# Uniti Group (UNIT.US)

Canonical: https://gigainvestors.com/s/UNIT

Analysis as of: 2026-10-16T07:32:43.889Z. Financial observations: FY2012–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.01 per share; close as of 2026-10-15.

Estimated value: low $18.29 per share, central $24.53 per share, high $28.32 per share. Buy at or below the central value $24.53 per share. Valuation as of 2026-10-16T07:32:43.889Z; scenarios are not confidence intervals.

Expected annual return: 44.8% at the stated quote. About 44.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 5

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.89×

- FY2017: 0.80×

- FY2018: 0.76×

- FY2019: 0.71×

- FY2020: 0.69×

- FY2021: 0.77×

- FY2022: 0.52×

- FY2023: 0.77×

- FY2024: 0.52×

- FY2025: 0.21×

### moat: fail

- Recent gross margin fell 49.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 21.3%

- ROIC, second-lowest year: 18.0%

- Typical minus recent gross margin: 49.2 pp

- Typical gross margin (annual median): 86.1%

- Recent gross margin (lower of latest and 3-year median): 36.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 34.1%

- ROIC including acquisitions, ten-year median: 2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.9%

- FY2017: 23.0%

- FY2018: 29.8%

- FY2019: 19.7%

- FY2020: 22.7%

- FY2021: 35.6%

- FY2022: 18.0%

- FY2023: 24.1%

- FY2024: 19.5%

- FY2025: 5.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $1.4B

- Return on incremental invested capital: 1036.0%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 6.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 6.26×

- FY2023: 1.45×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 23.0% vs 19.5%

- Per-share earnings: -0.00 to 0.65 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.9%

- Ordinary dilution, 5-year annual growth: 16.8%

- Market cap gain: -$461M

- Cumulative retained earnings: -$871M

- Diluted shares, 10-year annual growth: 5.9%

- Diluted shares, 5-year annual growth: 16.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.66

- Per-share value, starting three-year median: -$0.00

- Per-share value, ending three-year median: $0.65

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $1.4B

- Cumulative net income, 10 years: $743M

- ROIC, first three-year median: 23.0%

- ROIC, last three-year median: 19.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.00

- FY2017: -$0.09

- FY2018: $0.15

- FY2019: $0.09

- FY2020: -$5.76

- FY2021: $0.78

- FY2022: -$0.06

- FY2023: -$0.57

- FY2024: $0.65

- FY2025: $4.90

### accounting: pass

- Sloan accruals: 7.9%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 6.45×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.3%

- FY2017: -9.6%

- FY2018: -9.9%

- FY2019: -12.1%

- FY2020: -18.2%

- FY2021: -7.8%

- FY2022: -9.7%

- FY2023: -8.7%

- FY2024: -5.2%

- FY2025: 7.9%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 58% since Oct 2021 · "Uniti Group stock dips after Q2 results, full-year guidance disappoint" (seekingalpha.com, Aug 2025) · sales +91.5%

Story as of 2026-10-16T09:59:45.934Z; price observation 2026-10-15.

Price needs cash profits to shrink 18.4% a year for ten years

- 2025-08-05: Uniti Group stock dips after Q2 results, full-year guidance disappoint ([seekingalpha.com](https://seekingalpha.com/news/4478485-uniti-group-stock-dips-after-q2-results-full-year-guidance-disappoint?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-31: Uniti Group (UNIT) Climbs 10.6% on Successful $960-Million Fundraising ([finance.yahoo.com](https://finance.yahoo.com/news/uniti-group-unit-climbs-10-041606949.html))

- 2026-03-02: Uniti Group issues solid 2026 guidance after Q4 revenue, adjusted EBITDA beat ([seekingalpha.com](https://seekingalpha.com/news/4559338-uniti-group-issues-solid-2026-guidance-after-q4-revenue-adjusted-ebitda-beat?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +91.5%; source https://www.sec.gov/Archives/edgar/data/1620280/000162828025007109/unit-20241231.htm; observed 2025-02-21.

- FY2016: $770M 

- FY2017: $916M 

- FY2018: $1.0B 

- FY2019: $1.1B 

- FY2020: $1.1B 

- FY2021: $1.1B 

- FY2022: $1.1B 

- FY2023: $1.1B 

- FY2024: $1.2B 

- FY2025: $2.2B 

### Gross margin · FY2025

gross margin 36.9%; source https://www.sec.gov/Archives/edgar/data/1620280/000162828025007109/unit-20241231.htm; observed 2025-02-21.

