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ARRY logoArray Technologies, Inc.(ARRY)Earnings, Financials & Key Ratios

ARRY•NASDAQ
$8.18
$1.25B mkt cap·Price updated May 6, 2026
SectorEnergyIndustrySolarSub-IndustrySolar racking, trackers and BOS components
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$1.28B+40.2%
  • EBITDA-$3M+98.4%
  • Net Income-$52M+78.3%
  • EPS (Diluted)-0.73+62.6%
  • Gross Margin23.25%-28.5%
  • EBITDA Margin-0.22%+98.9%
  • Operating Margin-2.26%+90.9%
  • Net Margin-4.07%+84.5%
  • ROE-19.02%+64.4%
  • ROIC-5.86%+70.9%
  • Debt/Equity0.41-82.8%
Technical→

ARRY Key Insights

Array Technologies, Inc. (ARRY) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

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

ARRY Price & Volume

Array Technologies, Inc. (ARRY) stock price & volume — 10-year historical chart

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ARRY Growth Metrics

Array Technologies, Inc. (ARRY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years8.03%
3 Years-7.78%
TTM40.22%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM78.27%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM62.24%

Return on Capital

10 Years2.9%
5 Years-2.25%
3 Years-1.89%
Last Year-2.81%

ARRY Recent Earnings

Array Technologies, Inc. (ARRY) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 11/12 qtrs (92%)
Q1 2026Latest
Feb 25, 2026
EPS
$0.01
Est $0.01
-27.2%
Revenue
$226M
Est $211M
+6.9%
Q4 2025
Nov 5, 2025
EPS
$0.30
Est $0.21
+42.9%
Revenue
$393M
Est $211M
+86.4%
Q3 2025
Aug 7, 2025
EPS
$0.25
Est $0.21
+19.0%
Revenue
$362M
Est $269M
+34.8%
Q2 2025
May 6, 2025
EPS
$0.13
Est $0.09
+44.4%
Revenue
$302M
Est $282M
+7.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 25, 2026
$0.01vs $0.01-27.2%
$226Mvs $211M+6.9%
Q4 2025Nov 5, 2025
$0.30vs $0.21+42.9%
$393Mvs $211M+86.4%
Q3 2025Aug 7, 2025
$0.25vs $0.21+19.0%
$362Mvs $269M+34.8%
Q2 2025May 6, 2025
$0.13vs $0.09+44.4%
$302Mvs $282M+7.2%
Based on last 12 quarters of dataView full earnings history →

ARRY Peer Comparison

Array Technologies, Inc. (ARRY) competitors in Solar racking, trackers and BOS components — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SHLS logoSHLSShoals Technologies Group, Inc.Direct Competitor1.36B8.1340.6519.07%6.27%5.67%0.29
FTCI logoFTCIFTC Solar, Inc.Direct Competitor55.1M3.45-0.63110.51%-42.13%
FSLR logoFSLRFirst Solar, Inc.Product Competitor23.56B219.2815.4324.09%30.73%18.01%5.04%0.05
ENPH logoENPHEnphase Energy, Inc.Product Competitor4.75B36.0227.9210.72%9.64%13.28%2.02%1.14
SEDG logoSEDGSolarEdge Technologies, Inc.Product Competitor2.66B44.64-6.4731.39%-57.48%-122.19%3.04%0.99
CSIQ logoCSIQCanadian Solar Inc.Product Competitor1.12B16.80-10.84-6.65%-1.86%-2.47%1.80
MAXN logoMAXNMaxeon Solar Technologies, Ltd.Product Competitor12.02M0.71-0.01-54.68%-320.48%
NEE logoNEENextEra Energy, Inc.Supply Chain200.77B96.2829.2611%29.3%12.66%1.44

Compare ARRY vs Peers

Array Technologies, Inc. (ARRY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SHLS

Most directly comparable listed peer for ARRY.

Scale Benchmark

vs NEE

Larger-name benchmark to compare ARRY against a more recognizable public peer.

