Does UBIQUITI INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores UBIQUITI INC. (UI) 93.1 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 95, pricing power 70, returns on capital 100, balance-sheet safety 100, capital allocation 100.

Is UI trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $74.84 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $590.96, that is 690% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has UI's Moat Score changed over time?

The record logs 17 readings since Jul 17, 2026; the latest reads 93.1 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

UBIQUITI INC.

UI · Technology · $35.8B mkt cap · FY2026 filings · as of Sep 4, 2026 · Wide moat ·

On the watchlist

Wide moat

The five investor questions

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $1.7B to $3.3B, increasing; diluted EPS 6.13 to 15.85, increasing.

Median gross margin 44.7% over 10y, stable.

100

Median ROIC 103.9%, above the 12% hurdle in 100% of years.

100

Net cash position — no leverage risk.

100

Owner earnings changed +15.7%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

690% above value if growth stopped today

: $408M
: $74.84
: $121.24
: $590.96
: 690% above value if growth stopped today

What today’s price assumes: owner earnings growing ~51%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

UBIQUITI INC. booked $3.3B of revenue in FY2026 in the Technology sector and kept 46.2% of it as gross profit — a solid-margin business by that measure. After every other cost, 29.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $137M (FY2010) to $3.3B (FY2026) — about 21.9% a year compounded over 16 years.

It earned 104.9% on invested capital in the latest filed year, FY2026. Across the full 14-year measurable filed record, median ROIC was 152.8%. Over the v3 recent window (10 measurable filed years), median ROIC was 103.9%. The Returns on Capital filter above scores it 100/100.

The balance sheet carried $0 of total debt in FY2026 against $960M of owner earnings — roughly 0.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

Put together: Returns on Capital is the strongest of the five filters (100/100) and Pricing Power the weakest (70/100), which is how UI lands at 93/100 — a Wide moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$3.3B FY2026

Revenue kept after cost of goods46.2% FY2026

Standard ROIC or separately labeled Operating ROICStandard ROIC 114.2% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.. Not meaningful FY2013: invested capital is negative (cash exceeds debt + equity)

Cash an owner could take out$960M FY2026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How UBIQUITI INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$3.3B	100%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Cost of revenue	$1.8B	54%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
	$1.5B	46%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
	$1.2B	36%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Income before tax	$1.2B	36%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Income tax	$223M	7%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
	$960M	29%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

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Flagship explainer

What UBIQUITI INC. owns — and owes

UBIQUITI INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$2.2B	100%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Cash and equivalents	$523M	24%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
	$0	0%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Stockholders’ equity	$1.4B	66%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives UBIQUITI INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$960M	FY2026	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Income before tax	$1.2B	FY2026	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Operating income	$1.2B	FY2026	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
	$3.3B	FY2026	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Ending assets	$2.2B	FY2026	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Beginning assets	$1.5B	FY2025	10-K · FY 2025Filing detailsAccession 0001511737-25-000053 · filed Aug 22, 2025 10-K · FY 2025Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
	$1.4B	FY2026	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
	$668M	FY2025	10-K · FY 2025Filing detailsAccession 0001511737-25-000053 · filed Aug 22, 2025 10-K · FY 2025Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

Source:

10-K · filed Aug 22, 2025Filing detailsAccession 0001511737-25-000053 · filed Aug 22, 2025
10-K · filed Aug 21, 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

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Flagship explainer

Where UBIQUITI INC.'s cash went

UBIQUITI INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$929M	100%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026
Depreciation and amortization	$18.9M	2%	10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001511737-26-000056 · filed Aug 21, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding UBIQUITI INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 4, 2026

Flagship explainer

What UBIQUITI INC. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale93.1 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for UI.

Track record

How UBIQUITI INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored UI on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 6 years UI rated Wide-moat (2020, 2021, 2022, 2023, 2024 and 2025), the median forward total return that followed — measured only after each year’s filings were public — was:

1 year 13% vs the S&P 500’s 24% (price basis) · median over 5 years
3 years 15% vs the S&P 500’s 28% (price basis) · median over 3 years
5 years 120% vs the S&P 500’s 85% (price basis) · median over 1 year

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Technology context

#12 of 749 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#10VEEV Veeva Systems Inc.94.0 out of 100, Wide moatWide moat
#11PCTY PAYLOCITY HOLDING CORPORATION93.7 out of 100, Wide moatWide moat
#13DOCS Doximity, Inc.92.8 out of 100, Wide moatWide moat
#14MCO MOODY'S CORPORATION92.6 out of 100, Wide moatWide moat

Compare UI with its nearest peers →All Technology companies on the Index →

Common questions about UI

Does UBIQUITI INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores UBIQUITI INC. (UI) 93.1 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 95, pricing power 70, returns on capital 100, balance-sheet safety 100, capital allocation 100.
Is UI trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $74.84 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $590.96, that is 690% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has UI's Moat Score changed over time?: The record logs 17 readings since Jul 17, 2026; the latest reads 93.1 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell UI. See the disclaimer.