Uniti (UNIT)


Market Price (7/19/2026): $11.045 | Market Cap: $2.8 BilSector: Communication Services | Industry: Alternative Carriers

Uniti (UNIT)


Market Price (7/19/2026): $11.045
Market Cap: $2.8 Bil
Sector: Communication Services
Industry: Alternative Carriers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 44%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 40%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 149%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%

Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, and Data Centers & Infrastructure.

Weak multi-year price returns
3Y Excs Rtn is -13%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 364%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%

Key risks
UNIT key risks include [1] a high debt load with significant refinancing risk, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 44%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 40%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 149%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%
3 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, and Data Centers & Infrastructure.
4 Weak multi-year price returns
3Y Excs Rtn is -13%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 364%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%
7 Key risks
UNIT key risks include [1] a high debt load with significant refinancing risk, Show more.

UNIT in ETFs

Weight = UNIT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.06%
IJR0.11%
VB0.03%
SLYG0.23%
IJT0.23%
FNDA0.16%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Uniti (UNIT) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Performance Exceeding Expectations.

Uniti (whose fiscal calendar aligns with the calendar year) reported robust results for fiscal Q1 2026 on May 11, 2026, which significantly outperformed analyst estimates. The company reported an EPS of -$0.34, topping the consensus estimate of -$0.35 by $0.01. Quarterly revenue surged by 236.0% year-over-year to $987.50 million, also surpassing analyst expectations of $930.08 million. This positive earnings surprise, with the adjusted loss per share being 29.62% narrower than anticipated, resulted in a positive market reaction, with shares advancing 3.62% in after-market trading following the announcement.

2. Accelerated Fiber Network Expansion and Growth in Revenue.

Uniti's strategic focus on fiber infrastructure continued to show strong results and contribute to the stock's positive trend since the end of fiscal Q1 2026 (March 31, 2026). The company announced that its Kinetic brand surpassed 2 million residential fiber premises passed across its 18-state service area, indicating significant progress in its build-out initiatives. Consolidated fiber revenue grew 15% year-over-year in fiscal Q1 2026, with Kinetic Consumer Fiber revenue increasing by 26% year-over-year. This expansion is critical as fiber now constitutes over 50% of Kinetic's customers and revenue.

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Updated on 7/1/2026

Uniti (UNIT) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Performance Exceeding Expectations.

Uniti (whose fiscal calendar aligns with the calendar year) reported robust results for fiscal Q1 2026 on May 11, 2026, which significantly outperformed analyst estimates. The company reported an EPS of -$0.34, topping the consensus estimate of -$0.35 by $0.01. Quarterly revenue surged by 236.0% year-over-year to $987.50 million, also surpassing analyst expectations of $930.08 million. This positive earnings surprise, with the adjusted loss per share being 29.62% narrower than anticipated, resulted in a positive market reaction, with shares advancing 3.62% in after-market trading following the announcement.

2. Accelerated Fiber Network Expansion and Growth in Revenue.

Uniti's strategic focus on fiber infrastructure continued to show strong results and contribute to the stock's positive trend since the end of fiscal Q1 2026 (March 31, 2026). The company announced that its Kinetic brand surpassed 2 million residential fiber premises passed across its 18-state service area, indicating significant progress in its build-out initiatives. Consolidated fiber revenue grew 15% year-over-year in fiscal Q1 2026, with Kinetic Consumer Fiber revenue increasing by 26% year-over-year. This expansion is critical as fiber now constitutes over 50% of Kinetic's customers and revenue.

3. Successful Strategic Financing Enhancing Financial Flexibility.

In June 2026, Uniti strengthened its financial position through a significant securitization offering. The company launched and priced a $1.14 billion Kinetic fiber securitization notes offering, with an anticipated repayment date in June 2033. This financing, secured by residential fiber assets, is intended for general corporate purposes, including future capital expenditures for fiber network investments and debt repayment, thereby providing increased financial flexibility for continued growth.

