# Array Digital Infrastructure, Inc. (AD)

> Source: Nexqual · https://nexqual.com/AD · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Array Digital Infrastructure, Inc. (AD), nexqual.com/AD" · informational, not investment advice.

**Price:** USD 33.51 (-0.03% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 33.52 · day 33.34–34.1 · 52w 32.68–60.82 · market cap $2.90B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $214M, net income $536M (250.8% margin), free cash flow -$338M (SEC filings).
- Valuation: P/E 5.4x (avg 81.1x at the last 2 fiscal year-ends), EV/EBITDA 5.6x, net debt $250M.
- 1 of 80 tracked superinvestors hold AD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y +2.7% vs S&P 500 +18.1%; 5Y +131.8% vs S&P 500 +85.1%.
- Next earnings: 2026-11-09, EPS estimate USD 0.38, revenue estimate $53.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.12B | $4.17B | $100M | $103M | $163M | $214M |
| Gross profit | — | — | $32.6M | $29.9M | $83.5M | — |
| Operating income | $170M | $69.0M | -$112M | -$260M | -$92.5M | $515M |
| Net income | $155M | $30.0M | $54.5M | -$39.4M | $48.8M | $536M |
| EPS (diluted) | $1.77 | $0.35 | $0.63 | -$0.46 | $0.56 | — |
| Free cash flow | $78.0M | $230M | $826M | $864M | $174M | -$338M |
| Gross margin | — | — | 32.4% | 29.1% | 51.2% | — |
| Operating margin | 4.1% | 1.7% | -111.7% | -252.9% | -56.8% | 241.3% |
| Net margin | 3.8% | 0.7% | 54.2% | -38.3% | 29.9% | 250.8% |
| Revenue growth | +2.1% | +1.1% | -97.6% | +2.5% | +58.3% | — |
| Cash + short-term investments | $156M | — | — | $144M | $113M | — |
| Total debt | $2.73B | $3.19B | $3.04B | $1.20B | $670M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 5.4x · P/S 13.6x · EV/EBITDA 5.6x · EV/Sales 14.7x · P/B 2.3x · FCF yield -11.67% · Earnings yield 18.48% · Buyback yield (TTM) 0.00% · Net debt $250M · EV $3.15B
P/E at fiscal year-ends: Dec 2025 96.0x, Dec 2023 66.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AD. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 0.67% | $25.3M | Reduced -3.8% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-19 | JP Morgan | Target lowered | Overweight | $54 → $45 |
| 2026-08-13 | Citigroup | Target lowered | Buy | $45.02 → $45 |
| 2026-07-10 | RBC Capital | Target lowered | Sector Perform | $52 → $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +2.7% | +131.8% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +2.7% | +18.3% |
| Volatility (annualized) | 29.3% | 50.8% |
| Max drawdown | -24.2% (May 2026→Oct 2026) | -56.3% (Nov 2021→May 2023) |

## Peers (Telecom Services)
TLK (PT Telekomunikasi Indonesia, Tb) USD 12.78 +1.03% · SKM (SK Telecom Co., Ltd.) USD 32.83 -4.62% · TU (Telus Corporation) USD 8.37 +4.62% · TIGO (Millicom International Cellular) USD 82.07 +3.18% · RCI (Rogers Communication, Inc.) USD 31.93 +3.67% · BCE (BCE, Inc.) USD 20.18 +3.59%

## More
Full page: https://nexqual.com/AD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt