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Array Technologies, Inc. (ARRY) 10-Year Financial Performance & Capital Metrics

ARRY • • Industrial / General
EnergySolarSolar System Components & Balance of SystemsSolar Tracking Systems
AboutArray Technologies, Inc. manufactures and supplies solar tracking systems and related products in the United States and internationally. Its products include DuraTrack HZ v3, a single-axis solar tracking system; and SmarTrack, a machine learning software that is used to identify the optimal position for a solar array in real time to increase energy production. The company was founded in 1989 and is headquartered in Albuquerque, New Mexico.Show more
  • Revenue $916M -41.9%
  • EBITDA -$174M -164.8%
  • Net Income -$240M -275.2%
  • EPS (Diluted) -1.95 -448.2%
  • Gross Margin 32.5% +23.3%
  • EBITDA Margin -19.02% -211.5%
  • Operating Margin -24.79% -282.5%
  • Net Margin -26.25% -401.5%
  • ROE -53.46% -301.5%
  • ROIC -20.18% -234.3%
  • Debt/Equity 2.40 +106.9%
  • Interest Coverage -6.52 -234.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓FCF machine: 16.0% free cash flow margin
  • ✓Momentum leader: RS Rating 83 (top 17%)

✗Weaknesses

  • ✗High debt to equity ratio of 2.4x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y7.17%
3Y2.38%
TTM35.75%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM63.06%

EPS CAGR

10Y-
5Y-
3Y-
TTM38.08%

ROCE

10Y Avg3.71%
5Y Avg3.75%
3Y Avg-1.51%
Latest-19.24%

Peer Comparison

Solar Tracking Systems
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Momentum & Returns
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Technical
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
FTCIFTC Solar, Inc.173.68M11.63-3.04-62.71%-69.25%-119.27%0.56
ARRYArray Technologies, Inc.1.51B9.89-5.07-41.91%-2.5%-8.25%9.71%2.40

