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Friday 6 November 2026 Export AD’s income statement to Excel — free account

Array Digital Infrastructure Inc.

AD Communication Services Telecom Services

Array Digital Infrastructure Inc.’s revenue for fiscal 2025 (year ended December 2025) was $163.0 million, up 58.3% from fiscal 2024.

Revenue
+89.5%
EPS
+1,021.6%
Free cash flow
−115.2%
Total debt
−75.7%

Quarter to June 2026, against a year earlier

31.64 1.59 −4.78%
Market cap
$2.7B
P/E
5.1×
Fwd P/E
5.1×
Dividend yield
0.00%
F-score
7/9
Altman Z
1.50
Beneish M
−2.02
Dividend safety
0/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Array Digital Infrastructure Inc. (AD) Beneish M-score

Alert me on Beneish M-score

Array Digital Infrastructure Inc.'s Beneish M-score for fiscal 2025 is −2.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual newest first

Period Beneish M-score Change (points)
FY2025 −2.02 1.53
FY2024 −3.55 (34.08)
FY2023 30.53 33.44
FY2022 −2.92 (0.31)
FY2021 −2.61 0.41
FY2020 −3.02 (0.37)
FY2019 −2.65 0.00
FY2018 −2.66 (0.01)
FY2017 −2.64 0.00
FY2016 −2.65 (0.09)

How fiscal 2025’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 1.07 — 0.99
Gross margin index 0.57 — 0.30
Asset quality index 1.06 — 0.43
Sales growth index 1.58 — 1.41
Depreciation index 0.99 — 0.11
SG&A index 0.52 — −0.09
Total accruals to total assets (0.01) — −0.03
Leverage index 0.93 — −0.30
Beneish M-score Elevated −2.02

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
LBTYA Liberty Global Ltd compare −4.0×
LBTYK Liberty Global Ltd compare −4.0×
KYIV Kyivstar Group Ltd. compare −3.6×
LUMN Lumen Technologies, Inc. compare −3.4×
TKC Turkcell Iletisim Hizmetleri AS compare −3.1×
PHI PLDT Inc. compare −3.0×
IDT IDT Corporation compare −2.2×
AD Array Digital Infrastructure Inc. −2.0×
TDS Telephone and Data Systems, Inc. compare −1.0×

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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