Total debt was reduced to $1.2B from $4.0B in 2024Q1, but equity also fell 72% to $1.3B, leaving a debt-to-equity ratio of 0.94 and a current ratio of 0.95, suggesting a thinner capital cushion and short-term liquidity strain.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Assets | 3.37B | 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 Growth % | -235.19% | -52.7% | -2.8% | -3.32% | 7.52% | 6.82% | 18.58% | 12.24% | 6.33% | -3.78% | 0.71% | 9.25% | - |
| PP&E (Net) | 374.7M | 861.99M | 3.43B | 3.49B | 3.54B | 3.56B | 3.39B | 3.11B | 2.2B | 2.32B | 2.47B | 2.65B | 2.73B |
| PP&E / Total Assets % | 11.11% | 17.44% | 32.81% | 32.47% | 31.86% | 34.47% | 35.02% | 38.06% | 30.27% | 33.91% | 34.74% | 37.52% | 42.22% |
| Total Current Assets | 438.75M | 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 & Equivalents | 416.44M | 113.4M | 144M | 150M | 273M | 156M | 1.27B | 285M | 580M | 352M | 586M | 715M | 211.51M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 0 | 0 | 179M | 199M | 261M | 173M | 146M | 162M | 142M | 138M | 138M | 149M | 267.07M |
| Other Current Assets | 2.43M | 6.51M | 21M | 36M | 45M | 49M | 226M | 129M | 80M | 62M | 82M | 99M | 357M |
| Long-Term Investments | 1.72B | 412.61M | 454M | 461M | 452M | 439M | 435M | 447M | 441M | 415M | 413M | 363M | 283.01M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 370M | 370M | 370.15M |
| Intangible Assets | 1.59B | 1.64B | 4.58B | 4.69B | 4.69B | 4.09B | 2.63B | 2.47B | 2.19B | 2.22B | 1.89B | 1.83B | 1.44B |
| Other Assets | 26.68M | 1.62B | 643M | 705M | 712M | 644M | 602M | 566M | 633M | 400M | 405M | 172M | 251.26M |
| 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 | 781.15M | 1.6B | 3.68B | 3.88B | 3.9B | 3.59B | 2.21B | 2.19B | 1.04B | 1.29B | 1.04B | 925M | 915.39M |
| Long-Term Debt | 666.76M | 1.18B | 2.84B | 3.04B | 3.19B | 2.73B | 2.49B | 1.5B | 1.6B | 1.62B | 1.62B | 1.63B | 1.12B |
| Short-Term Borrowings | 8.13M | 19.36M | 22M | 20M | 13M | 3M | 2M | 7M | 19M | 18M | 11M | 11M | 0 |
| Capital Lease Obligations | 2.09B | 509.88M | 963M | 966M | 976M | 1.02B | 994M | 974M | 5M | 4M | 2M | 0 | 2.14M |
| Total Current Liabilities | 461.66M | 199.99M | 884M | 901M | 1.2B | 903M | 872M | 750M | 692M | 733M | 718M | 748M | 877.83M |
| Accounts Payable | 41.04M | 38.4M | 232M | 241M | 344M | 346M | 387M | 304M | 313M | 310M | 321M | 285M | 316.62M |
| Accrued Expenses | 5.39M | 4.32M | 0 | 0 | 0 | 0 | 137M | 135M | 141M | 135M | 130M | 144M | 161.46M |
| Deferred Revenue | 27.52M | 0 | 238M | 229M | 239M | 191M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 367.14M | 121.03M | 211M | 237M | 419M | 187M | 230M | 198M | 219M | 270M | 256M | 308M | 399.7M |
| Deferred Taxes | 1.46B | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 295.71M | -173.5M | 570M | 565M | 604M | 573M | 1.01B | 826M | 899M | 798M | 1.13B | 1.11B | 1.14B |
| Total Equity | 1.27B | 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 % | -221.26% | -44.13% | -0.99% | 1.57% | 0.17% | 3.11% | 5.09% | 3.51% | 10.57% | 1.15% | 2.07% | 7.79% | - |
| Shareholders Equity | 1.27B | 2.57B | 4.58B | 4.63B | 4.55B | 4.55B | 4.41B | 4.2B | 4.06B | 3.68B | 3.63B | 3.56B | 3.3B |
| Minority Interest | 6.25M | 6.93M | 31M | 28M | 28M | 27M | 25M | 24M | 21M | 11M | 12M | 11M | 11.76M |
| Common Stock | 88.07M | 88.07M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88M | 88.07M |
| Additional Paid-in Capital | 1.8B | 1.8B | 1.78B | 1.73B | 1.7B | 1.68B | 1.65B | 1.63B | 1.59B | 1.55B | 1.52B | 1.5B | 1.47B |
| Retained Earnings | -534.81M | 769.79M | 2.82B | 2.89B | 2.86B | 2.85B | 2.74B | 2.55B | 2.44B | 2.16B | 2.16B | 2.13B | 1.91B |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 18.1% | 3.78% | -0.37% | 0.49% | 0.28% | 1.55% | 2.57% | 1.65% | 2.13% | 0.17% | 0.68% | 3.56% | -0.67% |
| Return on Equity (ROE) | 37.73% | 8.1% | -0.84% | 1.17% | 0.66% | 3.44% | 5.29% | 3.06% | 3.86% | 0.33% | 1.33% | 7% | -1.3% |
| Debt / Equity | 0.94x | 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 / Assets | 35.52% | 34.58% | 36.58% | 37.49% | 37.56% | 36.25% | 35.97% | 30.38% | 22.33% | 23.97% | 22.91% | 23.23% | 17.44% |
| Net Debt / EBITDA | 1.70x | - | 5.63x | 4.88x | 5.08x | 4.24x | 2.58x | 2.70x | 1.31x | 4.14x | 1.57x | 0.97x | 1.98x |
| Book Value per Share | 14.7 | 29.49 | 53.58 | 53.49 | 53.28 | 52.57 | 50.99 | 47.97 | 46.87 | 42.88 | 42.89 | 42.02 | 39.45 |
Quick answers to the most common questions about buying UZE stock.
