ARRAY DIGITAL INFRASTRUCTURE, INC. (AD)
Communication Services · Tower REITs / Wireless Infrastructure · NYSE
Array operates 4,450 US cell towers leased to major wireless carriers and provides colocation services, positioning itself as the fifth-largest tower operator in the nation with unique upside from lower historical tenancy rates.
What ARRAY DIGITAL INFRASTRUCTURE, INC. does
Array Digital Infrastructure (formerly United States Cellular Corporation) owns and operates 4,450 cell towers across 19 US states, leasing tower space to wireless carriers and ancillary service providers. The company is focused on driving colocation and incremental tenancy on its tower portfolio while optimizing ground leases. As of December 31, 2025, Array is an 82%-owned subsidiary of Telephone and Data Systems, Inc. (TDS) and has divested its legacy wireless operations as of August 1, 2025.
Themes: ["Tower infrastructure / cell tower REITs","5G infrastructure deployment","Wireless carrier colocation","Digital divide infrastructure"]
Fundamentals
- Price$34.65 as of 2026-07-10 close
- Market cap$3.0B as of 2026-07-12
- 1-year return-48.7% as of 2026-07-10 close
- P/E14.41 as of 2026-07-12
- Net margin+19.3% as of 2026-07-12
- Gross margin+57.5% as of 2026-07-12
- ROE+7.2% as of 2026-07-12
- Debt / equity0.36 as of 2026-07-12
- Revenue growth (YoY)-71.0% as of 2026-07-12
- Revenue CAGR (3y)-66.1% SEC XBRL
- Beta0.30 as of 2026-07-12
Dividend: yield +95.9%; 1-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Pending acquisition proposal from majority owner TDS creates uncertainty and could divert management attention from core business operations and retention of key personnel and customers","Significant debt obligations ($688.9M in scheduled principal payments through 2031) with weighted average interest rate of 6.0%; exposure to interest rate volatility on 45% variable-rate debt","Revenue concentration risk tied to largest tenants (T-Mobile, AT&T, Verizon); tenant churn and failure to achieve colocation growth targets could materially impact financial results"]
Competitors & peers
Fundamentals: Finnhub, as of 2026-07-12. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-10.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.