Unity Software Inc. (U) Key Metrics
U valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $17.78B
- Enterprise value
- $19.29B
- P/E (TTM)
- —
- Forward P/E
- 28.7
- PEG ratio
- —
- Price / sales
- 8.8 10-yr median 8.6
- Price / book
- 6.4 10-yr median 5.3
- EV / EBITDA
- 134.6
- Dividend yield
- —
- Beta
- 2.11
U key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsU valuation Price multiples at each fiscal year-end price.
Price / sales+104.9%
10.1
2025 · hover or tap a bar for each year
20182025
Price / book+105.9%
5.7
2025 · hover or tap a bar for each year
20182025
Price / free cash flow+41.3%
46.0
2025 · hover or tap a bar for each year
20182025
Free cash flow yield−0.9 pts
2.2%
2025 · hover or tap a bar for each year
20182025
U returns How much profit the business earns on the capital it uses.
Return on equity+8.3 pts
−12.5%
2025 · hover or tap a bar for each year
20182025
Return on invested capital+4.4 pts
−10.0%
2025 · hover or tap a bar for each year
20182025
Return on assets+3.6 pts
−5.9%
2025 · hover or tap a bar for each year
20182025
Free cash flow margin+6.8 pts
21.8%
2025 · hover or tap a bar for each year
20182025
Asset turnover+5.1%
0.27
2025 · hover or tap a bar for each year
20182025
U per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−4.0%
$4.39
2025 · hover or tap a bar for each year
20182025
Earnings per share
−$0.96
2025 · hover or tap a bar for each year
20182025
Free cash flow per share+39.1%
$0.96
2025 · hover or tap a bar for each year
20182025
Book value per share−4.6%
$7.69
2025 · hover or tap a bar for each year
20182025
Shares outstanding+6.3%
420.9M
2025 · hover or tap a bar for each year
20182025
U financial health Debt, liquidity and how easily interest is covered.
Debt / equity−0.1%
0.74
2025 · hover or tap a bar for each year
20182025
Net debt−$506.2M
$329.9M
2025 · hover or tap a bar for each year
20182025
Current ratio−26.3%
1.84
2025 · hover or tap a bar for each year
20182025
Interest coverage
-20.0
2025 · hover or tap a bar for each year
20182025
Debt / assets−0.1%
0.35
2025 · hover or tap a bar for each year
20182025
U efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+1 days
120 days
2025 · hover or tap a bar for each year
20182025
Days payables outstanding0 days
11 days
2025 · hover or tap a bar for each year
20182025
Cash conversion cycle+1 days
109 days
2025 · hover or tap a bar for each year
20182025
Capex / revenue−1.3 pts
1.0%
2025 · hover or tap a bar for each year
20182025
Dividends + buybacks / FCF0.0 pts
0.0%
2025 · hover or tap a bar for each year
20182025
U valuation history
Fiscal year-endToday8-year median
U returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
U debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
U cash returned to shareholders
DividendsBuybacksFree cash flow
U price vs earnings per share
Share price at year-endEPS (right axis)
U key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $18.59B | $8.90B | $15.56B | $8.88B | $40.35B | $26.09B | — | — |
| Enterprise value | $18.92B | $9.73B | $16.68B | $10.03B | $40.43B | $24.46B | — | — |
| Price / sales | 10.1 | 4.9 | 7.1 | 6.4 | 36.3 | 33.8 | — | — |
| Price / book | 5.7 | 2.8 | 4.9 | 2.4 | 16.9 | 12.8 | — | — |
| Price / free cash flow | 46.0 | 32.6 | 87.0 | — | — | — | — | — |
| Price / operating cash flow | 44.0 | 28.2 | 66.3 | — | — | — | — | — |
