Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Array Digital Infrastructure, Inc.UZE · telecom | |
|---|---|
| Grade |  Eweakest fifth of 558 graded peers; percentile 99.4, sampling error 2.1 points; lower is stronger |
| Rank | 551 of 558 |
| Profitability | Epercentile 85.8 |
| Solvency | D/Epercentile 81.3 |
| Growth and financing | Epercentile 91.7 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $4.7B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Feb 20, 2026231 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $15.912026-09-30; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 20, 2026; the document on sec.gov.
On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc. (Array). Array is used throughout this report even when referring to historical periods. On August 12, 2025, the Array Common Shares ticker symbol on the New York Stock Exchange changed to "AD". Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services. As of December 31, 2025, Array owns 4,450 towers in 19 states. Array also holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 85.8 | |||||||
| Gross profitability | 1.8% | [1-3] | 28.0% | 90.6 | 594 | 2025-12-31 | |
| Return on invested capital | not computable | 8.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (2.0%) | [1,4-6] | (7.3%) | 81.0 | 703 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 1 | |||||||
| Solvency, sleeve percentile 81.3 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | not computable | 1.93 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | not computable | 1.71x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | (3.28x) | [7-8] | 2.81x | 73.6 | 109 | 2025-12-31 | |
| Current ratio | 0.72x | [9-10] | 1.96x | 88.9 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 91.7 | |||||||
| Revenue growth, three-year compound | (65.8%) | [2,11-13] | 5.1% | 99.1 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | (8.9%) | [5,14-20] | 12.4% | 82.3 | 314 | 2025-12-31 | |
| Reinvestment rate | not computable | 15.1% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (25.1%) | [1,6,21-22] | 3.4% | 93.7 | 641 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.5% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.794; sampling error 2.1 percentile points on 558 peers.
Among 558 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 548 | SurgePays, Inc. (SURG) SurgePays, Inc. (SURG) Eweakest fifth; percentile 98.9 Nasdaq · Telephone Communications (No Radiotelephone) market equity $7.7M; last close $0.15 Warnings: short runway, late filer; 8 of 14 inputs | 98.9 | E | short runway, late filer |
| 549 | Sports Entertainment Gaming Global Corp. (LTRYW) Sports Entertainment Gaming Global Corp. (LTRYW) Eweakest fifth; percentile 99.1 Nasdaq · Services-Prepackaged Software last close $0.00 Warnings: short runway, late filer; 7 of 14 inputs | 99.1 | E | short runway, late filer |
| 550 | Sports Entertainment Gaming Global Corp. (SEGG) Sports Entertainment Gaming Global Corp. (SEGG) Eweakest fifth; percentile 99.1 Nasdaq · Services-Prepackaged Software last close $1.88 Warnings: short runway, late filer; 7 of 14 inputs | 99.1 | E | short runway, late filer |
| 551 | Array Digital Infrastructure, Inc. (AD) Array Digital Infrastructure, Inc. (AD) Eweakest fifth; percentile 99.4 NYSE · Radiotelephone Communications last close $33.66 No active warnings; 7 of 14 inputs | 99.4 | E | |
| 552 | Array Digital Infrastructure, Inc. (UZD) Array Digital Infrastructure, Inc. (UZD) Eweakest fifth; percentile 99.4 NYSE · Radiotelephone Communications last close $17.94 No active warnings; 7 of 14 inputs | 99.4 | E | |
| 553 | Array Digital Infrastructure, Inc. (UZE) Array Digital Infrastructure, Inc. (UZE) Eweakest fifth; percentile 99.4 NYSE · Radiotelephone Communications last close $15.91 No active warnings; 7 of 14 inputs | 99.4 | E | |
| 554 | Array Digital Infrastructure, Inc. (UZF) Array Digital Infrastructure, Inc. (UZF) Eweakest fifth; percentile 99.4 NYSE · Radiotelephone Communications last close $16.63 No active warnings; 7 of 14 inputs | 99.4 | E | |
| 555 | Polar Power, Inc. (POLA) Polar Power, Inc. (POLA) Eweakest fifth; percentile 99.4 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies market equity $4.2M; last close $1.08 Warnings: dilution, short runway, late filer, fortress balance sheet; 8 of 14 inputs | 99.4 | E | dilution, short runway, late filer, fortress balance sheet |
| 556 | Pixelworks, Inc. (PXLW) Pixelworks, Inc. (PXLW) Eweakest fifth; percentile 99.6 Nasdaq · Services-Prepackaged Software market equity $36.5M; last close $6.09 Warnings: dilution, fortress balance sheet; 8 of 14 inputs | 99.6 | E | dilution, fortress balance sheet |
| 557 | Stem, Inc. (STEM) Stem, Inc. (STEM) Eweakest fifth; percentile 99.8 NYSE · Services-Computer Integrated Systems Design market equity $40.4M; last close $4.21 No active warnings; 8 of 14 inputs | 99.8 | E | |
| 558 | Kustom Entertainment, Inc. (KUST) Kustom Entertainment, Inc. (KUST) Eweakest fifth; percentile 100.0 Nasdaq · Radio & Tv Broadcasting & Communications Equipment market equity $26.9M; last close $4.14 Warnings: dilution, short runway, late filer; 8 of 14 inputs | 100.0 | E | dilution, short runway, late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 99.6 | 2204 |
