What is Uniti Group Inc. (UNIT) worth?

Uniti Group is a different company than its ticker history suggests. The August 1, 2025 all-stock merger with Windstream converted Uniti from a passive, dividend-paying fiber REIT into a fully-integrated, capital-intensive fiber/broadband operator — and stripped its REIT status and common dividend along the way. Reported FY2025 numbers are close to useless without normalization: $2,234.5M revenue and $1,304.7M net income (a 2.5x trailing P/E) reflect only five months of consolidated Windstream plus a ~$1.5B non-cash reverse-merger accounting gain. Strip that out and Uniti is a business running at roughly a $3.9–4.0B revenue and ~$1.75B EBITDA annual run-rate (Q1'26 annualized), carrying ~$11.1B of debt.

The investable reality is a levered equity stub. With ~$10.1B net debt (plus $575M of 11% preferred) sitting ahead of a $2.7B equity cap, the common is a thin residual — every half-turn of EV/EBITDA is worth ~$3.6/share. At $11.12 the market pays ~7.6x forward EBITDA, a slight discount to the ~8x fiber/ILEC peer median.

Verdict: roughly fairly valued, skewed to the upside if deleveraging works. My probability-weighted fair value is ~$13, a modest premium to the current price, but the honest read is a wide $4–$28 distribution. This is a bet on combined EBITDA holding/growing (fiber gains outrunning copper decline) and the balance sheet delevering — not a stock to size as a high-conviction single-point valuation.

EV/EBITDA comps + probability-weighted scenarios (levered equity stub)

Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.