Companies / AD Array Digital Infrastructure, Inc. (AD)
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.
Ticker AD Exchange NYSE Sector Communication Services Industry Telecom Services Market cap $2.59B 52-week range $28.80 - $60.82 Valuation Share price $29.98 (close of Nov 6, 2026) P/E (TTM) 4.02x Price to book 1.94x Price to free cash flow -6.08x Enterprise value $3.55B Book value per share $15.46 Price performance Period Change 1 day -4.43% 5 days -8.76% 1 month -12.65% 3 months -15.90% 6 months -39.74% Year to date -44.09% 1 year -37.14% 3 years -29.81% 5 years -7.50% 10 years -12.95% All time +99.87%
Short interest As of Oct 15, 2026 Short % of float 9.18% Shares short 1.43M Days to cover 6.50 Change since prior report +12.16% Source FINRA consolidated short interest Profitability and growth Return on equity 1.89% Return on invested capital -1.63% Return on assets 1.04% Return on capital employed -2.07% Gross margin 51.22% Net margin 29.92% EBITDA margin -27.17% Revenue growth -95.56% Free cash flow growth -79.90% Cash flow and balance sheet Free cash flow yield (TTM) -16.44% Current ratio 1.11x Net debt to EBITDA 1.15x Latest reported year Period end Dec 31, 2025 Fiscal year 2025 Revenue $162.96M Cost of revenue $79.48M Gross profit $83.48M EBITDA -$44.27M Net income $48.76M Earnings per share $0.57 Interest expense $28.22M Shares outstanding 85.91M Income statement by year Period end Revenue Gross profit Net income EPS 2025-12-31 $162.96M $83.48M $48.76M $0.57 2024-12-31 $3.67B $3.59B -$39.40M -$0.46 2023-12-31 $3.81B $3.74B $54.46M $0.64 2022-12-31 $4.17B - $30.00M $0.35 2021-12-31 $4.12B - $155.00M $1.80 2020-12-31 $4.04B - $229.00M $2.66 2019-12-31 $4.02B - $127.00M $1.47 2018-12-31 $3.97B - $150.00M $1.75 2017-12-31 $3.89B - $12.00M $0.14 2016-12-31 $3.99B - $48.00M $0.56
Margins and returns by year Period end Gross margin Net margin Return on equity Return on capital 2025-12-31 51.22% 29.92% 1.89% -1.63% 2024-12-31 98.01% -1.07% -0.86% -3.81% 2023-12-31 98.22% 1.43% 1.17% -1.29% 2022-12-31 - 0.72% 0.66% 0.39% 2021-12-31 - 3.76% 3.40% 1.80% 2020-12-31 - 5.67% 5.17% 1.97% 2019-12-31 - 3.16% 3.02% 0.90% 2018-12-31 - 3.78% 3.69% 1.88% 2017-12-31 - 0.31% 0.33% -2.85% 2016-12-31 - 1.20% 1.32% 0.46%
Cash and debt by year Period end Cash Debt 2025-12-31 $113.40M $670.26M 2024-12-31 $143.73M $1.20B 2023-12-31 $150.00M $3.04B 2022-12-31 $273.00M $3.19B 2021-12-31 $156.00M $2.73B 2020-12-31 $1.27B $2.49B 2019-12-31 $285.00M $1.50B 2018-12-31 $597.00M $1.60B 2017-12-31 $402.00M $1.62B 2016-12-31 $586.00M $1.62B
Free cash flow by year Period end Free cash flow Stock-based compensation 2025-12-31 $173.64M $1.82M 2024-12-31 $864.00M $2.73M 2023-12-31 $826.22M $1.15M 2022-12-31 $230.00M $24.00M 2021-12-31 $78.00M $27.00M 2020-12-31 $248.00M $32.00M 2019-12-31 $74.00M $41.00M 2018-12-31 $197.00M $37.00M 2017-12-31 $4.00M $30.00M 2016-12-31 $58.00M $26.00M
Dividend history Most recent payment Jun 11, 2026 Paid in the last twelve months $21.25 Payment date Dividend per share 2026-06-11 $11.00 2026-01-23 $10.25 2025-08-20 $23.00 2013-06-07 $5.75
Investor relations Past earnings dates Reported Fiscal period EPS estimate 2026-11-06 Sep 2026 $0.07 2026-08-07 Jun 2026 $0.27 2026-05-08 Mar 2026 -$0.06 2026-02-20 Dec 2025 $0.32 2025-11-07 Sep 2025 $0.25 2025-08-11 Jun 2025 $0.33 2025-05-02 Mar 2025 $0.37 2025-02-21 Dec 2024 -$0.10
Filings and sources Company website arrayinc.com SEC filings 10-K, 10-Q and 8-K on EDGAR Earnings calendar All upcoming reports Similar companies Verizon Communications Inc (VZ) · T-Mobile US, Inc. (TMUS) · AT&T Inc. (T) · Comcast Corp (CMCSA) · Charter Communications, Inc. (CHTR) · Netflix Inc (NFLX) · Walt Disney Co (DIS) · Live Nation Entertainment, Inc. (LYV)
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