Professional
Added to YB: 2026-06-01
Pitch date: 2026-05-28
U [bullish]
Unity Software Inc.
Author Info
Hayden Capital is an investment firm that follows a research-intensive, concentrated strategy. We travel the world, seeking to invest in growing businesses run by world-class founders. Sign up for the newsletter.
Company Info
Unity Software Inc. operates a platform to develop, deploy, and grow games and interactive experiences for mobile phones, PCs, consoles, and extended reality devices in the United States, China, Hong Kong, Taiwan, Europe, the Middle East, Africa, the Asia Pacific, Canada, and Latin America.
Market Cap
$13.1B
Pitch Price
N/A
Price Target
60.00 (+116%)
Dividend
N/A
EV/EBITDA
133.40
P/E
-18.98
EV/Sales
7.03
Sector
Software
Category
turnaround
Hayden Capital Portfolio Holding: Unity Software Inc.
U (new position): Dominant 3D game engine (~70% mobile share) with sticky base, buried by years of self-inflicted wounds (botched ironSource merger, runtime fee debacle). Turnaround thesis: new CEO Bromberg (ex-Zynga), Vector AI ad platform ramping $0 to $1BN run-rate on unique engine-level data advantage vs AppLovin. FCF +40% y/y. ~4x EV/Rev, 20x P/E, $10BN cap. Sees 25%+ annualized 3-5yr; potential 2x on China sale + Vector scaling to 50% margins.
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