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Array Technologies, Inc.

ARRY Technology Solar

Array Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 40.2% from fiscal 2024.

Revenue
−5.57%
EPS
−73.7%
Free cash flow
+205.4%
Total debt
−5.20%

Quarter to June 2026, against a year earlier

5.53 0.23 +4.34%
Market cap
$816.2M
P/E
0.0×
Fwd P/E
18.1×
Dividend yield
—
F-score
5/9
Altman Z
1.33
Beneish M
−2.50
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.51%

Capital & Financial Ratios $m

Size
Market Cap 816.24
Revenue ttm 1,185.01
Net income ttm (85.90)
Free cash flow ttm 134.73
Net debt Q 350.45
Valuation
P/E 0.00
Forward P/E 18.10
Price / sales 0.68
Forward P/S Powerpack
Price / FCF 6.02
Price / book 0.00
Financial health
Current ratio Q 2.20 (at or above 1.5: strong)
Debt / equity Q (3.25) (negative: negative equity)
Interest coverage Q 6.01
Growth
Revenue growth Q −5.57% (below 0%: shrinking)
Operating income growth Q −25.04% (below 0%: shrinking)
EPS, this year +6.34%
EPS, next year A +22.28% (at or above 15%: strong)
Revenue, next year A +12.06% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +11.82%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.9×; over the ten years it ranged from 0.7× in 2026 to 6.4× in 2020.
P/S against its own 10 years 5.32%
10-year low 10-year high
EV/Sales against its own 10 years 5.39%
10-year low 10-year high
EV/FCF against its own 10 years 17.48%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 249 364 246 307
Receivables 332 276 272 323
Inventory 162 201 150 156
Other — — — —
832 999 869 892
2023 2024 2025 Q'26
Payables 119 172 144 161
ST’ Debt 21 31 10 —
Other 49 13 28 27
336 438 377 406

