Array Digital Infrastructure (AD)
Market Price (9/26/2026): $34.46 | Market Cap: $3.0 BilSector: Communication Services | Industry: Integrated Telecommunication Services
Array Digital Infrastructure (AD)
Market Price (9/26/2026): $34.46Market Cap: $3.0 BilSector: Communication ServicesIndustry: Integrated Telecommunication Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 146%, Dividend Yield is 128%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 142% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 99% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Artificial Intelligence, E-commerce Logistics & Data Centers, and Datacenter Power. Themes include Data Centers & Infrastructure, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 14x Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -142%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -158% Key risksAD key risks include [1] execution risk in its strategic pivot to an infrastructure model, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 146%, Dividend Yield is 128%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 142% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 99% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, E-commerce Logistics & Data Centers, and Datacenter Power. Themes include Data Centers & Infrastructure, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 14x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -142%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -158% |
| Key risksAD key risks include [1] execution risk in its strategic pivot to an infrastructure model, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/24/2026
Array Digital Infrastructure (AD) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Withdrawal of Telephone and Data Systems' Acquisition Proposal. On September 1, 2026, Telephone and Data Systems (TDS), the majority owner of Array Digital Infrastructure, announced its decision to no longer pursue the acquisition of the remaining public shares of Array. This non-binding proposal, originally made on May 7, 2026, aimed for TDS to acquire the shares it did not already own, which was approximately 18% of Array's common shares. The withdrawal removed the prospect of a near-term take-private or squeeze-out for minority shareholders, signaling an end to a potential acquisition premium. TDS cited an inability to reach an agreement on the form of consideration and valuation with Array's Special Committee for the withdrawal.
2. Share Price Adjustment Following Special Dividend Payout. Array Digital Infrastructure completed the sale of certain spectrum assets to Verizon for $1.0 billion and other spectrum sales to T-Mobile for $168 million, which was announced on June 1, 2026. Consequently, the company declared a significant special cash dividend of $11.00 per common share, payable on June 25, 2026, to shareholders of record on June 11, 2026. While beneficial to shareholders, a stock's price typically decreases by an amount roughly equivalent to the dividend payout on its ex-dividend date, as this value is distributed to shareholders, thereby contributing to the observed stock movement.
Show more
Array Digital Infrastructure (AD) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Withdrawal of Telephone and Data Systems' Acquisition Proposal. On September 1, 2026, Telephone and Data Systems (TDS), the majority owner of Array Digital Infrastructure, announced its decision to no longer pursue the acquisition of the remaining public shares of Array. This non-binding proposal, originally made on May 7, 2026, aimed for TDS to acquire the shares it did not already own, which was approximately 18% of Array's common shares. The withdrawal removed the prospect of a near-term take-private or squeeze-out for minority shareholders, signaling an end to a potential acquisition premium. TDS cited an inability to reach an agreement on the form of consideration and valuation with Array's Special Committee for the withdrawal.
2. Share Price Adjustment Following Special Dividend Payout. Array Digital Infrastructure completed the sale of certain spectrum assets to Verizon for $1.0 billion and other spectrum sales to T-Mobile for $168 million, which was announced on June 1, 2026. Consequently, the company declared a significant special cash dividend of $11.00 per common share, payable on June 25, 2026, to shareholders of record on June 11, 2026. While beneficial to shareholders, a stock's price typically decreases by an amount roughly equivalent to the dividend payout on its ex-dividend date, as this value is distributed to shareholders, thereby contributing to the observed stock movement.
Show more
Updated on 9/24/2026
Array Digital Infrastructure (AD) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Withdrawal of Telephone and Data Systems' Acquisition Proposal. On September 1, 2026, Telephone and Data Systems (TDS), the majority owner of Array Digital Infrastructure, announced its decision to no longer pursue the acquisition of the remaining public shares of Array. This non-binding proposal, originally made on May 7, 2026, aimed for TDS to acquire the shares it did not already own, which was approximately 18% of Array's common shares. The withdrawal removed the prospect of a near-term take-private or squeeze-out for minority shareholders, signaling an end to a potential acquisition premium. TDS cited an inability to reach an agreement on the form of consideration and valuation with Array's Special Committee for the withdrawal.
2. Share Price Adjustment Following Special Dividend Payout. Array Digital Infrastructure completed the sale of certain spectrum assets to Verizon for $1.0 billion and other spectrum sales to T-Mobile for $168 million, which was announced on June 1, 2026. Consequently, the company declared a significant special cash dividend of $11.00 per common share, payable on June 25, 2026, to shareholders of record on June 11, 2026. While beneficial to shareholders, a stock's price typically decreases by an amount roughly equivalent to the dividend payout on its ex-dividend date, as this value is distributed to shareholders, thereby contributing to the observed stock movement.
