A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
ARRAY DIGITAL INFRASTRUCTURE, INC.
AD
$3.0B
Mkt Cap
$34.88
+2.05%
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a current P/E ratio of 62.3, compared to its historical median P/E of 34.1. The stock is currently considered Expensive based on its historical valuation range.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a 5-year average return on invested capital (ROIC) of 0.8%. This is below average and may indicate limited pricing power.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a market capitalization of $3.0B. It is classified as a mid-cap stock.
Yes, ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) pays a dividend with a trailing twelve-month yield of 65.42%. The company also returns capital through share buybacks, with a buyback yield of 0.70%.
Based on historical P/E analysis, ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) appears expensive. The current P/E of 62.3 is 82% above its historical median of 34.1. The estimated fair value CAGR (P/E method) is -27.4%.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) operates in the Radiotelephone Communications industry, within the Communication Services sector.
Item 1. Business On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc. (Array). Array is used throughout this report even when referring to historical periods. On August 12, 2025, the Array Common Shares ticker symbol on the New York Stock Exchange changed to "AD". Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services. As of December 31, 2025, Array owns 4,450 towers in 19 states. Array also holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. As of December 31, 2025, Array is an 82.0%-owned subsidiary of Telephone and Data Systems, Inc. (TDS). Through July 31, 2025, Array provided wireless communication services; these operations and certain wireless spectrum licenses were disposed of on August 1, 2025, as discussed further below.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 163M | 163M | 3.7B | 3.8B | 4.2B | 4.1B |
| Net Income | 49M | 49M | -39M | 54M | 30M | 155M |
| EPS | $0.56 | $0.56 | $-0.46 | $0.63 | $0.35 | $1.77 |
| Free Cash Flow | 174M | 174M | 864M | 826M | 230M | 78M |
| ROIC | -8.2% | 1.1% | -0.6% | 0.7% | 0.6% | 2.4% |
| Gross Margin | 51.2% | 51.2% | 98.0% | 5.2% | - | - |
| Debt/Equity | 0.26 | 0.26 | 0.38 | 0.66 | 0.73 | 0.60 |
| Dividends/Share | $22.82 | $23.00 | $0.00 | $0.00 | - | - |
| Operating Income | -93M | -93M | -260M | -112M | 69M | 170M |
| Operating Margin | -56.8% | -56.8% | -7.1% | -2.9% | 1.7% | 4.1% |
| ROE | 1.9% | 1.4% | -0.9% | 1.2% | 0.7% | 3.5% |
| Shares Outstanding | 87M | 87M | 86M | 86M | 86M | 88M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.9B | 4.0B | 4.0B | 3.9B | 4.0B | 4.0B | 4.0B | 4.1B | 4.2B | 3.8B | 3.7B | 163M | 163M |
| Gross Margin | 41.9% | 43.0% | 42.6% | 41.1% | 45.7% | 46.8% | N/A | N/A | N/A | 5.2% | 98.0% | 51.2% | 51.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.6B | 1.5B | 1.5B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.4B | 101M | 103M | 84M | 84M |
| EBIT | -143M | 347M | 48M | -304M | 158M | 112M | 173M | 170M | 69M | -112M | -260M | -93M | -93M |
| Op. Margin | -3.7% | 8.6% | 1.2% | -7.8% | 4.0% | 2.8% | 4.3% | 4.1% | 1.7% | -2.9% | -7.1% | -56.8% | -56.8% |