4. Positive Analyst Sentiment and Upgraded Price Targets.

The period since fiscal Q1 2026 saw a notable improvement in analyst sentiment towards Uniti. Several prominent analyst firms reiterated or upgraded their ratings and raised their price targets for UNIT stock. For instance, in May 2026, Barclays raised its price target to $13 from $11, while J.P. Morgan and TD Cowen both increased their price targets to $12. Citi also raised its target to $12. These revisions reflect growing confidence in Uniti's operational execution, fiber growth prospects, and overall financial outlook among Wall Street analysts.

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Stock Movement Drivers

Fundamental Drivers

The 17.7% change in UNIT stock from 3/31/2026 to 7/18/2026 was primarily driven by a 31.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120267182026Change
Stock Price ($)9.3811.0417.7%
Change Contribution By: 
Total Revenues ($ Mil)2,2342,92831.0%
Net Income Margin (%)58.4%41.7%-28.5%
P/E Multiple1.82.325.4%
Shares Outstanding (Mil)2532520.2%
Cumulative Contribution17.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/18/2026
ReturnCorrelation
UNIT17.7% 
Market (SPY)14.3%42.3%
Sector (XLC)-0.2%27.5%

Fundamental Drivers

The 57.5% change in UNIT stock from 12/31/2025 to 7/18/2026 was primarily driven by a 146.4% change in the company's P/E Multiple.
(LTM values as of)123120257182026Change
Stock Price ($)7.0111.0457.5%
Change Contribution By: 
Total Revenues ($ Mil)1,6112,92881.8%
Net Income Margin (%)101.3%41.7%-58.8%
P/E Multiple0.92.3146.4%
Shares Outstanding (Mil)215252-14.6%
Cumulative Contribution57.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/18/2026
ReturnCorrelation
UNIT57.5% 
Market (SPY)9.3%43.4%
Sector (XLC)-5.7%34.8%

Fundamental Drivers

The 54.1% change in UNIT stock from 6/30/2025 to 7/18/2026 was primarily driven by a 662.6% change in the company's Net Income Margin (%).
(LTM values as of)63020257182026Change
Stock Price ($)7.1711.0454.1%
Change Contribution By: 
Total Revenues ($ Mil)1,1742,928149.3%
Net Income Margin (%)5.5%41.7%662.6%
P/E Multiple16.02.3-85.8%
Shares Outstanding (Mil)144252-43.1%
Cumulative Contribution54.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/18/2026
ReturnCorrelation
UNIT54.1% 
Market (SPY)21.3%40.1%
Sector (XLC)3.0%33.2%

Fundamental Drivers

The 63.9% change in UNIT stock from 6/30/2023 to 7/18/2026 was primarily driven by a 156.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237182026Change
Stock Price ($)6.7411.0463.9%
Change Contribution By: 
Total Revenues ($ Mil)1,1412,928156.7%
P/S Multiple1.41.0-31.8%
Shares Outstanding (Mil)236252-6.4%
Cumulative Contribution63.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/18/2026
ReturnCorrelation
UNIT63.9% 
Market (SPY)73.6%34.0%
Sector (XLC)75.4%29.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UNIT Return26%-58%19%3%-23%57%-22%
Peers Return36%-35%-19%36%11%-8%-1%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
UNIT Win Rate50%33%50%50%42%57% 
Peers Win Rate67%35%48%46%48%54% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
UNIT Max Drawdown-20%-59%-54%-56%-46%-16% 
Peers Max Drawdown-19%-43%-49%-31%-30%-25% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LUMN, CCI, AMT, SBAC.
[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] 2026 data is for the year up to 7/17/2026 (YTD)

