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Array Digital Infrastructure (AD)

Market Price (5/13/2026): $51.55 | Market Cap: $4.5 Bil
Sector: Communication Services | Industry: Integrated Telecommunication Services

Array Digital Infrastructure (AD)

Market Price (5/13/2026): $51.55
Market Cap: $4.5 Bil
Sector: Communication Services
Industry: Integrated Telecommunication Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, E-commerce Logistics & Data Centers, and Datacenter Power. Themes include Data Centers & Infrastructure, Show more.

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 68x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.2%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.98

Key risks
AD key risks include [1] execution risk in its strategic pivot to an infrastructure model, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%
1 Low stock price volatility
Vol 12M is 31%
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, E-commerce Logistics & Data Centers, and Datacenter Power. Themes include Data Centers & Infrastructure, Show more.
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 68x
4 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.2%
5 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.98
6 Key risks
AD key risks include [1] execution risk in its strategic pivot to an infrastructure model, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Array Digital Infrastructure (AD) stock has gained about 5% since 1/31/2026 because of the following key factors:

1. Significant Spectrum Monetization and Special Dividend Payment.

Array Digital Infrastructure closed a $1.018 billion sale of certain 3.45 GHz and 700 MHz spectrum licenses to AT&T on January 13, 2026, resulting in a substantial book gain of $156.6 million for Q1 2026. Following this, a special cash dividend of $10.25 per share was declared on January 13, 2026, and paid on February 2, 2026, directly returning value to shareholders and generating positive sentiment. Further monetization efforts include a $74.8 million spectrum sale to T-Mobile that closed on May 5, 2026, and a pending $1.0 billion sale to Verizon expected in Q2/Q3 2026, highlighting strong cash generation.

2. Robust Q1 2026 Profitability and Operational Efficiency.

Despite missing revenue estimates, Array Digital Infrastructure reported a significant surge in net income attributable to shareholders from continuing operations to $179.8 million in Q1 2026, a substantial increase from $4.7 million in the prior year, primarily driven by the gain from the AT&T spectrum sale. The company also reported Q1 2026 earnings of $2.08 per share, beating some analyst estimates. Furthermore, adjusted EBITDA exceeded estimates by nearly 24%, and the operating margin expanded dramatically, assuring investors of the company's financial health and enhanced efficiency in its core business.

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Stock Movement Drivers

Fundamental Drivers

The 6.9% change in AD stock from 1/31/2026 to 5/12/2026 was primarily driven by a 1180.9% change in the company's Net Income Margin (%).
(LTM values as of)13120265122026Change
Stock Price ($)48.1951.516.9%
Change Contribution By: 
Total Revenues ($ Mil)1,0161,0755.8%
Net Income Margin (%)1.5%19.3%1180.9%
P/E Multiple271.121.4-92.1%
Shares Outstanding (Mil)8686-0.2%
Cumulative Contribution6.9%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/12/2026
ReturnCorrelation
AD6.9% 
Market (SPY)3.6%25.7%
Sector (XLC)-3.2%17.8%

Fundamental Drivers

The 26.4% change in AD stock from 10/31/2025 to 5/12/2026 was primarily driven by a 17.4% change in the company's P/S Multiple.
(LTM values as of)103120255122026Change
Stock Price ($)40.7751.5126.4%
Change Contribution By: 
Total Revenues ($ Mil)9951,0758.1%
P/S Multiple3.54.117.4%
Shares Outstanding (Mil)8686-0.5%
Cumulative Contribution26.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/12/2026
ReturnCorrelation
AD26.4% 
Market (SPY)5.5%26.5%
Sector (XLC)1.6%20.8%

Fundamental Drivers

The 29.6% change in AD stock from 4/30/2025 to 5/12/2026 was primarily driven by a 135.3% change in the company's P/S Multiple.
(LTM values as of)43020255122026Change
Stock Price ($)39.7451.5129.6%
Change Contribution By: 
Total Revenues ($ Mil)1,9291,075-44.2%
P/S Multiple1.84.1135.3%
Shares Outstanding (Mil)8586-1.2%
Cumulative Contribution29.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/12/2026
ReturnCorrelation
AD29.6% 
Market (SPY)30.4%13.4%
Sector (XLC)22.9%13.0%