Peer Set

Compare Top 5

vs SHLS, FTCI, FSLR, ENPH

ARRY Income Statement

Array Technologies, Inc. (ARRY) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue290.78M647.9M872.66M853.32M1.64B1.58B915.81M1.28B
Revenue Growth %-122.81%34.69%-2.22%91.9%-3.72%-41.91%40.22%
Cost of Goods Sold279.23M497.14M669.86M785.02M1.42B1.16B618.13M985.59M
COGS % of Revenue96.03%76.73%76.76%92%87.01%73.64%67.5%76.75%
Gross Profit
11.55M▲ 0%
150.76M▲ 1204.7%
202.8M▲ 34.5%
68.3M▼ 66.3%
212.72M▲ 211.4%
415.55M▲ 95.4%
297.68M▼ 28.4%
298.55M▲ 0.3%
Gross Margin %3.97%23.27%23.24%8%12.99%26.36%32.5%23.25%
Gross Profit Growth %-1204.73%34.52%-66.32%211.44%95.35%-28.37%0.29%
Operating Expenses73.59M67.35M107.59M93.04M230.85M201.43M524.68M327.55M
OpEx % of Revenue25.31%10.4%12.33%10.9%14.1%12.78%57.29%25.51%
Selling, General & Admin46.88M41.21M55.63M80.97M150.78M159.53M160.57M198.61M
SG&A % of Revenue16.12%6.36%6.38%9.49%9.21%10.12%17.53%15.47%
Research & Development00000000
R&D % of Revenue--------
Other Operating Expenses-447K26.14M51.95M12.07M80.07M41.89M364.12M128.94M
Operating Income
-61.21M▲ 0%
83.41M▲ 236.3%
95.21M▲ 14.2%
-24.74M▼ 126.0%
-18.13M▲ 26.7%
214.12M▲ 1280.9%
-227M▼ 206.0%
-29M▲ 87.2%
Operating Margin %-21.05%12.87%10.91%-2.9%-1.11%13.58%-24.79%-2.26%
Operating Income Growth %-236.28%14.15%-125.99%26.71%1280.85%-206.02%87.23%
EBITDA-32.8M110.72M122.69M1.21M82.93M268.95M-174.23M-2.8M
EBITDA Margin %-11.28%17.09%14.06%0.14%5.06%17.06%-19.02%-0.22%
EBITDA Growth %-437.6%10.8%-99.02%6781.83%224.33%-164.78%98.4%
D&A (Non-Cash Add-back)28.41M27.32M27.47M25.95M101.06M54.83M52.78M26.2M
EBIT-61.65M83.38M121.65M-25.44M31.74M221.39M-215.75M0
Net Interest Income-19.04M-18.8M-15.13M-35.48M-33.51M-35.9M-18.05M0
Interest Income00003.18M8.33M16.78M11.85M
Interest Expense19.04M18.8M15.13M35.48M36.69M44.23M34.83M-27.33M
Other Income/Expense-19.49M-18.83M-17.43M-36.38M13.18M-36.97M-23.57M-222K
Pretax Income
-80.7M▲ 0%
64.58M▲ 180.0%
77.78M▲ 20.4%
-61.12M▼ 178.6%
-4.95M▲ 91.9%
177.16M▲ 3677.5%
-250.58M▼ 241.4%
-29.22M▲ 88.3%
Pretax Margin %-27.75%9.97%8.91%-7.16%-0.3%11.24%-27.36%-2.28%
Income Tax-19.93M24.83M18.7M-10.72M-9.38M39.92M-10.18M23.02M
Effective Tax Rate %24.7%38.46%24.05%17.54%189.5%22.53%4.06%-78.78%
Net Income
-60.76M▲ 0%
39.74M▲ 165.4%
59.07M▲ 48.6%
-50.4M▼ 185.3%
4.43M▲ 108.8%
137.24M▲ 2996.6%
-240.39M▼ 275.2%
-52.23M▲ 78.3%
Net Margin %-20.9%6.13%6.77%-5.91%0.27%8.71%-26.25%-4.07%
Net Income Growth %-165.41%48.63%-185.32%108.79%2996.57%-275.16%78.27%
Net Income (Continuing)-60.76M39.74M59.07M-50.4M4.43M137.24M-240.39M-52.23M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)
-0.48▲ 0%
0.31▲ 164.6%
0.47▲ 51.6%
-0.51▼ 208.5%
-0.29▲ 43.1%
0.56▲ 293.1%
-1.95▼ 448.2%
-0.73▲ 62.6%
EPS Growth %-164.58%51.61%-208.51%43.14%293.1%-448.21%62.56%
EPS (Basic)-0.480.310.47-0.51-0.290.57-1.95-0.73
Diluted Shares Outstanding126.99M126.99M126.99M129.98M149.82M152.02M151.75M152.54M
Basic Shares Outstanding126.99M126.99M126.99M129.98M149.82M150.94M151.75M152.54M
Dividend Payout Ratio--------

