Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.83, read 2026-10-30
Ethical does not pass the values gate
Price33.25 USD
Fair value33.17
Ethical score70.0/100
Value readFairas of 3 Nov 2026
Our investment reviews on this name
2026-10-02Read Markdown34.17-2.7% to today ✓Accumulation gives way to Markdown with volume flow in agreement
2026-08-20Read Accumulation35.24-5.6% to today Markup gives way to Accumulation after a 14% slide in 7 weeks
2026-07-02Read Markup40.76-18.4% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Array Digital Infrastructure, Inc. holds its Markdown at $33.25. Consolidating, no directional conviction, held for 56 days.
As held on the ledger · 2026-11-03
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 56 days
Price at the screen
$33.25
Valuation
4.32 trailing · 34.19 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.30
The Workings
Five Screens, Shown in Full
Does not pass. Revenue purity
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
25.64%
Below 33%
Interest-bearing debt is just 25.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
2.58%
Below 49%
Money owed to the company is 2.6% of assets, under the 49% limit.
Pass
Revenue purity
11.61%
Below 5%
11.6% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Array Digital Infrastructure, clears the business-activity screen, and its debt is inside the line. Where it falls short is income purity: around 12% of its income right now is non-operating interest income, against a roughly 5% ceiling, so it does not pass. That reflects what it earns today, not the business itself, and it could clear the screen if its operating revenue grows and the interest share falls.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 3 Nov 2026: it trades above our $33.17 fair value estimate, 89.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. The price runs 0.2% above the base estimate.
Third-party analyst targets: 3 covering, consensus Buy. The average target sits +35% from the screen price.
Reading the gap · Our more conservative model reads it as roughly fairly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $33.17, with a range of $33.17 to $38.15, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Tower leases boom yet the price stays steep
Picture every phone call or video stream in America needing a tower to bounce off. Array runs 4,400 of them and leases space to carriers rolling out 5G, which explains the 93 percent revenue jump and 111 percent profit margin. Yet the shares trade at 38.5 times forward earnings, seven percent above our fair value, leaving no margin of safety and an opportunity rating of none.
The numbers look strong on paper and the ethical screen is clear, but paying a premium for infrastructure that grows with data traffic still leaves investors exposed if lease renewals slow or interest rates stay high. ROE sits at just 11 percent, so the returns do not justify stretching the multiple.
Analysts like the story and point to a 45 dollar median target, yet our read is that the valuation already prices in most of the growth. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AD trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markdown$33.25+1.2%Entry 16
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markdown$32.86+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Markdown$32.86+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markdown$32.86-1.7%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markdown$33.43+0.8%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markdown$33.16-1.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52.
2026-10-19Markdown$33.51+0.4%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52.
2026-10-12Markdown$33.39-2.3%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52.
2026-10-02Markdown · changed$34.17-10.4%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52.
2026-09-19Accumulation$38.12+8.2%Entry 7
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (4 analysts) rates it hold, with a mean price target of $52.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.