Fundamental Drivers

The 319.0% change in AD stock from 4/30/2023 to 5/12/2026 was primarily driven by a 2585.2% change in the company's Net Income Margin (%).
(LTM values as of)43020235122026Change
Stock Price ($)12.2951.51319.0%
Change Contribution By: 
Total Revenues ($ Mil)4,1691,075-74.2%
Net Income Margin (%)0.7%19.3%2585.2%
P/E Multiple33.621.4-36.3%
Shares Outstanding (Mil)8286-5.1%
Cumulative Contribution319.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/12/2026
ReturnCorrelation
AD319.0% 
Market (SPY)78.7%11.6%
Sector (XLC)99.9%13.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AD Return3%-34%99%51%23%18%196%
Peers Return32%-30%10%2%-6%18%16%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
AD Win Rate42%33%50%58%67%80% 
Peers Win Rate70%37%58%53%45%68% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
AD Max Drawdown-7%-38%-32%-22%-7%-3% 
Peers Max Drawdown-12%-40%-21%-16%-13%-7% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMT, CCI, SBAC, EQIX, DLR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)

How Low Can It Go

EventADS&P 500
2025 US Tariff Shock
  % Loss-12.8%-18.8%
  % Gain to Breakeven14.6%23.1%
  Time to Breakeven65 days79 days
2024 Yen Carry Trade Unwind
  % Loss-11.4%-7.8%
  % Gain to Breakeven12.9%8.5%
  Time to Breakeven22 days18 days
2023 SVB Regional Banking Crisis
  % Loss-34.9%-6.7%
  % Gain to Breakeven53.7%7.1%
  Time to Breakeven64 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-19.5%-24.5%
  % Gain to Breakeven24.3%32.4%
  Time to Breakeven301 days427 days
2020 COVID-19 Crash
  % Loss-30.1%-33.7%
  % Gain to Breakeven43.1%50.9%
  Time to Breakeven155 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-11.8%-12.2%
  % Gain to Breakeven13.4%13.9%
  Time to Breakeven34 days62 days

Compare to AMT, CCI, SBAC, EQIX, DLR

In The Past

Array Digital Infrastructure's stock fell -12.8% during the 2025 US Tariff Shock. Such a loss loss requires a 14.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventADS&P 500
2023 SVB Regional Banking Crisis
  % Loss-34.9%-6.7%
  % Gain to Breakeven53.7%7.1%
  Time to Breakeven64 days31 days
2020 COVID-19 Crash
  % Loss-30.1%-33.7%
  % Gain to Breakeven43.1%50.9%
  Time to Breakeven155 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-23.2%-17.9%
  % Gain to Breakeven30.2%21.8%
  Time to Breakeven179 days123 days
2008-2009 Global Financial Crisis
  % Loss-66.9%-53.4%
  % Gain to Breakeven202.4%114.4%
  Time to Breakeven6145 days1085 days
Summer 2007 Credit Crunch
  % Loss-21.7%-8.6%
  % Gain to Breakeven27.7%9.5%
  Time to Breakeven27 days47 days

Compare to AMT, CCI, SBAC, EQIX, DLR

In The Past

Array Digital Infrastructure's stock fell -12.8% during the 2025 US Tariff Shock. Such a loss loss requires a 14.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Array Digital Infrastructure (AD)

United States Cellular Corporation provides wireless telecommunications services in the United States. The company offers wireless services, including voice, messaging, and data services. It also provides devices, such as smartphones and other handsets, tablets, wearables, mobile hotspots, routers, and internet of things devices. In addition, the company offers various accessories, such as cases, screen protectors, chargers, and memory cards; and consumer electronics, including audio, home automation, and networking products; as well as offers option to purchase devices and accessories under installment contracts. Further, the company offers roaming, wireless eligible telecommunications carrier, and wireless tower rental services. It serves consumer, business, and government customers with 5.0 million connections, including 4.4 million postpaid, 0.5 million prepaid, and 0.1 million reseller and other connections in 21 states. The company provides its products and services through retail sales, direct sales, third-party national retailers, and independent agents, as well as e-commerce and telesales. The company was incorporated in 1983 and is headquartered in Chicago, Illinois. United States Cellular Corporation is a subsidiary of Telephone and Data Systems, Inc.