ARRY Balance Sheet

Array Technologies, Inc. (ARRY) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets173.88M619.68M375.18M852.03M831.21M832.28M998.72M869.04M
Cash & Short-Term Investments40.83M310.26M108.44M367.67M133.9M249.08M362.99M244.39M
Cash Only40.83M310.26M108.44M367.67M133.9M249.08M362.99M244.39M
Short-Term Investments00000000
Accounts Receivable62.13M96.88M135.85M245.06M424.71M332.15M275.84M271.58M
Days Sales Outstanding77.9854.5856.82104.8294.6776.9109.9477.19
Inventory55.17M148.02M118.46M205.65M233.16M161.96M200.82M150.37M
Days Inventory Outstanding72.12108.6864.5595.6259.7350.92118.5855.69
Other Current Assets050.99M0039.43M89.08M159.08M202.7M
Total Non-Current Assets335.99M303.9M280.85M290.95M874.84M874.46M427.27M582.75M
Property, Plant & Equipment11.03M10.66M9.77M10.69M23.17M53.97M26.22M155.31M
Fixed Asset Turnover26.37x60.78x89.28x79.81x70.66x29.21x34.93x8.27x
Goodwill69.73M69.73M69.73M69.73M416.18M435.59M160.19M135.17M
Intangible Assets248.76M223.51M198.26M174.75M386.36M350.4M181.41M238.58M
Long-Term Investments-6.47M0-4.53M00000
Other Non-Current Assets6.47M03.09M26.43M32.66M18.63M41.7M29.72M
Total Assets
509.86M▲ 0%
923.58M▲ 81.1%
656.02M▼ 29.0%
1.14B▲ 74.2%
1.71B▲ 49.3%
1.71B▲ 0.0%
1.43B▼ 16.4%
1.45B▲ 1.8%
Asset Turnover0.57x0.70x1.33x0.75x0.96x0.92x0.64x0.88x
Asset Growth %-81.14%-28.97%74.23%49.26%0.04%-16.45%1.81%
Total Current Liabilities134.57M590.62M289.1M245.31M465.26M335.69M437.81M377.01M
Accounts Payable30.02M135.51M84.99M92M170.43M119.5M172.37M143.99M
Days Payables Outstanding39.2599.4946.3142.7843.6637.57101.7853.33
Short-Term Debt59.15M97.75M4.31M4.3M38.69M21.47M30.71M17.98M
Deferred Revenue (Current)21.79M328.78M149.82M99.58M178.92M66.49M119.78M128.43M
Other Current Liabilities2.67M6.29M8.96M1.77M5.25M43.73M1.19M86.61M
Current Ratio1.29x1.05x1.30x3.47x1.79x2.48x2.28x2.31x
Quick Ratio0.88x0.80x0.89x2.64x1.29x2.00x1.82x1.91x
Cash Conversion Cycle110.8563.7775.06157.67110.7490.25126.7479.56
Total Non-Current Liabilities110.82M27.81M447.82M729.42M816.94M760.54M699.35M814.39M
Long-Term Debt95.88M0423.97M711.06M720.35M660.95M646.57M89.55M
Capital Lease Obligations000013.9M19.48M00
Deferred Tax Liabilities015.85M13.11M072.61M66.86M21.4M22.13M
Other Non-Current Liabilities14.94M11.96M10.74M18.36M10.08M13.26M31.38M702.71M
Total Liabilities245.39M618.43M736.92M974.72M1.28B1.1B1.14B1.19B
Total Debt155.03M97.75M428.28M721.26M779.45M707.64M692.58M107.53M
Net Debt114.2M-212.51M319.84M353.6M645.55M458.56M329.58M-136.86M
Debt / Equity0.59x0.32x-4.29x1.84x1.16x2.40x0.41x
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
264.47M▲ 0%
305.15M▲ 15.4%
-80.9M▼ 126.5%
168.26M▲ 308.0%
423.85M▲ 151.9%
610.51M▲ 44.0%
288.83M▼ 52.7%
260.39M▼ 9.8%
Equity Growth %-15.38%-126.51%307.98%151.91%44.04%-52.69%-9.85%
Book Value per Share2.082.40-0.641.292.834.021.901.71
Total Shareholders' Equity264.47M305.15M-80.9M168.26M423.85M610.51M288.83M260.39M
Common Stock264.47M305.15M127K135K150K151K151K0
Retained Earnings00-221.5M-271.9M-267.47M-130.23M-370.62M0
Treasury Stock00000000
Accumulated OCI00008.43M44.81M-45.4M0
Minority Interest00000000

ARRY Cash Flow Statement

Array Technologies, Inc. (ARRY) cash flow — operating, investing & free cash flow history

