MeritValue

Uniti Group Inc.

UNITdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Uniti Group Inc. earns about 3% on invested capital, but has diluted owners by 87% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $3.63 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$1.15B1$1.17B1$2.23B1
Net income−$81.7M2$93.4M2$1.3B2
Operating cash flow$353.2M3$366.6M3$350.2M3
Capital expenditure———
Free cash flow (derived)———
Total debt—$11.6B4$19.1B4
Cash & equivalents$62.3M5$155.6M6$53.5M6
Diluted shares142.5M143.1M266.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$14.27
your share of equity
Profit it earned you last year
$48.96
Free cash flow it threw off
—
Debt you’d be carrying
$715.53

10 shares is a claim on $14.27 of net worth that earned you $48.96 last year, against $715.53 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 3y
FY23 —FY24 1%FY25 6%

It earned an average 3% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+87% shares · 3y

Share count is up 87% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 65% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$3.63
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$93.4M
  • growthAssumed0.0%
Graham Number
$12.5
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001628280-26-013196 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-26-013196 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-013196 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-013196 (LongTermDebtNoncurrent)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-26-013196 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-013196 (CashAndCashEquivalentsAtCarryingValue)