Ubiquiti Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ubiquiti Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	865	1,017	1,162	1,285	1,898	1,692	1,941	1,928	2,574	3,274
Cost of revenue	470	573	624	676	986	1,022	1,180	1,189	1,456	1,763
Gross profit	396	444	538	608	912	670	761	740	1,117	1,511
Research and development	69.1	74.3	82.1	89.4	116	138	145	160	170	204
Selling, general and administrative	36.9	43.1	43.2	40.6	53.5	69.9	71	81	111	122
Operating expenses	106	117	143	130	170	208	216	241	281	326
Operating income	290	326	394	478	743	462	545	499	836	1,185
Interest income			2.7	1						0.2
Other non-operating income	-4.74	-12	-12.8	-28	-14.9	-17.8	-58.2	-75.2	-30.6	-2.37
Pre-tax income	285	314	381	450	728	444	486	424	806	1,183
Income tax	27.5	118	58.8	69.9	111	65.8	78.7	73.9	93.7	223
Net income	258	196	323	380	617	379	408	350	712	960
EBITDA	297	333	402	486	755	476	561	518	858	1,204
EPS, basic	3.16	2.54	4.52	5.81	9.79	6.14	6.75	5.79	11.77	15.87
EPS, diluted	3.09	2.51	4.51	5.80	9.78	6.13	6.74	5.79	11.76	15.85
Shares, basic (weighted)	81.5	77.2	71.4	65.4	63	61.7	60.4	60.5	60.5	60.5
Shares, diluted (weighted)	83.3	78.3	71.6	65.5	63.1	61.7	60.5	60.5	60.5	60.6
Dividend per share	0.00		1.00	1.20	1.60	2.40	2.40	2.40	2.40	3.20

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	604	667	238	143	249	136	115	126	150	523
Short-term investments		0	69.9	0.93	1.32	0.43	0.11	0	0	88.6
Receivables	141	175	156	142	172	120	168	169	245	302
Inventory	142	102	264	286	234	262	737	462	675	780
Other current assets	9.03	18.9	13.8	9.03	17.3	13.2	22	35	55.6	68
Total current assets	952	1,001	754	587	694	622	1,167	916	1,173	1,834
Property, plant and equipment	12.9	14.3	13.6	78.5	79.1	80.2	86.8	81.1	73.5	75.9
Lease right-of-use assets			0	24.4	40	64.2	57.5	47.8	44.7	75.9
Intangible assets	0.44	0.46	3.26	3.06	8.68	7.23	5.7	4.16	2.63	1.74
Long-term investments		0	31.6	0.51	1.04	0
Other non-current assets	2.33	3.79	73.9	43.2	71.9	72.1	71.3	73.6	67.1	68.1
Total assets	973	1,023	876	737	891	845	1,406	1,154	1,466	2,198
Accounts payable	49	14.1	38.7	156	112	83.7	154	51.1	165	432
Accrued liabilities	33	68.6	84.2
Deferred revenue	5.25	8.51	15.3	16.5	21.6	20.8	17.9	20.3	36	55.3
Short-term debt	14.7	24.4	30.7	24.1	23.9	23.9	36.5	36.5	250	0
Total current liabilities	98.5	113	179	264	276	311	352	285	711	627
Long-term debt	242	460	465	628	467	763	1,041	670	0
Lease liabilities			0	18.5	32.3	54	46.1	37.2	35.5	65.3
Other non-current liabilities	2.62	5.84	8.44	6.31	8.56	5.82	7.77	13.4	26	40.9
Total liabilities	371	707	777	1,033	888	1,228	1,522	1,059	798	758
Total debt	257	488	498	655	494	469	1,081	708	250
Paid-in capital	0.53	0.39	0	0.45	0	0.65	4.72	10.6	17.1	22.4
Retained earnings	601	315	98.8	-296	2.64	-383	-121	84.4	651	1,418
Other comprehensive income		0	0.39	0.01	0	-0.47	0		0	-0
Shareholders' equity	602	316	99.3	-295	2.7	-383	-116	95.1	668	1,440
Total equity	602	316	99.3	-295	2.7	-383	-116	95.1	668	1,440
Total liabilities and equity	973	1,023	876	737	891	845	1,406	1,154	1,466	2,198
Shares outstanding	80.3	69.5	69.5	63.7	62.6	60.4	60.4	60.5	60.5	60.5