Compound Annual Growth %

10y 5y 3y
Sales — 8.03% (7.78%)
Cash Flow — 0.00% (10.40%)
Earnings — 0.00% 0.00%
Book Value — 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.11 Actual 0.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.21 0.30 Beat by 0.09
Q4 FY25 0.00 −0.01 Miss by 0.01
Q1 FY26 −0.06 0.06 Beat by 0.12
Q2 FY26 0.11 0.24 Beat by 0.13
Q3 FY26 0.10 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.09) 0.05 — — —
’25 0.02 0.19 0.12 (1.06) (0.73)
’24 (0.07) 0.08 (1.02) (0.93) (1.95)
’23 0.09 0.34 0.07 0.04 0.56
’22 (0.23) (0.10) 0.19 (0.11) (0.29)
’21 0.04 (0.04) (0.24) (0.25) (0.51)
’20 0.61 0.02 (0.06) (0.08) 0.49
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 223 342 — — —
’25 302 362 393 226 1,284
’24 153 256 231 275 916
’23 377 508 350 342 1,577
’22 301 420 515 402 1,638
’21 248 197 189 220 853
’20 438 115 139 181 873
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (29) 121 — — —
’25 (13) 44 27 44 102
’24 48 4 45 58 154
’23 46 21 72 94 232
’22 (50) (11) 105 97 141
’21 (42) (92) (32) (97) (263)
’20 (201) (47) 21 104 (122)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (37) 114 — — —
’25 (15) 37 22 36 80
’24 45 2 44 56 147
’23 42 15 69 89 215
’22 (52) (12) 102 94 131
’21 (43) (93) (33) (98) (267)
’20 (201) (47) 21 104 (124)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 291 648 873 853 1,638 1,577 916 1,284 1,185 +23.6% 1,439 1,631 1,716 +10.1%
Gross margin, % — — 3.97 23.27 23.24 8.00 12.99 26.36 32.50 23.25 24.27 +19.3 pt
EBT — — (81) 65 78 (61) (5) 177 (251) (29) (74) (13.5%)
EBT margin, % — — (27.75) 9.97 8.91 (7.16) (0.30) 11.24 (27.36) (2.28) (6.20) +25.5 pt
Net income — 0 (61) 40 59 (50) 4 137 (240) (52) (86) n/m
Per share, $
Per share, $ Revenue — — 2.42 5.40 7.18 6.56 10.93 10.44 6.03 8.42 7.70 +19.5%
Earnings — — (0.51) 0.33 0.49 (0.51) (0.29) 0.57 (1.95) (0.73) (0.98) +5.4%
Cash flow — — (0.10) 3.22 (1.01) (2.02) 0.94 1.54 1.01 0.67 1.06 n/m
Capex — — (0.05) (0.01) (0.01) (0.03) (0.07) (0.11) (0.05) (0.14) (0.18) +15.2%
Free cash flow — — (0.15) 3.20 (1.02) (2.05) 0.87 1.43 0.97 0.52 0.88 n/m
Book value — — 0.00 2.54 (0.67) (0.53) 0.83 1.72 (0.78) (1.35) (1.31) n/m
Shares, m — — 120 120 121 130 150 151 152 153 153 +3.5%
Valuation, ×
Valuation, × P/E — — 46.49 46.49 87.33 0.00 0.00 31.41 0.00 0.00 0.00 26.5
P/S — — 4.77 4.77 6.00 2.39 1.74 1.62 1.00 1.10 0.68 2.9
P/B — — 11.59 11.59 0.00 0.00 22.96 9.87 0.00 0.00 0.00 7.0
EV/Sales — — 4.74 4.74 6.37 2.80 2.12 1.90 1.34 1.42 0.99 3.2
EV/FCF — — 25.63 25.63 (45.00) (8.96) 26.58 13.91 8.38 22.92 8.69 8.6
Cash, $m
Cash, $m Operating cash flow — — (12) 386 (122) (263) 141 232 154 102 163 n/m
Capex — — (6) (2) (1) (3) (11) (17) (7) (22) (28) +19.2%
Free cash flow — — (18) 384 (124) (267) 131 215 147 80 135 n/m
Balance, $m
Balance, $m Working capital — — 39 29 86 607 366 497 561 492 486 +43.6%
Net debt — — 18 (264) 320 348 625 433 313 423 350 +57.0%
Shareholders’ equity — — — 305 (81) (69) 124 259 (118) (206) (202) n/m
Returns, %
Returns, % ROA — — 0.00 8.61 7.48 (7.35) (3.06) 5.01 (18.90) (7.79) (9.62) (7.8) pt
ROIC — — (212.52) 125.64 24.90 (5.55) (1.51) 19.32 (72.74) (8.36) (25.60) +204.2 pt
ROE — — (21.36) 13.97 52.72 88.10 (158.41) 44.61 (419.50) 69.06 108.38 +90.4 pt
People
People Employees — — — — 389 471 1,082 1,028 1,021 1,200 — +25.3%
Revenue/emp, $m — — 0.00 0.00 2.24 1.81 1.51 1.53 0.90 1.07 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Array Technologies, Inc. vs peers in Solar (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ENPH Enphase Energy, Inc. $3.8B 42.5× 82.4× −28.53% (below 0%: shrinking) −65.31% (below 0%: shrinking) −293.17% (below 0%: shrinking) 43.34% 2.20% Compare
RUN Sunrun Inc. $2.4B 4.4× 5.4× +51.75% (above 0%: growing) +814.29% (above 0%: growing) +134.84% (above 0%: growing) 0.00% 13.96% Compare
SEDG SolarEdge Technologies, Inc. $1.6B — (loss-making) — (loss-making) −4.15% (below 0%: shrinking) n/m −84.40% (below 0%: shrinking) 33.19% (0.58%) Compare
SHLS Shoals Technologies Group, Inc. $1.5B 40.0× 28.7× +43.82% (above 0%: growing) +51.57% (above 0%: growing) +190.08% (above 0%: growing) 31.95% 14.83% Compare
ARRY Array Technologies, Inc. $816.2M — (loss-making) 18.1× −5.57% (below 0%: shrinking) −73.68% (below 0%: shrinking) +205.42% (above 0%: growing) 29.12% 10.16%
DQ DAQO New Energy Corp. $803.9M — (loss-making) — (loss-making) −20.62% (below 0%: shrinking) n/m +35.96% (above 0%: growing) (31.20%) (40.50%) Compare
JKS Jinko Holdings Limited - Unsponsored ADR $517.2M — (loss-making) — (loss-making) −27.48% (below 0%: shrinking) n/m +78.73% (above 0%: growing) 4.15% (11.62%) Compare
TOYO TOYO Co., Ltd. $211.9M 4.3× 2.4× — +666.67% (above 0%: growing) +139.07% (above 0%: growing) 31.28% 19.08% Compare
SPWR CSLM Acquisition Corp. $78.6M — (loss-making) — (loss-making) −17.03% (below 0%: shrinking) n/m −499.66% (below 0%: shrinking) 45.50% (42.76%) Compare
Median of peers $1.2B 22.2× 17.0× −17.03% +359.12% +57.35% 31.62% 0.81%

All 24 Solar stocks →

Pay and ownership Proxy statement filed 7 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 10.83%
The Vanguard Group 10.21%
Hill City Capital 9.32%
BlackRock Portfolio Management LLC 6.37%
Grantham, Mayo, Van Otterloo & Co. LLC 6.14%
BNP Paribas Asset Management Holding S.A. 5.18%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Array Technologies, Inc. (ARRY) Latest News

6 Nov

Impact 4 · · The Motley Fool transcript

4 Nov

Impact 4 · · abqjournal.com
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 3 · · StockStory

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory

14 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

5 Oct

Impact 3 · · Zacks

29 Sep

Impact 3 · · StockStory

28 Sep

Impact 3 ·

24 Sep

Impact 3 · · Simply Wall St.

22 Sep

Impact 3 ·

18 Sep

Impact 3 ·

9 Sep

Impact 4 · · abqjournal.com
Impact 3 ·

4 Sep

Impact 3 ·

31 Aug

Impact 4 ·

21 Aug

Impact 4 · · InvestorsHub
Impact 3 ·

20 Aug

Impact 3 ·

12 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 3 ·

6 Aug

Impact 4 · · Moby

5 Aug

Impact 3 ·
Impact 3 ·
stockrow.com/ARRY · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com