ADTRAN Holdings, Inc.
ADTN · Telephone & Telegraph Apparatus · 81.0M shares · +13%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$16M (gross $184K, SBC $16M)
Reference price $14.72 · est. market cap ~$1.2B — last insider sale, 2026-05-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Telecom-equipment maker recovering on revenue but loss-making with debt-covenant and coverage concerns.
Strengths
- Revenue recovery — +17.5% (63rd)
- Positive FCF — $98.0M (49th)
Risks
- Net loss, negative interest coverage — net margin -4.2%, interest coverage -0.81
- Debt/covenant risk — risk factors flag ability to service indebtedness under the Amended Credit Agreement
- Earnings collapse — -90.1% (19th)
Notable findings
- No interest coverageInterest coverage -0.81 (cannot cover interest)
- Net lossNet loss (net margin -4.2%)
- Customer concentration~71% of revenue from one customer/distributor — Network Solutions cost of revenue, as a percentage of that segment’s revenue, decreased from 71
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +13%/yr over 4y (dilution)
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 5 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
38.3%
Operating margin
-1.4%
Net margin
-4.2%
Return on assets
-3.8%
Revenue growth (QoQ)
-1.9%
Interest coverage
-0.8×
Current ratio
1.8×
Free cash flow
$98M
EBITDA
$77M
Cash & investments
$97M
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | Wilson James Denson Jr | Sell | 9.3K | $14.72 |
| 2026-05-20 | Wilson James Denson Jr | Gift | 10K | — |
| 2026-05-08 | Glingener Christoph | Option exercise | 22K | $12.17 |
| 2026-05-08 | Glingener Christoph | Sell | 22K | $15.00 |
| 2026-05-07 | Glingener Christoph | Option exercise | 85K | $12.17 |
| 2026-05-07 | Glingener Christoph | Sell | 85K | $15.06 |
| 2026-05-07 | Glingener Christoph | Option exercise | 41K | $7.01 |
| 2026-05-07 | Glingener Christoph | Sell | 41K | $14.73 |
| 2026-04-01 | Wilson James Denson Jr | Grant | 25K | — |
| 2026-04-01 | Santo Timothy P | Grant | 28K | — |
| 2026-04-01 | STANTON THOMAS R | Grant | 171K | — |
| 2026-03-19 | Santo Timothy P | Tax withheld | 1.5K | $11.90 |
| 2026-03-04 | Jacqueline Hourigan Rice | Sell | 14K | $10.29 |
| 2026-01-26 | STANTON THOMAS R | Tax withheld | 14K | $9.73 |
| 2026-01-26 | Wilson James Denson Jr | Tax withheld | 1.3K | $9.24 |
| 2026-01-26 | Wilson James Denson Jr | Grant | 3.8K | — |
| 2026-01-26 | Wilson James Denson Jr | Tax withheld | 1.1K | $9.24 |
| 2026-01-26 | STANTON THOMAS R | Grant | 28K | — |
| 2026-01-26 | STANTON THOMAS R | Tax withheld | 12K | $9.24 |
| 2026-01-26 | Wilson James Denson Jr | Tax withheld | 998 | $9.73 |
| 2026-01-24 | STANTON THOMAS R | Tax withheld | 18K | $9.55 |
| 2026-01-24 | Wilson James Denson Jr | Tax withheld | 1.2K | $9.55 |
| 2026-01-20 | Wilson James Denson Jr | Tax withheld | 765 | $9.24 |
| 2026-01-20 | STANTON THOMAS R | Tax withheld | 10K | $9.24 |
| 2025-12-31 | HUSS H FENWICK | Grant | 14K | — |
| 2025-12-31 | Walker Kathryn A | Grant | 14K | — |
| 2025-12-31 | Theodosopoulos Nikos | Grant | 14K | — |
| 2025-12-31 | McCray Gregory James | Grant | 14K | — |
| 2025-12-31 | Nair Balan | Grant | 14K | — |
