Ubiquiti Inc.
UIdata completeness 100%17 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'
Ubiquiti Inc. earns about 54% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $68.67 and $609.7 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $1.69B1 | $1.94B2 | $1.93B3 | $2.57B3 | $3.27B3 |
| Net income | $378.7M4 | $407.6M5 | $350M6 | $711.9M6 | $960.3M6 |
| Operating cash flow | $370.3M7 | −$145.4M8 | $541.5M9 | $640M9 | $928.7M9 |
| Capital expenditure | $13.5M10 | $20.9M11 | $12M12 | $12.6M12 | $19.7M12 |
| Free cash flow (derived) | $356.8M7 | −$166.4M8 | $529.5M9 | $627.4M9 | $908.9M9 |
| Total debt | $1.26B13 | $2.16B14 | $1.41B15 | $499.6M15 | $016 |
| Cash & equivalents | $136.2M17 | $114.8M18 | $126.3M19 | $149.7M20 | $522.6M20 |
| Diluted shares | 61.7M | 60.5M | 60.5M | 60.5M | 60.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $237.78 of net worth that earned you $158.54 and generated $150.07 of cash last year, against $0 of debt.
It earned about 54% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $68.67 and $609.7 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$627.4M
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$627.4M
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$407.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $153.4 |
| Base | 20.0% | $338.41 |
| Bull | 20.0% | $338.41 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-06-30 · accession 0001511737-24-000053 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0001511737-25-000053 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0001511737-26-000056 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0001511737-24-000053 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0001511737-25-000053 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0001511737-26-000056 (NetIncomeLoss)
- 10-K · period ending 2022-06-30 · accession 0001511737-24-000053 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0001511737-25-000053 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0001511737-26-000056 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-06-30 · accession 0001511737-24-000053 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-06-30 · accession 0001511737-25-000053 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-30 · accession 0001511737-26-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-06-30 · accession 0001511737-23-000061 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-06-30 · accession 0001511737-24-000053 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-30 · accession 0001511737-25-000053 (LongTermDebtNoncurrent)
- 10-K · period ending 2026-06-30 · accession 0001511737-26-000056 (ShortTermBorrowings)
- 10-K · period ending 2022-06-30 · accession 0001511737-23-000061 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-06-30 · accession 0001511737-24-000053 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-30 · accession 0001511737-25-000053 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-06-30 · accession 0001511737-26-000056 (CashAndCashEquivalentsAtCarryingValue)