- FY2016: 93.7% 

- FY2017: 88.2% 

- FY2018: 84.8% 

- FY2019: 80.7% 

- FY2020: 79.1% 

- FY2021: 86.0% 

- FY2023: 86.3% 

- FY2025: 36.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 2.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2025: revenue 2234500000; grossProfit 825300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); UNIT.US: Uniti Group Inc. a digital infrastructure company in the United States. The company operates through three segments: Kinetic, Uniti Solutions, and Fiber Infrastructure. The Kinetic segment offers internet services, local and long-distance voice services, integrated voice and data services, and web conferencing products. The Uniti Solutions segment provides software solutions, including Secure Access Service Edge (SASE), Unified Communications as a Service (UCaaS), OfficeSuite UC, and associated network access products and services. The Fiber Infrastructure segment provides network bandwidth to other telecommunications carriers, network operators, content providers, and large cloud computing and storage service providers; network transport services to end users, ethernet and wave transport of up to 400 Gbps, dark fiber and colocation services; and fiber-to-the-tower connections. This segment also offers voice and data carrier services. Uniti Group Inc. was incorporated in 2024 and is based in Little Rock, Arkansas.

### Why customers stay

Margins ranged from 36.9% to 100% during 2023–25; it earns 21.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2023: grossProfit / revenue = 86.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1620280/000162828025007109/unit-20241231.htm (filed 2025-02-21); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2025: grossProfit / revenue = 36.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); 10-year return on capital observations [[2016,0.19856053469479337],[2017,0.2301412524752926],[2018,0.2975812615737687],[2019,0.19701219460352098],[2020,0.22718448982078068],[2021,0.355812050646387],[2022,0.18041725615592688],[2023,0.24069766764906725],[2024,0.1947149259694892],[2025,0.05200649806814191]]; median 0.21287251225778703. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 28.6% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2016: growth capex 0; upkeep 34900000; owner earnings 340858000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2017: growth capex 0; upkeep 166028000; owner earnings 258738000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2018: growth capex 0; upkeep 423575000; owner earnings 44362000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2019: growth capex 0; upkeep 350480000; owner earnings 65856000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2021: growth capex 94913000; upkeep 290942000; owner earnings 123660000. Growth capex / owner earnings = 0.7675319424227721.

- Source: https://www.sec.gov/Archives/edgar/data/1620280/000162828025007109/unit-20241231.htm (filed 2025-02-21); FY2024: growth capex 40024000; upkeep 314810000; cash acquisitions 0; owner earnings 93406000. Growth capex plus acquisitions / owner earnings = 0.42849495749737704.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); FY2025: growth capex 143200000; upkeep 666600000; cash acquisitions 229500000; owner earnings 1304700000. Growth capex plus acquisitions / owner earnings = 0.28565953859124704.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); Incremental return on capital 10.36037072248136, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); Dividend observations: [[2016,367830000],[2017,400210000],[2018,426094000],[2019,138731000],[2020,135676000],[2021,141371000],[2022,142950000],[2023,107405000],[2024,108455000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); UNIT.US SharesStats.PercentInsiders = 1.902 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 18.4% yearly over ten years; actual growth was 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-21); Ten-year compound average after fade. Initial solved rate -0.26668139835181615. Price 6.005; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.462917359067278 → FY2025 4.895684803001876. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.39 per share

