Saturday 17 October 2026 Export ARRY’s income statement to Excel — free account

Array Technologies, Inc.

Array Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 40.2% from fiscal 2024. In the quarter to June 2026, revenue fell 5.57%, EPS fell 73.7%, free cash flow grew 205.4% and total debt fell 5.20%, each against the same quarter a year earlier.

3.43 0.14 −3.92%

Follow ARRY

Alert me

Market cap: $549.8M
P/E: 0.0×
Fwd P/E: 43.9×
Dividend yield: —
F-score: 5/9
Altman Z: 1.33
Beneish M: −2.50
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.51%

Capital & Financial Ratios $m

Market Cap 549.81

Revenue 1,185.01

Net Income (85.90)

Free Cash Flow 134.73

Net Debt 350.45

Current Ratio 2.20

Debt/Equity (3.25)

P/E ratio 0.00

Fwd P/E 43.90

P/S ratio 0.45

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 10.75%

Next Y EPS Growth 20.21%

Next Y revenue growth 11.67%

Next 5Y EPS Growth 12.17%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 0.13%

10-year low 10-year high

EV/Sales against its own 10 years 0.13%

10-year low 10-year high

EV/FCF against its own 10 years 0.94%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	29.05	12.72	5.45	13.34	5.15	3.76	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	50.99	54.78	24.24	26.64	17.76	10.47
People
People	Employees	—	—	—	—	389	471	1,082	1,028	1,021	1,200
	Revenue/emp, $m	—	—	0.00	0.00	2.24	1.81	1.51	1.53	0.90	1.07
Income, $m
Income, $m	Revenue	—	—	291	648	873	853	1,638	1,577	916	1,284
	Gross margin, %	—	—	3.97	23.27	23.24	8.00	12.99	26.36	32.50	23.25
	EBT	—	—	(81)	65	78	(61)	(5)	177	(251)	(29)
	EBT margin, %	—	—	(27.75)	9.97	8.91	(7.16)	(0.30)	11.24	(27.36)	(2.28)
	Net income	—	0	(61)	40	59	(50)	4	137	(240)	(52)
	Depreciation	—	—	31	31	31	41	108	65	295	155
Per share, $
Per share, $	Revenue	—	—	2.42	5.40	7.18	6.56	10.93	10.44	6.03	8.42
	Earnings	—	—	(0.51)	0.33	0.49	(0.51)	(0.29)	0.57	(1.95)	(0.73)
	Cash flow	—	—	(0.10)	3.22	(1.01)	(2.02)	0.94	1.54	1.01	0.67
	Capex	—	—	(0.05)	(0.01)	(0.01)	(0.03)	(0.07)	(0.11)	(0.05)	(0.14)
	Free cash flow	—	—	(0.15)	3.20	(1.02)	(2.05)	0.87	1.43	0.97	0.52
	Book value	—	—	0.00	2.54	(0.67)	(0.53)	0.83	1.72	(0.78)	(1.35)
	Shares, m	—	—	120	120	121	130	150	151	152	153
Valuation, ×
Valuation, ×	P/E	—	—	46.49	46.49	87.33	0.00	0.00	31.41	0.00	0.00
	P/S	—	—	4.77	4.77	6.00	2.39	1.74	1.62	1.00	1.10
	P/B	—	—	11.59	11.59	0.00	0.00	22.96	9.87	0.00	0.00
	EV/Sales	—	—	4.74	4.74	6.37	2.80	2.12	1.90	1.34	1.42
	EV/FCF	—	—	25.63	25.63	(45.00)	(8.96)	26.58	13.91	8.38	22.92
Cash, $m
Cash, $m	Operating cash flow	—	—	(12)	386	(122)	(263)	141	232	154	102
	Capex	—	—	(6)	(2)	(1)	(3)	(11)	(17)	(7)	(22)
	Free cash flow	—	—	(18)	384	(124)	(267)	131	215	147	80
Balance, $m
Balance, $m	Working capital	—	—	39	29	86	607	366	497	561	492
	Total debt	—	—	59	98	428	715	759	682	677	669
	Net debt	—	—	18	(264)	320	348	625	433	313	423
	Shareholders’ equity	—	—	—	305	(81)	(69)	124	259	(118)	(206)
Returns, %
Returns, %	ROA	—	—	0.00	8.61	7.48	(7.35)	(3.06)	5.01	(18.90)	(7.79)
	ROIC	—	—	(212.52)	125.64	24.90	(5.55)	(1.51)	19.32	(72.74)	(8.36)
	ROE	—	—	(21.36)	13.97	52.72	88.10	(158.41)	44.61	(419.50)	69.06

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$4.1B	30.0×	194×	−19.63% (below 0%: shrinking)	−3.57% (below 0%: shrinking)	+41.15% (above 0%: growing)	59.97%	17.65%	Compare
SEDG SolarEdge Technologies, Inc.	$1.9B	— (loss-making)	— (loss-making)	+19.63% (above 0%: growing)	n/m	+196.82% (above 0%: growing)	27.48%	(4.63%)	Compare
RUN Sunrun Inc.	$1.8B	4.3×	10.8×	+52.81% (above 0%: growing)	−60.66% (below 0%: shrinking)	+37.10% (above 0%: growing)	37.73%	4.00%	Compare
SHLS Shoals Technologies Group, Inc.	$1.3B	38.1×	42.0×	+47.39% (above 0%: growing)	−12.50% (below 0%: shrinking)	+99.01% (above 0%: growing)	30.31%	11.46%	Compare
DQ DAQO New Energy Corp.	$720.7M	— (loss-making)	— (loss-making)	−16.67% (below 0%: shrinking)	n/m	−60.43% (below 0%: shrinking)	(132.00%)	(156.53%)	Compare
ARRY Array Technologies, Inc.	$549.8M	— (loss-making)	43.9×	−5.57% (below 0%: shrinking)	−73.68% (below 0%: shrinking)	+205.42% (above 0%: growing)	29.12%	10.16%
JKS JinkoSolar Holding Company Limited	$420.2M	— (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.	$176.0M	3.5×	6.7×	—	+666.67% (above 0%: growing)	+139.07% (above 0%: growing)	31.28%	19.08%	Compare
SPWR CSLM Acquisition Corp.	$84.2M	— (loss-making)	— (loss-making)	−17.03% (below 0%: shrinking)	n/m	−499.66% (below 0%: shrinking)	45.50%	(42.76%)	Compare
Median of peers	$1.0B	17.1×	26.4×	−16.67%	−8.03%	+59.94%	30.80%	(0.31%)

All 26 Solar stocks →

Array Technologies, Inc. (ARRY) key facts

Strength: Array Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 40.2% from fiscal 2024.
Array Technologies, Inc. (ARRY) is a Solar company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, ARRY traded at $3.43, a market capitalization of $549.8 million.
Return on equity was 69.1% and debt-to-equity -3.25.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.33 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.