Forensic Analysis · Wireless · as of Nov 8, 2026

Array Digital Infrastructure, Inc. (AD)

A forensic read on Array Digital Infrastructure, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Forensic signals

1.4%

ROE

58.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Array Digital Infrastructure, Inc. earns a B (Sound & dependable) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-1.2%

FY2025

Return on invested capital. Return on invested capital is -1.2% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.4-point range. After-tax operating profit was ($73M) in FY2023 and ($83M) in FY2025, with operating income at -111.7% of revenue in FY2023, -252.9% in FY2024 and -56.8% in FY2025. The capital base behind it came down -29% across FY2023–FY2025, from $9.7B to $6.9B, so this return is struck on a smaller base than it started on. FY2025's operating profit carried a $48M asset write-down that alone took about 0.6 points off that year's return, so more than the whole 0.4-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $136M asset write-down that alone took about 1.1 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

stopped

FY2024→FY2025

Shareholder returns — halted. Capital returns have STOPPED — $54M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.

Key fundamentals

Latest Revenue$163.0M

Revenue Growth YoY+58.3%

Revenue CAGR (2yr)+27.4%

Net Margin29.9%

Free Cash Flow$173.6M

Return on Equity1.4%

Debt / Equity0.26x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.