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Unity Software Inc.

U Technology Software Application

Unity Software Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 2.01% from fiscal 2024.

Revenue
+32.2%
EPS
+190.0%
Free cash flow
+45.2%
Total debt
+0.19%

Quarter to September 2026, against a year earlier

52.58 3.78 +7.75%
Market cap
$21.5B
P/E
0.0×
Fwd P/E
−60.0×
Dividend yield
—
F-score
6/9
Altman Z
2.52
Beneish M
−2.96
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 55.79
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — 3 1 — 5 — — 5 — — —
Insider Ownership 28.10%

Capital & Financial Ratios $m

Size
Market Cap 21,480.00
Revenue ttm 2,179.89
Net income ttm (337.40)
Free cash flow ttm 606.81
Net debt Q (407.99)
Valuation
P/E 0.00
Forward P/E (60.00) (negative: loss-making)
Price / sales 11.05 (above 10: high)
Forward P/S Powerpack
Price / FCF 40.73
Price / book 7.40 (above 6: high)
Financial health
Current ratio Q 2.16 (at or above 1.5: strong)
Debt / equity Q 0.69
Interest coverage Q 16.66
Growth
Revenue growth Q +32.19% (above 0%: growing)
Operating income growth Q +179.97% (above 0%: growing)
EPS, this year +41.25% (at or above 15%: strong)
EPS, next year A +337.80% (at or above 15%: strong)
Revenue, next year A +20.24% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +21.38% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.9×, against a ten-year median of 8.4×; over the ten years it ranged from 3.4× in 2024 to 47.0× in 2021.
P/S against its own 10 years 71.90%
10-year low 10-year high
P/B against its own 10 years 75.28%
10-year low 10-year high
EV/Sales against its own 10 years 70.41%
10-year low 10-year high
EV/FCF against its own 10 years 47.62%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,590 1,518 2,056 2,646
Receivables 612 574 644 834
Inventory — — — —
Other — — — —
2,325 2,225 2,812 3,571
2023 2024 2025 Q'26
Payables 15 14 14 18
ST’ Debt — — 556 558
Other — — — —
894 889 1,526 1,650

Compound Annual Growth %

10y 5y 3y
Sales — 19.08% 9.96%
Cash Flow — 84.26% 0.00%
Earnings — 0.00% 0.00%
Book Value — 9.75% (2.82%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.24 Actual 0.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.17 0.20 Beat by 0.03
Q4 FY25 0.20 0.24 Beat by 0.04
Q1 FY26 0.24 0.23 Miss by 0.01
Q2 FY26 0.24 0.28 Beat by 0.04
Q3 FY26 0.34 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.80) (0.05) 0.27 — —
’25 (0.19) (0.26) (0.30) (0.21) (0.96)
’24 (0.75) (0.32) (0.31) (0.30) (1.68)
’23 (0.67) (0.51) (0.32) (0.66) (2.16)
’22 (0.60) (0.69) (0.84) (0.82) (2.96)
’21 (0.39) (0.53) (0.41) (0.56) (1.89)
’20 (0.21) (0.21) (0.97) (0.31) (1.66)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 508 546 622 — —
’25 435 441 471 503 1,850
’24 460 449 447 457 1,813
’23 500 533 544 609 2,187
’22 320 297 323 451 1,391
’21 235 274 286 316 1,111
’20 167 184 201 220 772
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 71 206 224 — —
’25 13 133 155 121 423
’24 (7) 88 122 112 316
’23 (5) 48 120 72 235
’22 101 (43) (69) (49) (59)
’21 (89) (27) 44 (40) (111)
’20 (32) 17 21 15 20
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 66 202 220 — —
’25 7 127 151 116 401
’24 (15) 79 103 106 273
’23 (19) 34 104 61 179
’22 86 (179) 40 (64) (117)
’21 (101) (33) 34 (53) (153)
’20 (40) 4 11 4 (21)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 22.8% a year for ten years.

