AD
Array Digital Infrastructure, Inc.
AD's fundamentals are weak: revenue fell 92% and free cash flow turned negative, though its operating margin rose 257 points to 257%. Its PE of 3.7x looks cheaper than it really is, because one-off gains boosted its recent earnings. Its downside scenario is about four times its upside.
NBIS
Nebius Group N.V.
There isn't enough reported data to score NBIS yet.
AD Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| Weak | |
| Healthy |
AD's profitability and balance sheet are currently healthy, but its revenue and cash flow are under pressure.
NBIS Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Unavailable | |
| Healthy |
NBIS's profitability and balance sheet are currently healthy. There isn't enough data to rate its revenue and cash flow.
AD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 3.7x | $27.33 | — |
| Cheap | 14x | $108 | +294% |
| Fair | 20x | $149 | +444% |
| Forward | 25x | $27.33 | — |
| Expensive | 78x | $577 | +2012% |
Historical ranges are pointers, not guarantees.
AD has the edge over NBIS in the historical PE scenario, which offers more potential upside but is not a forecast.
NBIS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 68x | $22.45 | -83% |
| Fair | 114x | $37.67 | -71% |
| Current | 390x | $129 | — |
| Expensive | 666x | $220 | +71% |
Historical ranges are pointers, not guarantees.
NBIS's PE is 390x, but its earnings don't support one, so it isn't a reliable read right now.
AD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Decline | |
| -- | |
| Limited | |
| High |
Analysts expect AD's earnings and revenue to decline, though with profitability holding steady.
NBIS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect NBIS's revenue to grow and its profitability to improve, with its earnings holding steady. However, they disagree widely on these estimates.
AD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.08 | -85% |
| Q3 2026 | $7.44 | +3816% |
| Q2 2026 | $6.20 | +$6.49 |
| Q1 2026 | $2.41 | +$2.86 |
| Q4 2025 | $0.56 | +$1.02 |
| Q3 2025 | $0.19 | +$0.54 |
| Q2 2025 | -$0.29 | -135% |
| Q1 2025 | -$0.45 | -166% |
| Q4 2024 | -$0.46 | -173% |
AD has the edge over NBIS in the latest year-over-year earnings comparison.
NBIS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | $0.33 | +$2.61 |
| Q4 2024 | -$2.28 | -456% |
| Q4 2023 | $0.64 | -36% |
| Q4 2022 | $1.00 | +$1.49 |
| Q4 2021 | -$0.49 | -156% |
| Q4 2020 | $0.87 | +89% |
| Q4 2019 | $0.46 | -73% |
| Q4 2018 | $1.71 | +434% |
NBIS has returned to profit: it earned $0.33 per share over the past year, after losing money the year before.
AD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $53.9M | +14% |
| Q2 2026 | $54.1M | -94% |
| Q1 2026 | $52M | -94% |
| Q4 2025 | $60.3M | -94% |
| Q3 2025 | $47.1M | -95% |
| Q2 2025 | $916M | -1.2% |
| Q1 2025 | $891M | -6.2% |
| Q4 2024 | $971M | -2.9% |
AD has the edge over NBIS in the latest year-over-year revenue comparison.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4.3% | +109 points |
| Q2 2026 | 738% | +735 points |
| Q1 2026 | 309% | +305 points |
| Q4 2025 | 14% | +15 points |
| Q3 2025 | -113% | -103 points |
| Q2 2025 | 3.8% | -0.1 points |
| Q1 2025 | 4.6% | -0.8 points |
| Q4 2024 | -0.9% | -3.1 points |
AD's operating margin was −4.3% last quarter, up 109 points from the same quarter a year ago, near the bottom of its range since 2019.
NBIS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2023 | $9.7B | +53% |
| Q4 2022 | $6.3B | +46% |
| Q4 2021 | $4.3B | +63% |
| Q4 2020 | $2.6B | +24% |
| Q4 2019 | $2.1B | +37% |
| Q4 2018 | $1.5B | +36% |
| Q4 2017 | $1.1B | +24% |
| Q4 2016 | $917M | +27% |
NBIS's revenue is growing: $530M last quarter, down 80% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -115% | -112 points |
| Q4 2023 | 3.6% | -11 points |
| Q4 2022 | 2.5% | -14 points |
| Q4 2021 | -3.7% | -18 points |
| Q4 2020 | 7.4% | -9.5 points |
| Q4 2019 | 14% | -2 points |
| Q4 2018 | 16% | -14 points |
| Q4 2017 | 14% | -19 points |
NBIS's operating margin was −115% last quarter, down 123 points from the same quarter a year ago, near the bottom of its range since 2011.
