Latest Ratios: P/E Ratio 10.3x · EV/EBITDA N/A · ROE 8.1%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $4.7B | $5.4B | $3.6B | $1.8B | $2.7B | $2.7B | $3.2B | $4.5B | $3.2B | $3.7B |
| Enterprise Value | $4.6B | $6.3B | $9.1B | $7.5B | $5.7B | $6.3B | $4.9B | $5.4B | $5.6B | $4.5B | $4.8B |
| P/E Ratio → | 10.33 | 16.10 | — | 65.94 | 59.57 | 17.81 | 11.71 | 25.16 | 30.22 | 268.79 | 78.07 |
| P/S Ratio | 18.20 | 28.72 | 1.43 | 0.93 | 0.43 | 0.67 | 0.66 | 0.79 | 1.14 | 0.83 | 0.93 |
| P/B Ratio | 1.17 | 1.82 | 1.17 | 0.78 | 0.39 | 0.60 | 0.60 | 0.76 | 1.11 | 0.88 | 1.02 |
| P/FCF | 1.12 | 1.77 | 16.55 | 28.23 | — | — | 10.77 | 43.08 | 22.95 | 809.04 | 64.07 |
| P/OCF | 14.77 | 23.31 | 6.11 | 4.17 | 2.16 | 3.42 | 2.16 | 4.40 | 6.38 | 6.90 | 7.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 38.52 | 2.41 | 1.92 | 1.37 | 1.54 | 1.21 | 1.34 | 1.40 | 1.16 | 1.19 |
| EV / EBITDA | — | — | 13.89 | 9.43 | 7.41 | 7.47 | 5.70 | 6.61 | 6.97 | 14.55 | 7.15 |
| EV / EBIT | — | 37.06 | 56.35 | 24.41 | 24.24 | 17.85 | 25.29 | 41.41 | 37.10 | 75.40 | 93.32 |
| EV / FCF | — | 2.38 | 27.83 | 58.55 | — | — | 19.68 | 72.75 | 28.25 | 1131.05 | 82.06 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.6% | 21.6% | 56.8% | 55.8% | 52.7% | 53.7% | 55.6% | 55.6% | 54.9% | 53.7% | 53.9% |
| Operating Margin | -30.2% | -30.2% | -0.3% | 3.6% | 1.7% | 4.1% | 4.3% | 2.8% | 4.0% | -7.8% | 1.2% |
| Net Profit Margin | 178.5% | 178.5% | -1.0% | 1.4% | 0.7% | 3.8% | 5.7% | 3.2% | 3.8% | 0.3% | 1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | -0.8% | 1.2% | 0.7% | 3.4% | 5.3% | 3.1% | 3.9% | 0.3% | 1.3% |
| ROA | 3.8% | 3.8% | -0.4% | 0.5% | 0.3% | 1.5% | 2.6% | 1.6% | 2.1% | 0.2% | 0.7% |
| ROIC | -0.6% | -0.6% | -0.1% | 1.2% | 0.6% | 1.7% | 2.0% | 1.5% | 2.3% | -4.7% | 0.8% |
| ROCE | -0.7% | -0.7% | -0.1% | 1.4% | 0.7% | 1.9% | 2.1% | 1.6% | 2.5% | -4.9% | 0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.83 | 0.87 | 0.91 | 0.82 | 0.78 | 0.59 | 0.40 | 0.44 | 0.45 |
| Debt / EBITDA | — | — | 5.85 | 5.07 | 5.43 | 4.42 | 4.07 | 3.05 | 2.04 | 5.27 | 2.45 |
| Net Debt / Equity | — | 0.62 | 0.80 | 0.83 | 0.85 | 0.79 | 0.50 | 0.52 | 0.26 | 0.35 | 0.29 |
| Net Debt / EBITDA | — | — | 5.63 | 4.88 | 5.08 | 4.24 | 2.58 | 2.70 | 1.31 | 4.14 | 1.57 |
| Debt / FCF | — | 0.60 | 11.28 | 30.31 | — | — | 8.92 | 29.66 | 5.30 | 322.00 | 17.98 |
| Interest Coverage | 6.00 | 6.00 | 0.88 | 1.57 | 1.44 | 2.03 | 1.86 | 1.40 | 1.49 | 0.57 | 0.48 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.72 | 0.72 | 1.52 | 1.55 | 1.44 | 1.78 | 3.01 | 2.10 | 2.62 | 2.02 | 2.18 |
| Quick Ratio | 0.72 | 0.72 | 1.32 | 1.33 | 1.22 | 1.59 | 2.84 | 1.88 | 2.41 | 1.83 | 1.99 |
| Cash Ratio | 0.57 | 0.57 | 0.16 | 0.17 | 0.23 | 0.17 | 1.46 | 0.38 | 0.86 | 0.55 | 0.82 |
| Asset Turnover | — | 0.03 | 0.36 | 0.36 | 0.37 | 0.40 | 0.42 | 0.49 | 0.55 | 0.57 | 0.56 |
| Inventory Turnover | — | — | 9.11 | 8.68 | 7.55 | 11.03 | 12.28 | 11.01 | 12.60 | 13.07 | 13.34 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 66.2% | 42.4% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 682.9% | 682.9% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 6.2% | — | 1.5% | 1.7% | 5.6% | 8.5% | 4.0% | 3.3% | 0.4% | 1.3% |
| FCF Yield | 89.0% | 56.4% | 6.0% | 3.5% | — | — | 9.3% | 2.3% | 4.4% | 0.1% | 1.6% |
| Buyback Yield | 0.7% | 0.5% | 1.0% | 0.0% | 2.4% | 1.1% | 1.3% | 0.9% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 66.9% | 42.9% | 1.0% | 0.0% | 2.4% | 1.1% | 1.3% | 0.9% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $87M | $86M | $87M | $86M | $87M | $87M | $88M | $87M | $86M | $85M |
Includes 30+ ratios · 12 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AD stock.
