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On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc. (Array). On August 12, 2025, the Array Common Shares ticker symbol on the New York Stock Exchange changed to "AD".
$35.00
+$0.07 (+0.20%)
EOD Jul 17, 2026
The business is unprofitable at the operating level (-56.78% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 58.3% YoY with margins expanding 196.1pp. However, free cash flow softened 80%, worth monitoring whether this is timing or structural.
Free cash flow declined 80% versus the prior year, cash generation momentum has weakened. Net debt of $1.09B represents 6.3x FCF, leverage limits flexibility.
14.5x earnings, 95.0x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$188M
▲ +58.3% YoY
Net Income (TTM)
$208M
▲ +223.7% YoY
Op. Margin
52.07%
▲ +196.1pp YoY
ROIC
1.61%
▲ +1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$32M
▼ -79.9% YoY
Op. Cash Flow (TTM)
$65M
▼ -77.2% YoY
Net Debt
$948M
Cash & Equiv.
$254M
5Y CAGR: -47.4%
5Y CAGR: -6.9%
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At a P/E of 14.5 and a price-to-free-cash-flow of 95.0, Array Digital Infrastructure (AD) trades above a two-stage DCF intrinsic value of about $-4.58 per share, so at $35.00 the stock looks overvalued (113.1% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Array Digital Infrastructure scores 36/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 65.6%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $-4.58 per share for AD, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $-3.43. At today's $35.00, that puts the stock about 113.1% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Array Digital Infrastructure scores 36 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 52.1% operating margin and a 1.6% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Array Digital Infrastructure pays a regular dividend of about $22.97 per share per year (typically in quarterly installments), a yield of roughly 65.6% at the current price. That is a payout ratio of about 953.8% of earnings, so the dividend is stretched at this level. Array Digital Infrastructure has grown the dividend at roughly 60.3% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For AD's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. AD currently trades above its estimated intrinsic value and scores 36/100 on quality (lower-quality). It also yields about 65.6%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.