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Array Digital Infrastructure, Inc.
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NYSE: AD Communication Services Telecom 🔎 Screen
$3.1B
Market Cap
95.0
P/E
17.60
PEG
-2.0%
ROCE
5.4%
ROE
0.46
D/E
-56.8%
OPM
-19.2%
% from 52W High
31
α RS
🔍 AD is showing a high-conviction setup because it matches 3 of 37 tracked screener presets, an ECS of 50.8 last quarter, and it's within 19.2% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction ECS 52W High
Sources
Conviction 3/37 · ECS 50.8 · 19.2% from 52W high
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Currency-adjusted total returns for AD including FX impact
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📈 Price History
Ratio Health
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— Poor
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About

Array Digital Infrastructure, Inc. owns and operates shared wireless communications infrastructure in the United States.

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📈 Growth Pattern
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📊 MIXED TDS proposes to acquire Array, posts 40k fiber addresses in Q1
Revenue & Profitability
TDS Telecom first-quarter total operating revenues declined 3% (1% excluding divestitures) to a range reflecting $1.015-$1.055 billion guidance for fiscal 2026. Adjusted EBITDA fell 3% versus prior year, within a $310-$350 million full-year guidance range. Array’s cash site rental revenue increased 64% year-over-year when normalized for DISH, or 86% including T-Mobile interim site revenue. Specific Net income or operating income figures were not disclosed on the call.
Outlook
Management expressed confidence in fiber broadband demand, with strong pre-sales velocity (low 20% range) and record construction pipelines. On the tower side, Array expects continued colocation growth driven by robust application volumes. However, legacy copper and cable revenue streams face ongoing pressure, and satellite technology is seen as an 'existential threat' requiring monitoring. The DISH dispute remains a headwind, with Array ceasing revenue recognition and reserving unpaid balances.
Growth Drivers
TDS Telecom’s primary growth driver is fiber: 40,000 marketable fiber addresses added in Q1 (nearly 3x year-over-year), targeting 200,000–250,000 for fiscal 2026. Fiber net adds rose 32% year-over-year to ~11,000. Array drives growth through tower tenancy (sequential ratio improvement to 0.96 normalized for DISH), interim site revenue from T-Mobile, and opportunistic spectrum monetization (70% of holdings agreed for sale, with AT&T, T-Mobile, and Verizon transactions progressing).
Balance Sheet & CapEx
TDS Telecom capital expenditures totaled $126 million in Q1, driven by higher construction activity, internal crew investments, and a robust funnel of addresses under construction. Full-year 2026 CapEx guidance remains $550–$600 million to support 200,000–250,000 new fiber service addresses. Array’s capital expenditure guidance was unchanged but not specified; the company emphasized optimizing existing assets rather than new builds.
Margins
TDS Telecom is executing a transformation program targeting $100 million in annual run-rate cost savings by 2028, with initial benefits already flowing to EBITDA in 2026. Cash expenses declined 3% in Q1 due to billing, circuit, and facilities savings. Array focuses on margin improvement through land ownership optimization and transitioning from a full wireless company cost structure to a lean tower operator. Tower cash flow margins are expected to benefit from higher colocation and lower maintenance costs.
Key Risks
Key risks include the DISH Wireless dispute (non-payment since December 2025, leading to zero revenue recognition and full reserves), uncertain timing of T-Mobile interim site terminations (expected 800–1,800 tenantless towers post-integration), and reliance on regulatory approvals for spectrum sales. Legacy copper and cable revenue declines (~$5 million total residential revenue drop) and elevated transformation costs pose near-term pressure. The TDS–Array merger proposal is subject to independent review and shareholder approval.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-07
TDS and Array reported strong Q2 2026 operational progress, with record fiber buildout, robust fiber revenue growth, and major spectrum monetization deals. Guidance was updated to reflect increased fiber targets and improved revenue outlook for Array, despite ongoing legacy revenue pressures.
Q1 2026 Q1 2026 2026-05-08
TDS delivered record fiber address growth and announced a proposal to acquire all remaining Array shares, aiming to streamline operations and enhance capital flexibility. Array saw strong tower revenue growth and continued spectrum monetization, while both units maintained 2026 guidance.
Q4 2025 Q4 2025 2026-02-20
2025 marked a transformative year with major wireless divestitures, spectrum monetization, and a sharpened focus on fiber and tower growth. TDS Telecom expanded its fiber footprint and set higher targets, while Array saw strong tower revenue growth and continues to pursue spectrum monetization.
Q3 2025 Q3 2025 2025-11-07
Q3 saw the close of the T-Mobile transaction, a $1.6B special dividend, and a $500M share buyback program. TDS Telecom hit 1M fiber addresses, with strong growth in fiber net adds and ongoing E-ACAM expansion. Array's tower revenue surged, and major spectrum sales are pending.
Q2 2025 Q2 2025 2025-08-11
Closed $4.3B wireless sale to T-Mobile, enabling debt reduction, special dividends, and a focus on tower and fiber growth. Array's tower revenues rose 12% year-over-year, while TDS Telecom delivered 27,000 new fiber addresses and targets 1.8M fiber passings.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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