Latest Ratios: P/E Ratio 5.7x · 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 | $1.6B | $1.8B | $2.0B | $1.7B | $1.4B | $2.4B | $2.3B | — | — | — | — |
| Enterprise Value | $3.2B | $3.4B | $5.7B | $5.6B | $5.3B | $6.0B | $4.5B | — | — | — | — |
| P/E Ratio → | 5.68 | 6.05 | — | 30.87 | 45.63 | 15.31 | 10.13 | — | — | — | — |
| P/S Ratio | 10.04 | 10.79 | 0.53 | 0.43 | 0.33 | 0.57 | 0.57 | — | — | — | — |
| P/B Ratio | 0.64 | 0.68 | 0.43 | 0.36 | 0.30 | 0.52 | 0.52 | — | — | — | — |
| P/FCF | 0.62 | 0.67 | 6.10 | 13.22 | — | — | 9.31 | — | — | — | — |
| P/OCF | 8.14 | 8.76 | 2.25 | 1.95 | 1.65 | 2.94 | 1.87 | — | — | — | — |
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 | — | 20.59 | 1.50 | 1.43 | 1.27 | 1.44 | 1.12 | — | — | — | — |
| EV / EBITDA | — | — | 8.68 | 7.01 | 6.86 | 7.02 | 5.28 | — | — | — | — |
| EV / EBIT | — | 19.81 | 35.19 | 18.15 | 22.45 | 16.76 | 23.42 | — | — | — | — |
| EV / FCF | — | 1.27 | 17.38 | 43.53 | — | — | 18.23 | — | — | — | — |
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 | 100.0% | 100.0% | — | — | — | — | — | — | — | — | — |
| 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 | 17.6% | 16.5% | — | 3.2% | 2.2% | 6.5% | 9.9% | — | — | — | — |
| FCF Yield | 100.0% | 150.0% | 16.4% | 7.6% | — | — | 10.7% | — | — | — | — |
| Buyback Yield | 1.3% | 1.2% | 2.7% | 0.0% | 3.1% | 1.3% | 1.5% | — | — | — | — |
| Total Shareholder Yield | 100.0% | 100.0% | 2.7% | 0.0% | 3.1% | 1.3% | 1.5% | — | — | — | — |
| Shares Outstanding | — | $87M | $86M | $87M | $86M | $87M | $87M | $88M | $87M | $86M | $85M |
Carrier CapEx Concentration Risk
According to recent market data, the company trades at a P/S of 10.04 and a P/E of 5.68, which, based on reported figures, appears to reflect a market struggling to reconcile the massive revenue contraction with the underlying value of the remaining tower and spectrum assets.
The current valuation multiples are heavily distorted by the recent divestiture of wireless operations, rendering traditional P/E metrics largely irrelevant for assessing future earning power. Investors should monitor whether the market begins to re-rate the entity as a specialized infrastructure REIT, which would likely necessitate a shift toward EV/EBITDA or NAV-based valuation models.
As reported in financial statements, the ROIC has hovered near zero, specifically at 0.1% in 2026Q1, suggesting that the company is currently failing to generate meaningful returns on its invested capital as it navigates the transition from a wireless operator to a passive infrastructure provider.
The low ROIC reflects the significant drag of legacy costs and the current lack of scale in the new tower-leasing model. Until the company achieves higher tenancy ratios across its rural tower portfolio, returns on capital will likely remain suppressed compared to established tower REIT peers.
Based on the latest quarterly data, the asset turnover ratio has plummeted to 0.01, a sharp decline from historical levels, which indicates that the company's asset base is currently underutilized as it sheds legacy operations and attempts to stabilize its new infrastructure-focused business model.
The deterioration in asset turnover highlights the structural challenge of maintaining a large physical footprint with a significantly reduced revenue base. Management must improve site utilization to justify the current asset intensity, as the current turnover levels are unsustainable for a long-term infrastructure play.
As indicated by recent SEC filings, the company has successfully reduced its debt-to-equity ratio to 0.64, a notable improvement from the 0.87 level observed in 2023Q4, which suggests a more comfortable debt service profile as the firm pivots toward a leaner, infrastructure-centric capital structure.
The reduction in leverage provides a necessary buffer against the volatility inherent in the current transition phase. While interest coverage remains sensitive to operational fluctuations, the lower debt burden should theoretically provide management with greater flexibility to invest in tower densification and spectrum maintenance.
Based on an analysis of the business model, the P/S ratio is the most commonly misapplied metric, as it obscures the high-margin, recurring nature of tower lease income by focusing on the dramatic revenue decline resulting from the recent divestiture of the company's legacy wireless operations.
Investors should instead prioritize metrics like tower tenancy ratios and EBITDA margins, which better capture the underlying profitability of the infrastructure assets. Relying on revenue-based multiples in this context risks mispricing the company as a failing service provider rather than a stable, utility-like infrastructure entity.
Includes 30+ ratios · 12 years · Updated daily
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Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069's current P/E ratio is 5.7x. The historical average is 21.6x.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069's return on equity (ROE) is 8.1%. The historical average is 2.7%.
Based on historical data, Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 is trading at a P/E of 5.7x. Compare with industry peers and growth rates for a complete picture.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069's current dividend yield is 100.00% with a payout ratio of 682.9%.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 has 21.6% gross margin and -30.2% operating margin.