Array Digital Infrastructure Inc's current P/E ratio is 10.3x. The historical average is 35.4x.
Array Digital Infrastructure Inc's return on equity (ROE) is 8.1%. The historical average is 2.7%.
Based on historical data, Array Digital Infrastructure Inc is trading at a P/E of 10.3x. Compare with industry peers and growth rates for a complete picture.
Array Digital Infrastructure Inc's current dividend yield is 66.18% with a payout ratio of 682.9%.
Array Digital Infrastructure Inc has 21.6% gross margin and -30.2% operating margin.
Key Metrics
Top Statement Risk
Dependence on asset sales
Metrics are mathematically derived from official filings.
Yield Signals Distressed Transition
AD's dividend yield of 63.3% and P/E of 10.8 reflect market skepticism, as per current valuation metrics, with the yield implying either a massive payout or an unsustainable dividend.
The trailing P/E of 10.8 is misleading because it is inflated by one-time gains from asset sales; the forward P/E of 12.6 suggests the market expects earnings to normalize but still does not credit the core tower business with meaningful profitability. The 63.3% dividend yield is a red flag: it is either a sign of a distressed asset or a signal that the market expects a dividend cut, given that operating cash flow is negative and the payout is not covered by operations. Investors should compare this yield to the 10-year Treasury; the spread is abnormally wide, indicating high perceived risk.
ROE Spike Masks Core Weakness
ROE surged to 22.9% in 2026Q2, but this is driven by one-time gains, not operations; as reported in the latest quarterly data, the core tower business remains unprofitable on an operating basis.
The 22.9% ROE in 2026Q2 is a direct result of the $358.7M net income that includes gains from spectrum sales, not from recurring tower leasing. Excluding these non-operating items, the underlying ROE would be negative, as evidenced by the -30.2% operating margin TTM. This suggests that the company is not earning its cost of capital on its remaining assets, and the regulatory-like allowed return concept does not apply here since AD is not a traditional regulated utility. The volatility in ROE—from 0.4% in 2025Q1 to 22.9% in 2026Q2—underscores the lack of stability in earnings power.
Margin Gap Highlights Legacy Drag
Gross margin of 21.6% and operating margin of -30.2% TTM, based on the latest financials, indicate that AD has not yet shed legacy carrier costs, far below pure-play tower peers.
The negative operating margin of -30.2% TTM is a clear sign that the cost structure is not aligned with the post-divestiture revenue base. While gross margin improved to 21.6%, this is still well below the 60-80% typical for tower REITs, suggesting that land lease costs and maintenance expenses are disproportionately high. The company appears to be carrying corporate overhead and legacy costs that were sized for a much larger carrier operation. Until management rightsizes these costs, the core tower business will continue to burn cash, and the path to profitability remains uncertain.
Leverage Creeps Higher on Shrinking Equity
Debt-to-capital rose to 0.48 in 2026Q2 from 0.45 a year earlier, as equity contracted to $1.3B, according to the balance sheet data, while interest coverage improved to 42.7x.
The debt-to-capital ratio of 0.48 is moderate, but it is rising because equity is shrinking faster than debt is being repaid. Interest coverage of 42.7x in 2026Q2 is artificially high due to the one-time gains inflating EBIT; excluding those, coverage would be thin, as seen in 2025Q4 when it was 6.4x. The company's ability to service debt is heavily dependent on asset sale proceeds, which are not recurring. With a current ratio of 0.95, liquidity is strained, and the company may need to refinance or sell more assets to meet near-term obligations.
Dividend Uncovered by Operations
Dividends paid of $951.3M in 2026Q2 far exceeded operating cash flow of -$42.8M, as per the cash flow statement, making the 63.3% yield unsustainable without external funding.
The dividend payout ratio of 2.7% in 2026Q2 is misleading because it is based on net income that includes one-time gains; the actual cash dividend is not covered by operating cash flow. The negative OCF in 2026Q2 means the company is funding its dividend through asset sales or debt, which is not sustainable. Given the massive CAPEX of $1.2B in 2026Q2, likely related to spectrum purchases, the company is prioritizing growth over dividend stability. Investors should expect a dividend cut unless the core tower business generates positive cash flow soon.
P/E Misleads on Transition
The most misapplied ratio for AD is P/E, as the 10.8x trailing multiple is distorted by one-time asset sale gains, obscuring the negative operating earnings of the core tower business.
Comparing AD's P/E to that of pure-play tower REITs is inappropriate because AD's earnings are not yet representative of its ongoing operations. The 178.5% net margin is a clear red flag that the P/E is meaningless. Instead, investors should use EV/EBITDA or a sum-of-the-parts valuation that separates the tower assets, spectrum rights, and cash. Given the negative operating margin, EV/EBITDA is not calculable, but a forward-looking analysis should focus on the potential EBITDA from the tower portfolio once legacy costs are eliminated. The market appears to be pricing AD as a liquidation play, not a going concern, which may understate the value of its regional tower density.