3. Future Earnings Outlook and Tenant Uncertainty. Despite Array Digital Infrastructure reporting stronger-than-expected fiscal Q2 2026 results on August 7, 2026, with diluted earnings per share (EPS) of $3.86 (from continuing operations) and total operating revenues of $54.1 million, concerns regarding future profitability have impacted the stock. Analysts anticipate a significant decrease in Array's earnings by approximately 59.13% in the coming year, from an estimated $1.15 to $0.47 per share. Additionally, Array ceased recognizing revenue from DISH Wireless due to a lease dispute and DISH's bankruptcy filing, which eliminated a tenant and introduced uncertainty around related cash flows. This overshadows positive Q2 performance and contributes to a cautious outlook on the company's long-term financial stability.
Show less
Array Digital Infrastructure (AD) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Withdrawal of Telephone and Data Systems' Acquisition Proposal. On September 1, 2026, Telephone and Data Systems (TDS), the majority owner of Array Digital Infrastructure, announced its decision to no longer pursue the acquisition of the remaining public shares of Array. This non-binding proposal, originally made on May 7, 2026, aimed for TDS to acquire the shares it did not already own, which was approximately 18% of Array's common shares. The withdrawal removed the prospect of a near-term take-private or squeeze-out for minority shareholders, signaling an end to a potential acquisition premium. TDS cited an inability to reach an agreement on the form of consideration and valuation with Array's Special Committee for the withdrawal.
2. Share Price Adjustment Following Special Dividend Payout. Array Digital Infrastructure completed the sale of certain spectrum assets to Verizon for $1.0 billion and other spectrum sales to T-Mobile for $168 million, which was announced on June 1, 2026. Consequently, the company declared a significant special cash dividend of $11.00 per common share, payable on June 25, 2026, to shareholders of record on June 11, 2026. While beneficial to shareholders, a stock's price typically decreases by an amount roughly equivalent to the dividend payout on its ex-dividend date, as this value is distributed to shareholders, thereby contributing to the observed stock movement.
3. Future Earnings Outlook and Tenant Uncertainty. Despite Array Digital Infrastructure reporting stronger-than-expected fiscal Q2 2026 results on August 7, 2026, with diluted earnings per share (EPS) of $3.86 (from continuing operations) and total operating revenues of $54.1 million, concerns regarding future profitability have impacted the stock. Analysts anticipate a significant decrease in Array's earnings by approximately 59.13% in the coming year, from an estimated $1.15 to $0.47 per share. Additionally, Array ceased recognizing revenue from DISH Wireless due to a lease dispute and DISH's bankruptcy filing, which eliminated a tenant and introduced uncertainty around related cash flows. This overshadows positive Q2 performance and contributes to a cautious outlook on the company's long-term financial stability.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -14.1% change in AD stock from 5/31/2026 to 9/25/2026 was primarily driven by a -66.6% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.17 | 34.49 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 188 | 214 | 13.6% |
| Net Income Margin (%) | 110.8% | 250.8% | 126.3% |
| P/E Multiple | 16.7 | 5.6 | -66.6% |
| Shares Outstanding (Mil) | 86 | 86 | -0.1% |
| Cumulative Contribution | -14.1% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| AD | -14.1% | |
| Market (SPY) | 2.2% | 1.4% |
| Sector (XLC) | -2.1% | 23.6% |
Fundamental Drivers
The -10.4% change in AD stock from 2/28/2026 to 9/25/2026 was primarily driven by a -91.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.49 | 34.49 | -10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 163 | 214 | 31.0% |
| Net Income Margin (%) | 29.9% | 250.8% | 738.2% |
| P/E Multiple | 68.3 | 5.6 | -91.8% |
| Shares Outstanding (Mil) | 86 | 86 | 0.0% |
| Cumulative Contribution | -10.4% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| AD | -10.4% | |
| Market (SPY) | 13.0% | 17.5% |
| Sector (XLC) | -3.8% | 23.3% |
Fundamental Drivers
The -2.3% change in AD stock from 8/31/2025 to 9/25/2026 was primarily driven by a -50.5% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.29 | 34.49 | -2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 107 | 214 | 98.9% |
| P/S Multiple | 28.2 | 14.0 | -50.5% |
| Shares Outstanding (Mil) | 86 | 86 | -0.8% |
| Cumulative Contribution | -2.3% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| AD | -2.3% | |
| Market (SPY) | 20.9% | 19.5% |
| Sector (XLC) | 2.7% | 21.5% |
Fundamental Drivers
The 64.5% change in AD stock from 8/31/2023 to 9/25/2026 was primarily driven by a 3093.5% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.97 | 34.49 | 64.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,075 | 214 | -94.8% |
| P/S Multiple | 0.4 | 14.0 | 3093.5% |
| Shares Outstanding (Mil) | 85 | 86 | -1.7% |
| Cumulative Contribution | 64.5% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| AD | 64.5% | |
| Market (SPY) | 77.8% | 22.9% |
| Sector (XLC) | 72.5% | 25.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AD Return | 3% | -34% | 99% | 51% | 23% | -2% | 146% |
| Peers Return | 32% | -30% | 10% | 2% | -6% | 4% | 2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| AD Win Rate | 42% | 33% | 50% | 58% | 67% | 56% | |
| Peers Win Rate | 70% | 37% | 58% | 53% | 45% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| AD Max Drawdown | -28% | -40% | -46% | -30% | -20% | -23% | |
| Peers Max Drawdown | -18% | -40% | -31% | -22% | -24% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 9/25/2026 (YTD)
How Low Can It Go
| Event | AD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.8% | -18.8% |
| % Gain to Breakeven | 14.6% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.4% | -7.8% |
| % Gain to Breakeven | 12.9% | 8.5% |
| Time to Breakeven | 22 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.9% | -6.7% |
| % Gain to Breakeven | 53.7% | 7.1% |
| Time to Breakeven | 64 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.5% | -24.5% |
| % Gain to Breakeven | 24.3% | 32.4% |
| Time to Breakeven | 301 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.1% | -33.7% |
| % Gain to Breakeven | 43.1% | 50.9% |
| Time to Breakeven | 155 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.8% | -12.2% |
| % Gain to Breakeven | 13.4% | 13.9% |
| Time to Breakeven | 34 days | 62 days |
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.
| Event | AD | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.9% | -6.7% |
| % Gain to Breakeven | 53.7% | 7.1% |
| Time to Breakeven | 64 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.1% | -33.7% |
| % Gain to Breakeven | 43.1% | 50.9% |
| Time to Breakeven | 155 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.2% | -17.9% |
| % Gain to Breakeven | 30.2% | 21.8% |
| Time to Breakeven | 179 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -66.9% | -53.4% |
| % Gain to Breakeven | 202.4% | 114.4% |
| Time to Breakeven | 6145 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.7% | -8.6% |
| % Gain to Breakeven | 27.7% | 9.5% |
| Time to Breakeven | 27 days | 47 days |
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.
AI Analysis | Feedback
null
AI Analysis | Feedback
null
AI Analysis | Feedback
null
AI Analysis | Feedback
null
AI Analysis | Feedback
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.
- 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.
- 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.
- 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.
AI Analysis | Feedback
null
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:
- 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.
- 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.
- 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.
- 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.
AI Analysis | Feedback
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.
Peer Outperformance in Integrated Telecommunication Services
AD has outperformed 86% of its 22 Integrated Telecommunication Services peers over 5Y. Integrated Telecommunication Services ranks 3rd of 9 industries in Communication Services by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Integrated Telecommunication Services constituents that AD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
75%
of 24 industry peers · 11.4% return
3Y
64%
of 22 industry peers · 84.9% return
5Y
86%
of 22 industry peers · 145.1% return
No Integrated Telecommunication Services peer with a comparable growth profile has beaten AD by more than 20pp over 5Y.
