The company has significantly downsized its footprint, with total assets falling from $10.8B in 2023Q4 to $4.0B in 2026Q1, while maintaining a debt-to-equity ratio of 0.64.
| Total Current Assets | 274.06M | 144.79M | 1.34B | 1.4B | 1.72B | 1.6B | 2.63B | 1.57B | 1.81B | 1.48B | 1.57B | 1.67B | 1.39B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 253.64M | 113.4M | 144M | 150M | 273M | 156M | 1.27B | 285M | 580M | 352M | 586M | 715M | 211.51M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 0 | 17M | 50M | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 179M | 199M | 261M | 173M | 146M | 162M | 142M | 138M | 138M | 149M | 267.07M |
| Days Inventory Outstanding | 23.26 | - | 40.08 | 42.03 | 48.33 | 33.09 | 29.72 | 33.14 | 28.97 | 27.94 | 27.36 | 29.75 | 49.66 |
| Other Current Assets | 3.81M | 6.51M | 21M | 36M | 45M | 49M | 226M | 129M | 80M | 62M | 82M | 99M | 357M |
| Total Non-Current Assets | 3.69B | 4.8B | 9.1B | 9.35B | 9.4B | 8.74B | 7.06B | 6.59B | 5.46B | 5.36B | 5.54B | 5.39B | 5.08B |
| Property, Plant & Equipment | 860.11M | 861.99M | 3.43B | 3.49B | 3.54B | 3.56B | 3.39B | 3.11B | 2.2B | 2.32B | 2.47B | 2.65B | 2.73B |
| Fixed Asset Turnover | 0.74x | 0.19x | 1.10x | 1.12x | 1.18x | 1.16x | 1.19x | 1.29x | 1.80x | 1.68x | 1.62x | 1.52x | 1.43x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 370M | 370M | 370.15M |
| Intangible Assets | 1.64B | 1.64B | 4.58B | 4.69B | 4.69B | 4.09B | 2.63B | 2.47B | 2.19B | 2.22B | 1.89B | 1.83B | 1.44B |
| Long-Term Investments | 1.74B | 412.61M | 454M | 461M | 452M | 439M | 435M | 447M | 441M | 415M | 413M | 363M | 283.01M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 3.96B | 4.94B | 10.45B | 10.75B | 11.12B | 10.34B | 9.68B | 8.16B | 7.27B | 6.84B | 7.11B | 7.06B | 6.46B |
| Asset Turnover | 0.18x | 0.03x | 0.36x | 0.36x | 0.37x | 0.40x | 0.42x | 0.49x | 0.55x | 0.57x | 0.56x | 0.57x | 0.60x |
| Asset Growth % | -170.14% | -52.7% | -2.8% | -3.32% | 7.52% | 6.82% | 18.58% | 12.24% | 6.33% | -3.78% | 0.71% | 9.25% | - |
| Total Current Liabilities | 265.6M | 199.99M | 884M | 901M | 1.2B | 903M | 872M | 750M | 692M | 733M | 718M | 748M | 877.83M |
| Accounts Payable | 32.49M | 38.4M | 232M | 241M | 344M | 346M | 387M | 304M | 313M | 310M | 321M | 285M | 316.62M |
| Days Payables Outstanding | 63.51 | 109.7 | 51.95 | 50.91 | 63.7 | 66.19 | 78.78 | 62.2 | 63.86 | 62.76 | 63.64 | 56.91 | 58.87 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 79.16M | 121.03M | 211M | 237M | 419M | 187M | 230M | 198M | 219M | 270M | 256M | 308M | 399.7M |
| Current Ratio | 1.03x | 0.72x | 1.52x | 1.55x | 1.44x | 1.78x | 3.01x | 2.10x | 2.62x | 2.02x | 2.18x | 2.24x | 1.58x |
| Quick Ratio | 1.03x | 0.72x | 1.32x | 1.33x | 1.22x | 1.59x | 2.84x | 1.88x | 2.41x | 1.83x | 1.99x | 2.04x | 1.27x |
| Cash Conversion Cycle | -40.25 | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.83B | 2.17B | 4.96B | 5.2B | 5.34B | 4.86B | 4.37B | 3.19B | 2.5B | 2.42B | 2.75B | 2.74B | 2.27B |
| Long-Term Debt | 668.5M | 1.18B | 2.84B | 3.04B | 3.19B | 2.73B | 2.49B | 1.5B | 1.6B | 1.62B | 1.62B | 1.63B | 1.12B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 2.1B | 2.37B | 5.84B | 6.1B | 6.54B | 5.77B | 5.25B | 3.94B | 3.2B | 3.15B | 3.46B | 3.49B | 3.15B |
| Total Debt | 1.2B | 1.71B | 3.82B | 4.03B | 4.18B | 3.75B | 3.48B | 2.48B | 1.62B | 1.64B | 1.63B | 1.64B | 1.13B |
| Net Debt | 948.23M | 1.6B | 3.68B | 3.88B | 3.9B | 3.59B | 2.21B | 2.19B | 1.04B | 1.29B | 1.04B | 925M | 915.39M |
| Debt / Equity | 0.64x | 0.66x | 0.83x | 0.87x | 0.91x | 0.82x | 0.78x | 0.59x | 0.40x | 0.44x | 0.45x | 0.46x | 0.34x |
| Debt / EBITDA | 4.94x | - | 5.85x | 5.07x | 5.43x | 4.42x | 4.07x | 3.05x | 2.04x | 5.27x | 2.45x | 1.72x | 2.43x |
| Net Debt / EBITDA | 3.90x | - | 5.63x | 4.88x | 5.08x | 4.24x | 2.58x | 2.70x | 1.31x | 4.14x | 1.57x | 0.97x | 1.98x |
| Interest Coverage | - | -1.74x | 0.88x | 1.57x | 1.44x | 2.03x | 1.86x | 1.40x | 1.49x | 0.57x | 0.48x | 1.21x | -5.96x |
