Latest Ratios: P/E Ratio 45.7x · EV/EBITDA 38.1x · ROE 186.5%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $32.5B | $24.9B | $8.8B | $10.6B | $15.3B | $19.7B | $11.4B | $9.4B | $6.6B | $4.3B | $3.3B |
| Enterprise Value | $32.7B | $25.1B | $9.4B | $11.6B | $16.0B | $20.0B | $12.0B | $9.7B | $6.5B | $4.0B | $3.0B |
| P/E Ratio → | 45.70 | 35.00 | 25.16 | 26.08 | 40.49 | 31.92 | 30.10 | 29.16 | 33.75 | 16.82 | 15.53 |
| P/S Ratio | 12.64 | 9.68 | 4.57 | 5.47 | 9.06 | 10.37 | 8.90 | 8.10 | 6.53 | 5.00 | 4.98 |
| P/B Ratio | 48.68 | 37.29 | 92.64 | — | — | 7293.14 | — | 94.84 | 21.02 | 7.19 | 7.53 |
| P/FCF | 51.84 | 39.72 | 16.63 | — | 42.94 | 33.16 | 26.62 | 37.73 | 20.55 | 41.28 | 17.34 |
| P/OCF | 50.82 | 38.93 | 16.26 | — | 41.38 | 32.16 | 24.85 | 36.32 | 19.99 | 38.62 | 16.79 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.74 | 4.89 | 6.00 | 9.48 | 10.52 | 9.32 | 8.33 | 6.35 | 4.60 | 4.46 |
| EV / EBITDA | 38.07 | 29.21 | 18.21 | 20.77 | 33.70 | 26.46 | 24.64 | 24.07 | 19.36 | 13.39 | 11.95 |
| EV / EBIT | 39.07 | 29.97 | 18.91 | 21.39 | 34.69 | 26.89 | 25.03 | 24.53 | 19.79 | 13.73 | 12.27 |
| EV / FCF | — | 39.95 | 17.82 | — | 44.95 | 33.63 | 27.86 | 38.76 | 19.99 | 37.97 | 15.52 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.4% | 43.4% | 38.4% | 39.2% | 39.6% | 48.1% | 47.3% | 46.3% | 43.6% | 45.7% | 48.7% |
| Operating Margin | 32.5% | 32.5% | 25.9% | 28.1% | 27.3% | 39.1% | 37.2% | 33.9% | 32.1% | 33.5% | 36.3% |
| Net Profit Margin | 27.7% | 27.7% | 18.1% | 21.0% | 22.4% | 32.5% | 29.6% | 27.8% | 19.3% | 29.8% | 32.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 186.5% | 186.5% | 368.1% | — | — | 22844.9% | — | 155.5% | 42.8% | 49.4% | 49.5% |
| ROA | 54.3% | 54.3% | 27.3% | 36.2% | 43.6% | 75.7% | 47.1% | 34.0% | 19.7% | 30.0% | 31.7% |
| ROIC | 81.4% | 81.4% | 45.8% | 65.8% | 111.9% | 211.9% | 120.2% | 120.6% | 126.1% | 125.3% | 218.6% |
| ROCE | 102.9% | 102.9% | 51.9% | 68.6% | 80.5% | 136.5% | 81.8% | 49.1% | 36.6% | 37.8% | 40.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 7.97 | — | — | 197.22 | — | 4.99 | 1.54 | 0.43 | 0.46 |
| Debt / EBITDA | 0.35 | 0.35 | 1.46 | 2.03 | 1.79 | 0.71 | 1.40 | 1.23 | 1.45 | 0.86 | 0.82 |
| Net Debt / Equity | — | 0.22 | 6.64 | — | — | 104.81 | — | 2.59 | -0.58 | -0.58 | -0.79 |
| Net Debt / EBITDA | 0.17 | 0.17 | 1.22 | 1.82 | 1.51 | 0.37 | 1.10 | 0.64 | -0.55 | -1.17 | -1.40 |
| Debt / FCF | — | 0.24 | 1.19 | — | 2.01 | 0.48 | 1.25 | 1.03 | -0.56 | -3.32 | -1.82 |
| Interest Coverage | 27.30 | 27.30 | 6.64 | 9.35 | 25.95 | 49.71 | 17.08 | 30.79 | 27.21 | 61.17 | 114.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 3.22 | 3.32 | 2.00 | 2.51 | 2.22 | 4.21 | 8.87 | 9.82 | 8.01 |
| Quick Ratio | 0.70 | 0.70 | 1.59 | 1.22 | 1.15 | 1.67 | 1.14 | 2.73 | 7.96 | 8.35 | 7.39 |
| Cash Ratio | 0.21 | 0.21 | 0.44 | 0.33 | 0.44 | 0.91 | 0.54 | 1.72 | 5.90 | 6.24 | 6.06 |
| Asset Turnover | — | 1.75 | 1.67 | 1.38 | 2.00 | 2.13 | 1.74 | 1.33 | 0.99 | 0.89 | 0.89 |
| Inventory Turnover | 2.16 | 2.16 | 2.57 | 1.60 | 3.89 | 4.22 | 2.37 | 2.36 | 5.61 | 3.31 | 5.98 |
| Days Sales Outstanding | — | 35.94 | 32.88 | 31.56 | 25.81 | 33.13 | 40.40 | 49.03 | 62.64 | 59.29 | 45.35 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.6% | 1.6% | 1.4% | 1.0% | 0.5% | 0.7% | 0.8% | — | — | — |
| Payout Ratio | 20.4% | 20.4% | 41.5% | 35.6% | 39.1% | 16.4% | 20.7% | 22.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.9% | 4.0% | 3.8% | 2.5% | 3.1% | 3.3% | 3.4% | 3.0% | 5.9% | 6.4% |
| FCF Yield | 1.9% | 2.5% | 6.0% | — | 2.3% | 3.0% | 3.8% | 2.7% | 4.9% | 2.4% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 4.0% | 1.1% | 6.1% | 5.0% | 6.7% | 2.4% | 5.8% |
| Total Shareholder Yield | 0.4% | 0.6% | 1.7% | 1.4% | 5.0% | 1.6% | 6.8% | 5.7% | 6.7% | 2.4% | 5.8% |
| Shares Outstanding | — | $61M | $60M | $60M | $62M | $63M | $66M | $72M | $78M | $83M | $86M |
Transactional revenue volatility
According to current market data, UI trades at a forward P/E of 34.51, a valuation that appears to price in sustained hardware-led growth while potentially ignoring the cyclical risks inherent in a business model lacking recurring software subscription revenue streams compared to its enterprise networking peers.