How Low Can It Go

EventUNITS&P 500
2025 US Tariff Shock
  % Loss-25.2%-18.8%
  % Gain to Breakeven33.7%23.1%
  Time to Breakeven40 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.2%-9.5%
  % Gain to Breakeven17.9%10.5%
  Time to Breakeven6 days24 days
2023 SVB Regional Banking Crisis
  % Loss-49.8%-6.7%
  % Gain to Breakeven99.4%7.1%
  Time to Breakeven106 days31 days
2020 COVID-19 Crash
  % Loss-51.2%-33.7%
  % Gain to Breakeven104.9%50.9%
  Time to Breakeven92 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-25.5%-19.2%
  % Gain to Breakeven34.3%23.8%
  Time to Breakeven35 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-29.5%-12.2%
  % Gain to Breakeven41.8%13.9%
  Time to Breakeven24 days62 days

Compare to LUMN, CCI, AMT, SBAC

In The Past

Uniti's stock fell -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventUNITS&P 500
2025 US Tariff Shock
  % Loss-25.2%-18.8%
  % Gain to Breakeven33.7%23.1%
  Time to Breakeven40 days79 days
2023 SVB Regional Banking Crisis
  % Loss-49.8%-6.7%
  % Gain to Breakeven99.4%7.1%
  Time to Breakeven106 days31 days
2020 COVID-19 Crash
  % Loss-51.2%-33.7%
  % Gain to Breakeven104.9%50.9%
  Time to Breakeven92 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-25.5%-19.2%
  % Gain to Breakeven34.3%23.8%
  Time to Breakeven35 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-29.5%-12.2%
  % Gain to Breakeven41.8%13.9%
  Time to Breakeven24 days62 days
2014-2016 Oil Price Collapse
  % Loss-43.4%-6.8%
  % Gain to Breakeven76.7%7.3%
  Time to Breakeven127 days15 days

Compare to LUMN, CCI, AMT, SBAC

In The Past

Uniti's stock fell -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Uniti (UNIT)

Uniti (UNIT) is a real estate investment trust (REIT) that specializes in owning and managing critical infrastructure for the communications industry. The company's core business involves the acquisition and construction of essential communications real estate, which forms the backbone for modern digital networks.

Their main products and services revolve around providing the physical infrastructure necessary for communication. This includes owning and operating a vast network of fiber optic cables and other strategically located communications properties. As of late 2020, Uniti reported owning 6.7 million fiber strand miles across the United States, which they lease or provide access to.

Uniti primarily serves the broader communications industry, positioning itself as a leading provider of wireless infrastructure solutions. Their customers typically include telecommunications carriers, internet service providers, and other companies that require robust and high-capacity infrastructure to deliver their communication services across the United States.

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Here are 1-2 brief analogies for Uniti (UNIT):

  • American Tower for fiber optic networks.
  • Prologis for digital infrastructure.

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  • Fiber Infrastructure Leasing: Leasing of fiber optic cable networks to telecommunications carriers and other businesses for data transmission.
  • Wireless Infrastructure Solutions: Providing critical infrastructure, such as small cells and related network components, to support wireless communication networks.
  • Communications Real Estate Leasing: Leasing of land, facilities, and other real estate assets essential for housing and operating communication equipment.

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Uniti primarily sells its communication infrastructure and solutions to other companies within the telecommunications industry.

Its major customer is:

  • Windstream Holdings, Inc. (Windstream Holdings, Inc. is a private company and therefore does not have a public stock symbol.)

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Kenneth A. Gunderman President and Chief Executive Officer

Kenny Gunderman is the President and Chief Executive Officer of Uniti Group Inc.. He has 18 to 20 years of experience in investment banking and private equity, with a focus on expanding and diversifying Uniti's real estate portfolio. Prior to joining Uniti, he was the co-head of investment banking at Stephens Inc., where he advised on various investment banking and private equity transactions, particularly in telecommunications services. He also worked in the telecom investment banking group at Lehman Brothers, advising on transactions and financings exceeding $125 billion, and was a senior accountant at KPMG. Gunderman was appointed CEO of Uniti upon its formation as a spin-off from Windstream Holdings, Inc. in 2015.

