Array Digital Infrastructure (AD)
Leases U.S. cell towers while monetizing spectrum retained after its wireless-business sale.
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Leases space on a U.S. portfolio of more than 4,400 cell towers supporting 5G and other wireless technologies. After selling its wireless operations, it retains towers and spectrum; recurring leasing is complemented by spectrum monetization.
Owns and operates a U.S. portfolio of more than 4,400 cell towers that support 5G and other wireless technologies. Its recurring business is leasing tower space to wireless carriers.
The portfolio is the successor to UScellular after the 2025 sale of its wireless operations to T-Mobile. Array retained towers, spectrum holdings, and noncontrolling wireless-partnership interests.
T-Mobile became a long-term contracted tower tenant through a Master License Agreement. Retained spectrum is being monetized through sales separate from recurring tower leasing, leaving the business dependent on tower tenancy and execution of spectrum sales.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 12, 2026 | RBC Capital | Target | Target: $54 | Target: $52 |
| May 11, 2026 | Raymond James | Downgrade | ||
| Mar 9, 2026 | RBC Capital | Reiterate | Rating: —Target: $56 | Target: $54 |
| Feb 23, 2026 | Raymond James | Target | Target: — | Target: $53 |
| Nov 25, 2025 | RBC Capital | Reiterate | Rating: —Target: $62 | Target: $56 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $416.4M · Total debt $1.20B · Total assets $3.37B · Shareholders' equity $1.27B
- Revenue
- $54.1M
- Operating income
- $399.3M
- Net income
- $358.7M
| Insiders | 0.06% | 47.7K shares | |
|---|---|---|---|
| 4 holders · as of Sep 15, 2026 | |||
| Other | 99.94% | 86.19M shares | |
| remainder | |||
86.23M company shares as of Aug 22, 2026 · holders as of their latest filing
Two share counts disagree (33.00M in the company's Sep 22, 2026 report, 86.23M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Harry J. Jr HarczakInsiderdirector | 0.02% | 14,415 | filed Sep 15, 2026 |
Anthony J. CarlsonInsiderdirector, officer: President and CEO | 0.02% | 13,093 | filed Apr 6, 2026 |
Esteban C. IriarteInsiderdirector | 0.01% | 11,426 | filed May 20, 2026 |
Xavier WilliamsInsiderdirector | 0.01% | 8,735 | filed May 20, 2026 |
Telephone and Data Systems, Inc.Strategic | —81.90% of class, as filed | — | filed Sep 2, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 11, 2026 | Harry J. Jr Harczak | director | −6,832 | $38.19 |
- American Tower
Largest public peer in U.S. macro-tower site leasing
- Crown Castle
Large U.S. tower owner competing for carrier site-rental tenants
- SBA Communications
Public tower peer competing for wireless-carrier leasing demand
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Array Digital Infrastructure | $35.63 | +0.20% | $3.07B | 4.0 | 31.3 | 14.4 | −94.1% |
| American Tower | $173.85 | −0.43% | $81.36B | 24.0 | 25.7 | 7.4 | +4.7% |
| Crown Castle | $72.75 | −0.64% | $32.00B | 29.8 | 27.3 | 7.7 | −4.9% |
| SBA Communications | $174.34 | −1.10% | $18.70B | 19.0 | 21.9 | 6.5 | +2.3% |
| Median | 24.0 | 25.7 | 7.4 | +2.3% |