A Business at a Glance
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Array Technologies, Inc.
ARRY
$816M
Mkt Cap
$5.32
-5.42%
Array Technologies, Inc. (ARRY) has a 5-year average return on invested capital (ROIC) of -10.0%. This is below average and may indicate limited pricing power.
Array Technologies, Inc. (ARRY) has a market capitalization of $818M. It is classified as a small-cap stock.
Array Technologies, Inc. (ARRY) does not currently pay a regular dividend.
Array Technologies, Inc. (ARRY) operates in the Miscellaneous Manufacturing Industries industry, within the Consumer Cyclical sector.
Array Technologies, Inc. (ARRY) reported annual revenue of $1.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Array Technologies, Inc. (ARRY) has a net profit margin of -8.7%. The company is currently unprofitable.
Array Technologies, Inc. (ARRY) generated $80 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic (“PV”) sites. With solutions engineered to withstand harsh weather conditions, Array’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Our principal products are a portfolio of integrated solar tracking systems comprised of software and hardware that include, for example, component parts such as steel tubing, steel supports, drivelines, center structures, electric motors, motor controller assemblies, bearing assemblies, gearboxes and electronic controllers commonly referred to as a single-axis “tracker.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.3B | 916M | 1.6B | 1.6B | 853M |
| Net Income | -128M | -112M | -296M | 86M | -44M | -66M |
| EPS | $-0.84 | $-0.73 | $-1.95 | $0.56 | $-0.29 | $-0.51 |
| Free Cash Flow | 58M | 80M | 135M | 215M | 131M | -267M |
| ROIC | -15.5% | -12.4% | -40.9% | 22.6% | -5.9% | -13.4% |
| Gross Margin | 23.7% | 23.2% | 32.5% | 26.4% | 13.0% | 8.0% |
| Debt/Equity | 0.00 | -3.51 | -5.91 | 2.73 | 6.27 | -10.50 |
| Dividends/Share | $0.00 | - | $0.00 | $0.00 | $0.12 | $0.06 |
| Operating Income | -49M | -29M | -227M | 214M | -18M | -25M |
| Operating Margin | -4.1% | -2.3% | -24.8% | 13.6% | -1.1% | -2.9% |
| ROE | 0.0% | 69.1% | -419.5% | 44.6% | -158.4% | 88.1% |
| Shares Outstanding | 154M | 153M | 152M | 153M | 150M | 130M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 291M | 648M | 873M | 853M | 1.6B | 1.6B | 916M | 1.3B | 1.2B |
| Gross Margin | 4.0% | 23.3% | 23.2% | 8.0% | 13.0% | 26.4% | 32.5% | 23.2% | 23.7% |
| R&D | N/A | N/A | N/A | N/A | 4.2M | 8.5M | 6.7M | 9.9M | 11M |
| SG&A | 47M | 41M | 56M | 81M | 151M | 160M | 161M | 199M | 205M |
| EBIT | -61M | 83M | 95M | -25M | -18M | 214M | -227M | -29M | -49M |
| Op. Margin | -21.0% | 12.9% | 10.9% | -2.9% | -1.1% | 13.6% | -24.8% | -2.3% | -4.1% |
| Net Income | -61M | 40M | 59M | -66M | -44M | 86M | -296M | -112M | -128M |
| Net Margin | -20.9% | 6.1% | 6.8% | -7.7% | -2.7% | 5.4% | -32.3% | -8.7% | -10.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 236M | 104M | 104M |
| Returns on Capital | |||||||||
| ROIC | -41.8% | 30.3% | 49.9% | -13.4% | -5.9% | 22.6% | -40.9% | -12.4% | -15.5% |
| ROE | -41.8% | 14.0% | 52.7% | 88.1% | -158.4% | 44.6% | -419.5% | 69.1% | 0.0% |
| ROA | -229.3% | 8.4% | 7.5% | -7.4% | -3.1% | 5.0% | -18.9% | -7.8% | -8.7% |
| Cash Flow | |||||||||
| Op. Cash Flow | -12M | 386M | -122M | -263M | 141M | 232M | 154M | 102M | 85M |
| Free Cash Flow | -14M | 384M | -124M | -267M | 131M | 215M | 135M | 80M | 58M |
| Owner Earnings | -40M | 358M | -154M | -303M | 25M | 178M | 108M | 60M | -802M |
| CapEx | 2.1M | 1.7M | 1.3M | 3.4M | 11M | 17M | 19M | 22M | 27M |