Paul Bullington Senior Executive Vice President, Chief Financial Officer and Treasurer

Paul Bullington serves as the Senior Executive Vice President, Chief Financial Officer, and Treasurer of Uniti Group Inc.. Before transitioning to this permanent role in September 2021, he was Uniti's interim Chief Financial Officer and Principal Financial Officer. Previously, he held the position of Senior Vice President of Strategic Operations at Uniti Fiber. Notably, Bullington was the Chief Financial Officer of Southern Light until its acquisition by Uniti in 2017. During his tenure as CFO, Southern Light was recognized by Inc. Magazine as one of the "5,000 Fastest Growing Companies in America" for nine consecutive years. His prior experience also includes roles at Accenture and Royal Cup Coffee.

Daniel L. Heard Executive Vice President, General Counsel and Secretary

Daniel L. Heard is an Executive Vice President, General Counsel, and Secretary for Uniti. He possesses over 17 years of experience in negotiating, structuring, and finalizing mergers and acquisitions, public offerings of debt and equity securities, and other corporate finance transactions.

Michael Friloux Executive Vice President & Chief Technology Officer

Michael Friloux holds the title of Senior Executive Vice President and Chief Technology Officer for Uniti. He has over 30 years of experience in telecommunications and information systems technology, focusing on future-proofing Uniti's IT systems. Prior to joining Uniti, Friloux was the Chief Executive Officer and President of PEG Bandwidth, where he led the wireless backhaul provider through significant expansion. He also served as President and Chief Operations Officer for Citynet Fiber Networks, developing it into a leading regional wholesale carrier network.

Ronald J. Mudry Senior Vice President & Chief Revenue Officer

Ronald J. Mudry is the Senior Vice President and Chief Revenue Officer of Uniti Group Inc.. With over 30 years of experience in the telecommunications industry, Mudry is responsible for Uniti's growth opportunities across its fiber and wireless infrastructure segments. He is also noted as the founder of two start-up fiber operating companies that achieved leadership positions in their industry segment. Before his current role, Mudry was the President of Sales and Business Development at Uniti Fiber.

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The public company Uniti (UNIT) faces several key risks to its business operations and financial stability. The most significant risks include: 1. **High Financial Leverage and Debt Maturities** Uniti carries a substantial debt burden, evidenced by a high debt-to-equity ratio and low interest coverage, which limits its financial flexibility. As of late 2025 and early 2026, the company had billions in long-term debt, with significant maturities approaching between 2027 and 2033. This elevated debt, combined with lackluster cash flow from capital expenditures, has raised concerns about the company's ability to service its obligations and may necessitate a financial restructuring, potentially impacting shareholders negatively. The company's balance sheet strength has been rated as poor due to this high leverage. 2. **Challenges with the Windstream Merger and Business Model Transition** Historically, Uniti's business was highly concentrated with Windstream, its largest tenant, under a master lease agreement. While a merger with Windstream, which closed in late 2025, aimed to mitigate customer concentration risk and integrate operations, it also introduced new challenges. The combined entity is transitioning from a pure REIT structure to a more integrated fiber infrastructure business, requiring ongoing heavy capital expenditures for fiber-to-the-home (FTTH) expansion. This transition and the integration process can strain cash flow and delay the realization of expected synergies, impacting the company's ability to generate sufficient returns on its investments. 3. **Weak Cash Flow Generation and Elevated Capital Expenditures** Despite significant capital investments in its communications infrastructure, Uniti has struggled to translate these into increased operating cash flow. The company faces ongoing requirements for substantial capital expenditures to expand and upgrade its fiber network, which constrains its free operating cash flow. Analysts project average free operating cash flow deficits exceeding $300 million annually over the next few years due to these elevated capital spending requirements, necessitating potential access to capital markets to fund its growth targets.

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Uniti Group Inc. (UNIT) operates primarily in the communications infrastructure sector, focusing on fiber optic networks and wireless infrastructure solutions within the United States.

