Ubiquiti Inc.
UI Technology Communication Equipment
Ubiquiti Inc.’s revenue for fiscal 2026 (year ended June 2026) was $3.3 billion, up 27.2% from fiscal 2025. In the quarter to June 2026, revenue grew 23.5%, EPS grew 6.80%, free cash flow grew 134.2% and total debt fell 88.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years, operating cash flow growth for three.
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Ubiquiti Inc. (UI) Beneish M-score
Ubiquiti Inc.'s Beneish M-score for fiscal 2026 is −2.10; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.10 | (0.32) |
| FY2025 | −1.79 | 1.34 |
| FY2024 | −3.13 | (2.77) |
| FY2023 | −0.36 | 2.41 |
| FY2022 | −2.77 | (0.83) |
| FY2021 | −1.94 | 1.24 |
| FY2020 | −3.18 | (7.86) |
| FY2019 | 4.68 | 7.80 |
| FY2018 | −3.11 | (1.95) |
| FY2017 | −1.16 | 1.18 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.89 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 0.87 | — | 0.35 | |
| Sales growth index | 1.27 | — | 1.13 | |
| Depreciation index | 1.18 | — | 0.14 | |
| SG&A index | 0.86 | — | −0.15 | |
| Total accruals to total assets | 0.01 | — | 0.07 | |
| Leverage index | 0.59 | — | −0.19 | |
| Beneish M-score | Elevated | −2.10 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LITE Lumentum Holdings Inc. compare | −6.6× |
| CIEN Ciena Corporation compare | −2.9× |
| ZBRA Zebra Technologies Corporation compare | −2.6× |
| NOK Nokia Corporation compare | −2.6× |
| ERIC Ericsson compare | −2.5× |
| MSI Motorola Solutions, Inc. compare | −2.4× |
| HPE Hewlett Packard Enterprise Company compare | −2.3× |
| UI Ubiquiti Inc. | −2.1× |
| ASTS AST SpaceMobile, Inc. compare | 16.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI