Array Digital InfrastructureAD -0.26%66 Graham Number is $13.42 as of Mar. 2026, which is 571% above its 10-year median of 2.00. GuruFocus rates AD with a GF Score™ of 66/100 and a GF Value™ of $63.70 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 193 Telecommunication Services companies, Array Digital Infrastructure ranks worse than 78.24% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Array Digital Infrastructure's Graham Number or its related term are showing as below:
AD'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.8 Med: 2 Max: 82.32
Current: 2.6
During the past 13 years, the highest Price to Graham Number ratio of Array Digital Infrastructure was 82.32. The lowest was 0.80. And the median was 2.00.
AD's Price-to-Graham-Number is ranked worse than 78.24% of 193
companies
in the Telecommunication Services industry
Industry Median: 1.61
vs AD: 2.60
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Array Digital Infrastructure (NYSE:AD) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Array Digital Infrastructure's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
34.88
/
13.42
=
2.60
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Array Digital Infrastructure Graham Number Related Terms
Array Digital Infrastructure Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Telecom Services subindustry, Array Digital Infrastructure's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Array Digital Infrastructure Price-to-Graham-Number vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Array Digital Infrastructure's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Array Digital Infrastructure's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Array Digital Infrastructure (AD) has a Graham Number of $13.42 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Array Digital Infrastructure and its competitors. This is 571% above median its historical median of 2.00. Over the past decade, Array Digital Infrastructure's Graham Number has ranged from 0.80 to 82.32. According to the industry distribution chart, Array Digital Infrastructure ranks #151 out of 193 companies in the Telecommunication Services industry, placing it in the top 78.2%.
Is Array Digital Infrastructure's Graham Number too high?
Array Digital Infrastructure's current Graham Number of $13.42 is 571% above median its 10-year median of 2.00. Over the past 10 years, this metric has ranged from a low of 0.80 to a high of 82.32. The Telecommunication Services industry median Graham Number is 1.61. Array Digital Infrastructure's value of $13.42 is 733.5% above this industry median. Based on the distribution chart, Array Digital Infrastructure ranks #151 out of 193 companies in the Telecommunication Services industry, which is in the bottom quartile relative to peers. Overall, Array Digital Infrastructure has a GF Score™ of 66/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Array Digital Infrastructure's Graham Number compare to KYIV and LBTYA?
According to the Telecommunication Services industry distribution chart, Array Digital Infrastructure ranks #151 out of 193 companies for Graham Number. This places Array Digital Infrastructure in the lower half of its industry. The industry median Graham Number is 1.61. Array Digital Infrastructure's value of $13.42 is 733.5% above this benchmark. Historically, Array Digital Infrastructure's own Graham Number has ranged from 0.80 to 82.32 over the past decade. While the company's 10-year median is 2.00 vs. the industry median of 1.61, Array Digital Infrastructure has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Telecommunication Services company?
The median Graham Number among Telecommunication Services companies is 1.61, based on 193 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Array Digital Infrastructure's current Graham Number of $13.42 is 733.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Array Digital Infrastructure and its competitors. For the Telecommunication Services industry, the median Graham Number is 1.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Array Digital Infrastructure's current Graham Number is $13.42, which is 571% above median its own 10-year median of 2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Array Digital Infrastructure stock overvalued right now?
Based on GuruFocus' analysis, Array Digital Infrastructure (AD) is currently considered Possible Value Trap. The stock's GF Value™ is $63.70, compared to a current price of $34.88 — trading 45.2% below its estimated fair value. The current Graham Number is $13.42, which is 571% above median its 10-year median of 2.00 and 733.5% above the Telecommunication Services industry median of 1.61. Array Digital Infrastructure's overall GF Score™ is 66/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Array Digital Infrastructure (AD), the current Graham Number is $13.42 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Array Digital Infrastructure (AD) Overvalued in 2026?
Based on GuruFocus' analysis, Array Digital Infrastructure stock appears to be undervalued.
The current stock price of $34.88 is trading 45.2% below its estimated GF Value™ of $63.70.
GuruFocus considers Array Digital Infrastructure to be Possible Value Trap.
Key valuation signals for AD:
Graham Number: $13.42 (571% above median its 10-year median of 2.00)
GF Value™: $63.70 vs. price of $34.88 (45.2% below fair value)
Industry Position: 733.5% above the Telecommunication Services median (#151 of 193)
No single metric tells the full story. See the AD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Array Digital Infrastructure, formerly US Cellular, sold its regional wireless operations serving about 4.4 million customers to T-Mobile in August 2025. The firm has agreed to sell most of its remaining spectrum licenses; however, it will still retain rights to C-band spectrum in several locations after these deals are closed. Array also owns a 5.5% stake in Verizon Wireless' Los Angeles operations, as well as other smaller wireless partnership interests in Oklahoma and upstate New York. The firm still operates a portfolio of about 4,400 wireless towers. Parent TDS has proposed to acquire the portion of Array that it doesn't already own in an all-stock transaction.
66GF Score
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