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-11.73M386.07M-122.2M-263.19M141.49M231.96M153.98M0
Operating CF Margin %-4.03%59.59%-14%-30.84%8.64%14.71%16.81%-
Operating CF Growth %-3392.17%-131.65%-115.37%153.76%63.93%-33.62%-100%
Net Income-60.76M39.74M59.07M-50.4M4.43M137.24M-240.39M0
Depreciation & Amortization28.45M27.32M27.47M25.95M101.06M54.83M52.78M0
Stock-Based Compensation0799K5.61M13.76M14.98M14.54M10.35M0
Deferred Taxes-20.06M22.32M-2.74M-10.1M-31.57M-8.86M-37.65M0
Other Non-Cash Items2.87M6.58M35.2M18.77M8.24M26.7M342.26M0
Working Capital Changes31.05M289.31M-246.82M-261.16M44.34M7.51M26.64M0
Change in Receivables19.4M-40.71M-23.04M-108.74M-71.37M92.81M37.31M0
Change in Inventory-10.26M-94.59M28.34M-88.18M20.87M66.74M-44.79M0
Change in Payables6.5M105.48M-50.52M7.01M12.67M-37.65M58.18M0
Cash from Investing-6.43M-1.7M-1.34M-15.33M-384.44M-16.82M-9.57M-187.89M
Capital Expenditures-6.43M-1.7M-1.34M-3.36M-10.62M-16.99M-7.3M0
CapEx % of Revenue2.21%0.26%0.15%0.39%0.65%1.08%0.8%-
Acquisitions0000-373.82M034K0
Investments--------
Other Investing-4.36M0000168K0-187.89M
Cash from Financing50.86M-63.95M-129.27M537.75M8.44M-101.76M-11.84M-38.05M
Debt Issued (Net)4.48M-64.08M356.67M280.1M-18.05M-99.05M-8.66M0
Equity Issued (Net)001000K1000K1000K-1000K-1000K0
Dividends Paid00-589M-8.05M-18.67M000
Share Repurchases000000-1.75M0
Other Financing46.38M133K-42.48M-79.93M-3.83M-1.2M-1.43M-38.05M
Net Change in Cash
32.71M▲ 0%
320.43M▲ 879.7%
-252.82M▼ 178.9%
259.23M▲ 202.5%
-233.77M▼ 190.2%
115.18M▲ 149.3%
115.06M▼ 0.1%
-118.16M▼ 202.7%
Free Cash Flow
-18.16M▲ 0%
384.38M▲ 2217.0%
-123.54M▼ 132.1%
-266.54M▼ 115.7%
130.87M▲ 149.1%
214.97M▲ 64.3%
146.68M▼ 31.8%
0▼ 100.0%
FCF Margin %-6.24%59.33%-14.16%-31.24%7.99%13.64%16.02%-
FCF Growth %-2216.96%-132.14%-115.75%149.1%64.25%-31.77%-100%
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 Paid14.26M11.34M6.93M24.31M23.12M43.95M38.66M0
Taxes Paid176K443K31.1M13.32M10.74M45.94M27.97M0

ARRY Key Ratios

Array Technologies, Inc. (ARRY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)-22.98%13.95%52.68%-115.39%1.5%26.54%-53.46%-19.02%
Return on Invested Capital (ROIC)-12.12%26.55%43.07%-4.88%-1.71%15.02%-20.18%-5.86%
Gross Margin3.97%23.27%23.24%8%12.99%26.36%32.5%23.25%
Net Margin-20.9%6.13%6.77%-5.91%0.27%8.71%-26.25%-4.07%
Debt / Equity0.59x0.32x-4.29x1.84x1.16x2.40x0.41x
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%40.22%

ARRY SEC Filings & Documents

Array Technologies, Inc. (ARRY) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 19, 2026·SEC

Material company update

Feb 25, 2026·SEC

Material company update

Feb 18, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Mar 3, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 6, 2025·SEC

ARRY Frequently Asked Questions

Array Technologies, Inc. (ARRY) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Array Technologies, Inc. (ARRY) reported $1.28B in revenue for fiscal year 2025. This represents a 342% increase from $290.8M in 2018.

Array Technologies, Inc. (ARRY) grew revenue by 40.2% over the past year. This is strong growth.

Array Technologies, Inc. (ARRY) reported a net loss of $52.2M for fiscal year 2025.

Dividend & Returns

Array Technologies, Inc. (ARRY) has a return on equity (ROE) of -19.0%. Negative ROE indicates the company is unprofitable.

Array Technologies, Inc. (ARRY) generated $43.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More ARRY

Array Technologies, Inc. (ARRY) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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