As of 2025, Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) had total assets of $4.94B including $144.8M in current assets.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) 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. 5.500% Senior Notes due 2070 (UZE) 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. 5.500% Senior Notes due 2070 (UZE) 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.
Key Metrics
Top Statement Risk
Single-customer concentration and negative operating margins
Metrics are mathematically derived from official filings.
Asset Base Shrinks Post-Divestiture
According to the latest balance sheet, total assets contracted from $10.7B in 2024Q1 to $3.4B in 2026Q2, reflecting the wireless divestiture and a shift toward a leaner infrastructure model.
The 68% reduction in total assets over ten quarters aligns with the sale of wireless operations, leaving a smaller, tower-centric asset base. PPE net fell from $3.5B to $374.7M in the same period, indicating that the remaining infrastructure is a fraction of the former scale. This trajectory suggests the company is repositioning as a specialized tower and spectrum holder, but the pace of contraction may limit near-term growth potential.
PPE Collapse Signals New Rate Base
As reported in the financial statements, PPE net dropped from $3.5B in 2024Q1 to $374.7M in 2026Q2, a 89% decline, indicating the regulated asset base is now concentrated in a smaller tower portfolio.
The dramatic reduction in PPE reflects the divestiture of wireless network assets, leaving only the retained tower infrastructure. This new rate base is likely to generate more stable, lease-based cash flows, but the current gross margin of 21.6% suggests that the remaining assets are not yet generating sufficient returns to cover fixed costs. Investors should monitor whether the tower portfolio can achieve tenancy growth to improve asset utilization.
Leverage Normalizes After Deleveraging
Based on the balance sheet data, total debt fell from $4.0B in 2024Q1 to $1.2B in 2026Q2, while the debt-to-equity ratio dropped from 0.86 to 0.94, indicating a cleaner capital structure post-sale.
The company used proceeds from the wireless sale to reduce debt, with total debt declining by 70% from peak levels. However, the debt-to-equity ratio ticked up slightly in the latest quarter due to a reduction in equity from $1.9B to $1.3B, likely reflecting dividends or buybacks. This leverage level is conservative relative to tower peers like American Tower (D/E 4.34), providing financial flexibility but also suggesting a lack of growth investment.
Equity Base Erodes Amid Transition
According to the quarterly data, equity fell from $4.7B in 2024Q1 to $1.3B in 2026Q2, a 72% decline, while the equity-to-assets ratio dropped from 0.44 to 0.38, indicating a thinner capital cushion.
The reduction in equity reflects the divestiture and associated distributions, but the latest quarter shows a sharp drop from $1.9B to $1.3B, which may indicate a special dividend or write-downs. The equity-to-assets ratio of 0.38 is lower than the prior 0.44, suggesting increased financial risk, though still manageable. Retained earnings are likely minimal given the negative operating margins, so future equity growth will depend on asset sales or profitable operations.
Cash Buffer Strengthens, But Short-Term Obligations Rise
As of 2026Q2, cash increased to $416.4M from $113.4M in 2025Q4, but the current ratio fell to 0.95, indicating that short-term liabilities now exceed liquid assets.
The cash balance improved significantly, likely from asset sale proceeds, but the current ratio below 1.0 suggests potential liquidity pressure in the near term. This is consistent with the negative operating cash flow of -$42.8M in the latest quarter, implying reliance on cash reserves or external financing to meet obligations. The company's access to credit appears adequate given the low leverage, but the negative working capital position warrants monitoring.
Hidden Risk in Tower Decommissioning
The balance sheet shows no explicit liability for tower decommissioning, but the sharp reduction in PPE and negative operating margins may indicate future cash outflows for site restoration, according to the financial data.
While the company has deleveraged and holds $416.4M in cash, the lack of a disclosed decommissioning liability is notable given the scale of asset disposals. If the company is required to dismantle or restore tower sites, this could create unexpected obligations that erode the clean balance sheet. Investors should scrutinize footnotes for environmental or removal obligations, as these could offset the apparent financial strength.