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Owns and operates over 4,400 US cell towers leased to wireless carriers, formerly United States Cellular Corporation.
Owns and operates over 4,400 US cell towers leased to wireless carriers, formerly United States Cellular Corporation.
Earns rent from carriers that place antennas on its towers under long leases, so income follows tenant count and escalators in those contracts. It became a pure tower landlord after its wireless customer business was sold to T-Mobile in 2025. Parent Telephone and Data Systems still controls it.
Moat: narrow (installed base, scale). Owning ~4,400 towers with existing carrier leases gives high switching costs for tenants, though larger tower REITs dwarf it in scale.
Headquarters: Chicago, Illinois · Founded: 1983 · Employees: 60
Size Array Digital Infrastructure (AD) is a United States Communication Services company (Wireless Telecommunications) with a market value of $2.59B, the 1629th largest of 3,117 United States companies the cockpit tracks. Shares closed at $29.98 on 6 Nov 2026.
Performance Over six months the shares fell 46.2%, against -9.0% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 17 in its peer set.
Growth Revenue fell 94.2% over the last twelve months (peer median +5.4%); the operating margin is 0.8% (peer median 9.0%).
Valuation It trades at 27.6× forward earnings against a peer median of 16.9× (5th most expensive of 13).
Capital Return on invested capital runs 6.1 points below its cost of capital (6.2% WACC).
Backlog Backlog (remaining performance obligations) was $358M at 30 Jun 2025, down 10% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $214M | $163M | $103M | $3.91B | $4.17B |
| Revenue growth | — | +58% | -97% | -6% | — |
| Gross profit | $73.3M | $35.2M | -$17.3M | $1.43B | $1.40B |
| EBITDA | $53.1M | -$968,000 | -$72.6M | $903M | $886M |
| Net income | $746M | $291M | -$39.4M | $54.0M | $30.0M |
| Free cash flow | -$203M | $174M | $864M | $258M | $230M |
| Capital expenditure | -$100.0M | $31.4M | $37.7M | $738M | $1.19B |
| Total debt | $1.20B | $1.20B | $1.74B | $4.03B | $4.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Array Digital Infrastructure AD | $2.59B | -46% | -94% | 1% | 27.6× | n/a |
| American Tower AMT | $87.6B | +8% | +5% | 44% | 27.8× | n/a |
| Crown Castle CCI | $37.7B | -1% | -16% | 48% | 31.6× | n/a |
| SBA Communications SBAC | $19.8B | -13% | +2% | 53% | 23.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.9% | -2.4% | 4th lowest of 18 |
| 6-month return | -46.2% | -9.0% | lowest of 17 |
| Distance from 52-week high | -50.7% | -27.8% | 4th lowest of 18 |
| Revenue growth (TTM) | -94.2% | +5.4% | lowest of 18 |
| Operating margin | 0.8% | 9.0% | 6th lowest of 18 |
| Forward P/E | 27.6× | 16.9× | 5th most expensive of 13 |
| ROIC minus cost of capital | -6.1 pp | -3.8 pp | 6th lowest of 18 |
| EV / EBITDA | 63.7× | 7.3× | most expensive of 15 |
| Net debt / EBITDA | 14.7× | 0.9× | most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Array Digital Infrastructure AD | United States | $2.59B | -46% | -94% | 1% | 27.6× | n/a | n/a |
| Digi Spain Telecom, S.A. Unipersonal DIGIS.MC | Spain | $2.16B | n/a | +19% | 6% | n/a | n/a | n/a |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | n/a | n/a | n/a |
| Okinawa Cellular Telephone 9436.T | Japan | $1.90B | -3% | +5% | 24% | 21.2× | -3.7% | +3.1% |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | n/a | 21.2% | n/a |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Anterix ATEX | United States | $1.46B | +33% | +19% | -579% | n/a | 45.3% | +47.8% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| Wuxi Online Offline Communication Information Technology 300959.SZ | China | $808M | -29% | -50% | -12% | n/a | 21.5% | -12.1% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| Hutchison Telecommunications Hong Kong 0215.HK | Hong Kong | $679M | -9% | +23% | 0% | 55.2× | -7.2% | +3.7% |
| SmarTone Telecommunications 0315.HK | Hong Kong | $663M | -9% | +6% | 11% | 9.2× | -17.5% | -0.3% |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
Array Digital Infrastructure reported $358M of remaining performance obligations at 30 Jun 2025, down 10% from a year earlier and down 2% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.