| Maint. CapEx | 28M | 27M | 27M | 26M | 101M | 39M | 36M | 26M | 871M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 28M | 27M | 27M | 26M | 101M | 39M | 36M | 26M | 871M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 7.5% | 7.3% | 12.1% | 21.6% | 31.8% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 8.1M | 19M | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | 0.3% | 0.9% | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 799K | 4.8M | 14M | 15M | 15M | 10M | 16M | 17M |
| Debt Repayment | 0 | 0 | 115M | 133M | 0 | 0 | 0 | 78M | 78M |
| Balance Sheet | |||||||||
| Net Debt | 24M | -254M | 320M | 359M | 646M | 459M | 335M | 479M | 466M |
| Cash & Equiv. | 41M | 310M | 108M | 368M | 134M | 249M | 363M | 244M | 201M |
| Long-Term Debt | N/A | 0 | 424M | 711M | 720M | 661M | 647M | 659M | 657M |
| Debt/Equity | 4.18 | 0.18 | -5.29 | -10.50 | 6.27 | 2.73 | -5.91 | -3.51 | 0.00 |
| Interest Coverage | -3.2 | 4.4 | 6.3 | -0.7 | -0.5 | 4.8 | -6.5 | -1.1 | -1.1 |
| Equity | 15M | 305M | -81M | -69M | 124M | 259M | -118M | -206M | -214M |
| Total Assets | 27M | 924M | 656M | 1.1B | 1.7B | 1.7B | 1.4B | 1.5B | 1.5B |
| Total Liabilities | 11M | 618M | 737M | 975M | 1.3B | 1.1B | 1.1B | 1.2B | 1.2B |
| Intangibles | N/A | 224M | 198M | 175M | 386M | 354M | 181M | 239M | 225M |
| Retained Earnings | N/A | N/A | -221M | -272M | -267M | -130M | -371M | -423M | -421M |
| Working Capital | N/A | 29M | 86M | 607M | 366M | 497M | 561M | 492M | 489M |
| Current Assets | N/A | 620M | 375M | 852M | 831M | 832M | 999M | 869M | 879M |
| Current Liabilities | N/A | 591M | 289M | 245M | 465M | 336M | 438M | 377M | 390M |
| Per Share Data | |||||||||
| EPS | -0.51 | 0.33 | 0.49 | -0.51 | -0.29 | 0.56 | -1.95 | -0.73 | -0.84 |
| Owner EPS | -0.34 | 2.97 | -1.28 | -2.34 | 0.17 | 1.17 | 0.71 | 0.39 | -5.22 |
| Book Value | 0.13 | 2.53 | -0.67 | -0.53 | 0.83 | 1.70 | -0.78 | -1.34 | -1.39 |
| Cash Flow/Share | -0.10 | 3.21 | -1.01 | -2.03 | 0.94 | 1.52 | 1.01 | 0.66 | 4.83 |
| Dividends/Share | N/A | 0.00 | 0.00 | 0.06 | 0.12 | 0.00 | 0.00 | N/A | 0.00 |
| Shares Out. | 119.1M | 120.4M | 120.6M | 129.6M | 150.4M | 152.8M | 151.8M | 153.5M | 153.7M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 88.6 | N/A | N/A | 30.5 | N/A | N/A | -6.4 |
| P/FCF | N/A | N/A | N/A | N/A | 21.3 | 12.1 | 6.8 | 19.7 | 14.0 |
| EV/EBIT | N/A | N/A | 58.3 | N/A | N/A | 13.2 | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | 22.4 | 10.1 | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | 5.5 | 3.7 | 1.3 | 2.0 | 1.7 | 0.9 | 0.7 |
| FCF Yield | N/A | N/A | -2.4% | -12.9% | 4.7% | 8.2% | 14.8% | 5.1% | 7.1% |
| Market Cap | N/A | N/A | 5.2B | 2.1B | 2.8B | 2.6B | 916M | 1.6B | 818M |
| Avg. Price | N/A | N/A | 40.16 | 24.52 | 14.38 | 20.20 | 10.28 | 7.15 | 5.32 |
| Year-End Price | N/A | N/A | 43.41 | 15.92 | 18.51 | 17.09 | 6.03 | 10.23 | 5.32 |
Array Technologies, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 10.2x vs a median of 15.9x. The company's 5-year average gross margin is 20.6%. At current prices, the estimated annualized return to fair value is +10.2%.
Array Technologies, Inc. (ARRY) reported earnings per share (EPS) of $-0.73 in its most recent fiscal year.
Array Technologies, Inc. (ARRY) has a return on equity (ROE) of 69.1%. This indicates the company generates strong returns for shareholders.
Array Technologies, Inc. (ARRY) has a 5-year average gross margin of 20.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for Array Technologies, Inc. (ARRY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Array Technologies, Inc. (ARRY) has a book value per share of $-1.34, based on its most recent annual SEC filing.