Latest Ratios: P/E Ratio 10.5x · 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 → | 10.50 | 16.10 | — | 65.94 | 59.57 | 17.81 | 11.71 | 25.16 | 30.22 | 268.79 | 78.07 |
| P/S Ratio | 18.43 | 28.72 | 1.43 | 0.93 | 0.43 | 0.67 | 0.66 | 0.79 | 1.14 | 0.83 | 0.93 |
| P/B Ratio | 1.19 | 1.82 | 1.17 | 0.78 | 0.39 | 0.60 | 0.60 | 0.76 | 1.11 | 0.88 | 1.02 |
| P/FCF | 1.14 | 1.77 | 16.55 | 28.23 | — | — | 10.77 | 43.08 | 22.95 | 809.04 | 64.07 |
| P/OCF | 14.96 | 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 | — | — | 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 | -1.74 | -1.74 | 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 | 65.1% | 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 | 9.5% | 6.2% | — | 1.5% | 1.7% | 5.6% | 8.5% | 4.0% | 3.3% | 0.4% | 1.3% |
| FCF Yield | 87.8% | 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 | 65.8% | 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 |
Post-divestiture operational scale risk
According to recent financial data, AD's P/S ratio of 19.54 and P/E of 11.13 appear highly distorted by the divestiture of wireless operations, rendering traditional valuation multiples largely incomparable to pure-play tower REITs until the company's post-restructuring earnings profile stabilizes and becomes more predictable for investors.
The current valuation reflects a market struggling to price a legacy carrier transitioning into a niche infrastructure provider. Investors should monitor the forward EV/EBITDA of 60.65, which suggests that the market anticipates significant margin expansion as the company sheds its retail-related cost structure.
Based on reported figures, AD's ROIC has languished near zero, reaching only 0.1% in 2026Q1, which highlights the company's current inability to generate meaningful returns on its remaining infrastructure assets while it navigates the complex and costly process of shedding its legacy wireless carrier business model.
The low ROIC suggests that the capital currently tied up in tower assets is not yet being utilized efficiently enough to create shareholder value. This trend warrants further investigation into whether the company can improve its tenancy ratios to drive higher returns on its physical infrastructure base.
As indicated by the company's financial statements, the asset turnover ratio has remained stagnant at 0.01 in recent quarters, suggesting that the firm's current infrastructure footprint is significantly underutilized relative to its historical scale and the requirements of a lean, high-margin tower leasing business model.
The lack of asset turnover improvement implies that the company is still carrying excess capacity or has not yet successfully onboarded enough third-party tenants to replace its former internal wireless demand. This inefficiency likely acts as a drag on overall profitability and return metrics.
According to the latest quarterly filings, AD's interest coverage ratio of 0.70 in 2026Q1 indicates a strained ability to service debt obligations, which is particularly concerning given the company's significantly reduced revenue base and the ongoing volatility associated with its strategic transition to infrastructure.
While total debt has decreased, the low coverage ratio suggests that the company's remaining cash flow is insufficient to comfortably meet interest payments. Investors should monitor whether management prioritizes further debt reduction to stabilize the balance sheet against potential future operational shocks.
The most commonly misapplied metric for AD is the dividend yield, which at 61.4% appears to be a one-time distribution of divestiture proceeds rather than a sustainable payout, potentially misleading investors into viewing the company as a high-yield income play rather than a restructuring infrastructure entity.
Using dividend yield to evaluate AD obscures the reality that the company is in a capital-intensive transition phase. Analysts should instead focus on Funds From Operations (FFO) or Adjusted Funds From Operations (AFFO) to better gauge the recurring cash-generating potential of the tower portfolio.
Includes 30+ ratios · 12 years · Updated daily
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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 10.5x. 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 10.5x. Compare with industry peers and growth rates for a complete picture.
Array Digital Infrastructure, Inc.'s current dividend yield is 65.08% with a payout ratio of 682.9%.
Array Digital Infrastructure, Inc. has 21.6% gross margin and -30.2% operating margin.