Array Technologies, Inc. (ARRY) vs CSLM Acquisition Corp. (SPWR)

Array Technologies, Inc. and CSLM Acquisition Corp. are both Solar companies. Array Technologies, Inc. is the larger, with a market value of $613.0M against $99.3M — 6.2× the size. CSLM Acquisition Corp. grew revenue faster over the last twelve months: 18.6% against 1.18%. CSLM Acquisition Corp. has the higher net margin (−3.77% vs −12.5%) and the lower return on invested capital (−38.2% vs −25.6%). Across the 16 metrics below, Array Technologies, Inc. leads on 8 and CSLM Acquisition Corp. on 8.

Valuation

Metric ARRY SPWR Solar median
P/E n/m n/m 10.93
P/S 0.52 0.16 0.54
P/B n/m n/m 1.44
Price to free cash flow 4.60 n/m 9.91
EV/EBITDA 9.40 n/m 9.90
EV/Sales 0.83 0.59 0.74
Earnings yield (24.32%) (61.97%) 0.00%
Free cash flow yield 21.73% (133.02%) 0.00%

Profitability

Metric ARRY SPWR Solar median
Gross margin 24.27% 52.17% 31.92%
Operating margin (5.13%) (20.11%) (9.70%)
Net margin (12.48%) (3.77%) (8.48%)
Free cash flow margin 11.37% (21.35%) (2.95%)
Return on equity 108.38% 15.27% 5.34%
Return on assets (9.62%) (5.36%) (5.36%)
Return on invested capital (25.60%) (38.19%) (5.27%)

Growth

Metric ARRY SPWR Solar median
Revenue growth (TTM) 1.18% 18.59% 16.97%
EPS growth (last fiscal year) 62.56% 30.18% —
Revenue growth, 5-year CAGR 8.03% — 14.00%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ARRY SPWR Solar median
Debt to equity (3.25) (4.70) 0.09
Current ratio 2.20 0.82 1.33
Net debt to EBITDA 3.36 (60.25) 0.03

Dividend

Metric ARRY SPWR Solar median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric ARRY SPWR Solar median
Market cap 612.95m 99.26m 43.46m

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