AD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$177M | -482% |
| Q2 2026 | -$48.6M | -119% |
| Q1 2026 | $10M | -89% |
| Q4 2025 | -$210.7M | -$194.7M |
| Q3 2025 | $46.3M | -60% |
| Q2 2025 | $250M | +42% |
| Q1 2025 | $88M | +26% |
| Q4 2024 | -$16M | -$9M |
AD's free cash flow was −$426M over the past year, against $368M the year before.
NBIS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$3.7B | -$3.1B |
| Q4 2024 | -$562.1M | -$316.2M |
| Q4 2023 | -$245.9M | -$138.9M |
| Q4 2022 | -$107M | +$319.7M |
| Q4 2021 | -$426.7M | -539% |
| Q4 2020 | $97.3M | -66% |
| Q4 2019 | $287.9M | +$289.2M |
| Q4 2018 | -$1.3M | -101% |
NBIS has burned cash in six of the last eight quarters: −$4.6B over the past year, against −$43M the year before.
AD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +13K shares |
| 1 year | -0.4% | -323K shares |
| 3 years | +0.6% | +523K shares |
| 5 years | -0.5% | -477K shares |
| Available history | -1.7% | -1.5M shares |
AD has 87M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $360,000 |
| Q2 2025 | — |
| Q1 2025 | $21M |
| Q4 2024 | $28M |
AD hasn't bought back shares in the past year.
NBIS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -12% | -33.3M shares |
| 1 year | -32% | -115M shares |
| 3 years | -26% | -86.9M shares |
NBIS has the edge over AD on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | $10M |
| Q4 2021 | $84.1M |
| Q4 2020 | $122.8M |
| Q4 2019 | $17.2M |
| Q4 2018 | $121.8M |
| Q4 2014 | $101.7M |
| Q4 2013 | $102.9M |
AD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | 3.9x | Elevated |
| Q1 2025 | 4.2x | High |
| Q4 2024 | 4.2x | High |
AD's net debt is less than a year of its operating earnings (EBITDA).
NBIS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2023 | 0.7x | Very low |
| Q4 2022 | -0.7x | Net Cash |
NBIS's net debt is less than a year of its operating earnings (EBITDA).
AD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 22.9 | Oversold |
| Stochastic | 11.1 | Oversold |
AD's weekly RSI is 23 (oversold) and its Stochastic is 11 (oversold).
NBIS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 8.3 | Oversold |
NBIS's weekly RSI is 38 (neutral) and its Stochastic is 8 (oversold).
AD PE vs Communication Services Sector
| Metric | AD | Sector median | Relative |
|---|---|---|---|
| PE | 3.7x | 16x | 78% below |
| PE % | 0 | 26 | 26 pts below |
AD has the edge over NBIS on valuation relative to its sector.
NBIS PE vs Communication Services Sector
| Metric | NBIS | Sector median | Relative |
|---|---|---|---|
| PE | 390x | 16x | 2,264% above |
| PE % | 62 | 24 | 38 pts above |
NBIS is trading at 390x earnings, a 2264% premium to the Communication Services sector's median of 16x, though its earnings don't support one.
AD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $32.4 | 16% below |
| 20 week MA | $34.5 | 21% below |
| 50 week MA | $43.2 | 37% below |
| 100 week MA | $52.0 | 47% below |
| 200 week MA | $45.7 | 40% below |
NBIS has stronger trend alignment. AD is above 0 of 5 weekly averages versus NBIS above 1 of 4.
NBIS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $179.7 | 28% below |
| 20 week MA | $199.9 | 36% below |
| 50 week MA | $163.5 | 21% below |
| 100 week MA | $110.0 | 17% above |
NBIS has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 17% above its 100-week average.
AD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.0 | $30.0 | -14% |
| 2021 | $30.0 | $32.1 | +7% |
| 2022 | $32.1 | $20.6 | -36% |
| 2023 | $20.6 | $41.5 | +101% |
| 2024 | $41.5 | $63.7 | +53% |
| 2025 | $63.7 | $53.5 | -16% |
| 2026 YTD | $53.5 | $27.3 | -49% |
AD has finished lower in three of the last six years. It's down 49% so far in 2026.
NBIS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $19.6 | $27.3 | +40% |
| 2025 | $27.3 | $87.6 | +221% |
| 2026 YTD | $87.6 | $128.6 | +47% |
NBIS has the edge over AD on returns for 2026, with the stronger performance.