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Anthony Carlson President and CEO Anthony Carlson was appointed President and CEO of Array Digital Infrastructure, Inc. in November 2025. He previously served as Vice President of Organizational Transformation at TDS Telecom, Array's sister company. In 2020, he joined the TDS Family of Companies at UScellular, where he held various roles in sales, marketing, and financial analysis, including Senior Director of Growth Marketing Strategy and Execution. He also has prior experience working at McKinsey & Company and Samsung Electronics. Vicki L. Villacrez Executive Vice President and Chief Financial Officer Vicki L. Villacrez is the Executive Vice President and Chief Financial Officer for Array Digital Infrastructure, Inc., a role she assumed at the August 1, 2025 closing. She also serves as Executive Vice President and Chief Financial Officer for TDS, Inc. Prior to her current roles, Ms. Villacrez was Vice President – Finance and CFO at TDS Telecom starting in 2012, and was promoted to Senior Vice President in 2017. She has over 30 years of experience in finance and strategic planning across the TDS enterprise. Douglas W. Chambers Senior Advisor Douglas W. Chambers served as the Interim President and CEO of Array Digital Infrastructure until November 16, 2025, and now holds the position of Senior Advisor until December 9, 2025, to ensure a smooth transition. Mr. Chambers joined the TDS family of companies in 2007. He previously served as Executive Vice President, CFO, and Treasurer of UScellular for six years, where he was instrumental in executing the transformational sale of its wireless operations to T-Mobile US, Inc. Walter Carlson Executive Chair Walter Carlson is the Executive Chair of Array Digital Infrastructure, Inc., and also serves as the President and Chief Executive Officer of TDS. He is a former Senior Counsel and partner of the law firm Sidley Austin LLP. Harry Harczak, Jr. Independent Director Harry Harczak, Jr. is an independent director for Array Digital Infrastructure. He is a private investor and a managing director of Sawdust Investment Management, indicating involvement with private equity. Previously, he held positions at CDW Corporation, serving successively as chief financial officer and executive vice president of sales, marketing, and business development. Before that, Mr. Harczak was a partner at PricewaterhouseCoopers LLP.

AI Analysis | Feedback

Array Digital Infrastructure (symbol: AD) faces several key risks to its business as an owner and operator of shared wireless communications infrastructure.
  1. Dependence on Major Tenants: Array Digital Infrastructure relies significantly on long-term agreements with major wireless carriers, such as T-Mobile, for leasing its tower space. Should these key tenants fail to meet their lease obligations or if these relationships deteriorate, the company's financial results could be adversely impacted due to revenue volatility.
  2. Competition and Emerging Technologies: The company faces competition not only from other tower companies but also from the emergence of alternative technologies. The adoption of systems like satellite and mesh transmission, particularly in rural areas, poses a threat to Array Digital Infrastructure's traditional tower-based business model, potentially disrupting its market position and eroding demand for its infrastructure.
  3. Transition Costs and Operational Challenges: Following the divestiture of its wireless communication services and certain spectrum licenses, Array Digital Infrastructure has incurred substantial transition costs. These include employee-related obligations, advisory fees, and restructuring expenses. The ongoing strategic shift and asset monetization efforts may continue to present operational challenges and impact future earnings.