| Total Equity | 1.87B | 2.57B | 4.61B | 4.65B | 4.58B | 4.57B | 4.44B | 4.22B | 4.08B | 3.69B | 3.65B | 3.57B | 3.31B |
| Equity Growth % | -150.34% | -44.13% | -0.99% | 1.57% | 0.17% | 3.11% | 5.09% | 3.51% | 10.57% | 1.15% | 2.07% | 7.79% | - |
| Book Value per Share | 21.56 | 29.49 | 53.58 | 53.49 | 53.28 | 52.57 | 50.99 | 47.97 | 46.87 | 42.88 | 42.89 | 42.02 | 39.45 |
| Total Shareholders' Equity | 1.86B | 2.57B | 4.58B | 4.63B | 4.55B | 4.55B | 4.41B | 4.2B | 4.06B | 3.68B | 3.63B | 3.56B | 3.3B |
| Common Stock | 88.07M | 88.07M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88.07M |
| Retained Earnings | 59.26M | 769.79M | 2.82B | 2.89B | 2.86B | 2.85B | 2.74B | 2.55B | 2.44B | 2.16B | 2.16B | 2.13B | 1.91B |
| Treasury Stock | -84.13M | -85.61M | -112M | -80M | -98M | -68M | -67M | -70M | -65M | -120M | -136M | -157M | -169.14M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.16M | 6.93M | 31M | 28M | 28M | 27M | 25M | 24M | 21M | 11M | 12M | 11M | 11.76M |
Post-divestiture asset base contraction
As reported in recent financial statements, AD's total assets plummeted from $10.8B in 2023Q4 to $4.0B by 2026Q1, signaling a fundamental downsizing of the company's footprint as it completes its strategic transition from a wireless carrier to a specialized infrastructure-focused entity.
The significant reduction in total assets reflects the divestiture of wireless operations and spectrum rights, which has effectively reset the company's scale. Investors should monitor whether the remaining $4.0B asset base can generate sufficient returns on capital now that the high-volume retail business has been removed.
According to the latest quarterly filings, AD's total debt decreased from $4.0B in 2023Q4 to $1.2B in 2026Q1, yet the debt-to-equity ratio remains elevated at 0.64, suggesting that the company's leverage profile is still adjusting to its significantly smaller post-divestiture revenue base.
While the absolute debt reduction is notable, the persistence of leverage relative to a diminished asset base warrants further investigation into the company's long-term debt service capacity. The current debt structure may indicate that the company is still carrying legacy obligations that do not align with its new, leaner infrastructure model.
Based on reported figures, AD's net property, plant, and equipment (PPE) declined from $3.5B in 2023Q4 to $860.1M in 2026Q1, highlighting a major shift in the company's asset mix as it sheds retail-related infrastructure in favor of a more focused tower-leasing portfolio.
The concentration of assets into a smaller, more specialized tower portfolio suggests a transition toward an asset-light model, though the high level of remaining goodwill at $1.6B may indicate potential impairment risks. Analysts should evaluate whether the current PPE valuation accurately reflects the revenue-generating potential of the remaining tower assets.
As indicated by the company's 2026Q1 financial statements, the current ratio stands at 1.03, which represents a precarious liquidity position that may limit the company's ability to absorb operational shocks or fund necessary capital expenditures for tower upgrades without additional financing.
The fluctuation in cash reserves, which dropped from $386.0M in 2025Q2 to $253.6M in 2026Q1, suggests that liquidity management is currently a primary challenge for the firm. This tight buffer appears to leave little room for error as the company attempts to stabilize its new business model.
Quick answers to the most common questions about buying AD stock.
As of 2025, Array Digital Infrastructure, Inc. (AD) had total assets of $4.94B including $144.8M in current assets.
Array Digital Infrastructure, Inc. (AD) carries total debt of $1.71B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Array Digital Infrastructure, Inc. (AD) has total shareholders' equity (book value) of $2.57B ($29.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Array Digital Infrastructure, Inc. (AD) reported a current ratio of 0.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.