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Investment Highlights Market Valuation Price Chart Return vs. Risk About UNIT Interactive Breakdown Better Bets vs. UNIT Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Uniti (UNIT)

Market Price (11/5/2025): $6.27 | Market Cap: $1.5 Bil
Sector: Communication Services | Industry: Alternative Carriers

Uniti (UNIT)

Market Price (11/5/2025): $6.27
Market Cap: $1.5 Bil
Sector: Communication Services
Industry: Alternative Carriers

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52%		 Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -114%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 414%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%		  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%
2 Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -114%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 414%

Market Valuation & Key Metrics

UNITS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)1.2
Rev Chg Q2.0%6.7%
Rev Chg LTM1.9%5.6%
Rev Chg 3Y Avg1.7%5.3%
PROFITABILITYGOOD
Op Inc LTM ($ Bil)0.6
CFO LTM ($ Bil)0.4
Net Inc LTM ($ Bil)0.0
Op Mgn LTM52.4%18.8%
CFO/Rev LTM31.8%20.4%
Net Inc Mgn3.0%12.9%
VALUATIONHIGH
P/S1.33.1
P/CFO4.015.2
P/FCF39.820.3
P/E42.423.7
STABILITYVERY POOR
Debt/Equity4.130.21
Cash/Assets0.040.07

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UNIT Stock

               
           
Factor Drivers of Stock Movement
The -20.0% change in UNIT stock from 5/6/2025 to 11/4/2025 was primarily driven by a -45.4% change in the company's Net Income Margin (%).

506202511042025Change
Stock Price ($)7.506.00-19.97%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1174.421180.200.49%
Net Income Margin (%)5.47%2.99%-45.38%
P/E Multiple27.7640.5646.12%
Shares Outstanding (Mil)238.06238.57-0.21%
Cumulative Contribution-19.97%

LTM = Last Twelve Months as of date shown
The -35.6% change in UNIT stock from 11/4/2024 to 11/4/2025 was primarily driven by a -36.5% change in the company's P/S Multiple.

1104202411042025Change
Stock Price ($)9.326.00-35.63%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1157.681180.201.95%
P/S Multiple1.911.21-36.54%
Shares Outstanding (Mil)237.35238.57-0.51%
Cumulative Contribution-35.64%

LTM = Last Twelve Months as of date shown
The -32.6% change in UNIT stock from 11/5/2022 to 11/4/2025 was primarily driven by a -81.9% change in the company's Net Income Margin (%).

1105202211042025Change
Stock Price ($)8.906.00-32.58%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1121.771180.205.21%
Net Income Margin (%)16.55%2.99%-81.93%
P/E Multiple11.3040.56258.97%
Shares Outstanding (Mil)235.66238.57-1.24%
Cumulative Contribution-32.59%

LTM = Last Twelve Months as of date shown
Why The Stock Moved

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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
UNIT Return54%26%-58%19%3%-34%-37%
Peers Return31%74%-23%4%36%-6%137%
S&P 500 Return16%27%-19%24%23%15%112%

Monthly Win Rates [3]
UNIT Win Rate67%50%33%50%50%30% 
Peers Win Rate60%68%40%50%65%44% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
UNIT Max Drawdown-38%-10%-58%-44%-51%-41% 
Peers Max Drawdown-52%-4%-35%-24%-15%-19% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: IRM, LAMR, EPR, PW, GLPI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique KeyEventUNITS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-79.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven387.8%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-54.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven120.6%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven228 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-79.3%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven383.3%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to IRM, LAMR, EPR, PW, GLPI


In The Past

Uniti's stock fell -79.5% during the 2022 Inflation Shock from a high on 11/1/2021. A -79.5% loss requires a 387.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Uniti (UNIT)

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Better Bets than Uniti (UNIT)

