At a glance
Ubiquiti Networks Inc is worth $36.29B, about 38 times its fiscal 2026 earnings. Revenue grew 27.2% to $3.27B in fiscal 2026, with 29.3% kept as profit; over 5 years it has grown 11.5% a year. It pays a 0.57% dividend yield, and returned $1.40B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −19.0% over the past year with dividends reinvested and +16.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 22.7% in the 2020 crash (S&P 500: 33.7%) and 26.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 3 months after the lows.
The business in plain English
Ubiquiti, founded by Robert Pera in 2005, designs networking equipment and the software that manages it. Its main UniFi line covers Wi-Fi access points, network switches, internet and security gateways, security cameras, door-access systems and a business phone service, all controlled from one software interface. A smaller line serves wireless internet service providers, operators that deliver broadband by radio rather than cable. It includes airMAX radios, airFiber links that carry data to and from the network backbone, and UFiber fiber equipment.
The company earns its money mainly by selling this equipment, with the software platforms provided alongside it. It has no traditional direct sales force. Instead it sells through more than 100 distributors and online retailers, plus its own webstores. It builds awareness through online reviews and a user community where customers talk directly with its engineers. Contract manufacturers, mainly in Vietnam and China, build the products.
Ubiquiti reports a single business segment but splits sales into two product groups. In the fiscal year ended June 30, 2026, Enterprise Technology brought in about $2.97 billion, or 90.8% of total revenue of $3.27 billion. Service Provider Technology brought in about $302 million, or 9.2%. By region, North America supplied 53.3% of revenue; Europe, the Middle East and Africa 36%; Asia Pacific 6.7%; and South America 4%.
Price history
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UI -19.0% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Enterprise Technology | $2.97B | 90.8% |
| Service Provider Technology | $301.9M | 9.2% |
By geography
| North America | $1.74B | 53.3% |
| Europe, the Middle East and Africa | $1.18B | 36% |
| Asia Pacific | $220.2M | 6.7% |
| South America | $130.8M | 4% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $937.3M, up 23.5% from a year earlier, and net income was $284.9M (+6.8%).
- For fiscal 2026, revenue was $3.27B (+27.2% year over year; +11.5% a year from FY2021 to FY2026) with a 29.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +11.5% good |
|---|---|
| Operating margin | 36.2% good |
| Free cash flow margin | 27.8% good |
| Return on equity (FY2026) | 66.7% good |
| Return on assets (FY2026) | 43.7% good |
| Net cash (cash minus debt) | $516.3M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.90B | $616.6M | $593.7M |
| FY2022 | $1.69B | $378.7M | $356.8M |
| FY2023 | $1.94B | $407.6M | $-166.4M |
| FY2024 | $1.93B | $350.0M | $529.5M |
| FY2025 | $2.57B | $711.9M | $627.4M |
| FY2026 | $3.27B | $960.3M | $908.9M |
Valuation snapshot
| Market value | $36.29B |
|---|---|
| P/E ratio | 37.8 |
| Dividend yield | 0.57% |
Rank among 1514 US companies
Market value at each year end
Ubiquiti Networks’s market value went from $4.75B at the end of 2016 to $36.29B on Oct 27, 2026, about 7.6 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $36.29B | +8.4% |
| 2025 | $33.48B | +66.8% |
| 2024 | $20.07B | +137.9% |
| 2023 | $8.44B | -49.0% |
| 2022 | $16.53B | -13.7% |
| 2021 | $19.16B | +9.5% |
| 2020 | $17.49B | +42.7% |
| 2019 | $12.26B | +74.0% |
| 2018 | $7.04B | +27.4% |
| 2017 | $5.53B | +16.5% |
| 2016 | $4.75B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UI price data to Oct 27, 2026 | +8.8% | -19.0% | +74.3% | +16.1% | +28.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.8% |
| 2025 | +67.7% |
| 2024 | +141.1% |
| 2023 | -48.2% |
| 2022 | -9.8% |
| 2021 | +10.8% |
| 2020 | +48.5% |
| 2019 | +91.7% |
| 2018 | +40.7% |
| 2017 | +22.9% |
| 2016 | +82.4% |
| 2015 | +6.9% |
| 2014 | -35.2% |
| 2013 | +278.6% |
| 2012 | -32.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.2% over that stretch · deepest drop along the way 22.7%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1.5% over that stretch · deepest drop along the way 26.9%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (3 read): 0 open-market purchases and 2 sales ($542K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Kevin Radigan CHIEF ACCOUNTING OFFICER | sell | $340K |
| Nov 12, 2025 | Kevin Radigan CHIEF ACCOUNTING OFFICER | sell | $202K |
Who owns it
ETFs with the most weight in UI
| IYZ iShares U.S. Telecommunications ETF | 3.69% |
| XTL SPDR S&P Telecom ETF | 3.48% |
| COWG Pacer US Large Cap Cash Cows Growth Leaders ETF | 2.91% |
| CNAV Mohr Company Nav ETF | 2.54% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 0.9% |
| EQAL Invesco Russell 1000 Equal Weight ETF | 0.56% |
| TDIV First Trust NASDAQ Technology Dividend Index Fund | 0.4% |
| SMIZ Zacks Small/Mid Cap ETF | 0.35% |
What could go wrong
- Founder holds majority control. Robert Pera is founder, chairman and CEO, and owns a majority of the stock. Other shareholders have limited say in votes, and the company says losing him would disrupt the business.
- Few suppliers and contract manufacturers. A few contract manufacturers, mainly in Vietnam and China, build its products using chips from a small number of suppliers, without long-term contracts. Switching manufacturers would take roughly three to six months.
- Distributors make sales hard to predict. Ubiquiti relies on a limited number of distributors, so it sees little of end-customer demand. If distributors cut orders or misjudge inventory, revenue can swing sharply from quarter to quarter.
- China, Taiwan and trade tensions. Manufacturing, warehousing and research teams sit in places such as China, Taiwan, Vietnam and Ukraine. Conflict between China and Taiwan, the Russia-Ukraine war, or tariff changes could disrupt supply or raise costs.
- Counterfeits and weak patent protection. The company has limited ability to enforce its patents and other intellectual property in China, Russia and South America. Counterfeits, or rival products made by its own contract manufacturers, could cut sales and hurt the brand.
- Bigger competitors with deeper pockets. Many rivals have longer histories, better-known brands, larger customer bases and far greater resources. Ubiquiti must keep improving products while keeping prices competitive, and could lose sales or profit if it falls behind.
Recent events
- Quarterly results released; Other company announcement
- Quarterly results released
- Quarterly results released
- Listing notice from the exchange; Shareholder vote results
- Quarterly results released
For income and retirement investors
Ubiquiti pays a dividend, but its 0.57% yield as of October 27, 2026, offers little income. Dividends per share rose to $3.20 in fiscal 2026 after four years at $2.40, a streak of increases only one year long. From fiscal 2021 to 2026 the regular dividend grew about 14.9% a year. The dividend took about 20% of fiscal 2026 earnings and 21% of free cash flow (cash left after business costs and investment). Buybacks totaled $618 million over fiscal 2022–2026, with none in fiscal 2023 or 2024, and the share count fell 3.2% over five years.
In the 2020 COVID crash the stock fell 22.7% and regained its prior high less than a month after the low. In the 2022 market slump it dropped 26.9% and recovered in under three months. Other drops have been deeper: a 51.9% fall at worst in the year to October 27, 2026, and a 48% loss in calendar 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Ubiquiti make money?
Ubiquiti sells networking hardware and the software that manages it. In the fiscal year ended June 30, 2026, its Enterprise Technology line, including UniFi WiFi access points, switches, gateways, Protect security cameras and Access door-entry systems, produced 90.8% of its $3.3 billion revenue. Service Provider Technology, such as airMAX and airFiber radios used by wireless internet providers, made up the other 9.2%. It sells through more than 100 distributors, online retailers and its own webstores rather than a direct sales force. North America accounted for 53.3% of sales.
Does Ubiquiti raise its dividend every year?
No. Ubiquiti pays a dividend but has not raised it every year. Regular dividends were $1.60 a share in fiscal 2021, $2.40 in each year from fiscal 2022 through fiscal 2025, and $3.20 in fiscal 2026 (its fiscal year ends June 30). That works out to about 14.9% a year of growth over five years, but it came in two steps. Dividends used about 20.2% of fiscal 2026 earnings. The yield was 0.57% as of October 27, 2026, which provides little income.
What is Ubiquiti's P/E ratio?
Ubiquiti's price-to-earnings (P/E) ratio was 37.8 as of October 27, 2026, based on fiscal 2026 earnings of $15.85 a share. The P/E shows what investors pay for each dollar of yearly profit; a high one assumes growth continues and leaves less room for disappointment. Fiscal 2026 was strong, with revenue up 27.2% and net income up 34.9%. Growth has been uneven, though: revenue fell in fiscal 2022, dipped in fiscal 2024, and grew 11.5% a year over the five years to fiscal 2026.
How volatile is Ubiquiti stock?
It is very volatile. As of October 27, 2026, the shares were down 40.4% over six months and 19% over one year, and had fallen as much as 51.9% from a high within that year. Its one-year beta of 1.61 means it moved about 1.6 times as much as the broad market. Calendar-year returns swung from a 48.2% loss in 2023 to a 141.1% gain in 2024. Over 10 years, though, it returned 28.7% a year.
What are the main risks of owning Ubiquiti stock?
The biggest risks come from concentration. Founder Robert Pera is Chairman and CEO and owns a majority of the shares, so outside shareholders have little say, and the annual report says losing him would disrupt the business. Contract manufacturers, mainly in Vietnam and China, build its products, and several components come from one or a few suppliers. It relies on a limited number of distributors, which makes sales hard to forecast. It also flags China-Taiwan tensions, tariffs and reliance on unlicensed radio spectrum.