Array Digital Infrastructure, Inc. (AD) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Array Digital Infrastructure, Inc. $26.22, price $34.94, upside -25.0%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $6.51 – $44.05 · fair‑value band $16.53 – $44.04 · the $34.94 price screens above the $26.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Array Digital Infrastructure, Inc. owns and operates shared wireless communications infrastructure in the United States. The company deploys 5G and other wireless technologies through its 4,400 cell towers. It also leases tower space to tenants. In addition, the company offers ancillary services.
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Array Digital Infrastructure, Inc. owns and operates shared wireless communications infrastructure in the United States. The company deploys 5G and other wireless technologies through its 4,400 cell towers. It also leases tower space to tenants. In addition, the company offers ancillary services. It serves organizations, wireless carriers, government agencies, municipalities, wireless internet service providers, and broadband providers. The company was formerly known as United States Cellular Corporation and changed its name to Array Digital Infrastructure, Inc. in August 2025. The company was incorporated in 1983 and is headquartered in Chicago, Illinois. Array Digital Infrastructure, Inc. is a subsidiary of Telephone and Data Systems, Inc.
Stock analysis
Array Digital Infrastructure, Inc. (AD) currently trades at $34.94, while our model-based Fair Value estimate is $26.22, implying the stock looks roughly 33.3% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $217.84 per share, and 8 of the 16 models we run sit above the $34.94 price.
Bear case: the Asset-Based group reads lowest at $19.71, and 8 of the 16 models stay below the price. Evidence for this calculation is medium.
Scenario range: $16.53 (bear) to $44.04 (bull), the price of $34.94 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Array Digital Infrastructure, Inc. reported revenue of $163M in FY2025 versus $4.1B in FY2021, a compound −55.4%/yr. Reported net income was $291M in FY2025, compounding +17.0%/yr from FY2021.
Key figures
Market cap $3.1B · P/E ratio 8.8 · P/S ratio 15.7 · EPS (TTM) $3.97 · Net margin 111% · Return on equity 10.7% · Return on assets (EBIT) 0.5% · Operating margin 9.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 47% fair-value upside, at −25%, AD screens richer than that median.
Fair Value models
Bear $16.53Fair Value $26.22Bull $44.04
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($2.90 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−95.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−66.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−47.4%
Start year 2020 (pandemic). Over 10 years: −27.4% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−25.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+0.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13% vs 7%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → −30%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +4.5% a year for the price and −1.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Array Digital Infrastructure, Inc. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 250 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−25% · Below median
Profitability
Return on equity (TTM)11% · Above median
Return on assets0% · Bottom 25%
Net margin (TTM)111% · Top 25%
Operating margin (TTM)10% · Below median
Growth and dividend
Revenue growth93% · Top 25%
Balance sheet
Debt / equity0.26× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (TTM)8.8× · Cheapest 25%
P/B1.19× · Cheaper than median
P/S (TTM)16.22× · Priciest 25%
P/FCF17.6× · Priciest 25%
PEG1.27× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 39
FUTURE (revenue growth)100· sector 16
PAST (return on equity)43· sector 29
HEALTH (low debt)87· sector 83
DIVIDEND (yield)0· sector 76
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Array Digital Infrastructure, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/AD
Frequently asked questions
Is Array Digital Infrastructure, Inc. (AD) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $26.22 versus a price of $34.94, about −25% upside (overvalued).
What is the fair value of AD?
Our model-based fair value for Array Digital Infrastructure, Inc. is $26.22 (as of Sep 24, 2026), built from audited fundamentals. The current price: $34.94.
What is the quality score of AD?
Array Digital Infrastructure, Inc. has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Array Digital Infrastructure, Inc. (AD)?
Our model-based price target is the fair value of $26.22 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario $16.53, optimistic scenario $44.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Array Digital Infrastructure, Inc. stock forecast for 2026?
Our models put fair value at $26.22, about −25% upside versus a price of $34.94 (overvalued). Cautious scenario $16.53, optimistic scenario $44.04. The calculation is refreshed regularly with new filings.
What is the revenue of Array Digital Infrastructure, Inc. (AD)?
Array Digital Infrastructure, Inc. reported trailing-twelve-month revenue of about $188M (latest available figure, as of Sep 24, 2026).
What growth is priced into Array Digital Infrastructure, Inc. (AD)?
For today's price to be fair in a discounted-cash-flow model, Array Digital Infrastructure, Inc. would have to grow free cash flow by +7.0 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -47.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of AD use?