 UNITBetter Performance than UNIT
MetricValueIndustry (Alternative Carriers)
Rev Chg LTM1.9%IRDM (7.3%)
Rev Chg 3Y Avg1.7%CCOI (21.7%), IRDM (8.6%)
Op Mgn LTM52.4%
CFO/Rev LTM31.8%LUMN (38.3%), IRDM (45.5%)
FCF/Rev LTM3.2%LUMN (9.7%), IRDM (35.0%)
Total Yield2.5%IRDM (10.0%)
 UNITBetter Performance than UNIT
MetricValueAll Other Sectors
Rev Chg LTM1.9%NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), AMZN (10.9%), AVGO (28.0%)
Rev Chg 3Y Avg1.7%NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM52.4%NVDA (58.1%), V (66.5%), MA (58.3%), APP (55.6%), MO (59.0%)
CFO/Rev LTM31.8%NVDA (46.6%), MSFT (50.0%), AVGO (42.4%), ORCL (36.5%), V (60.4%)
FCF/Rev LTM3.2%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), AVGO (41.6%), TSLA (7.1%)
Total Yield2.5%AAPL (2.8%), MSFT (3.4%), AMZN (2.7%), BRK-B (6.4%), JPM (6.6%)
 Best Bets In Communication Services Sector
 UNITIRDM META TTD MTCH YELP CARG T FOXA UPWK TMUS
What You Pay           
P/E40.615.027.055.614.313.525.97.914.29.519.5
P/EBIT2.68.218.648.89.411.017.95.09.222.112.1
What You Get           
Rev Chg Q2.0%6.7%26.2%18.7%-0.0%3.7%7.0%1.6%4.9%0.9%8.9%
Rev Chg LTM1.9%7.3%21.3%23.2%-0.6%5.4%4.8%2.0%14.9%3.9%7.3%
Rev Chg 3Y Avg1.7%8.6%17.3%24.5%2.6%9.1%-14.1%1.1%5.6%11.2%2.4%
FCF/Rev 3Y Avg-3.9%33.7%29.0%26.8%25.7%18.4%17.3%16.3%11.9%12.7%12.2%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

Trade Ideas

Select past ideas related to UNIT. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE10032025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-4.7%-4.7%-5.0%
CABO_10032025_Short_Squeeze10032025CABOCable OneSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-18.1%-18.1%-20.0%
DV_9122025_Dip_Buyer_FCFYield09122025DVDoubleVerifyDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-13.8%-13.8%-16.5%
CMCSA_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025CMCSAComcastMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-17.9%-17.9%-17.9%
PINS_5312025_Monopoly_xInd_xCD_Getting_Cheaper05312025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		8.3%8.3%-2.3%
UNIT_12312017_Short_Squeeze12312017UNITUnitiSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		20.4%0.2%-20.3%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE10032025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-4.7%-4.7%-5.0%
CABO_10032025_Short_Squeeze10032025CABOCable OneSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-18.1%-18.1%-20.0%
DV_9122025_Dip_Buyer_FCFYield09122025DVDoubleVerifyDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-13.8%-13.8%-16.5%
CMCSA_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025CMCSAComcastMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-17.9%-17.9%-17.9%
PINS_5312025_Monopoly_xInd_xCD_Getting_Cheaper05312025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		8.3%8.3%-2.3%
UNIT_12312017_Short_Squeeze12312017UNITUnitiSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		20.4%0.2%-20.3%

Recent Active Movers

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Wealth Management

Peer Comparisons for Uniti

Financials

UNITIRMLAMREPRPWGLPIMedian
NameUniti Iron Mou.Lamar Ad.EPR Prop.Power RE.Gaming a. 
Mkt Price6.00103.32119.6049.480.6945.1947.33
Mkt Cap1.430.512.13.80.012.87.9
Rev LTM1,1806,4432,22866321,5771,379
Op Inc LTM6191,264535365-11,146577
FCF LTM38-1,057723416-0997227
FCF 3Y Avg-44-508674418-1979209
CFO LTM3761,257864416-01,079640
CFO 3Y Avg3761,155828418-11,030623