| EV / sales | 10.2 | 5.4 | 7.6 | 7.2 | 36.4 | 31.7 | — | — |
| EV / EBITDA | 210.8 | — | — | — | — | — | — | — |
| EV / free cash flow | 46.8 | 35.6 | 93.3 | — | — | — | — | — |
| Earnings yield | −2.2% | −7.5% | −5.3% | −10.4% | −1.3% | −1.1% | — | — |
| Free cash flow yield | 2.2% | 3.1% | 1.1% | −1.3% | −0.4% | −0.1% | — | — |
| Dividend yield | — | — | — | — | — | 1.2% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 1.6% | 16.9% | 0.0% | 1.2% | — | — |
| Share price at fiscal year-end | $44.17 | $22.47 | $40.89 | $28.59 | $142.99 | $153.47 | — | — |
| Per share | ||||||||
| Revenue per share | $4.39 | $4.58 | $5.75 | $4.48 | $3.94 | $4.54 | $2.37 | $1.67 |
| Earnings per share | −$0.96 | −$1.68 | −$2.16 | −$2.96 | −$1.89 | −$1.66 | −$0.72 | −$0.58 |
| Operating cash flow per share | $1.00 | $0.80 | $0.62 | −$0.19 | −$0.39 | $0.12 | −$0.30 | −$0.36 |
| Free cash flow per share | $0.96 | $0.69 | $0.47 | −$0.38 | −$0.54 | −$0.12 | −$0.42 | −$0.52 |
| Cash per share | $4.88 | $3.83 | $4.18 | $5.11 | $6.16 | $10.31 | $0.57 | $1.13 |
| Book value per share | $7.69 | $8.06 | $8.37 | $12.09 | $8.48 | $11.99 | $1.73 | $1.39 |
| Tangible book value per share | −$1.38 | −$2.63 | −$3.65 | −$4.41 | −$0.14 | $9.96 | $0.50 | $1.15 |
| Dividends per share | — | — | — | — | — | $1.82 | — | — |
| Capex per share | $0.05 | $0.11 | $0.15 | $0.18 | $0.15 | $0.24 | $0.12 | $0.17 |
| Debt per share | $5.67 | $5.94 | $7.13 | $8.83 | $6.45 | $0.73 | $0.00 | $0.10 |
| Shares outstanding | 420.9M | 396.0M | 380.5M | 310.5M | 282.2M | 170.0M | 228.2M | 228.2M |
| Change in shares outstanding | +6.3% | +4.1% | +22.5% | +10.0% | +66.0% | −25.5% | 0.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −12.5% | −20.8% | −23.7% | −29.9% | −24.0% | −23.2% | −46.0% | −41.6% |
| Return on invested capital (ROIC) | −10.0% | −14.3% | −14.3% | −18.9% | −29.1% | −64.5% | −69.2% | −128.7% |
| Return on assets (ROA) | −5.9% | −9.5% | −10.9% | −14.5% | −14.2% | −16.4% | −24.1% | −22.3% |
| Return on tangible assets | −13.3% | −26.5% | −30.8% | −33.9% | −22.1% | −12.1% | −33.8% | −24.6% |
| Free cash flow margin | 21.8% | 15.1% | 8.2% | −8.4% | −13.8% | −2.7% | −17.5% | −31.3% |
| Financial health | ||||||||
| Total debt | $2.39B | $2.35B | $2.71B | $2.74B | $1.82B | $123.9M | $0 | $22.6M |
| Cash & short-term investments | $2.06B | $1.52B | $1.59B | $1.59B | $1.74B | $1.75B | $130.0M | $258.7M |
| Net debt | $329.9M | $836.0M | $1.12B | $1.15B | $82.2M | −$1.63B | −$130.0M | −$236.2M |
| Debt / equity | 0.74 | 0.74 | 0.85 | 0.73 | 0.76 | 0.06 | 0.00 | 0.07 |
| Debt / assets | 0.35 | 0.35 | 0.37 | 0.35 | 0.38 | 0.05 | 0.00 | 0.04 |
| Net debt / EBITDA | 3.68 | — | — | — | — | — | — | — |
| Current ratio | 1.84 | 2.50 | 2.60 | 2.34 | 3.44 | 4.13 | 1.09 | 1.73 |
| Quick ratio | 1.84 | 2.50 | 2.60 | 2.34 | 3.37 | 4.07 | 1.02 | 1.68 |
| Interest coverage | -20.0 | -32.1 | -33.9 | -119.2 | -470.1 | -50.8 | -58.6 | -56.0 |
| Working capital | $1.29B | $1.34B | $1.43B | $1.35B | $1.52B | $1.58B | $30.9M | $184.9M |
| Invested capital | $3.57B | $4.03B | $4.30B | $4.91B | $2.48B | $409.1M | $264.0M | $80.0M |
| Tangible asset value | −$320.7M | −$805.4M | −$1.16B | −$1.37B | −$40.1M | $1.69B | $113.6M | $261.6M |
| Net current asset value | −$529.0M | −$1.08B | −$1.50B | −$1.72B | −$295.8M | $1.45B | −$1.5M | $165.5M |
