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.
- Symbol
- AD
- Exchange
- NYSE
- Sector
- Communication Services
- Industry
- Telecom Services
- Market cap
- $2.99B
- 52 week range
- 33.71 - 60.82
Valuation
- Share price
- $34.94 (close of 2026-09-23)
- P/E (TTM)
- 5.59x
- Price to book
- 2.35x
- Price to free cash flow
- -8.86x
- Enterprise value
- $3.78B
- Book value per share
- $14.71
Price performance
| Period | Change |
|---|
| 1 day | -1.74% |
| 5 days | -8.13% |
| 1 month | -2.02% |
| 3 months | -7.83% |
| 6 months | -25.28% |
| Year to date | -34.84% |
| 1 year | -27.77% |
| 3 years | -14.11% |
| 5 years | +12.35% |
| 10 years | -4.25% |
| All time | +132.93% |
Profitability and growth
- Return on equity
- 1.89%
- Return on invested capital
- -1.68%
- 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%
- Net income growth
- 223.74%
- Free cash flow growth
- -79.90%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -11.29%
- Current ratio
- 0.95x
- Net debt to EBITDA
- 0.88x
Latest reported year
- Period end
- 2025-12-31
- 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 | $4.08B | $1.48B | $30.00M | $0.35 |
| 2021-12-31 | $4.04B | $1.51B | $155.00M | $1.80 |
| 2020-12-31 | $3.96B | $1.54B | $229.00M | $2.66 |
| 2019-12-31 | $3.95B | $1.52B | $127.00M | $1.47 |
| 2018-12-31 | $3.90B | $1.55B | $150.00M | $1.75 |
| 2017-12-31 | $3.89B | $2.82B | $12.00M | $0.14 |
| 2016-12-31 | $3.99B | $2.91B | $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% | -1.68% |
| 2024-12-31 | 98.01% | -1.07% | -0.86% | -3.90% |
| 2023-12-31 | 98.22% | 1.43% | 1.17% | -1.32% |
| 2022-12-31 | 36.24% | 0.74% | 0.66% | 0.41% |
| 2021-12-31 | 37.51% | 3.84% | 3.40% | 2.76% |
| 2020-12-31 | 38.91% | 5.78% | 5.17% | 3.76% |
| 2019-12-31 | 38.45% | 3.22% | 3.02% | 1.22% |
| 2018-12-31 | 39.63% | 3.85% | 3.69% | 3.08% |
| 2017-12-31 | 72.47% | 0.31% | 0.33% | -4.63% |
| 2016-12-31 | 72.91% | 1.20% | 1.32% | 0.78% |
Cash and debt by year
| Period end | Cash |
|---|
| 2025-12-31 | $113.40M |
| 2024-12-31 | $143.73M |
| 2023-12-31 | $150.00M |
| 2022-12-31 | $273.00M |
| 2021-12-31 | $156.00M |
| 2020-12-31 | $1.27B |
| 2019-12-31 | $285.00M |
| 2018-12-31 | $597.00M |
| 2017-12-31 | $402.00M |
| 2016-12-31 | $586.00M |
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
- 2026-06-11
- 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
Next earnings report
- Next confirmed report
- 2026-11-06
- Consensus EPS estimate
- $0.07
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-07 | Jun/2026 | $0.27 |
| 2026-05-08 | - | - |
| 2026-02-20 | - | - |
| 2025-11-07 | - | - |
| 2025-08-11 | - | - |
| 2025-05-02 | - | - |
| 2025-02-21 | - | - |
| 2024-11-01 | - | - |
Filings and sources
- Company website
- arrayinc.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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