The addressable markets for Uniti's main products and services are sizable, particularly within the U.S. and North American regions:

  • U.S. Fiber Optic Cable Market: The U.S. fiber-optic cable market was valued at USD 2.9 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 8.3% during 2025–2032, reaching USD 5.3 billion in 2032. Another estimate indicates the U.S. fiber optics market size reached USD 3.4 billion in 2025 and is expected to grow to USD 8.3 billion by 2034, with a CAGR of 9.95% from 2026-2034. This market growth is driven by increasing demand for faster internet and expanding 5G networks.
  • North America Wireless Infrastructure Market: North America held the largest share in the wireless infrastructure market in 2025, with a market size valued at USD 101.56 billion. This is projected to increase to USD 112.33 billion in 2026. The region's dominance is attributed to rapid technological advancements, significant investments in 5G deployment, and a strong presence of key market players. The U.S. specifically leads the wireless infrastructure development in North America.

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Here are 3-5 expected drivers of future revenue growth for Uniti (UNIT) over the next 2-3 years:

  1. Merger with Windstream Holdings II, LLC: The completion of this transformative merger in August 2025 is a significant driver, as it expanded Uniti's fiber footprint to 240,000 route miles and broadened its reach to 4.4 million households. This integration is projected to generate annual operational and capital expenditure synergies of $125 million by 2026.
  2. Fiber-to-the-Home (FTTH) Expansion (Kinetic Segment): Uniti is aggressively pursuing FTTH build-outs, with plans to significantly increase homes passed. The company aimed to pass 325,000 additional homes in 2025 and targeted reaching 2 million homes by the end of 2025. For 2026, Uniti aims to pass 2.3 million to 2.35 million homes with fiber and acquire between 675,000 and 700,000 fiber subscribers, with consumer fiber revenue guidance ranging from $635 million to $655 million. This expansion is primarily focused on Tier II and III markets, where demand for high-capacity infrastructure is growing.
  3. Hyperscaler and Enterprise Demand for Wholesale Fiber: Uniti is actively engaging with hyperscalers, evidenced by a sales funnel valued at approximately $1.5 billion, and has experienced a notable increase in recurring revenue from hyperscalers, growing from 12% to 40% of overall wholesale revenue between Q2 2024 and Q2 2025. The company has noted "insatiable demand from hyperscalers" and has secured its largest customer contract ever in this area. Furthermore, Uniti is accelerating its 2026 fiber expansion with new data center on-ramps and the "FastWaves" program, designed to expedite delivery times for high-capacity wavelengths (100G and 400G), thereby strengthening its position in AI and hyperscaler connectivity.
  4. Lease-up of Existing Fiber and On-net Penetration: A key growth strategy involves increasing the utilization of its current fiber network. Management is targeting low-double-digit annual booked sales growth by boosting enterprise, education, and wireless backhaul penetration on existing fiber infrastructure. The lease-up of dark fiber and waves is identified as a principal growth lever, with hyperscale demand expected to drive utilization through 2027.
  5. Strategic Partnerships and Build-to-Suit Agreements: Uniti is focused on forming strategic partnerships and entering into multiyear build-to-suit and Indefeasible Right of Use (IRU) agreements with national carriers. These agreements provide predictable cash flow and revenue visibility, contributing to stable future revenue growth. Partnerships, such as the one with AT&T, are considered crucial for subscriber growth and retention.

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Share Repurchases

  • Uniti has engaged in relatively minor share repurchases over the last few years, with quarterly amounts ranging from thousands to low millions of dollars.
  • For instance, repurchases were $2.30 million in Q1 2025, $1.57 million in Q1 2024, and $1.18 million in Q1 2023.

Share Issuance

  • In August 2025, Uniti completed a transformative merger with Windstream, resulting in former Windstream holders owning approximately 38% of the combined company.
  • This merger led to a significant increase in shares outstanding, from 143.2 million at December 31, 2024, to 239.0 million at December 31, 2025.

Inbound Investments

  • Uniti's August 2025 merger with Windstream Holdings fundamentally reshaped the company, bringing Windstream's assets and operations into Uniti.