| Net Income | -43M | 241M | 48M | 12M | 150M | 127M | 229M | 155M | 30M | 54M | -39M | 49M | 49M |
| Net Margin | -1.1% | 6.0% | 1.2% | 0.3% | 3.8% | 3.2% | 5.7% | 3.8% | 0.7% | 1.4% | -1.1% | 29.9% | 29.9% |
| Non-Recurring | 33M | 114M | 0 | 371M | 0 | 1.0M | 0 | 2.0M | 4.0M | 0 | 136M | 95M | 95M |
| Returns on Capital | |||||||||||||
| ROIC | -1.0% | 4.9% | 0.6% | 0.2% | 2.4% | 1.5% | 2.9% | 2.4% | 0.6% | 0.7% | -0.6% | 1.1% | -8.2% |
| ROE | -1.3% | 7.0% | 1.3% | 0.3% | 3.9% | 3.1% | 5.3% | 3.5% | 0.7% | 1.2% | -0.9% | 1.4% | 1.9% |
| ROA | -0.7% | 3.6% | 0.7% | 0.2% | 2.1% | 1.6% | 2.6% | 1.5% | 0.3% | 0.5% | -0.4% | 0.6% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 172M | 555M | 501M | 469M | 709M | 724M | 1.2B | 802M | 832M | 867M | 882M | 201M | 201M |
| Free Cash Flow | -433M | -26M | 58M | 4.0M | 197M | 74M | 248M | 78M | 230M | 826M | 864M | 174M | 174M |
| Owner Earnings | -443M | -66M | -132M | -165M | 45M | -6.0M | 536M | 113M | 126M | 824M | 841M | 160M | 160M |
| CapEx | 605M | 581M | 443M | 465M | 512M | 650M | 989M | 724M | 602M | 41M | 18M | 27M | 27M |
| Maint. CapEx | 593M | 596M | 607M | 604M | 627M | 689M | 669M | 662M | 682M | 42M | 39M | 39M | 39M |
| Growth CapEx | 12M | 0 | 0 | 0 | 0 | 0 | 320M | 62M | 0 | 0 | 0 | 0 | 0 |
| D&A | 593M | 596M | 607M | 604M | 627M | 689M | 669M | 662M | 682M | 42M | 39M | 39M | 39M |
| CapEx/OCF | 351.7% | 104.7% | 88.4% | 99.1% | 72.2% | N/A | 80.0% | 90.3% | 72.4% | 4.7% | 2.1% | 13.5% | 13.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.0B | 2.0B |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 58.2% | 65.4% |
| Share Buybacks | 19M | 6.0M | 5.0M | 0 | 0 | 21M | 23M | 31M | 43M | 0 | 54M | 21M | 21M |
| Buyback Yield | 1.0% | 0.3% | 0.2% | N/A | N/A | N/A | 1.5% | 1.9% | 4.2% | N/A | 1.7% | 0.6% | 0.7% |
| Stock-Based Comp | 22M | 25M | 26M | 30M | 37M | 41M | 32M | 27M | 24M | 1.1M | 2.7M | 1.8M | 1.8M |
| Debt Repayment | 10M | 13M | 11M | 14M | 19M | 116M | 108M | 1.1B | 329M | 453M | 248M | 875M | 875M |
| Balance Sheet | |||||||||||||
| Net Debt | 916M | 926M | 1.0B | 1.2B | 1.0B | 1.2B | 1.2B | 2.6B | 3.0B | 2.9B | 1.6B | 561M | 561M |
| Cash & Equiv. | 212M | 715M | 586M | 352M | 580M | 285M | 1.3B | 156M | 273M | 150M | 144M | 113M | 113M |
| Long-Term Debt | 1.1B | 1.6B | 1.6B | 1.6B | 1.6B | 1.5B | 2.5B | 2.7B | 3.2B | 3.0B | 1.2B | 670M | 670M |
| Debt/Equity | 0.34 | 0.46 | 0.45 | 0.45 | 0.40 | 0.36 | 0.56 | 0.60 | 0.73 | 0.66 | 0.38 | 0.26 | 0.26 |
| Interest Coverage | -2.5 | 4.0 | 0.4 | -2.7 | 1.4 | 1.0 | 1.5 | 1.0 | 0.4 | -7.7 | -21.0 | -3.3 | -3.3 |
| Equity | 3.3B | 3.6B | 3.6B | 3.7B | 4.1B | 4.2B | 4.4B | 4.5B | 4.6B | 4.6B | 4.6B | 2.6B | 2.6B |
| Total Assets | 6.5B | 7.1B | 7.1B | 6.8B | 7.3B | 8.2B | 9.7B | 10.3B | 11.1B | 10.8B | 10.4B | 4.7B | 4.7B |
| Total Liabilities | 950M | 985M | 972M | 3.2B | 3.2B | 872M | 1.0B | 1.2B | 1.3B | 1.3B | 1.3B | 652M | 652M |
| Intangibles | 1.4B | 1.8B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.9B | 2.1B | 2.2B | 2.2B | 2.4B | 2.5B | 2.7B | 2.8B | 2.9B | 2.9B | 2.8B | 770M | 770M |
| Working Capital | 422M | 924M | 840M | 750M | 1.1B | 823M | 1.8B | 702M | 528M | 499M | 461M | -55M | -55M |
| Current Assets | 1.3B | 1.7B | 1.6B | 1.5B | 1.8B | 1.6B | 2.6B | 1.6B | 1.7B | 1.4B | 1.3B | 145M | 145M |