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AI Analysis | Feedback

Array Digital Infrastructure (symbol: AD) primarily operates in the wireless communications infrastructure sector, with a core focus on owning and operating shared wireless communications infrastructure, specifically cell towers, within the United States. The company enables the deployment of 5G and other wireless technologies by leasing tower space to wireless carriers and other tenants. Array Digital Infrastructure owns over 4,400 cell towers across the country. Currently, the search results do not provide specific addressable market size figures for Array Digital Infrastructure's main products or services (wireless tower leasing and digital infrastructure) in the United States.

AI Analysis | Feedback

Array Digital Infrastructure (symbol: AD), formerly United States Cellular Corporation, has undergone a significant business transformation, shifting its focus from wireless telecommunications services to digital infrastructure. Over the next 2-3 years, its revenue growth is expected to be driven by several key factors:
  1. Expansion of Tower Leasing and Colocation Services: With a portfolio of approximately 4,400 wireless towers, a primary driver of future revenue growth will be the increased leasing of tower space and colocation services to national carriers and other wireless providers. The company's new business model explicitly focuses on generating revenue through these services.
  2. Demand from 5G and Next-Generation Wireless Technology Deployment: As wireless carriers continue to build out and enhance their 5G networks and deploy other advanced wireless technologies, the demand for Array Digital Infrastructure's tower assets is expected to grow. The company positions itself as enabling the deployment of these technologies across the country.
  3. Revenue from Strategic Wireless Partnerships: Array Digital Infrastructure holds a 5.5% stake in Verizon Wireless' Los Angeles operations, as well as other smaller wireless partnership interests in Oklahoma and upstate New York. Revenue generated from these non-controlling investments will contribute to the company's financial performance.
  4. Growth in Ancillary Services related to Tower Operations: Beyond core tower leasing, Array Digital Infrastructure also offers ancillary services. As the demand for its primary tower infrastructure services grows, so too can the revenue derived from these supporting services, further diversifying its income streams within the digital infrastructure sector.

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Capital Allocation Decisions for Array Digital Infrastructure (AD)

Share Repurchases

  • Array Digital Infrastructure repurchased $43 million of common stock in 2022.
  • The company repurchased $31 million of common stock in 2021.

Inbound Investments

  • Newtyn Management disclosed a new $67.5 million position in Array Digital Infrastructure as of September 30, 2025.

Capital Expenditures

  • Array Digital Infrastructure projects capital expenditures for fiscal year 2026 to range between $25 million and $35 million.
  • The anticipated capital expenditures for 2026 are focused on growth and operational enhancement, reflecting confidence in tower growth and spectrum monetization.

Better Bets vs. Array Digital Infrastructure (AD)

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CMCSA_4242026_Dip_Buyer_FCFYield04242026CMCSAComcastDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-1.9%-1.9%-2.9%
TTD_4022026_Dip_Buyer_High_CFO_Margins_ExInd_DE04022026TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		7.0%7.0%-8.9%
SBAC_3272026_Dip_Buyer_FCFYield03272026SBACSBA CommunicationsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		32.4%32.4%0.0%
META_3272026_Dip_Buyer_ValueBuy03272026METAMeta PlatformsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.4%16.4%0.0%
CARG_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V203062026CARGCarGurusInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		8.3%8.3%-8.3%

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Peer Comparisons

Peers to compare with:

Financials

ADAMTCCISBACEQIXDLRMedian
NameArray Di.American.Crown Ca.SBA Comm.Equinix Digital . 
Mkt Price51.51178.8291.50213.611,080.63195.27187.05
Mkt Cap4.583.439.922.6106.367.453.6
Rev LTM1,07510,8194,2132,8549,4366,3405,277
Op Inc LTM424,9142,0451,5552,0659691,800
FCF LTM-983,7712,7261,018-9982,5451,782
FCF 3Y Avg2663,5842,5101,142-1612,1641,653
CFO LTM655,5702,9251,2453,8192,5452,735
CFO 3Y Avg6445,2693,0101,3723,4672,1642,587