Outbound Investments

  • No significant outbound strategic investments in other companies by Uniti were identified within the last 3-5 years.

Capital Expenditures

  • Uniti's capital expenditures were $787.8 million for the full year 2025, primarily focused on fiber deployment.
  • For 2026, expected capital expenditures are projected to be between $1,400 million and $1,450 million.
  • Approximately $1,160 million to $1,180 million of the 2026 capital expenditures are allocated to Kinetic for fiber deployment, and $130 million to $150 million for Fiber Infrastructure to support hyperscaler projects and network expansion.

Better Bets vs. Uniti (UNIT)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

UNITLUMNCCIAMTSBACMedian
NameUniti Lumen Te.Crown Ca.American.SBA Comm. 
Mkt Price11.046.2879.17170.06185.6979.17
Mkt Cap2.86.334.579.319.619.6
Rev LTM2,92812,1194,21310,8192,8544,213
Op Inc LTM461-2852,0454,9141,5551,555
FCF LTM-3714472,7263,7711,0181,018
FCF 3Y Avg-1743192,5103,5841,1421,142
CFO LTM6024,9662,9255,5701,2452,925
CFO 3Y Avg4393,9863,0105,2691,3723,010

Growth & Margins

UNITLUMNCCIAMTSBACMedian
NameUniti Lumen Te.Crown Ca.American.SBA Comm. 
Rev Chg LTM149.3%-6.8%-4.4%6.3%6.3%6.3%
Rev Chg 3Y Avg50.8%-9.8%-12.7%3.6%2.0%2.0%
Rev Chg Q236.0%-8.9%-4.8%6.8%5.9%5.9%
QoQ Delta Rev Chg LTM31.0%-2.3%-1.2%1.6%1.4%1.4%
Op Inc Chg LTM-24.9%-155.1%-6.5%4.2%-1.2%-6.5%
Op Inc Chg 3Y Avg-7.1%-87.3%-5.3%18.8%15.7%-5.3%
Op Mgn LTM15.8%-2.4%48.5%45.4%54.5%45.4%
Op Mgn 3Y Avg39.9%2.5%49.8%43.4%53.0%43.4%
QoQ Delta Op Mgn LTM-5.4%-0.9%-0.4%-0.9%-0.7%-0.9%
CFO/Rev LTM20.6%41.0%69.4%51.5%43.6%43.6%
CFO/Rev 3Y Avg27.4%31.1%71.2%50.6%50.1%50.1%
FCF/Rev LTM-12.7%3.7%64.7%34.9%35.7%34.9%
FCF/Rev 3Y Avg-8.6%2.6%59.1%34.4%41.7%34.4%

Valuation

UNITLUMNCCIAMTSBACMedian
NameUniti Lumen Te.Crown Ca.American.SBA Comm. 
Mkt Cap2.86.334.579.319.619.6
P/S1.00.58.27.36.96.9
P/Op Inc6.0-22.016.916.112.612.6
P/EBIT1.6-5.517.216.411.511.5
P/E2.3-3.632.627.319.319.3
P/CFO4.61.311.814.215.811.8
Total Yield43.9%-27.7%8.5%7.7%7.7%7.7%
Dividend Yield0.0%0.0%5.4%4.0%2.5%2.5%
FCF Yield 3Y Avg-9.4%-0.1%6.1%4.0%5.3%4.0%
D/E4.02.10.90.60.80.9
Net D/E3.61.90.90.50.80.9