| 2025-12-31 | Jacqueline Hourigan Rice | Grant | 14K | — |
| 2025-11-28 | Santo Timothy P | Buy | 6.2K | $8.02 |
| 2025-11-26 | Theodosopoulos Nikos | Buy | 13K | $7.81 |
| 2025-11-24 | STANTON THOMAS R | Buy | 41K | $7.33 |
| 2025-11-17 | STANTON THOMAS R | Tax withheld | 3.4K | $7.33 |
| 2025-11-17 | Wilson James Denson Jr | Tax withheld | 468 | $7.33 |
| 2025-07-13 | STANTON THOMAS R | Tax withheld | 5.7K | $9.20 |
| 2025-04-13 | STANTON THOMAS R | Tax withheld | 5.4K | $7.62 |
| 2025-03-19 | Santo Timothy P | Grant | 20K | — |
| 2025-01-26 | STANTON THOMAS R | Tax withheld | 9.5K | $10.31 |
| 2025-01-26 | Dopfer Ulrich | Tax withheld | 1.2K | $10.31 |
| 2025-01-26 | Wilson James Denson Jr | Tax withheld | 845 | $10.31 |
| 2025-01-24 | STANTON THOMAS R | Tax withheld | 10K | $10.31 |
| 2025-01-24 | STANTON THOMAS R | Grant | 160K | — |
| 2025-01-24 | STANTON THOMAS R | Grant | 40K | — |
| 2025-01-24 | Wilson James Denson Jr | Grant | 16K | — |
| 2025-01-24 | Wilson James Denson Jr | Tax withheld | 4.2K | $10.31 |
| 2025-01-24 | Wilson James Denson Jr | Grant | 14K | — |
| 2025-01-24 | Glingener Christoph | Grant | 14K | — |
| 2025-01-24 | Glingener Christoph | Grant | 14K | — |
| 2025-01-24 | Dopfer Ulrich | Grant | 16K | — |
| 2025-01-24 | Dopfer Ulrich | Tax withheld | 4.6K | $10.31 |
| 2025-01-24 | Dopfer Ulrich | Grant | 16K | — |
| 2025-01-24 | STANTON THOMAS R | Grant | 39K | — |
| 2025-01-20 | Wilson James Denson Jr | Tax withheld | 765 | $10.19 |
| 2025-01-20 | STANTON THOMAS R | Tax withheld | 6.4K | $10.19 |
| 2025-01-13 | STANTON THOMAS R | Tax withheld | 6.0K | $10.01 |
| 2024-12-31 | Theodosopoulos Nikos | Grant | 14K | — |
| 2024-12-31 | McCray Gregory James | Grant | 14K | — |
| 2024-12-31 | Walker Kathryn A | Grant | 14K | — |
| 2024-12-31 | HUSS H FENWICK | Grant | 14K | — |
| 2024-12-31 | Jacqueline Hourigan Rice | Grant | 14K | — |
| 2024-12-31 | Jacqueline Hourigan Rice | Gift | 16K | — |
| 2024-12-31 | Nair Balan | Grant | 14K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-05-18 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-05 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-07 | Exec/director changeExhibits | filing ↗ |
| 2026-02-26 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-22 | ResultsReg FDExhibits | filing ↗ |
| 2025-12-11 | Exec/director changeExhibits | filing ↗ |
| 2025-11-04 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-23 | 0001193125-26-283882 ↗ |
| 8-K | 2026-05-18 | 2026-05-13 | 0001193125-26-228208 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001193125-26-204995 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001193125-26-205276 ↗ |
| 8-K | 2026-04-07 | 2026-04-01 | 0001193125-26-145496 ↗ |
| 8-K | 2026-02-26 | 2026-02-25 | 0001193125-26-073361 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-073878 ↗ |
| 8-K | 2026-01-22 | 2026-01-21 | 0001193125-26-018367 ↗ |
| 8-K | 2025-12-11 | 2025-12-09 | 0001193125-25-315910 ↗ |
| 8-K | 2025-11-04 | 2025-11-03 | 0001193125-25-263524 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001193125-25-264157 ↗ |
| 8-K | 2025-09-22 | 2025-09-19 | 0001193125-25-211271 ↗ |