Array Digital Infrastructure Inc (AD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-147.0%

-$16.05

vs $34.18 price

Levered DCF

-$16.65

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.46

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.82×	-139.38×	63.89×	59.57×	17.51×	11.71×	25.16×	30.22×
P/B	1.79×	1.18×	0.75×	0.39×	0.6×	0.61×	0.76×	1.11×
P/S	28.27×	1.43×	0.89×	0.43×	0.66×	0.66×	0.79×	1.14×
EV / EBITDA	28.5×	10.98×	7.64×	6.07×	6.1×	5.57×	6.47×	7.04×
Gross margin	21.6%	56.8%	55.8%	52.7%	53.7%	55.6%	55.6%	54.9%
Operating margin	-30.2%	-0.3%	3.6%	1.7%	4.1%	4.3%	2.8%	4.0%
Net margin	178.5%	-1.0%	1.4%	0.7%	3.8%	5.7%	3.2%	3.8%
Current ratio	0.72×	1.52×	1.55×	1.44×	1.78×	3.01×	2.1×	2.62×
Debt / equity	0.67×	0.84×	0.87×	0.92×	0.82×	0.79×	0.59×	0.4×
Interest coverage	-1.74×	-0.07×	0.71×	0.42×	0.97×	1.66×	1.2×	1.56×
Dividend yield	43.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	682.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	-0.9%	1.2%	0.7%	3.4%	5.2%	3.0%	3.7%
Return on invested capital	-1.0%	-0.1%	0.7%	0.3%	1.6%	1.8%	1.1%	1.8%
Return on assets	5.9%	-0.4%	0.5%	0.3%	1.5%	2.4%	1.6%	2.1%
Free cash flow yield	3.8%	6.0%	3.7%	-20.0%	-45.9%	9.3%	2.3%	4.4%
Earnings yield	6.3%	-0.7%	1.6%	1.7%	5.7%	8.6%	4.0%	3.3%
Enterprise value	$6.2B	$9.1B	$7.4B	$5.7B	$6.3B	$4.9B	$5.4B	$5.6B
Net debt / EBITDA	7.33×	4.45×	4.03×	4.17×	3.48×	2.52×	2.64×	1.32×
Cash conversion cycle (days)	-61	81	81	79	70	35	57	51