Returns

UNITLUMNCCIAMTSBACMedian
NameUniti Lumen Te.Crown Ca.American.SBA Comm. 
1M Rtn-5.2%-23.4%-3.5%-3.4%-0.6%-3.5%
3M Rtn-5.1%-26.7%-9.7%-5.9%-16.3%-9.7%
6M Rtn47.0%-25.7%-10.8%-5.5%-3.1%-5.5%
12M Rtn39.0%44.0%-21.1%-21.4%-18.7%-18.7%
3Y Rtn44.0%232.3%-17.9%-0.1%-15.9%-0.1%
1M Excs Rtn-9.5%-24.8%-9.5%-7.1%-4.4%-9.5%
3M Excs Rtn-6.1%-32.1%-13.7%-9.8%-21.7%-13.7%
6M Excs Rtn34.8%-31.2%-16.2%-10.0%-9.7%-10.0%
12M Excs Rtn24.1%20.2%-39.1%-40.0%-37.8%-37.8%
3Y Excs Rtn-13.5%141.1%-86.7%-70.1%-85.8%-70.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Fiber Infrastructure1,054    
Kinetic928    
Uniti Solutions332    
Intersegment revenues-80    
Corporate 000 
Uniti Fiber 286297301299
Uniti Leasing 880853827801
Total2,2351,1671,1501,1291,101


Operating Income by Segment
$ Mil2025
Fiber Infrastructure772
Kinetic408
Uniti Solutions164
Gain on sale of operating assets0
Severance costs0
Amortization of non-cash rights-of-use assets-2
Stock-based compensation-24
Corporate/shared operating expenses-178
Transaction related and other costs-212
Depreciation and amortization-667
Total262


Assets by Segment
$ Mil20242023202220212020
Uniti Leasing3,1582,9372,7062,5212,295
Uniti Fiber1,9861,9562,0762,2502,355
Corporate138132693873
Consumer Competitive Local Exchange Carrier (CLEC)    9
Total5,2825,0254,8514,8094,732


Price Behavior

Price Behavior
Market Price$11.04 
Market Cap ($ Bil)2.8 
First Trading Date04/20/2015 
Distance from 52W High-13.4% 
   50 Days200 Days
DMA Price$11.33$8.62
DMA Trendupup
Distance from DMA-2.5%28.0%
 3M1YR
Volatility37.8%54.5%
Downside Capture207.32168.07
Upside Capture141.60172.34
Correlation (SPY)44.9%39.9%
UNIT Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta1.101.061.841.541.741.26
Up Beta1.411.272.662.361.491.04
Down Beta-1.10-0.58-0.201.161.571.30
Up Capture214%133%239%222%321%259%
Bmk +ve Days11244067140429
Stock +ve Days9173363122356
Down Capture150%184%182%92%145%108%
Bmk -ve Days10172358112321
Stock -ve Days12243059123375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with UNIT
UNIT61.1%53.5%1.08-
Sector ETF (XLC)5.1%14.0%0.1232.4%
Equity (SPY)20.2%12.6%1.1840.1%
Gold (GLD)19.6%28.0%0.637.1%
Commodities (DBC)30.0%19.0%1.25-6.5%
Real Estate (VNQ)15.7%14.0%0.8132.7%
Bitcoin (BTCUSD)-46.3%42.8%-1.3319.2%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with UNIT
UNIT-1.2%53.7%0.18-
Sector ETF (XLC)7.3%20.8%0.2735.4%
Equity (SPY)12.8%17.1%0.5741.6%
Gold (GLD)16.9%18.4%0.747.5%
Commodities (DBC)8.7%19.5%0.349.0%
Real Estate (VNQ)2.9%18.9%0.0551.7%
Bitcoin (BTCUSD)13.6%53.5%0.4419.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with UNIT
UNIT-6.1%53.2%0.10-
Sector ETF (XLC)9.1%22.2%0.4738.0%
Equity (SPY)15.3%17.9%0.7343.0%
Gold (GLD)11.0%16.1%0.558.6%
Commodities (DBC)7.0%17.9%0.3115.1%
Real Estate (VNQ)5.3%20.7%0.2247.1%
Bitcoin (BTCUSD)58.5%66.2%0.9915.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity18.0 Mil
Short Interest: % Change Since 61520269.7%
Average Daily Volume3.2 Mil
Days-to-Cover Short Interest5.6 days
Basic Shares Quantity252.1 Mil
Short % of Basic Shares7.1%

