Ubiquiti Inc.
UI · Radio & Tv Broadcasting & Communications Equipment · 60.5M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $613M (gross $618M, SBC $5M)
Reference price $680.53 · est. market cap ~$41.2B — last insider sale, 2026-05-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A90Exceptionally profitable, fast-growing networking maker with elite returns and FCF.
Strengths
- Best-in-class profitability — operating margin 32.5% (100th), ROA 48.5% (100th), net margin 27.7%
- Elite returns and FCF — ROE 106.5% (100th), FCF $627.4M (100th)
- Strong growth — revenue +33.4% (85th)
Risks
- Thin quick liquidity — 0.70 (7th) — inventory-heavy
- Founder-controlled, lean disclosure — per 10-K
- Contract-manufacturer/product concentration per risk factors — per 10-K
Notable findings
- Customer concentration~10% of revenue from one customer/distributor — In fiscal 2025, 2024, and 2023, there were no customers that represented 10% or more of our revenue
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $150M cash & investments
- Buying back stockNet buyback — share count -4%/yr over 4y
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$340,265, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
43.4%
Operating margin
32.5%
Net margin
27.7%
Return on equity
106.5%
Return on assets
48.5%
ROIC
98.9%
Revenue growth (QoQ)
-3.3%
Net-income growth
103.4%
Debt / equity
0.0×
Net debt / EBITDA
-0.2×
Current ratio
1.7×
Free cash flow
$627M
EBITDA
$858M
Tangible book value
$666M
Cash & investments
$150M
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-13 | Radigan Kevin | Sell | 500 | $680.53 |
| 2025-11-12 | Radigan Kevin | Sell | 350 | $576.58 |
| 2025-07-01 | Radigan Kevin | Option exercise | 159 | — |
| 2025-07-01 | Radigan Kevin | Tax withheld | 74 | $409.20 |
| 2025-07-01 | Radigan Kevin | Option exercise | 407 | — |
| 2025-07-01 | Radigan Kevin | Tax withheld | 191 | $409.20 |
| 2025-07-01 | Radigan Kevin | Option exercise | 285 | — |
| 2025-07-01 | Radigan Kevin | Tax withheld | 133 | $409.20 |
| 2025-07-01 | Radigan Kevin | Option exercise | 340 | — |
| 2025-07-01 | Radigan Kevin | Tax withheld | 159 | $409.20 |
| 2025-02-12 | Radigan Kevin | Sell | 1.0K | $347.99 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-08 | 2026-05-08 | 0001511737-26-000035 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001511737-26-000034 ↗ |
| 10-Q | 2026-02-06 | 2025-12-31 | 0001511737-26-000014 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0001511737-26-000016 ↗ |
| 8-K | 2025-12-05 | 2025-12-03 | 0001511737-25-000083 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001511737-25-000078 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001511737-25-000076 ↗ |
| 8-K | 2025-08-22 | 2025-08-21 | 0001511737-25-000055 ↗ |
| 10-K | 2025-08-22 | 2025-06-30 | 0001511737-25-000053 ↗ |
| 8-K | 2025-05-09 | 2025-05-09 | 0001511737-25-000036 ↗ |
| 10-Q | 2025-05-09 | 2025-03-31 | 0001511737-25-000033 ↗ |
| 8-K | 2025-02-07 | 2025-02-07 | 0001511737-25-000015 ↗ |