Ubiquiti Inc.
Information Technology · Communications Equipment
Structural: founder-led ($ROPE Robert Pera ~93% owner) networking pure-play that arbitrages $CSCO / $HPE / $JNPR enterprise pricing with prosumer-grade gear sold direct. Software ecosystem (UniFi controller, Protect cameras, Access door control) creates per-site lock-in once an IT team standardizes - switching cost grows linearly with installed sockets.
Mid-30s gross margin, ~25% operating margin, near-zero opex growth, no buyback program but no dilution either (float is ~6%).
WiFi 7 + multi-gig PoE refresh cycle running through 2027; UniFi camera/door-access cross-sell expanding ARPU per site; enterprise IT continuing to discover UI as a budget cut tool; founder-controlled balance sheet means no value-destructive M&A; tiny float means any institutional flow is reflexive.
tariff exposure (China + Vietnam manufacturing); concentration risk - one founder, ~6% public float, opaque disclosure cadence; no real moat against $NET / Meraki / Aruba on enterprise; supply chain receivable build pre-blew up in 2023 and could repeat; no buyback floor; reputational risk from Pera himself (sued the SEC, runs Memphis Grizzlies).
No major news in the last 7 days for UI - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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