Saturday 17 October 2026
Export ARRY’s income statement to Excel — free account
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. 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%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | 29.05 | 12.72 | 5.45 | 13.34 | 5.15 | 3.76 |
Analyst estimates 2026–2028 Powerpack |
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| 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.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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. | $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%) |
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.