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US software company making the Unity game engine used to build and operate video games and interactive 3D content.
US software company making the Unity game engine used to build and operate video games and interactive 3D content.
Has two revenue lines: Create sells subscriptions to developers who build with the engine, and Grow takes a cut of the advertising that apps and games buy to find and monetise users, which is the larger of the two. The 2022 ironSource merger built up the ad side.
Moat: narrow (switching costs, installed base, network effects). Games built on Unity are costly to port to other engines, and its ad network has scale from the ironSource merger.
Headquarters: San Francisco, California, US · Founded: 2004 · Employees: 4,412
Size Unity Software (U) is a United States Information Technology company (Packaged Software) with a market value of $22.7B, the 458th largest of 3,117 United States companies the cockpit tracks. Shares closed at $51.49 on 6 Nov 2026.
Performance Over six months the shares gained 82.8%, against +8.7% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 14.0% over the last twelve months (peer median +21.2%); the operating margin is -13.9% (peer median 17.0%).
Valuation It trades at 49.4× forward earnings against a peer median of 25.6× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 20.6 points below its cost of capital (14.3% WACC).
Backlog Backlog (remaining performance obligations) was $597M at 30 Sep 2026, up 35% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Credit Unity Software has 2 bonds outstanding ($1.25B).
Short interest Short interest is 6.4% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.03B | $1.85B | $1.81B | $2.19B | $1.39B |
| Revenue growth | — | +2% | -17% | +57% | — |
| Gross profit | $1.19B | $1.37B | $1.35B | $1.47B | $949M |
| EBITDA | $198M | $38.4M | -$63.1M | -$201M | -$637M |
| Net income | -$588M | -$403M | -$664M | -$822M | -$921M |
| Free cash flow | $538M | $404M | $286M | $179M | -$117M |
| Capital expenditure | $18.4M | $22.0M | $42.4M | $55.9M | $57.1M |
| Total debt | $2.32B | $2.32B | $2.35B | $2.79B | $2.85B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Unity Software U | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% |
| AppLovin APP | $131B | -16% | +29% | 78% | 20.0× | 28.2% |
| Adobe ADBE | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% |
| Autodesk ADSK | $54.7B | +7% | +19% | 23% | 20.1× | 18.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | U | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | -4.4% | 4th highest of 21 |
| 6-month return | +82.8% | +8.7% | 2nd highest of 19 |
| Distance from 52-week high | -2.7% | -31.3% | 2nd highest of 21 |
| Revenue growth (TTM) | +14.0% | +21.2% | 7th lowest of 21 |
| Operating margin | -13.9% | 17.0% | 3rd lowest of 21 |
| Forward P/E | 49.4× | 25.6× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 33.5% | 22.0% | 5th most demanding of 17 |
| Growth delivered (Del g) | +19.1% | +24.0% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | +14.4 pp | -6.1 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | -20.6 pp | -1.9 pp | 3rd lowest of 19 |
| Net debt / EBITDA | -0.2× | -2.2× | 7th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | n/a | n/a | n/a |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% | +12.9% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | n/a | n/a | n/a |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% | +24.6% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% | +94.7% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% | +28.4% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% | +52.7% |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% | +23.5% |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
Unity Software has 2 bonds outstanding with $1.25B face value.
Unity Software reported $597M of remaining performance obligations at 30 Sep 2026, up 35% from a year earlier and up 18% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.15.