The current P/S ratio of 12.38 suggests investors are assigning a platform-like premium to the UniFi ecosystem, likely anticipating that the high switching costs of the software will drive long-term hardware refresh cycles. However, this valuation warrants caution as it sits significantly above traditional hardware peers, implying that any deceleration in the adoption of new Wi-Fi standards could lead to a sharp multiple contraction.
Based on reported figures, Ubiquiti has demonstrated a robust ROIC trend, reaching 24.4% in 2026Q3, which highlights the company's ability to generate significant returns on invested capital by externalizing manufacturing costs and maintaining a lean, community-driven R&D and support infrastructure that competitors struggle to replicate.
The consistent improvement in ROIC from 9.3% in 2024Q3 to current levels suggests that the company is successfully scaling its operations without requiring proportional increases in capital expenditure. This trend indicates that the business model is highly scalable, provided the company can maintain its unique community-led support moat without needing to pivot toward a more capital-intensive, high-touch sales force.
As reported in recent financial statements, the company's cash conversion cycle remains elevated at 126 days in 2026Q3, primarily driven by a high days-inventory-outstanding of 143 days, which suggests that inventory management is a critical lever for maintaining liquidity in a transactional, hardware-focused business model.
The extended DIO reflects the company's strategic decision to hold significant inventory to mitigate supply chain volatility, which is a necessary trade-off for its lean manufacturing model. Investors should monitor whether this inventory buildup leads to obsolescence risks, particularly as the company transitions through rapid technology refresh cycles in the networking space.
According to recent SEC filings, Ubiquiti maintains a current ratio of 3.56, providing a substantial liquidity cushion that appears sufficient to navigate potential macro-economic headwinds or supply chain disruptions despite the company's relatively low cash balance relative to its total annual revenue run rate.
The improvement in the quick ratio to 1.90 indicates that the company is less reliant on immediate inventory liquidation to meet its short-term obligations than it was in previous periods. This liquidity profile appears healthy for a company with minimal debt, though the lack of a large cash reserve may limit its ability to pursue aggressive inorganic growth strategies.
The most commonly misapplied metric for Ubiquiti is the recurring revenue growth rate, which obscures the company's true performance because it ignores the 'Trojan Horse' nature of the UniFi ecosystem, where hardware sales effectively act as a proxy for long-term customer lock-in and future refresh demand.
Analysts often penalize UI for its lack of SaaS-like subscription revenue, yet this metric fails to account for the company's structural advantage in avoiding the high customer acquisition costs associated with traditional enterprise software models. Instead of focusing on recurring revenue, investors should prioritize tracking the 'SKU Attachment Rate' and community engagement levels, which better reflect the durability of the company's competitive moat.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying UI stock.
Ubiquiti Inc.'s current P/E ratio is 45.7x. The historical average is 26.8x. This places it at the 100th percentile of its historical range.
Ubiquiti Inc.'s current EV/EBITDA is 38.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.1x.
Ubiquiti Inc.'s return on equity (ROE) is 186.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 118.2%.
Based on historical data, Ubiquiti Inc. is trading at a P/E of 45.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ubiquiti Inc.'s current dividend yield is 0.45% with a payout ratio of 20.4%.
Ubiquiti Inc. has 43.4% gross margin and 32.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ubiquiti Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.