| Graham net-net per share | −$1.91 | −$3.44 | −$4.68 | −$6.50 | −$1.54 | $7.88 | −$0.32 | $0.47 |
| Capital allocation | ||||||||
| Dividends paid | — | — | — | — | — | $309.2M | — | — |
| Share buybacks (net) | $0 | $0 | $250.0M | $1.50B | $0 | $110,000 | $435.1M | $0 |
| Dividends + buybacks / free cash flow | 0.0% | 0.0% | 139.8% | — | — | — | — | — |
| Capex / revenue | 1.0% | 2.3% | 2.6% | 4.1% | 3.8% | 5.3% | 5.0% | 10.0% |
| Capex / operating cash flow | 4.5% | 13.4% | 23.8% | — | — | 205.4% | — | — |
| Capex / depreciation | 0.04 | 0.10 | 0.10 | 0.27 | 0.65 | 0.95 | 0.87 | 1.85 |
| Stock-based compensation / revenue | 20.8% | 32.9% | 29.7% | 39.5% | 31.3% | 17.4% | 8.2% | 5.5% |
| R&D / revenue | 50.3% | 51.0% | 48.2% | 69.0% | 62.6% | 52.2% | 47.2% | 53.6% |
| SG&A / revenue | 49.8% | 64.1% | 56.4% | 62.6% | 62.4% | 61.0% | 58.7% | 59.3% |
| Efficiency | ||||||||
| Days sales outstanding | 120.1 | 119.3 | 103.9 | 127.8 | 101.0 | 113.2 | 120.4 | 146.2 |
| Days of inventory on hand | — | — | — | 16.1 | 51.2 | 58.4 | 56.4 | 60.7 |
| Days payables outstanding | 10.7 | 10.8 | 8.6 | 14.1 | 18.2 | 23.3 | 30.8 | 41.9 |
| Cash conversion cycle (days) | 109.5 | 108.5 | 95.3 | 129.8 | 134.0 | 148.3 | 146.0 | 164.9 |
| Receivables turnover | 3.04 | 3.06 | 3.51 | 2.86 | 3.61 | 3.22 | 3.03 | 2.50 |
| Payables turnover | 34.21 | 33.79 | 42.24 | 25.85 | 20.04 | 15.66 | 11.83 | 8.70 |
| Inventory turnover | — | — | — | 22.64 | 7.13 | 6.25 | 6.47 | 6.01 |
| Asset turnover | 0.27 | 0.26 | 0.29 | 0.22 | 0.30 | 0.45 | 0.80 | 0.65 |
| Average receivables | $608.7M | $592.8M | $622.7M | $487.1M | $307.4M | $239.6M | $178.7M | $152.5M |
| Average payables | $14.0M | $14.2M | $17.4M | $17.1M | $12.7M | $11.0M | $10.0M | $9.3M |
| Average inventory | — | — | — | $19.5M | $35.6M | $27.6M | $18.3M | $13.5M |
| Intangibles / total assets | 55.8% | 62.8% | 63.1% | 65.4% | 50.3% | 12.9% | 36.7% | 9.3% |
Computed from U's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
U valuation and financial ratios
Unity earned a return on equity of −12.5% and a return on invested capital of −10.0% in fiscal 2025. It ended the year with $2.4 billion of debt and $2.1 billion in cash and short-term investments, net debt of $329.9 million. The share count rose 84.4% from 228.2M to 420.9M over 7 years.
See the U income statement, the U chart for price history, or the U stock overview for the latest quote and news.
U key metrics FAQ
What is Unity's EV/EBITDA?
Unity's enterprise value was 210.8 times EBITDA at the end of fiscal 2025 (enterprise value $18.9 billion, EBITDA $89.8 million); the current EV/EBITDA is 134.6.
What is Unity's return on equity?
Unity's return on equity (ROE) was −12.5% in fiscal 2025: net income of -$402.8 million on average shareholders' equity of $3.2 billion.
What is Unity's ROIC?
Unity's return on invested capital was −10.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Unity have?
Unity had total debt of $2.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.74 and $329.9 million of net debt (3.68 times EBITDA).
What is Unity's free cash flow yield?
Unity generated $403.9 million of free cash flow in fiscal 2025, a free cash flow yield of 2.2% on its market value at year-end ($18.6 billion).
What is Unity's current ratio?
Unity's current ratio was 1.84 at the end of fiscal 2025: current assets were 1.84 times current liabilities.