Growth & Margins

ADAMTCCISBACEQIXDLRMedian
NameArray Di.American.Crown Ca.SBA Comm.Equinix Digital . 
Rev Chg LTM6.9%6.3%-4.4%6.3%6.7%12.6%6.5%
Rev Chg 3Y Avg456.2%3.6%-12.7%2.0%7.8%9.0%5.7%
Rev Chg Q92.8%6.8%-4.8%5.9%9.8%16.2%8.3%
QoQ Delta Rev Chg LTM2.4%1.6%-1.2%1.4%2.4%3.7%2.0%
Op Inc Chg LTM211.5%4.2%-6.5%-1.2%19.2%19.4%11.7%
Op Inc Chg 3Y Avg-3.1%18.8%-5.3%15.7%15.7%11.8%13.7%
Op Mgn LTM3.9%45.4%48.5%54.5%21.9%15.3%33.7%
Op Mgn 3Y Avg-51.0%43.4%49.8%53.0%19.6%14.3%31.5%
QoQ Delta Op Mgn LTM3.3%-0.9%-0.4%-0.7%0.6%0.2%-0.1%
CFO/Rev LTM6.1%51.5%69.4%43.6%40.5%40.1%42.0%
CFO/Rev 3Y Avg561.8%50.6%71.2%50.1%39.0%37.0%50.3%
FCF/Rev LTM-9.2%34.9%64.7%35.7%-10.6%40.1%35.3%
FCF/Rev 3Y Avg195.0%34.4%59.1%41.7%-1.5%37.0%39.4%

Valuation

ADAMTCCISBACEQIXDLRMedian
NameArray Di.American.Crown Ca.SBA Comm.Equinix Digital . 
Mkt Cap4.583.439.922.6106.367.453.6
P/S4.17.79.57.911.310.68.7
P/Op Inc107.217.019.514.551.569.535.5
P/EBIT9.817.319.913.249.736.118.6
P/E21.428.737.722.274.848.933.2
P/CFO68.115.013.618.227.826.522.3
Total Yield24.6%7.3%7.3%6.7%3.1%2.0%7.0%
Dividend Yield19.9%3.8%4.7%2.2%1.8%0.0%3.0%
FCF Yield 3Y Avg6.0%4.0%6.1%5.3%-0.1%4.2%4.7%
D/E0.30.50.70.70.20.30.4
Net D/E0.20.50.70.70.20.20.4

Returns

ADAMTCCISBACEQIXDLRMedian
NameArray Di.American.Crown Ca.SBA Comm.Equinix Digital . 
1M Rtn4.2%0.7%6.0%-4.5%4.9%3.4%3.8%
3M Rtn5.2%1.2%9.6%13.7%26.8%14.0%11.7%
6M Rtn32.8%-1.3%-0.5%6.6%33.1%17.6%12.1%
12M Rtn48.1%-10.8%-4.6%-4.9%27.0%21.1%8.2%
3Y Rtn487.0%-0.9%-7.5%-4.5%55.7%121.9%27.4%
1M Excs Rtn-1.4%-7.7%-2.4%-10.5%-5.2%-5.7%-5.5%
3M Excs Rtn-1.4%-5.4%3.0%7.1%20.2%7.3%5.0%
6M Excs Rtn23.9%-7.5%-5.3%-0.4%22.5%6.7%3.1%
12M Excs Rtn10.2%-46.5%-39.5%-39.7%-2.8%-10.1%-24.8%
3Y Excs Rtn337.3%-78.1%-87.8%-84.5%-23.4%44.5%-50.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Array103    
Elimination of intersegment revenues -127   
Towers 228   
Wireless 3,805   
Equipment sales  1,0441,007970
Inbound roaming  67110152
Operating lease income  93  
Other service  172248229
Retail service  2,7932,7572,686
Total1033,9064,1694,1224,037


