Array Digital INFRASTRUCTURE, Inc. (AD) intrinsic value & 10-year financials
Array Digital INFRASTRUCTURE, Inc. (AD) has a Graham intrinsic value of $4.11 per share. At $33.47 on Oct 17, 2026, the stock trades 714% above that value. Over the last 10 fiscal years revenue shrank 29.8% a year to $163.0M, with an average return on invested capital of 0.5%.
- Graham intrinsic value
- $4.11
- Share price (Oct 17, 2026)
- $33.47
- Price vs Graham value
- 714% above
- Market cap
- $2.9B
- Revenue (FY2025)
- $163.0M
- Revenue growth (10-yr CAGR)
- -29.8%
- ROIC (10-yr avg)
- 0.5%
- Free cash flow (FY2025)
- $173.6M
AD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $163.0M | $48.8M | $0.56 | $173.6M | -56.8% | -2.1% |
| FY2024 | $3.7B | -$39.0M | -$0.46 | $346.0M | -0.3% | -0.2% |
| FY2023 | $3.8B | $54.0M | $0.63 | $258.0M | 3.7% | 0.9% |
| FY2022 | $4.1B | $30.0M | $0.35 | $230.0M | 1.7% | 0.5% |
| FY2021 | $4.0B | $155.0M | $1.77 | $78.0M | 4.2% | 2.4% |
| FY2020 | $4.0B | $229.0M | $2.62 | $248.0M | 4.4% | 2.9% |
| FY2019 | $3.9B | $127.0M | $1.44 | $74.0M | 2.8% | 1.5% |
| FY2018 | $3.9B | $150.0M | $1.72 | $197.0M | 4.1% | 2.4% |
| FY2017 | $3.9B | $12.0M | $0.14 | $4.0M | -7.8% | -3.2% |
| FY2016 | $3.9B | $48.0M | $0.56 | $58.0M | -0.1% | -0.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ARRAY DIGITAL INFRASTRUCTURE, INC. is facing top-line stagnation, with revenue contracting over the decade.
ARRAY DIGITAL INFRASTRUCTURE, INC. has historically struggled to out-earn its cost of capital, averaging just 0.5% ROIC.
ARRAY DIGITAL INFRASTRUCTURE, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ARRAY DIGITAL INFRASTRUCTURE, INC. is modeled at 0.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.11 per share.