Array Digital Infrastructure
AD on NYSE. Array leases tower space to tenants and provides ancillary services. Market value $3.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-11.40 of spare cash in the past 12 months. A savings account pays about $4.
You pay 6.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$34.32 a share, 4% above its 1-year low
Over the past year the price has ranged from $33.12 to $60.82.
Dividend: 5.1% a year
Paid in its latest year
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $338 million in the past 12 months, $174 million in the year to December 2025.
| Revenue | |||||
| Revenue | $4.1bn | $4.2bn | $100m | $103m | $163m |
| Operating margin | |||||
| Operating margin | 4.1% | 1.7% | -111.7% | -252.9% | -56.8% |
| Debt to equity | |||||
| Debt to equity | 0.60 | 0.70 | 0.66 | 0.27 | 0.26 |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.09bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.26× equity
- Revenue growth, five yearsShrinking, 47.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $54 million last quarter, up 90% on a year ago.
- Profit: $359 million, up 1039% on a year ago.
- Over the past 12 months it spent $338 million more cash than it brought in. A year earlier it had $1.1 billion spare.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $258 million more than cash, down from $2.5 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $26m |
| December 2024 | $945m |
| March 2025 | $27m |
| June 2025 | $29m |
| September 2025 | $47m |
| December 2025 | $60m |
| March 2026 | $52m |
| June 2026 | $54m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$79m |
| December 2024 | $5m |
| March 2025 | $18m |
| June 2025 | $31m |
| September 2025 | -$38m |
| December 2025 | $38m |
| March 2026 | $178m |
| June 2026 | $359m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 137 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $30m | 0.3% | Cut |
| Oaktree Capital ManagementHoward Marks | $25m | 0.7% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $606,775 | <0.1% | Cut |
Largest holders overall
- Dimensional Fund Advisors LP$82m
- Hawk Ridge Capital Management LP$66mNew
- Jericho Capital Asset Management L.P.$66m
- Madison Avenue Partners, LP$40mNew
- GAMCO Investors$30mCut
- American Century Companies$28mAdded
- Bank of America$27mCut
- Loomis Sayles & CO L P$26mCut
- Oaktree Capital Management$25mCut
- Vanguard Capital Management$25m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Telephone and Data Systems, Inc.Strategic holderat least 81.9%0.0 pts(filed with 1 related holder)Since 1 September 2026
What they said
This Item 4 is being updated by the following information. On September 1, 2026, TDS issued a press release (the "Press Release") announcing that it is no longer pursuing the acquisition of the Array Common Shares that it does not already own and has withdrawn its previously…
Read the filing - HAWK RIDGE CAPITAL MANAGEMENT LPPassive investorat least 5.1%(filed with 4 related holders)Since 16 September 2026
- Picton Mahoney Asset ManagementPassive investorn/aSince 28 February 2025
- BANK OF AMERICA CORP /DE/Passive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Telephone and Data Systems, Inc. Strategic holder | at least 81.9%0.0 pts (filed with 1 related holder) | 1 September 2026 | What they saidThis Item 4 is being updated by the following information. On September 1, 2026, TDS issued a press release (the "Press Release") announcing that it is no longer pursuing the acquisition of the Array Common Shares that it does not already own and has withdrawn its previously… Read the filing |
HAWK RIDGE CAPITAL MANAGEMENT LP Passive investor | at least 5.1% (filed with 4 related holders) | 16 September 2026 | |
Picton Mahoney Asset Management Passive investor | n/a | 28 February 2025 | |
BANK OF AMERICA CORP /DE/ Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $260,909.
- HARCZAK HARRY J JRDirectorSold
- Date
- 11 September 2026
- Shares
- 6,832
- Price
- $38.19
- Value
- $260,909
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | HARCZAK HARRY J JR Director | Sold | 6,832 | $38.19 | $260,909 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 47.4% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.