UIUbiquiti Inc.

Radio & Tv Broadcasting & Communications Equipment

Revenue: $3.3B; 27% YoY
Operating margin: 36.2%; 11% YoY
EBITDA: $1.2B; 40% YoY
Market cap: $34.1B
Employees: 1,321; $2M revenue each
Net debt / EBITDA: -0.4×; −$475M net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$810K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
97% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
21% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 94th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$34.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$542K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.7B	$1.9B	$1.9B	$2.6B	$3.3B	27%
Operating income	$462M	$545M	$499M	$836M	$1.2B	42%
Net income	$379M	$408M	$350M	$712M	$960M	35%
Operating cash flow	$370M	−$145M	$542M	$640M	$929M	45%
Capex	$13M	$21M	$12M	$13M	$20M	57%
Stock-based comp	$4M	$5M	$6M	$7M	$7M	3.3%
Buybacks	$618M	$0	$0	—	—
Dividends	$148M	$145M	$145M	$145M	$194M	33%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $542K · 2
Net: −$542K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$1M	$1M	180	83
FY2025	$631K	$631K	138	70
FY2024	$810K	$810K	48	83
FY2023	$977K	$977K	57	77
FY2022	$479K	$479K	80	59