AD
Array Digital Infrastructure, Inc.
AD offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
RDDT
Reddit, Inc.
RDDT has the edge over AD overall, supported by stronger fundamentals and stronger modeled upside.
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.
RDDT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
RDDT's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 RDDT in the historical PE scenario, which offers more potential upside but is not a forecast.
RDDT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $99.55 | — |
| Current | 20x | $99.55 | — |
| Cheap | 35x | $171 | +72% |
| Fair | 46x | $228 | +129% |
| Expensive | 53x | $262 | +163% |
Historical ranges are pointers, not guarantees.
RDDT's PE is 20x, 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.
RDDT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
RDDT has the edge over AD on the outlook, with more favorable valuation and earnings expectations.
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 stronger earnings trend. Trailing diluted EPS is up 3,816% for AD versus RDDT down 39%.
RDDT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.32 | +29% |
| Q3 2024 | -$7.98 | -$7.17 |
| Q2 2024 | -$8.19 | -$7.15 |
| Q1 2024 | -$8.38 | -$7.25 |
| Q4 2023 | -$0.56 | +$0.41 |
| Q3 2023 | -$0.81 | -$0.02 |
| Q2 2023 | -$1.04 | -$0.48 |
| Q1 2023 | -$1.13 | -$0.48 |
| Q4 2022 | -$0.97 | -$0.19 |
RDDT has returned to profit: it earned $4.90 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's revenue is recovering but still below its 2022 peak: $54M last quarter, up 14% from the same quarter a year ago.
| 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.
RDDT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $895M | +53% |
| Q2 2026 | $804.9M | +61% |
| Q1 2026 | $663.4M | +69% |
| Q4 2025 | $725.6M | +70% |
| Q3 2025 | $584.9M | +68% |
| Q2 2025 | $499.6M | +78% |
| Q1 2025 | $392.4M | +61% |
| Q4 2024 | $427.7M | +71% |
RDDT has the edge over AD on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +5.5 points |
| Q2 2026 | 29% | +15 points |
| Q1 2026 | 28% | +27 points |
| Q4 2025 | 32% | +20 points |
| Q3 2025 | 24% | +22 points |
| Q2 2025 | 14% | +25 points |
| Q1 2025 | 1% | +244 points |
| Q4 2024 | 12% | +11 points |
RDDT has the edge over AD on profitability, with a higher operating margin.
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.
RDDT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $362.6M | +98% |
| Q2 2026 | $260.7M | +135% |
| Q1 2026 | $311.2M | +146% |
| Q4 2025 | $263.6M | +196% |
| Q3 2025 | $183.1M | +161% |
| Q2 2025 | $110.8M | +308% |
| Q1 2025 | $126.6M | +333% |
| Q4 2024 | $89.2M | +$111.2M |
RDDT has the edge over AD on cash generation, producing positive trailing cash flow while its opponent burns cash.
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.
RDDT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -169K shares |
| 1 year | -0.4% | -868K shares |
| 3 years | +24% | +38.5M shares |
| 5 years | +24% | +38.5M shares |
RDDT has the edge over AD on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100.4M |
| Q2 2026 | $234.6M |
| Q1 2026 | $5M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $4.2M |
| Q4 2022 | — |
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).
RDDT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -1.9x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -2.1x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -5.0x | Net Cash |
| Q1 2025 | -13.1x | Net Cash |
RDDT has the edge over AD on leverage, with a lower net debt burden relative to earnings.
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).
RDDT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.8 | Neutral |
| Stochastic | 6.5 | Oversold |
RDDT's weekly RSI is 35 (neutral) and its Stochastic is 6 (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 RDDT on valuation relative to its sector.
RDDT PE vs Communication Services Sector
| Metric | RDDT | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 16x | 23% above |
| PE % | 5 | 23 | 18 pts below |
RDDT is trading at 20x earnings, a 23% 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 |
RDDT has stronger trend alignment. AD is above 0 of 5 weekly averages versus RDDT above 0 of 4.
RDDT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $130.6 | 24% below |
| 20 week MA | $151.7 | 34% below |
| 50 week MA | $165.0 | 40% below |
| 100 week MA | $167.1 | 40% below |
RDDT is in a downtrend: it's below all four of its weekly moving averages, and 40% below 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 the edge over RDDT on returns for 2026, with the stronger performance.
RDDT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $46.0 | $173.5 | +277% |
| 2025 | $173.5 | $225.8 | +30% |
| 2026 YTD | $225.8 | $99.6 | -56% |
RDDT has finished every year since 2024 higher, and it's down 56% so far in 2026.