UIUbiquiti Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.0×), margins widening, and elite returns on assets.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 82% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is UI?
Ubiquiti Inc. keeps 36% of every revenue dollar as operating profit, against 5.2% for the median Communication Equipment name.
Operating margin · Communication Equipment median 5.2% · 12 months to Q4 2026
- Cash conversion
- 0.96×
Cash conversion · 0.87× a year ago · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 6.2%
R&D as % of revenue
- Gross margin
- 46%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 39% |
| FY2022 | 27% |
| FY2023 | 28% |
| FY2024 | 26% |
| FY2025 | 33% |
| FY2026 | 36% |
Details›
- Gross margin12 months to Q4 2026
- 46%
- Operating margin12 months to Q4 2026
- 36%
- Net margin12 months to Q4 2026
- 29%
- Free cash flow margin
- 28%
- R&D as % of revenue
- 6.2%
- Revenue, trailing twelve months
- $3.27B
- Free cash flow, trailing twelve months
- $909M
- Net income, trailing twelve months
- $960M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.