Implied
22.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 381 542 772 1,111 1,391 2,187 1,813 1,850 2,180 +25.3% 2,224 2,694 3,196 +20.0%
Gross margin, % — — 78.66 78.11 77.69 77.16 68.19 66.46 73.48 74.17 67.65 (4.5) pt
EBT — — (133) (153) (280) (531) (882) (798) (667) (395) (352) +16.9%
EBT margin, % — — (34.83) (28.28) (36.28) (47.84) (63.44) (36.48) (36.79) (21.37) (16.17) +13.5 pt
Net income — 0 (132) (163) (282) (533) (919) (826) (664) (401) (337) n/m
Per share, $
Per share, $ Revenue — — 3.59 4.73 4.54 3.94 4.48 5.75 4.58 4.39 4.38 +2.9%
Earnings — — (1.24) (2.39) (1.66) (1.89) (2.96) (2.16) (1.68) (0.96) (0.79) (3.6%)
Cash flow — — (0.76) (0.59) 0.12 (0.39) (0.19) 0.62 0.80 1.00 1.25 n/m
Capex — — (0.36) (0.24) (0.24) (0.15) (0.18) (0.15) (0.11) (0.05) (0.03) (24.0%)
Free cash flow — — (1.12) (0.83) (0.12) (0.54) (0.38) 0.47 0.69 0.95 1.22 n/m
Book value — — 0.00 3.44 11.99 8.48 11.38 8.38 8.07 7.71 6.53 n/m
Shares, m — — 106 114 170 282 311 380 396 421 448 +21.8%
Valuation, ×
Valuation, × P/E — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — 14.51 14.51 33.77 36.34 6.01 6.75 4.91 10.05 11.05 15.9
P/B — — 0.00 0.00 12.81 16.85 2.36 4.63 2.78 5.73 7.40 5.6
EV/Sales — — 14.19 14.19 31.66 36.33 6.84 7.28 5.33 10.15 10.86 15.7
EV/FCF — — (66.92) (66.92) (1,165.04) (261.72) (81.09) 89.41 35.36 48.33 40.04 (183.6)
Cash, $m
Cash, $m Operating cash flow — — (81) (68) 20 (111) (59) 235 316 423 622 n/m
Capex — — (38) (27) (41) (42) (57) (56) (42) (22) (15) (7.5%)
Free cash flow — — (119) (95) (21) (153) (117) 179 273 401 607 n/m
Balance, $m
Balance, $m Working capital — — 185 31 1,577 1,525 1,354 1,431 1,336 1,287 1,922 +31.9%
Net debt — — (259) (130) (1,628) (10) 1,154 1,121 721 180 (408) n/m
Shareholders’ equity — — — 394 2,037 2,394 3,535 3,189 3,197 3,244 3,255 +42.1%
Returns, %
Returns, % ROA — — 0.00 (71.69) (16.44) (14.18) (14.53) (10.90) (9.50) (5.93) (4.95) (5.9) pt
ROIC — — 0.00 (35.68) (41.98) (13.94) (11.76) (12.08) (12.05) (8.75) (8.55) (8.7) pt
ROE — — 45.62 94.83 (32.37) (24.04) (31.07) (24.45) (20.80) (12.51) (10.52) (58.1) pt
People
People Employees — — — — 4,001 5,245 7,703 6,748 4,987 4,412 — +2.0%
Revenue/emp, $m — — 0.00 0.00 0.19 0.21 0.18 0.32 0.36 0.42 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Unity Software makes software for creating, running and growing games and other interactive experiences. Its customers include game developers, artists and designers, as well as organizations in fields such as automotive, manufacturing and healthcare. Matthew Bromberg is its chief executive officer.

The business has two complementary product groups. Create Solutions gives customers tools to build real-time two-dimensional and three-dimensional content: experiences that respond as a user interacts with them. Its engine and development environment include graphics, animation, audio, networking and user-interface tools. Cloud services support tasks such as managing assets, development operations and multiplayer games. Developers can build content for deployment across mobile devices, PCs, consoles and extended reality platforms.

Unity Software Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
U Unity Software Inc. $21.5B — (loss-making) — (loss-making) +32.19% (above 0%: growing) n/m +45.22% (above 0%: growing) 81.92% 16.18%
PTC PTC Inc. $21.1B 18.7× 21.9× −6.82% (below 0%: shrinking) −11.86% (below 0%: shrinking) +3.02% (above 0%: growing) 81.74% 27.75% Compare
SSNC SS&C Technologies Holdings, Inc. $18.4B 21.8× 20.6× +10.34% (above 0%: growing) +33.78% (above 0%: growing) +14.94% (above 0%: growing) 48.26% 24.60% Compare
TYL Tyler Technologies, Inc. $17.1B 53.6× 45.9× +8.67% (above 0%: growing) +19.80% (above 0%: growing) +11.88% (above 0%: growing) 49.14% 18.07% Compare
FICO Fair Isaac Corporation $15.3B 20.4× 19.2× +25.68% (above 0%: growing) +39.65% (above 0%: growing) +34.07% (above 0%: growing) 87.09% 53.79% Compare
MANH Manhattan Associates, Inc. $14.8B 71.0× 68.4× +11.02% (above 0%: growing) +8.25% (above 0%: growing) −22.46% (below 0%: shrinking) 56.93% 26.45% Compare
DOCU Docusign Inc. $14.8B 47.3× 45.2× +9.38% (above 0%: growing) +32.26% (above 0%: growing) +35.89% (above 0%: growing) 79.69% 13.43% Compare
GRAB Grab Holdings Limited $14.2B 25.9× 19.3× +27.38% (above 0%: growing) −56.00% (below 0%: shrinking) +108.44% (above 0%: growing) 46.49% 9.71% Compare
GWRE Guidewire Software, Inc. $13.8B 101× 74.0× +15.29% (above 0%: growing) −38.71% (below 0%: shrinking) +16.42% (above 0%: growing) 65.60% 15.16% Compare
Median of peers $15.1B 36.6× 33.6× +10.68% +14.03% +15.68% 61.27% 21.33%

All 230 Software Application stocks →

From the latest earnings call

Updated

  • CEO Matt Bromberg said Vector’s growth came primarily from more installs and higher player values, rather than changes in Unity’s share of transactions.
  • CFO Jarrod Yahes said existing advertisers drove 90% of Vector’s quarterly growth, while its advertiser account count increased 27% from the prior quarter.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wedbush Oct 14, 2026 Target raised — —
Piper Sandler Oct 10, 2026 Target raised — 35.00 → 40.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.29%
Held by the ten largest 43.67%
Holder Shares Stake Change
Vanguard 40.52m 9.21% +3.67m
Silver Lake Group, L.L.C. 34.74m 7.89% 0.00
SC US (TTGP), LTD. 31.82m 7.23% 0.00
BlackRock 23.38m 5.31% +4.45m
Slate Path Capital LP 16.08m 3.65% +4.73m
Atreides Management, LP 10.25m 2.33% −2.14m
Capital Group 10.03m 2.28% +3.53m
D. E. Shaw 9.08m 2.06% +1.06m
UBS 9.06m 2.06% +5.50m
AQR Capital Management 7.19m 1.63% +6.90m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.57m 64.72m 29.00

Ownership

Directors and executive officers, together less than 1%
Entities affiliated with Silver Lake 8.00%
The Vanguard Group 7.60%
Entities affiliated with Sequoia Capital 7.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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U metrics, ten years each

stockrow.com/U · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com