Say you want to prove something about an infinite data-structure, such as a stream or an infinite tree, but you would rather not subject yourself to coinduction. The unique fixed-point principle is an easyto- use, calculational alternative. The proof technique rests on the fact that certain recursion equations have unique solutions; if two elements of a coinductive type satisfy the same equation of this kind, then they are equal. In this paper we precisely characterize the conditions that guarantee a unique solution. Significantly, we do so not with a syntactic criterion, but with a semantic one that stems from the categorical notion of naturality. Our development is based on distributive laws and bialgebras, and draws heavily on Turi and P...