Our models discount Array Digital Infrastructure, Inc. at 8.5 %: a base by market capitalisation (mid), damped by beta 0.25, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Array Digital Infrastructure, Inc. that is +7.0 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Array Digital Infrastructure, Inc. (AD) delivered so far?
Over the past 5 years revenue at Array Digital Infrastructure, Inc. grew -47.4 % a year. The price currently implies +7.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Array Digital Infrastructure, Inc. (AD) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Array Digital Infrastructure, Inc. (+7.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Array Digital Infrastructure, Inc. (AD)?
The free-cash-flow yield on the price is 5.69 %: that much free cash flow Array Digital Infrastructure, Inc. produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Array Digital Infrastructure, Inc. (AD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Array Digital Infrastructure, Inc. it is $26.22 per share (as of Sep 24, 2026), against a price of $34.94. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Array Digital Infrastructure, Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AD trades above its calculated fair value: price $34.94, fair value $26.22, a gap of about −25% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AD?
No. The price is what the market pays today ($34.94); the fair value is what the company's own numbers justify ($26.22). For Array Digital Infrastructure, Inc. the two are $8.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is Array Digital Infrastructure, Inc. worth?
The market values Array Digital Infrastructure, Inc. at about $3.1B (market capitalisation, as of Sep 24, 2026). Per share that is $34.94; our models calculate a fair value of $26.22 per share.
What do the bullish and bearish scenarios say about AD?
Our models span a range for Array Digital Infrastructure, Inc.: cautious scenario $16.53, base $26.22, optimistic $44.04 per share (as of Sep 24, 2026, price $34.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AD?
Array Digital Infrastructure, Inc. trades at a price-to-earnings ratio of 8.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $26.22 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 23.3 (reported 10.5). Other multiples: PEG 1.3, P/B 1.2, P/S 16.2.
What is the PEG ratio of AD?
The PEG ratio of Array Digital Infrastructure, Inc. is 1.27 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Array Digital Infrastructure, Inc. (AD)?
Balance-sheet figures for Array Digital Infrastructure, Inc. (as of Sep 24, 2026): return on equity 10.7%, debt of 0.26 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is AD from its 52-week high?
Array Digital Infrastructure, Inc. trades at $34.94, about 21% below its 52-week high of $44.05 and 20% above the low of $29.14 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $26.22 is for.
Which stocks are comparable to Array Digital Infrastructure, Inc.?
From the same area (Communication Services) we also value China Mobile Limited, T-Mobile US, Inc, Verizon Communications Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Array Digital Infrastructure, Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price $34.94, calculated fair value $26.22 (−25%), Quality Score 55/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AD calculated?
We run Array Digital Infrastructure, Inc. through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $26.22, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Array Digital Infrastructure, Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Array Digital Infrastructure, Inc. (AD)?
The closing price on Sep 23, 2026 was $34.94. Our model-based fair value is $26.22, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Array Digital Infrastructure, Inc. right now?
The model range is unusually wide ($16.53 to $44.04). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Array Digital Infrastructure, Inc.
How large is the market capitalisation of Array Digital Infrastructure, Inc. (AD)?
The market capitalisation of Array Digital Infrastructure, Inc. is $3.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Array Digital Infrastructure, Inc. (AD)?
The price-to-sales ratio of Array Digital Infrastructure, Inc. is 15.7 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Array Digital Infrastructure, Inc. (AD)?
Earnings per share at Array Digital Infrastructure, Inc. are $3.97 (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Array Digital Infrastructure, Inc. (AD)?
The net margin of Array Digital Infrastructure, Inc. is 111% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Array Digital Infrastructure, Inc. (AD)?
The return on equity (ROE) of Array Digital Infrastructure, Inc. is 10.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Array Digital Infrastructure, Inc. (AD)?
On an EBIT basis the return on assets of Array Digital Infrastructure, Inc. is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Array Digital Infrastructure, Inc. (AD)?
The operating margin of Array Digital Infrastructure, Inc. is 9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Array Digital Infrastructure, Inc. (AD)?
Revenue at Array Digital Infrastructure, Inc. is growing +92.8% versus a year earlier (3y avg −66.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Array Digital Infrastructure, Inc. (AD)?
Earnings per share at Array Digital Infrastructure, Inc. are growing +909% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Array Digital Infrastructure, Inc. (AD) carry?
The net debt of Array Digital Infrastructure, Inc. is $1.6B (fiscal year 2025, ≈ 9.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 24, 2026