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+290.78M647.9M872.66M853.32M1.64B1.58B915.81M
Revenue Growth %-1.23%0.35%-0.02%0.92%-0.04%-0.42%
Cost of Goods Sold+279.23M497.14M669.86M785.02M1.42B1.16B618.13M
COGS % of Revenue0.96%0.77%0.77%0.92%0.87%0.74%0.67%
Gross Profit+11.55M150.76M202.8M68.3M212.72M415.55M297.68M
Gross Margin %0.04%0.23%0.23%0.08%0.13%0.26%0.33%
Gross Profit Growth %-12.05%0.35%-0.66%2.11%0.95%-0.28%
Operating Expenses+73.59M67.35M107.59M93.04M230.85M201.43M524.68M
OpEx % of Revenue0.25%0.1%0.12%0.11%0.14%0.13%0.57%
Selling, General & Admin46.88M41.21M55.63M80.97M150.78M159.53M160.57M
SG&A % of Revenue0.16%0.06%0.06%0.09%0.09%0.1%0.18%
Research & Development0000000
R&D % of Revenue-------
Other Operating Expenses-447K26.14M51.95M12.07M80.07M41.89M364.12M
Operating Income+-61.21M83.41M95.21M-24.74M-18.13M214.12M-227M
Operating Margin %-0.21%0.13%0.11%-0.03%-0.01%0.14%-0.25%
Operating Income Growth %-2.36%0.14%-1.26%0.27%12.81%-2.06%
EBITDA+-32.8M110.72M122.69M1.21M82.93M268.95M-174.23M
EBITDA Margin %-0.11%0.17%0.14%0%0.05%0.17%-0.19%
EBITDA Growth %-4.38%0.11%-0.99%67.82%2.24%-1.65%
D&A (Non-Cash Add-back)28.41M27.32M27.47M25.95M101.06M54.83M52.78M
EBIT-61.65M83.38M121.65M-25.44M31.74M221.39M-215.75M
Net Interest Income+-19.04M-18.8M-15.13M-35.48M-33.51M-35.9M-18.05M
Interest Income00003.18M8.33M16.78M
Interest Expense19.04M18.8M15.13M35.48M36.69M44.23M34.83M
Other Income/Expense-19.49M-18.83M-17.43M-36.38M13.18M-36.97M-23.57M
Pretax Income+-80.7M64.58M77.78M-61.12M-4.95M177.16M-250.58M
Pretax Margin %-0.28%0.1%0.09%-0.07%-0%0.11%-0.27%
Income Tax+-19.93M24.83M18.7M-10.72M-9.38M39.92M-10.18M
Effective Tax Rate %0.75%0.62%0.76%0.82%-0.89%0.77%0.96%
Net Income+-60.76M39.74M59.07M-50.4M4.43M137.24M-240.39M
Net Margin %-0.21%0.06%0.07%-0.06%0%0.09%-0.26%
Net Income Growth %-1.65%0.49%-1.85%1.09%29.97%-2.75%
Net Income (Continuing)-60.76M39.74M59.07M-50.4M4.43M137.24M-240.39M
Discontinued Operations0000000
Minority Interest0000000
EPS (Diluted)+-0.480.310.47-0.51-0.290.56-1.95
EPS Growth %-1.65%0.52%-2.09%0.43%2.93%-4.48%
EPS (Basic)-0.480.310.47-0.51-0.290.57-1.95
Diluted Shares Outstanding126.99M126.99M126.99M129.98M149.82M152.02M151.75M
Basic Shares Outstanding126.99M126.99M126.99M129.98M149.82M150.94M151.75M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+173.88M619.68M375.18M852.03M831.21M832.28M998.72M
Cash & Short-Term Investments40.83M310.26M108.44M367.67M133.9M249.08M362.99M
Cash Only40.83M310.26M108.44M367.67M133.9M249.08M362.99M
Short-Term Investments0000000
Accounts Receivable62.13M96.88M135.85M245.06M424.71M332.15M275.84M
Days Sales Outstanding77.9854.5856.82104.8294.6776.9109.94
Inventory55.17M148.02M118.46M205.65M233.16M161.96M200.82M
Days Inventory Outstanding72.12108.6864.5595.6259.7350.92118.58
Other Current Assets050.99M0039.43M89.08M159.08M
Total Non-Current Assets+335.99M303.9M280.85M290.95M874.84M874.46M427.27M
Property, Plant & Equipment11.03M10.66M9.77M10.69M23.17M53.97M26.22M
Fixed Asset Turnover26.37x60.78x89.28x79.81x70.66x29.21x34.93x
Goodwill69.73M69.73M69.73M69.73M416.18M435.59M160.19M
Intangible Assets248.76M223.51M198.26M174.75M386.36M350.4M181.41M
Long-Term Investments-6.47M0-4.53M0000
Other Non-Current Assets6.47M03.09M26.43M32.66M18.63M41.7M
Total Assets+509.86M923.58M656.02M1.14B1.71B1.71B1.43B
Asset Turnover0.57x0.70x1.33x0.75x0.96x0.92x0.64x
Asset Growth %-0.81%-0.29%0.74%0.49%0%-0.16%
Total Current Liabilities+134.57M590.62M289.1M245.31M465.26M335.69M437.81M
Accounts Payable30.02M135.51M84.99M92M170.43M119.5M172.37M
Days Payables Outstanding39.2599.4946.3142.7843.6637.57101.78
Short-Term Debt59.15M97.75M4.31M4.3M38.69M21.47M30.71M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities2.67M6.29M8.96M1.77M5.25M43.73M1.19M
Current Ratio1.29x1.05x1.30x3.47x1.79x2.48x2.28x
Quick Ratio0.88x0.80x0.89x2.64x1.29x2.00x1.82x
Cash Conversion Cycle110.8563.7775.06157.67110.7490.25126.74
Total Non-Current Liabilities+110.82M27.81M447.82M729.42M816.94M760.54M699.35M
Long-Term Debt95.88M0423.97M711.06M720.35M660.95M646.57M
Capital Lease Obligations000013.9M19.48M0
Deferred Tax Liabilities015.85M13.11M072.61M66.86M21.4M
Other Non-Current Liabilities14.94M11.96M10.74M18.36M10.08M13.26M31.38M
Total Liabilities245.39M618.43M736.92M974.72M1.28B1.1B1.14B
Total Debt+155.03M97.75M428.28M721.26M779.45M707.64M692.58M
Net Debt114.2M-212.51M319.84M353.6M645.55M458.56M329.58M
Debt / Equity0.59x0.32x-4.29x1.84x1.16x2.40x
Debt / EBITDA-0.88x3.49x598.56x9.40x2.63x-
Net Debt / EBITDA--1.92x2.61x293.44x7.78x1.70x-
Interest Coverage-3.21x4.44x6.29x-0.70x-0.49x4.84x-6.52x
Total Equity+264.47M305.15M-80.9M168.26M423.85M610.51M288.83M
Equity Growth %-0.15%-1.27%3.08%1.52%0.44%-0.53%
Book Value per Share2.082.40-0.641.292.834.021.90
Total Shareholders' Equity264.47M305.15M-80.9M168.26M423.85M610.51M288.83M
Common Stock264.47M305.15M127K135K150K151K151K
Retained Earnings00-221.5M-271.9M-267.47M-130.23M-370.62M
Treasury Stock0000000
Accumulated OCI00008.43M44.81M-45.4M
Minority Interest0000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-11.73M386.07M-122.2M-263.19M141.49M231.96M153.98M
Operating CF Margin %-0.04%0.6%-0.14%-0.31%0.09%0.15%0.17%
Operating CF Growth %-33.92%-1.32%-1.15%1.54%0.64%-0.34%
Net Income-60.76M39.74M59.07M-50.4M4.43M137.24M-240.39M
Depreciation & Amortization28.45M27.32M27.47M25.95M101.06M54.83M52.78M
Stock-Based Compensation0799K5.61M13.76M14.98M14.54M10.35M
Deferred Taxes-20.06M22.32M-2.74M-10.1M-31.57M-8.86M-37.65M
Other Non-Cash Items2.87M6.58M35.2M18.77M8.24M26.7M342.26M
Working Capital Changes31.05M289.31M-246.82M-261.16M44.34M7.51M26.64M
Change in Receivables19.4M-40.71M-23.04M-108.74M-71.37M92.81M37.31M
Change in Inventory-10.26M-94.59M28.34M-88.18M20.87M66.74M-44.79M
Change in Payables6.5M105.48M-50.52M7.01M12.67M-37.65M58.18M
Cash from Investing+-6.43M-1.7M-1.34M-15.33M-384.44M-16.82M-9.57M
Capital Expenditures-6.43M-1.7M-1.34M-3.36M-10.62M-16.99M-7.3M
CapEx % of Revenue0.02%0%0%0%0.01%0.01%0.01%
Acquisitions-------
Investments-------
Other Investing-4.36M0000168K0
Cash from Financing+50.86M-63.95M-129.27M537.75M8.44M-101.76M-11.84M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid00-589M-8.05M-18.67M00
Share Repurchases-------
Other Financing46.38M133K-42.48M-79.93M-3.83M-1.2M-1.43M
Net Change in Cash-------
Free Cash Flow+-18.16M384.38M-123.54M-266.54M130.87M214.97M146.68M
FCF Margin %-0.06%0.59%-0.14%-0.31%0.08%0.14%0.16%
FCF Growth %-22.17%-1.32%-1.16%1.49%0.64%-0.32%
FCF per Share-0.143.03-0.97-2.050.871.410.97
FCF Conversion (FCF/Net Income)0.19x9.71x-2.07x5.22x31.93x1.69x-0.64x
Interest Paid14.26M11.34M6.93M24.31M23.12M43.95M38.66M
Taxes Paid176K443K31.1M13.32M10.74M45.94M27.97M