Median price return by industry across the Communication Services sector, ranked by 5Y. Integrated Telecommunication Services is AD's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -9.8% | 23.9% | 34.4% | ECHO 247% · TMUS 34% · SHEN -60% |
| Publishing | 5 | 11.7% | 15.0% | 9.8% | NYT 31% · NWSA 22% · SCHL 10% |
| Integrated Telecommunication Services ← | 23 | -6.1% | 7.5% | -23.4% | IQST 1489% · TIGO 290% · GSAT 229% |
| Movies & Entertainment | 24 | 5.5% | 74.6% | -34.6% | IMAX 213% · MSGS 119% · BATRA 117% |
| Alternative Carriers | 4 | 19.6% | 22.5% | -47.6% | IRDM 21% · UNIT -43% · LUMN -52% |
| Advertising | 20 | -16.1% | -8.1% | -65.0% | APP 291% · EVC 33% · OMC 22% |
| Interactive Media & Services | 33 | -34.5% | -26.9% | -68.6% | GOOGL 144% · SPOT 122% · META 115% |
| Broadcasting | 15 | -14.2% | -17.2% | -68.9% | FOXA 71% · WBD 22% · NXST 21% |
| Interactive Home Entertainment | 8 | -48.7% | -53.3% | -86.7% | TTWO 37% · RBLX -44% · PINS -65% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Array Digital Infrastructure Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 167.59 |
| Mkt Cap | 54.2 |
| Rev LTM | 5,466 |
| Op Inc LTM | 1,779 |
| FCF LTM | 1,728 |
| FCF 3Y Avg | 1,739 |
| CFO LTM | 2,796 |
| CFO 3Y Avg | 2,588 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 8.9% |
| Rev Chg Q | 9.3% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 34.0% |
| Op Inc Chg 3Y Avg | 14.8% |
| Op Mgn LTM | 32.3% |
| Op Mgn 3Y Avg | 27.2% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 44.0% |
| CFO/Rev 3Y Avg | 44.3% |
| FCF/Rev LTM | 33.3% |
| FCF/Rev 3Y Avg | 39.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Array | 163 | 103 | 100 | ||
| Elimination of intersegment revenues | -123 | ||||
| Towers | 216 | ||||
| Wireless | 4,076 | ||||
| Equipment sales | 1,007 | ||||
| Inbound roaming | 110 | ||||
| Operating lease income | 83 | ||||
| Other service | 165 | ||||
| Retail service | 2,757 | ||||
| Total | 163 | 103 | 100 | 4,169 | 4,122 |
| $ Mil | 2024 | 2022 |
|---|---|---|
| Wireless | 719 | 677 |
| Towers | 126 | 113 |
| Loss on license sales and exchanges, net | -3 | |
| Loss on asset disposals, net | -18 | -19 |
| Expenses related to strategic alternatives review (included in Selling, general and administrative) | -35 | |
| Loss on impairment of licenses | -136 | -3 |
| Depreciation, amortization and accretion | -665 | -700 |
| Gain on sale of business and other exit costs, net | 1 | |
| Total | -12 | 69 |
Price Behavior
Price Behavior
| Market Price | $34.49 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 03/17/1992 | |
| Distance from 52W High | -21.7% | |
| 50 Days | 200 Days | |
| DMA Price | $35.88 | $37.26 |
| DMA Trend | up | down |
| Distance from DMA | -3.9% | -7.4% |
| 3M | 1YR | |
| Volatility | 20.2% | 29.6% |
| Downside Capture | 58.44 | 42.16 |
| Upside Capture | 7.79 | 46.36 |
| Correlation (SPY) | -2.3% | 20.0% |
AD Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.36 | 0.09 | -0.02 | 0.40 | 0.46 | 0.61 |
| Up Beta | 0.47 | -0.36 | -1.28 | 0.04 | 0.28 | 0.34 |
| Down Beta | 0.83 | 0.60 | 0.47 | 0.65 | 0.77 | 0.75 |
| Up Capture | 57% | 13% | 2% | 29% | 29% | 47% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 20 | 28 | 62 | 132 | 397 |
| Down Capture | -38% | 14% | 51% | 63% | 52% | 88% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 21 | 35 | 64 | 117 | 349 |
[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 | |
|---|---|---|---|---|
| AD | 9.9% | 29.6% | 0.32 | - |
| Sector ETF (XLC) | -2.9% | 15.9% | -0.38 | 21.9% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 20.0% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 1.9% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -15.6% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 28.7% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AD | |
|---|---|---|---|---|
| AD | 19.2% | 60.0% | 0.47 | - |
| Sector ETF (XLC) | 7.4% | 21.0% | 0.27 | 14.5% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 13.8% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 4.2% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 1.1% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 18.0% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 7.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AD | |