Price Behavior

Price Behavior
Market Price$51.51 
Market Cap ($ Bil)4.5 
First Trading Date03/17/1992 
Distance from 52W High-7.6% 
   50 Days200 Days
DMA Price$48.54$44.61
DMA Trendupindeterminate
Distance from DMA6.1%15.5%
 3M1YR
Volatility38.6%30.4%
Downside Capture-0.010.07
Upside Capture22.7459.41
Correlation (SPY)15.0%17.4%
AD Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta0.150.560.410.600.320.54
Up Beta0.360.450.460.64-0.060.31
Down Beta1.640.901.021.150.820.90
Up Capture26%39%25%50%30%53%
Bmk +ve Days15223166141428
Stock +ve Days13223672138399
Down Capture-46%69%20%29%31%60%
Bmk -ve Days4183056108321
Stock -ve Days9212853112349

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with AD
AD41.1%30.7%1.13-
Sector ETF (XLC)20.8%13.3%1.1718.1%
Equity (SPY)28.3%12.5%1.8019.9%
Gold (GLD)41.3%26.9%1.26-2.5%
Commodities (DBC)47.5%18.0%2.10-24.0%
Real Estate (VNQ)12.8%13.5%0.6525.8%
Bitcoin (BTCUSD)-21.0%41.7%-0.4612.7%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with AD
AD19.8%60.2%0.49-
Sector ETF (XLC)9.7%20.7%0.3814.5%
Equity (SPY)12.9%17.1%0.5914.2%
Gold (GLD)21.0%17.9%0.954.3%
Commodities (DBC)13.4%19.1%0.572.1%
Real Estate (VNQ)3.9%18.8%0.1118.0%
Bitcoin (BTCUSD)7.2%55.9%0.347.9%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with AD
AD7.4%50.9%0.31-
Sector ETF (XLC)9.6%22.3%0.5022.3%
Equity (SPY)15.1%18.0%0.7223.6%
Gold (GLD)13.4%15.9%0.700.8%
Commodities (DBC)9.7%17.7%0.468.3%
Real Estate (VNQ)5.6%20.7%0.2421.5%
Bitcoin (BTCUSD)68.2%66.8%1.075.4%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity1.9 Mil
Short Interest: % Change Since 4152026-9.2%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest17.0 days
Basic Shares Quantity86.4 Mil
Short % of Basic Shares2.2%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/8/202613.1%  
2/20/2026-2.1%-4.6%-9.8%
11/7/2025-2.8%-4.9%3.3%
8/11/20253.7%1.0%-1.0%
5/2/2025-8.4%-8.8%-8.8%
2/21/2025-2.4%-3.0%1.0%
11/1/2024-6.8%4.7%1.9%
7/16/2024-0.5%-6.6%-9.8%
...
SUMMARY STATS   
# Positive71112
# Negative181312
Median Positive13.1%4.7%3.3%
Median Negative-3.9%-6.6%-6.1%
Max Positive92.9%117.5%162.5%
Max Negative-22.4%-25.9%-35.1%

SEC Filings

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Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/20/202610-K
09/30/202511/07/202510-Q
06/30/202508/11/202510-Q
03/31/202505/02/202510-Q
12/31/202402/21/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/16/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/04/202310-Q
12/31/202202/16/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/8/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Total operating revenues200.00 Mil207.50 Mil215.00 Mil0 AffirmedGuidance: 207.50 Mil for 2026
2026 Adjusted OIBDA50.00 Mil57.50 Mil65.00 Mil0 AffirmedGuidance: 57.50 Mil for 2026
2026 Adjusted EBITDA200.00 Mil207.50 Mil215.00 Mil0 AffirmedGuidance: 207.50 Mil for 2026
2026 Capital expenditures25.00 Mil30.00 Mil35.00 Mil0 AffirmedGuidance: 30.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/20/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Total operating revenues200.00 Mil207.50 Mil215.00 Mil   
2026 Adjusted OIBDA50.00 Mil57.50 Mil65.00 Mil   
2026 Adjusted EBITDA200.00 Mil207.50 Mil215.00 Mil   
2026 Capital expenditures25.00 Mil30.00 Mil35.00 Mil   

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Harczak, Harry J JR DirectSell818202576.201,960149,3571,476,347Form
2Chambers, Douglas WInterim President and CEODirectSell814202575.7793,3007,069,3411,333,552Form

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