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)-22.98%13.95%52.68%-115.39%1.5%26.54%-53.46%
Return on Invested Capital (ROIC)-12.12%26.55%43.07%-4.88%-1.71%15.02%-20.18%
Gross Margin3.97%23.27%23.24%8%12.99%26.36%32.5%
Net Margin-20.9%6.13%6.77%-5.91%0.27%8.71%-26.25%
Debt / Equity0.59x0.32x-4.29x1.84x1.16x2.40x
Interest Coverage-3.21x4.44x6.29x-0.70x-0.49x4.84x-6.52x
FCF Conversion0.19x9.71x-2.07x5.22x31.93x1.69x-0.64x
Revenue Growth-122.81%34.69%-2.22%91.9%-3.72%-41.91%

Revenue by Geography

201620202021202220232024
UNITED STATES-805.07M826.64M1.29B1.17B643.48M
UNITED STATES Growth--2.68%55.58%-9.32%-44.82%
BRAZIL---144.46M257.87M135.1M
BRAZIL Growth----78.50%-47.61%
SPAIN---129.29M99.16M83.74M
SPAIN Growth-----23.31%-15.55%
AUSTRALIA-45.22M5.51M9.43M20.84M8.71M
AUSTRALIA Growth---87.82%71.16%121.04%-58.22%
the World-22.38M21.17M68.3M--
the World Growth---5.39%222.61%--
Europe114.81M-----
Europe Growth------
North America22.47M-----
North America Growth------
Asia Pacific599K-----
Asia Pacific Growth------

Frequently Asked Questions

Growth & Financials

Array Technologies, Inc. (ARRY) reported $1.33B in revenue for fiscal year 2024. This represents a 359% increase from $290.8M in 2018.

Array Technologies, Inc. (ARRY) saw revenue decline by 41.9% over the past year.

Array Technologies, Inc. (ARRY) reported a net loss of $33.4M for fiscal year 2024.

Dividend & Returns

Array Technologies, Inc. (ARRY) has a return on equity (ROE) of -53.5%. Negative ROE indicates the company is unprofitable.

Array Technologies, Inc. (ARRY) generated $88.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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