Array Digital Infrastructure, I (AD) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Array Digital Infrastructure, I

NYSE•Communication Services•Telecom Services

$37.69-0.22(-0.01%)Market open

Market Cap

$3.27B

P/E

6.1x

P/B

2.6x

Array Digital Infrastructure, Inc. owns and operates shared wireless communications infrastructure in the United States. The company deploys 5G and other wireless technologies through its 4,400 cell towers. It also leases tower space to tenants. In addition, the company offers ancillary services. It serves organizations, wireless carriers, government agencies, municipalities, wireless internet service providers, and broadband providers. The company was formerly known as United States Cellular Corporation and changed its name to Array Digital Infrastructure, Inc. in August 2025. The company was incorporated in 1983 and is headquartered in Chicago, Illinois. Array Digital Infrastructure, Inc. is a subsidiary of Telephone and Data Systems, Inc.

How this company scores

GoodMetricSide Score: 65/100

Strongest: Profitability (25/25); weakest: Cash & Earnings Quality (9/25).

Profitability25/25

Growth10/25

Balance Sheet & Red Flags21/25

Cash & Earnings Quality9/25

Strengths

Strong marginsHigh ROERising earningsInterest easily covered

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 6.1x5y range 6.1x – 281.0x

Currently below its 14-quarter median.

P/S · 28.5x5y range 0.4x – 28.5x

Currently above its 18-quarter median.

P/B · 2.6x5y range 0.3x – 2.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $3.27B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $-1.54B
Q. Revenue: $54.07M
TTM EBITDA: $140.81M
TTM Op. Income: $391.52M
Q. Op. Income: $399.26M
TTM Net Income: $536.25M
Q. Net Income: $358.70M
EPS: $4.15
Shares Out.: $86.48M

$-1.54B in TTM revenue declined 141.6% YoY, reaching $54.07M last quarter. TTM EBITDA of $140.81M and TTM operating income of $391.52M show growth is flowing through to the bottom line. TTM net income of $536.25M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 7 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 56.5%
EBITDA Margin: 765.1%
Op. Margin: 738.4%
Net Margin: 663.4%

Op. margin of 738.4% is up 734.6% YoY — cost efficiency is improving. Net margin at 663.4% and gross margin of 56.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 6.1x
P/S Ratio: N/A
P/B Ratio: 2.6x

At 6.1x P/E, the stock trades below typical market levels. P/S of 0.0x and P/B of 2.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 4 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.37B
Cash: $416.44M
Long-Term Debt: $666.76M
Book Value: $1.27B
D/E Ratio: 0.5
Debt/EBITDA: 1.6

With $3.37B in assets and $666.76M in long-term debt, D/E is 0.5and book value is $1.27B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-37.67M
TTM Free Cash Flow: $-322.90M
FCF Margin: N/A
FCF / Net Income: -0.6

TTM FCF of $-322.90M on $-37.67M in operating cash flow. The FCF / Net Income ratio of -0.6x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.