Latest Ratios: P/E Ratio 51.1x · EV/EBITDA 42.5x · 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 | $36.4B | $24.9B | $8.8B | $10.6B | $15.3B | $19.7B | $11.4B | $9.4B | $6.6B | $4.3B | $3.3B |
| Enterprise Value | $36.5B | $25.1B | $9.4B | $11.6B | $16.0B | $20.0B | $12.0B | $9.7B | $6.5B | $4.0B | $3.0B |
| P/E Ratio → | 51.09 | 35.00 | 25.16 | 26.08 | 40.49 | 31.92 | 30.10 | 29.16 | 33.75 | 16.82 | 15.53 |
| P/S Ratio | 14.13 | 9.68 | 4.57 | 5.47 | 9.06 | 10.37 | 8.90 | 8.10 | 6.53 | 5.00 | 4.98 |
| P/B Ratio | 54.43 | 37.29 | 92.64 | — | — | 7293.14 | — | 94.84 | 21.02 | 7.19 | 7.53 |
| P/FCF | 57.96 | 39.72 | 16.63 | — | 42.94 | 33.16 | 26.62 | 37.73 | 20.55 | 41.28 | 17.34 |
| P/OCF | 56.82 | 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 | 42.55 | 29.21 | 18.21 | 20.77 | 33.70 | 26.46 | 24.64 | 24.07 | 19.36 | 13.39 | 11.95 |
| EV / EBIT | 43.66 | 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 | 2.0% | 2.9% | 4.0% | 3.8% | 2.5% | 3.1% | 3.3% | 3.4% | 3.0% | 5.9% | 6.4% |
| FCF Yield | 1.7% | 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 |
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 51.1x. The historical average is 26.8x. This places it at the 100th percentile of its historical range.
Ubiquiti Inc.'s current EV/EBITDA is 42.5x. 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 51.1x. 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 0.40% 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.
Key Metrics
Top Statement Risk
Gross margin compression risk
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Platform Potential
Ubiquiti's forward P/E of 38.68 and EV/EBITDA of 31.89 represent a significant premium to peers like Calix (146.62 P/E) and Arlo (93.93 P/E), suggesting the market is pricing in its unique platform economics and margin superiority.
The valuation multiples appear to embed expectations of sustained high profitability and growth, which is supported by the company's 32.5% operating margin and accelerating revenue trajectory. However, the PEG ratio of 3.30 indicates the market is paying a high price for each unit of growth, which may be vulnerable if the hardware refresh cycle slows or competitive pressure from TP-Link's Omada line intensifies. The premium is justified only if the UniFi ecosystem's switching costs prove durable, a factor not fully captured by traditional financial ratios.
Structural Margin Superiority from Asset-Light Model
Operating margins of 36.3% in 2026Q4 are exceptionally high for a hardware company, driven by the near-zero sales and marketing expense inherent in its community-driven model, as evidenced by the 10+ percentage point gross margin expansion over two years.
The decomposition reveals that the company's true earning power is best reflected in its operating margin, which has expanded from 22.6% in 2024Q3 to 36.3% in 2026Q4. This expansion is not merely cyclical but structural, stemming from the elimination of a traditional sales force and the leverage of its software platform. The recent slight contraction in gross margin from 47.0% to 45.8% warrants monitoring, as it could signal the beginning of input cost normalization or competitive pricing pressure that may eventually erode this structural advantage.
Compounding Returns on Minimal Invested Capital
ROIC has surged from 9.3% in 2024Q3 to 26.9% in 2026Q4, a dramatic improvement driven by margin expansion and efficient capital deployment, indicating the company is generating significantly more value per dollar of invested capital.
The ROIC trend is particularly impressive given the asset-light model, where the primary driver is the expansion of operating margins rather than asset turnover. The ROE, while volatile due to leverage changes, has stabilized around 21-25% in recent quarters, suggesting the business is now generating sustainable, high returns on equity. This trajectory implies the company is successfully compounding value, but the sustainability of these returns depends on maintaining its pricing power and avoiding a race-to-the-bottom with lower-cost competitors.
Working Capital Intensity Masks Underlying Efficiency
The cash conversion cycle of 102 days in 2026Q4, while improved from 184 days in 2024Q3, remains elevated due to a very high days inventory outstanding of 128 days, suggesting potential channel inventory buildup or long manufacturing lead times.
The efficiency analysis reveals a dichotomy: the company's asset turnover is low (0.48x), typical for a hardware business, but its working capital management is complex. The high DIO is a critical metric to watch, as it could indicate either strategic inventory positioning for new product launches or slowing sell-through at distributors. The improvement in DPO from 22 to 54 days suggests the company is gaining leverage with suppliers, which partially offsets the inventory intensity. This dynamic highlights the importance of monitoring distributor health, as the 'sell-in' revenue model can obscure true demand signals.
The Misapplied Metric: Price-to-Book
The P/B ratio of 53.45 is the most commonly misapplied metric for Ubiquiti, as it is inflated by the company's minimal tangible asset base and does not reflect the true value driver: its software ecosystem and brand loyalty.
For a company with an asset-light model and negligible goodwill, the P/B ratio is a misleading indicator of value. It is mathematically distorted by the low equity base (a result of historical leverage and buybacks) and fails to capture the intangible value of the UniFi platform, which is the core of its competitive moat. Analysts should instead focus on metrics like EV/EBITDA or P/FCF, which better reflect the cash-generating power of the business model. Relying on P/B would incorrectly suggest extreme overvaluation, ignoring the structural reasons for the company's high returns on minimal capital.