|---|---|---|---|---|
| AD | 7.4% | 50.7% | 0.30 | - |
| Sector ETF (XLC) | 9.4% | 22.1% | 0.47 | 22.3% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 23.0% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 1.6% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 7.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 21.4% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 5.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -1.2% | 0.1% | 8.0% |
| 5/8/2026 | 13.1% | 3.3% | 3.9% |
| 2/20/2026 | -2.1% | -4.6% | -9.8% |
| 11/7/2025 | -2.8% | -4.9% | 3.3% |
| 8/11/2025 | 3.7% | 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 12 | 13 |
| # Negative | 18 | 12 | 11 |
| Median Positive | 9.2% | 3.3% | 3.3% |
| Median Negative | -3.9% | -6.9% | -3.4% |
| Max Positive | 92.9% | 117.5% | 162.5% |
| Max Negative | -22.4% | -25.9% | -35.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -1.2% | 0.1% | 8.0% |
| 5/8/2026 | 13.1% | 3.3% | 3.9% |
| 2/20/2026 | -2.1% | -4.6% | -9.8% |
| 11/7/2025 | -2.8% | -4.9% | 3.3% |
| 8/11/2025 | 3.7% | 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% |
| 8/2/2024 | -5.8% | -2.9% | 1.7% |
| 5/3/2024 | -8.5% | 23.3% | 57.4% |
| 2/16/2024 | -17.4% | -22.0% | -16.5% |
| 11/3/2023 | 4.6% | -3.1% | 1.5% |
| 8/4/2023 | 92.9% | 117.5% | 162.5% |
| 5/4/2023 | -13.9% | -23.5% | -27.6% |
| 2/16/2023 | 24.5% | 13.7% | -1.6% |
| 11/3/2022 | -22.4% | -25.9% | -35.1% |
| 8/4/2022 | 5.3% | 3.2% | -3.2% |
| 5/5/2022 | -1.8% | -4.3% | -0.7% |
| 2/17/2022 | -8.4% | -9.5% | -3.4% |
| 11/4/2021 | -0.8% | 1.5% | -3.2% |
| 8/5/2021 | -2.1% | 0.8% | 2.6% |
| 5/6/2021 | -1.6% | 2.2% | 5.7% |
| 2/18/2021 | -3.4% | -9.2% | 8.5% |
| 11/5/2020 | -4.5% | 4.8% | 3.3% |
| SUMMARY STATS | |||
| # Positive | 6 | 12 | 13 |
| # Negative | 18 | 12 | 11 |
| Median Positive | 9.2% | 3.3% | 3.3% |
| Median Negative | -3.9% | -6.9% | -3.4% |
| Max Positive | 92.9% | 117.5% | 162.5% |
| Max Negative | -22.4% | -25.9% | -35.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/8/2026Latest: Q2 2026 Earnings Reported 8/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted OIBDA | Reported | 60.00 Mil | 67.50 Mil | 75.00 Mil | 17.4% | Raised | Guidance: 57.50 Mil for 2026 | |
| 2026 Revenue | Reported | 205.00 Mil | 210.00 Mil | 215.00 Mil | 1.2% | Raised | Guidance: 207.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 220.00 Mil | 227.50 Mil | 235.00 Mil | 9.6% | Raised | Guidance: 207.50 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 25.00 Mil | 30.00 Mil | 35.00 Mil | 0 | Affirmed | Guidance: 30.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted OIBDA | Reported | 50.00 Mil | 57.50 Mil | 65.00 Mil | 0 | Affirmed | Guidance: 57.50 Mil for 2026 | |
| 2026 Total operating revenues | Reported | 200.00 Mil | 207.50 Mil | 215.00 Mil | 0 | Affirmed | Guidance: 207.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 200.00 Mil | 207.50 Mil | 215.00 Mil | 0 | Affirmed | Guidance: 207.50 Mil for 2026 | |
| 2026 Capital expenditures | Reported | 25.00 Mil | 30.00 Mil | 35.00 Mil | 0 | Affirmed | Guidance: 30.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/20/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted OIBDA | Reported | 50.00 Mil | 57.50 Mil | 65.00 Mil | ||||
| 2026 Total operating revenues | Reported | 200.00 Mil | 207.50 Mil | 215.00 Mil | ||||
| 2026 Adjusted EBITDA | Reported | 200.00 Mil | 207.50 Mil | 215.00 Mil | ||||
| 2026 Capital expenditures | Reported | 25.00 Mil | 30.00 Mil | 35.00 Mil | ||||
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Aggregate proceeds from spectrum sales | Reported | 178.00 Mil | ||||||
Insider Activity
Updated 9/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Harczak, Harry J JR | Direct | Sell | 9152026 | 38.19 | 6,832 | 260,909 | 550,499 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Harczak, Harry J JR | Direct | Sell | 9152026 | 38.19 | 6,832 | 260,909 | 550,499 | Form |
Investor Activity (13F)
Updated Sep 26, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Integrated Telecommunication Services Resources |
| Fierce Telecom |
| Telecoms.com |
| Light Reading |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 9/25/2026