| Current Liabilities | 857M | 748M | 718M | 733M | 691M | 750M | 871M | 903M | 1.2B | 901M | 884M | 200M | 200M |
| Per Share Data | |||||||||||||
| EPS | -0.51 | 2.84 | 0.56 | 0.14 | 1.72 | 1.44 | 2.62 | 1.77 | 0.35 | 0.63 | -0.46 | 0.56 | 0.56 |
| Owner EPS | -5.25 | -0.78 | -1.54 | -1.93 | 0.52 | -0.07 | 6.13 | 1.29 | 1.47 | 9.53 | 9.82 | 1.84 | 1.84 |
| Book Value | 39.16 | 41.96 | 42.40 | 42.90 | 46.52 | 47.59 | 50.47 | 51.92 | 53.13 | 53.52 | 53.43 | 29.49 | 29.49 |
| Cash Flow/Share | 2.04 | 6.54 | 5.85 | 5.47 | 8.13 | 8.21 | 14.15 | 9.16 | 9.71 | 10.03 | 10.30 | 2.31 | 1.01 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 23.00 | 22.82 |
| Shares Out. | 84.3M | 84.9M | 85.7M | 85.7M | 87.2M | 88.2M | 87.4M | 87.6M | 85.7M | 86.4M | 85.7M | 87.1M | 87.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 8.5 | 45.2 | 157.7 | 17.2 | N/A | 6.7 | 10.3 | 34.1 | 38.3 | N/A | 79.4 | 62.3 |
| P/FCF | N/A | N/A | 37.4 | 473.2 | 13.1 | 24.2 | 6.2 | 20.5 | 4.5 | 2.5 | 3.7 | 22.3 | 17.5 |
| EV/EBIT | N/A | 8.5 | 66.9 | N/A | 22.9 | N/A | 15.9 | 24.6 | 58.9 | N/A | N/A | N/A | N/A |
| Price/Book | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.4 | 0.3 | 0.4 | 0.2 | 0.5 | 0.7 | 1.5 | 1.2 |
| Price/Sales | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 17.0 | 0.4 | 0.4 | 0.3 | 14.3 | 24.0 | 21.0 | 18.6 |
| FCF Yield | -23.3% | -1.3% | 2.7% | 0.2% | 7.6% | 4.2% | 16.1% | 4.9% | 22.5% | 39.6% | 27.4% | 4.5% | 5.7% |
| Market Cap | 1.9B | 2.0B | 2.2B | 1.9B | 2.6B | 1.7B | 1.5B | 1.6B | 1.0B | 2.1B | 3.2B | 3.9B | 3.0B |
| Avg. Price | 22.71 | 21.91 | 22.43 | 22.26 | 24.08 | 25.24 | 18.36 | 19.51 | 16.37 | 16.59 | 28.80 | 39.21 | 34.88 |
| Year-End Price | 22.07 | 24.04 | 25.31 | 22.08 | 29.63 | 20.27 | 17.58 | 18.27 | 11.95 | 24.12 | 36.87 | 44.44 | 34.88 |
ARRAY DIGITAL INFRASTRUCTURE, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
ARRAY DIGITAL INFRASTRUCTURE, INC. trades at 62.3x trailing earnings, compared to its 15-year median P/E of 34.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.7x vs a median of 13.1x. The company's 5-year average ROIC is 0.8% with a gross margin of 51.5%. Total shareholder yield (dividends + buybacks) is 66.1%. At current prices, the estimated annualized return to fair value is +19.0%.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) reported annual revenue of $163 million in its most recent fiscal year, based on SEC EDGAR filings.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a net profit margin of 29.9%. This is a strong margin indicating high profitability.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) generated $174 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a debt-to-equity ratio of 0.26. This indicates a conservatively financed balance sheet.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) reported earnings per share (EPS) of $0.56 in its most recent fiscal year.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a return on equity (ROE) of 1.4%. This indicates moderate shareholder returns.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a 5-year average gross margin of 51.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for ARRAY DIGITAL INFRASTRUCTURE, INC. (AD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) has a book value per share of $29.49, based on its most recent annual SEC filing.