support becomes necessary, margins can reset lower.
Ubiquiti’s growth remains self-funded because product availability and inventory discipline prevent a repeat of the cash absorption seen in FY2023. Cash conversion separates high-quality hardware growth from growth that requires continual working-capital funding.
Recovered liquidity gives Ubiquiti enough flexibility to absorb product-cycle, supply-chain or channel shocks without compromising availability or resorting to dilutive financing. If liquidity remains strong, temporary hardware-cycle volatility is less likely to become permanent value impairment.
All standing thesis claims
Original report summary
its product-led, software-managed networking ecosystem keeps converting global channel demand into premium hardware margins and cash without adding a conventional enterprise sales-cost structure.
Bull case and bear case
Bull case and bear case for Ubiquiti
Where the evidence on Ubiquiti stands: Strengthening on the latest evidence (Oct 24, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
The global distributor, online-retail and direct-webstore channel continues to create pull-based demand for Ubiquiti’s equipment and software platforms without requiring a traditional enterprise sales machine.
Ubiquiti’s integrated hardware/software price-performance remains differentiated enough to avoid commodity-style discounting even as networking hardware competition stays intense.
The engineering-led, low-touch go-to-market model continues to scale without a step-change in sales, marketing or support overhead.
Ubiquiti’s growth remains self-funded because product availability and inventory discipline prevent a repeat of the cash absorption seen in FY2023.
Recovered liquidity gives Ubiquiti enough flexibility to absorb product-cycle, supply-chain or channel shocks without compromising availability or resorting to dilutive financing.
Bear case: what would count against it
Cisco/Meraki, TP-Link Omada, MikroTik or similar vendors win the installer/operator community by matching Ubiquiti’s price-performance and software manageability.
TP-Link, MikroTik, Cisco/Meraki or white-label Asian hardware vendors close the feature gap and force Ubiquiti to reduce prices.
Larger enterprise customers demand higher-touch pre-sales, deployment and support resources that Ubiquiti historically avoided.
Thesis-Break Engine
Thesis-break watch · Ubiquiti
No break has crossed Ubiquiti’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Ubiquiti filed an SEC 8-K on 2026-08-21: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Ubiquiti filed an SEC 8-K on 2026-05-08: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Cisco/Meraki, TP-Link Omada, MikroTik or similar vendors win the installer/operator community by matching Ubiquiti’s price-performance and software manageability.
- TP-Link, MikroTik, Cisco/Meraki or white-label Asian hardware vendors close the feature gap and force Ubiquiti to reduce prices.
- Larger enterprise customers demand higher-touch pre-sales, deployment and support resources that Ubiquiti historically avoided.
- Component shortages or tariff uncertainty cause management to overbuild inventory again.
- Large shareholder returns, inventory commitments or acquisitions consume cash faster than operating cash flow replenishes it.
UI news
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Financial statements
UI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
UI: quick answers
- When does Ubiquiti (UI) report earnings next?
- Ubiquiti's next results are projected for February 5, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 6, 2026. Earnings calendar
- What is UI's short interest?
- As of October 30, 2026, 342,682 UI shares were sold short, 0.57% of its shares outstanding, down 2.7% from the count before. At the stock's average daily volume that is 5.0 days to cover. FINRA publishes the count twice a month. UI short interest history
- Have members of Congress traded UI?
- 7 trades in UI have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed UI trade