| sector peers, equal sleeves (the grade) | E | 99.4 | 558 |
| same exchange, equal sleeves | E | 99.7 | 984 |
| sector peers, equal inputs | E | 99.2 | 558 |
Each letter is one fifth of the 558 graded peers, about 111 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-09-30 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (3.6%) | (0.3%) | 47 | hotter than 47 of 100 peers |
| Distance from 52-week high | (17.0%) | (29.7%) | 69 | closer to its high than 69 of 100 peers |
| EBIT to enterprise value | not computable | 1.4% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 2.7% | required accounting or market input is missing | |
| Book value to price | not computable | 0.24 | required accounting or market input is missing | |
| Sales to price | not computable | 0.33 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 3.2% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | 0.02 | (0.23) | 70 | ahead of 70 of 100 peers |
Inputs: EBIT -$92.5M; free cash flow $173.6M; book equity $1.3B; sales $163.0M; debt $666.8M; cash $416.4M[23].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 0.5% | ✓ pass[4,6] |
| Operating cash flow above zero | $200.8M | ✓ pass[5] |
| Return on assets improved | 0.8 pts | ✓ pass[4,6,21,24] |
| Operating cash flow exceeds net income | $152.1M | ✓ pass[4-5] |
| Long-term leverage fell | (2.5 pts) | ✓ pass[1,6,21,25-26] |
| Current ratio improved | (79.8 pts) | ✗ fail[9-10,27-28] |
| No new shares issued | n/a | |
| Gross margin improved | n/a[2-3] | |
| Asset turnover improved | (32.6 pts) | ✗ fail[2,6,11,21] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $416.4M[29] |
| Operating cash flow, four quarters | -$302.7M[5,29-33] |
| Months of runway | 16.5 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 63 |
| 10-Q received Aug 7, 2026 | |
| Median daily dollar volume | $113,767 |
| 63 sessions | |
| Days since newest grade input | 231 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $4.7B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $163.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $79.5M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $48.8M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $200.8M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $10.4B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 7 | operating income | us-gaap:OperatingIncomeLoss | -$92.5M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 8 | interest expense | us-gaap:InterestExpense | $28.2M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 9 | current assets | us-gaap:AssetsCurrent | $144.8M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 10 | current liabilities | us-gaap:LiabilitiesCurrent | $200.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.7B | 2024-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.8B | 2023-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $4.1B | 2022-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 14 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $27.2M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 15 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $882.5M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 16 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $18.5M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 17 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $866.9M | 2023-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 18 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $40.6M | 2023-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 19 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $832.0M | 2022-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 20 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $602.0M | 2022-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $10.8B | 2023-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $11.1B | 2022-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 23 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 86,479,000 | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 24 | net income | us-gaap:NetIncomeLoss | -$39.4M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 25 | long term debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $670.3M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 26 | long term debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $1.2B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 27 | current assets | us-gaap:AssetsCurrent | $1.3B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 28 | current liabilities | us-gaap:LiabilitiesCurrent | $883.8M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 29 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $416.4M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$19.0M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $23.8M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $402.9M | 2025-09-30 | 2025-11-07 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $484.6M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 99.4 is 19.4 points from the nearest band edge; sampling error is 2.1 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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