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	258	196	323	380	617	379	408	350	712	960
Depreciation and amortization	7.1	7.31	7.56	7.7	12.1	13.7	16.3	19.3	21.9	18.9
Stock-based compensation	2.79	3.21	2.89	2.89	3.03	3.52	4.73	6.36	7.21	7.44
Deferred income tax	-0.94	2.03	0.26	-1.19	-0.67	-1.84	-16.9	-12	-72.2	-35.9
Change in receivables	-58.2	-34	18.7	13.9	-30.1	52.7	-48.2	-1.77	-86.9	-57.2
Change in inventory	-87	36	-164	-28.1	52.9	-29.6	-488	251	-220	-109
Change in payables	-2.55	-34.6	24.3	117	-43.3	-28.7	69.7	-103	114	267
Cash from operations	112	332	259	460	612	370	-145	542	640	929
Capital expenditures	-7.23	-9.12	-51.7	-30.6	-18.3	-13.5	-20.9	-12	-12.6	-19.7
Purchases of investments	0	0	-220	-27.5	-1.86	-1.48	0	0	0	-89.4
Sales and maturities of investments	0	0	38.3	15.8	0.92	1.31	0	0	0	0.05
Cash from investing	-7.23	-9.12	-158	69.6	-19.3	-11.2	-20.9	-12	-12.6	-109
Debt issued	0
Debt repaid	-11.3
Stock issued	1.44	1.54	0.83	0.18	0.13	0.1	0.02	0	0
Share buybacks	-105	-445	-468	-700	-220	-618	0	0
Dividends paid	0	0	-71.4	-78.7	-101	-148	-145	-145	-145	-194
Cash from financing	-51.6	-260	-530	-625	-486	-472	145	-518	-604	-447
Net change in cash	53.2	62.5	-429	-95.5	107	-113	-21.4	11.5	23.4	373
Free cash flow	105	323	208	430	594	357	-166	530	627	909
Interest paid	5.19	11.4	23.3	21.8	11.8	11.6	53.9	75.1	31	5.08
Income taxes paid	25.7	9.61	41.7	74.9	140	78.2	110	109	177	290

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $685.94 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.5%	Gross profit / revenue.
Operating margin	36.9%	Operating income / revenue.
EBITDA margin	37.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	37.1%	Pre-tax income / revenue.
Net margin	30.1%	Net income / revenue.
FCF margin	28.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.4%	Cash from operations / revenue.
Effective tax rate	18.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	63.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	42.9%	Net income / average total assets.
Return on invested capital (ROIC)	94.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.9%	Research and development expense / revenue.
SG&A / revenue	3.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	35.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	25.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	41.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	29.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	40.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	29.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	34.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	33.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	34.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	33.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	45.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	8.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	44.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	8.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	33.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	115.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	251.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	49.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.13x	Current assets / current liabilities.
Quick ratio	1.71x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.24x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	32.6%	Total liabilities / total assets.
Working capital	$1.46B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.43x	Revenue / average total assets.
Fixed asset turnover	46.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.45x	Cost of revenue / average inventory.
Days inventory	149 days	365 x average inventory / cost of revenue.
Receivables turnover	11.1x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	70 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	112 days	Days inventory + days sales outstanding - days payables.
FCF conversion	95.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$58.89	Revenue / diluted weighted shares.
FCF per share	$16.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.32	Cash from operations / diluted weighted shares.
Book value per share	$27.84	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$27.81	Tangible book value / shares outstanding.
Cash per share	$13.97	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$41.51B	Share price x shares outstanding.
Enterprise value	$40.67B	Market cap + total debt - cash - short-term investments.
P/E	38.7x	Market cap / net income. Only when net income is positive.
P/S	11.6x	Market cap / revenue.
P/B	24.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	24.7x	Market cap / tangible book value, when positive.
P/FCF	40.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	39.6x	Market cap / cash from operations, when positive.
EV/Sales	11.4x	Enterprise value / revenue.
EV/EBIT	30.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.17x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Ubiquiti Inc.'s revenue in fiscal 2026?

Ubiquiti Inc. reported revenue of $3.27B for fiscal 2026, 27.2% higher than the year before.

Was Ubiquiti Inc. profitable in fiscal 2026?

Yes. Net income was $960.3M, a net margin of 29.3%.

How much free cash flow did Ubiquiti Inc. generate in fiscal 2026?

Cash from operations of $928.7M minus capital expenditures of $19.7M left free cash flow of $908.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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