Earnings Returns History

Updated 7/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/20260.8%-2.0%1.2%
3/2/20267.0%10.0%10.7%
11/4/2025-2.1%6.5%7.2%
8/5/2025-11.0%-18.5%-26.0%
SUMMARY STATS   
# Positive223
# Negative221
Median Positive3.9%8.2%7.2%
Median Negative-6.5%-10.3%-26.0%
Max Positive7.0%10.0%10.7%
Max Negative-11.0%-18.5%-26.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/20260.8%-2.0%1.2%
3/2/20267.0%10.0%10.7%
11/4/2025-2.1%6.5%7.2%
8/5/2025-11.0%-18.5%-26.0%
SUMMARY STATS   
# Positive223
# Negative221
Median Positive3.9%8.2%7.2%
Median Negative-6.5%-10.3%-26.0%
Max Positive7.0%10.0%10.7%
Max Negative-11.0%-18.5%-26.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/07/202510-Q
06/30/202507/31/202510-Q
03/31/202505/06/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/01/202410-Q
03/31/202405/03/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/07/202510-Q
06/30/202507/31/202510-Q
03/31/202505/06/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/01/202410-Q
03/31/202405/03/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/25/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/10/202110-Q
12/31/202003/05/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201903/12/202010-K
09/30/201911/07/201910-Q
06/30/201908/08/201910-Q

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue3.60 Bil3.63 Bil3.65 Bil0 AffirmedGuidance: 3.63 Bil for 2026
2026 Net loss-450.00 Mil-425.00 Mil-400.00 Mil10.4% LoweredGuidance: -385.00 Mil for 2026
2026 Adjusted EBITDA1.43 Bil1.45 Bil1.48 Bil0 AffirmedGuidance: 1.45 Bil for 2026
2026 Interest expense, net 785.00 Mil 1.3% LoweredGuidance: 775.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 3/2/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue3.60 Bil3.63 Bil3.65 Bil62.1% Higher NewActual: 2.24 Bil for 2025
2026 Net loss-410.00 Mil-385.00 Mil-360.00 Mil   
2026 Adjusted EBITDA1.43 Bil1.45 Bil1.48 Bil27.8% Higher NewActual: 1.14 Bil for 2025
2026 Interest expense, net 775.00 Mil 20.2% Higher NewActual: 645.00 Mil for 2025

Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Revenue2.21 Bil2.24 Bil2.27 Bil0 AffirmedGuidance: 2.24 Bil for 2025
2025 Net income attributable to common shareholders1.44 Bil1.47 Bil1.49 Bil  RaisedGuidance: -100.00 Mil for 2025
2025 Adjusted EBITDA1.11 Bil1.14 Bil1.16 Bil0 AffirmedGuidance: 1.14 Bil for 2025
2025 Interest expense, net 645.00 Mil -3.0% LoweredGuidance: 665.00 Mil for 2025

Insider Activity

Updated 5/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Perez-Carlton, Carmen DirectSell31320267.817,50058,575898,197Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Perez-Carlton, Carmen DirectSell31320267.817,50058,575898,197Form

Investor Activity (13F)

Updated Jul 19, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Bracebridge Capital, LLC$72.6 Mil13.1%28ADD +11.5%13F
Diameter Capital Partners LP$53.3 Mil10.2%20ADD +278.8%13F
King Street Capital Management, L.P.$23.4 Mil7.1%11Hold13F
Elliott Investment Management L.P.$553.5 Mil3.5%19Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Diameter Capital Partners LP$53.3 Mil10.2%20ADD +278.8%13F
Bracebridge Capital, LLC$72.6 Mil13.1%28ADD +11.5%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Elliott Investment Management L.P.$553.5 Mil3.5%19Hold13F
Bracebridge Capital, LLC$72.6 Mil13.1%28ADD +11.5%13F
Diameter Capital Partners LP$53.3 Mil10.2%20ADD +278.8%13F
King Street Capital Management, L.P.$23.4 Mil7.1%11Hold13F
Core Cache Last Updated: 7/18/2026