- 2016-11: $24.89 per share

- 2016-12: $25.37 per share

- 2017-01: $26.24 per share

- 2017-02: $28.93 per share

- 2017-03: $25.81 per share

- 2017-04: $27.42 per share

- 2017-05: $24.97 per share

- 2017-06: $25.10 per share

- 2017-07: $25.56 per share

- 2017-08: $19.23 per share

- 2017-09: $14.64 per share

- 2017-10: $17.47 per share

- 2017-11: $16.08 per share

- 2017-12: $17.76 per share

- 2018-01: $15.81 per share

- 2018-02: $15.33 per share

- 2018-03: $16.23 per share

- 2018-04: $17.99 per share

- 2018-05: $20.94 per share

- 2018-06: $20.00 per share

- 2018-07: $17.65 per share

- 2018-08: $20.79 per share

- 2018-09: $20.12 per share

- 2018-10: $19.11 per share

- 2018-11: $19.90 per share

- 2018-12: $15.55 per share

- 2019-01: $19.88 per share

- 2019-02: $9.63 per share

- 2019-03: $11.17 per share

- 2019-04: $10.97 per share

- 2019-05: $9.60 per share

- 2019-06: $9.49 per share

- 2019-07: $8.41 per share

- 2019-08: $7.38 per share

- 2019-09: $7.75 per share

- 2019-10: $6.91 per share

- 2019-11: $6.71 per share

- 2019-12: $8.20 per share

- 2020-01: $6.32 per share

- 2020-02: $9.75 per share

- 2020-03: $6.02 per share

- 2020-04: $7.05 per share

- 2020-05: $8.24 per share

- 2020-06: $9.34 per share

- 2020-07: $9.89 per share

- 2020-08: $9.81 per share

- 2020-09: $10.52 per share

- 2020-10: $8.81 per share

- 2020-11: $10.26 per share

- 2020-12: $11.71 per share

- 2021-01: $12.29 per share

- 2021-02: $11.89 per share

- 2021-03: $11.01 per share

- 2021-04: $11.38 per share

- 2021-05: $10.84 per share

- 2021-06: $10.57 per share

- 2021-07: $11.69 per share

- 2021-08: $13.05 per share

- 2021-09: $12.35 per share

- 2021-10: $14.29 per share

- 2021-11: $13.25 per share

- 2021-12: $13.99 per share

- 2022-01: $12.04 per share

- 2022-02: $12.95 per share

- 2022-03: $13.74 per share

- 2022-04: $12.37 per share

- 2022-05: $11.32 per share

- 2022-06: $9.41 per share

- 2022-07: $9.96 per share

- 2022-08: $9.38 per share

- 2022-09: $6.94 per share

- 2022-10: $7.75 per share

- 2022-11: $7.61 per share

- 2022-12: $5.52 per share

- 2023-01: $6.58 per share

- 2023-02: $5.48 per share

- 2023-03: $3.54 per share

- 2023-04: $3.41 per share

- 2023-05: $3.71 per share

- 2023-06: $4.61 per share

- 2023-07: $5.57 per share

- 2023-08: $5.36 per share

- 2023-09: $4.71 per share

- 2023-10: $4.59 per share

- 2023-11: $5.52 per share

- 2023-12: $5.77 per share

- 2024-01: $5.25 per share

- 2024-02: $5.85 per share

- 2024-03: $5.89 per share

- 2024-04: $5.74 per share

- 2024-05: $3.16 per share

- 2024-06: $2.92 per share

- 2024-07: $3.83 per share

- 2024-08: $4.35 per share

- 2024-09: $5.63 per share

- 2024-10: $5.06 per share

- 2024-11: $5.90 per share

- 2024-12: $5.49 per share

- 2025-01: $5.44 per share

- 2025-02: $5.73 per share

- 2025-03: $5.03 per share

- 2025-04: $4.91 per share

- 2025-05: $4.29 per share

- 2025-06: $4.31 per share

- 2025-07: $5.31 per share

- 2025-08: $6.30 per share

- 2025-09: $6.12 per share

- 2025-10: $5.76 per share

- 2025-11: $6.37 per share

- 2025-12: $7.01 per share

- 2026-01: $8.32 per share

- 2026-02: $7.32 per share

- 2026-03: $9.38 per share

- 2026-04: $11.83 per share

- 2026-05: $11.22 per share

- 2026-06: $11.47 per share

- 2026-07: $9.72 per share

- 2026-08: $9.92 per share

- 2026-09: $8.38 per share

- 2026-10: $6.01 per share

## Annual estimated value (USD per share)

- FY2016: low $560.08 per share, central $637.07 per share, high $739.56 per share

- FY2017: low $599.44 per share, central $682.04 per share, high $791.99 per share

- FY2018: low $46.33 per share, central $52.70 per share, high $61.17 per share

- FY2019: low $30.03 per share, central $34.02 per share, high $39.33 per share

- FY2020: low $6.38 per share, central $7.20 per share, high $8.29 per share

- FY2021: low $4.94 per share, central $5.59 per share, high $6.46 per share

- FY2022: low $4.87 per share, central $6.89 per share, high $8.07 per share

- FY2025: low $9.29 per share, central $12.88 per share, high $15.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1620280/000162828025007109/unit-20241231.htm); period 2024-12-31, filed 2025-02-21.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.