Growth & Margins

UNITIRMLAMREPRPWGLPIMedian
NameUniti Iron Mou.Lamar Ad.EPR Prop.Power RE.Gaming a. 
Rev Chg LTM1.9%10.7%3.1%4.2%-31.2%4.4%3.6%
Rev Chg 3Y Avg1.7%10.1%4.7%3.9%-35.4%7.4%4.3%
Rev Chg Q2.0%11.6%2.5%4.3%-64.0%3.2%2.8%
QoQ Delta Rev Chg LTM0.5%2.8%0.6%1.1%-30.6%0.8%0.7%
Op Mgn LTM52.4%19.6%24.0%54.9%-43.0%72.7%38.2%
Op Mgn 3Y Avg51.9%20.1%27.7%56.7%-62.0%73.6%39.8%
QoQ Delta Op Mgn LTM0.1%-0.2%0.3%-1.4%-23.7%3.9%-0.0%
CFO/Rev LTM31.8%19.5%38.8%62.7%-23.6%68.4%35.3%
CFO/Rev 3Y Avg32.5%19.8%38.4%63.9%-41.2%68.7%35.4%
FCF/Rev LTM3.2%-16.4%32.4%62.7%-23.6%63.2%17.8%
FCF/Rev 3Y Avg-3.9%-8.2%31.2%63.9%-41.2%65.4%13.7%

Valuation

UNITIRMLAMREPRPWGLPIMedian
NameUniti Iron Mou.Lamar Ad.EPR Prop.Power RE.Gaming a. 
Mkt Cap1.430.512.13.80.012.87.9
P/S1.24.75.45.71.18.15.1
P/EBIT2.633.719.511.5-1.710.811.2
P/E40.6738.127.618.9-0.616.523.2
P/CFO3.824.314.09.1-4.811.910.5
Total Yield2.5%2.9%3.6%5.3%-172.4%12.8%3.3%
Dividend Yield0.0%2.8%0.0%0.0%0.0%6.7%0.0%
FCF Yield 3Y Avg-5.8%-1.8%5.8%11.4%-41.8%7.5%2.0%
D/E4.30.60.40.88.60.60.7
Net D/E4.10.60.40.87.70.50.7

