UNITUniti Group Inc.

Telephone Communications (no Radiotelephone)

Revenue: $2.2B; 91% YoY
Operating margin: 11.7%; 77% YoY
EBITDA: $929M; 3.0% YoY
Market cap: $1.2B
Employees: 8,632; $259K revenue each
Net debt / EBITDA: 10.8×; $10.0B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
27% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$259K · 3rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
10.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$59K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	—	$1.1B	$1.2B	$2.2B	91%
Operating income	—	—	$378M	$587M	$262M	55%
Net income	$125M	−$8M	−$82M	$93M	$1.3B	1297%
Operating cash flow	—	—	$353M	$367M	$350M	4.5%
Stock-based comp	—	—	$13M	$14M	$24M	74%
Dividends	—	—	$107M	$109M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 8, 2025	Elliott Investment Management L.P.	SCHEDULE 13D	27.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $59K · 1
Net: −$59K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$4M	50	107
FY2024	$11M	$13M	65	98
FY2023	$5M	$5M	63	88
FY2022	$5M	−$3M	53	78
FY2021	$5M	$6M	126	105