Returns

UNITIRMLAMREPRPWGLPIMedian
NameUniti Iron Mou.Lamar Ad.EPR Prop.Power RE.Gaming a. 
1M Rtn2.7%-1.4%-2.9%-13.4%-32.5%-3.6%-3.3%
3M Rtn-17.2%9.0%-3.6%-8.4%-48.0%-1.3%-6.0%
6M Rtn-20.0%8.3%5.7%1.8%-39.7%0.4%1.1%
12M Rtn-35.6%-12.9%-4.5%17.0%-37.0%-4.8%-8.9%
3Y Rtn-32.6%132.8%57.1%57.7%-92.0%9.1%33.1%
1M Excs Rtn-2.3%-3.3%-2.6%-10.3%-34.4%-2.7%-3.0%
3M Excs Rtn-22.9%9.0%-9.5%-12.7%-55.4%-6.5%-11.1%
6M Excs Rtn-40.7%-12.5%-15.0%-18.9%-60.5%-20.4%-19.7%
12M Excs Rtn-47.3%-32.5%-23.2%-1.9%-55.7%-22.8%-27.9%
3Y Excs Rtn-114.2%56.0%-24.4%-14.0%-165.8%-64.4%-44.4%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/31/20255/6/20252/21/202511/8/20248/1/20245/3/20242/29/202411/2/20238/3/20235/4/20232/28/202311/7/2022
Key Financials Quarterly            
Total Revenue301294293292295286286291284290284283
Ebitda214215222211215232222182131891952
Operating Income158154155152154146147150146150148146
Net Income-11122212184131-11926-1941-156
EPS-0.040.050.090.050.070.170.13-0.500.11-0.080.17-0.66
Key Financials TTM            
Total Revenue TTM1,1801,1741,1671,1591,1581,1461,1501,1481,1401,1411,1291,138
Ebitda TTM861863879880687685642615599613642661
Operating Income TTM619615607598597588592594590594592590
Net Income TTM356493103-29-21-82-71-108-80-8-13
Growth Rates Quarterly            
Total Revenue Growth2.0%2.6%2.7%0.5%4.0%-1.2%0.7%2.7%-0.1%4.2%-3.2%6.1%
EBITDA Growth-0.8%-7.1%-0.3%1083.5%1.0%22.4%13.8%906.3%-6.1%-13.1%-9.0%-99.1%
Operating Income Growth2.8%5.4%5.8%0.8%5.9%-2.6%-0.9%2.7%-2.7%1.2%1.1%6.9%
Net Income Growth-158.7%-70.4%-29.8%110.3%-28.7%315.2%-25.1%23.7%-52.3%-136.4%14.4%-459.0%
Margins Quarterly            
EBITDA Margin71.0%73.2%75.5%72.1%73.0%80.9%77.8%6.1%75.1%65.3%68.8%0.6%
Operating Income Margin52.7%52.2%52.9%51.9%52.3%50.8%51.4%51.8%51.3%51.6%52.2%51.7%
Net Income Margin-3.6%4.2%7.4%4.2%6.2%14.4%10.7%-40.9%9.0%-6.6%14.4%-55.0%
Cash & Debt            
Total Cash241921563411943623438704443
Total Debt6,1716,0675,8815,8795,8705,7615,6265,6825,4915,4585,2715,260
Net Debt / (Cash)5,9305,9755,7265,8455,7515,7185,5645,6485,4525,3875,2275,216
Cash Flows Quarterly            
FCF from Operations175918671686163-91851517550
Cash Flows TTM            
FCF from Operations TTM376369367344328345353366425411460431
Returns to Shareholders Quarterly            
Dividends000073360367203636
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC5.6%8.5%8.9%8.6%8.8%8.4%8.6%6.0%8.7%8.1%9.2%8.4%
Return on Invested Capital (ROIC) TTM            
ROIC TTM8.6%8.5%8.7%8.5%2.6%2.1%4.8%4.4%7.1%7.4%3.5%4.6%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Uniti Leasing853827801746717
Uniti Fiber297301299314316
Corporate000  
Consumer Competitive Local Exchange Carrier (CLEC)   111
Towers   615
Total1,1501,1291,1011,0671,058


Assets by Segment
$ Mil20242023202220212020
Uniti Leasing2,937  2,2952,342
Uniti Fiber1,956  2,3552,362
Corporate132  7366
Consumer Competitive Local Exchange Carrier (CLEC)   911
Towers    236
Total5,025  4,7325,017


Price Behavior

UNIT Betas & Captures as of 10/31/2025

 1M2M3M6M1Y3Y
Beta1.431.912.181.921.151.39
Up Beta0.511.361.580.750.721.13
Down Beta1.651.662.332.371.201.38
Up Capture79%127%64%143%125%226%
Bmk +ve Days14273774145425
Stock +ve Days8182358119343
Down Capture208%286%343%285%141%110%
Bmk -ve Days9172853106327
Stock -ve Days14253864123390

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity9,098,744
Short Interest: % Change Since 930202511.4%
Average Daily Volume2,289,821
Days-to-Cover Short Interest3.97
Basic Shares Quantity238,567,000
Short % of Basic Shares3.8%

Returns Analyses

SEC Filings

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Report DateFiling DateFiling
6302025731202510-Q 6/30/2025
3312025506202510-Q 3/31/2025
12312024221202510-K 12/31/2024
93020241108202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024503202410-Q 3/31/2024
12312023229202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022228202310-K 12/31/2022
93020221107202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022505202210-Q 3/31/2022
12312021225202210-K 12/31/2021
93020211104202110-Q 9/30/2021

Insider Activity

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