The company's equity base has eroded significantly, contracting from $610.5 million in 2023Q4 to $267.9 million by 2026Q1, while carrying a material $135.2 million in goodwill.
| Total Current Assets | 879.42M | 869.04M | 998.72M | 832.28M | 831.21M | 852.03M | 375.18M | 619.68M | 173.88M |
| Cash & Short-Term Investments | 200.7M | 244.39M | 362.99M | 249.08M | 133.9M | 367.67M | 108.44M | 310.26M | 40.83M |
| Cash Only | 200.7M | 244.39M | 362.99M | 249.08M | 133.9M | 367.67M | 108.44M | 310.26M | 40.83M |
| Short-Term Investments | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 292.33M | 271.58M | 275.84M | 332.15M | 424.71M | 245.06M | 135.85M | 96.88M | 62.13M |
| Days Sales Outstanding | 99.16 | 77.19 | 109.94 | 76.9 | 94.67 | 104.82 | 56.82 | 54.58 | 77.98 |
| Inventory | 167.97M | 150.37M | 200.82M | 161.96M | 233.16M | 205.65M | 118.46M | 148.02M | 55.17M |
| Days Inventory Outstanding | 66.57 | 54.25 | 118.58 | 50.92 | 59.73 | 95.62 | 64.55 | 108.68 | 72.12 |
| Other Current Assets | 218.42M | 202.7M | 159.08M | 89.08M | 39.43M | 0 | 0 | 50.99M | 0 |
| Total Non-Current Assets | 595.61M | 582.75M | 427.27M | 874.46M | 874.84M | 290.95M | 280.85M | 303.9M | 335.99M |
| Property, Plant & Equipment | 156.67M | 155.31M | 26.22M | 53.97M | 23.17M | 10.69M | 9.77M | 10.66M | 11.03M |
| Fixed Asset Turnover | 12.00x | 8.27x | 34.93x | 29.21x | 70.66x | 79.81x | 89.28x | 60.78x | 26.37x |
| Goodwill | 135.17M | 135.17M | 160.19M | 435.59M | 416.18M | 69.73M | 69.73M | 69.73M | 69.73M |
| Intangible Assets | 224.92M | 238.58M | 181.41M | 350.4M | 386.36M | 174.75M | 198.26M | 223.51M | 248.76M |
| Long-Term Investments | 69.6M | 13.9M | 0 | 0 | 0 | 0 | -4.53M | 0 | -6.47M |
| Other Non-Current Assets | 54.11M | 15.82M | 41.7M | 18.63M | 32.66M | 26.43M | 3.09M | 0 | 6.47M |
| Total Assets | 1.48B | 1.45B | 1.43B | 1.71B | 1.71B | 1.14B | 656.02M | 923.58M | 509.86M |
| Asset Turnover | 0.79x | 0.88x | 0.64x | 0.92x | 0.96x | 0.75x | 1.33x | 0.70x | 0.57x |
| Asset Growth % | 1.72% | 1.81% | -16.45% | 0.04% | 49.26% | 74.23% | -28.97% | 81.14% | - |
| Total Current Liabilities | 390.4M | 377.01M | 437.81M | 335.69M | 465.26M | 245.31M | 289.1M | 590.62M | 134.57M |
| Accounts Payable | 142.17M | 143.99M | 172.37M | 119.5M | 170.43M | 92M | 84.99M | 135.51M | 30.02M |
| Days Payables Outstanding | 66.77 | 51.95 | 101.78 | 37.57 | 43.66 | 42.78 | 46.31 | 99.49 | 39.25 |
| Short-Term Debt | 17.05M | 10.31M | 30.71M | 21.47M | 38.69M | 4.3M | 4.31M | 97.75M | 59.15M |
| Deferred Revenue (Current) | 514.11M | 128.43M | 119.78M | 66.49M | 178.92M | 99.58M | 149.82M | 328.78M | 21.79M |
| Other Current Liabilities | 92.65M | 16.79M | 1.19M | 43.73M | 5.25M | 1.77M | 8.96M | 6.29M | 2.67M |
| Current Ratio | 2.25x | 2.31x | 2.28x | 2.48x | 1.79x | 3.47x | 1.30x | 1.05x | 1.29x |
| Quick Ratio | 1.82x | 1.91x | 1.82x | 2.00x | 1.29x | 2.64x | 0.89x | 0.80x | 0.88x |
| Cash Conversion Cycle | 98.96 | 79.49 | 126.74 | 90.25 | 110.74 | 157.67 | 75.06 | 63.77 | 110.85 |
| Total Non-Current Liabilities | 816.74M | 814.39M | 699.35M | 760.54M | 816.94M | 729.42M | 447.82M | 27.81M | 110.82M |
| Long-Term Debt | 89.2M | 658.66M | 646.57M | 660.95M | 720.35M | 711.06M | 423.97M | 0 | 95.88M |
| Capital Lease Obligations | 89.55M | 89.55M | 0 | 19.48M | 13.9M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 88.26M | 22.13M | 21.4M | 66.86M | 72.61M | 0 | 13.11M | 15.85M | 0 |
| Other Non-Current Liabilities | 706.24M | 44.04M | 31.38M | 13.26M | 10.08M | 18.36M | 10.74M | 11.96M | 14.94M |
| Total Liabilities | 1.21B | 1.19B | 1.14B | 1.1B | 1.28B | 974.72M | 736.92M | 618.43M | 245.39M |
| Total Debt | 106.25M | 766.19M | 692.58M | 707.64M | 779.45M | 721.26M | 428.28M | 97.75M | 155.03M |
| Net Debt | -94.45M | 521.8M | 329.58M | 458.56M | 645.55M | 353.6M | 319.84M | -212.51M | 114.2M |
| Debt / Equity | 0.40x | 2.94x | 2.40x | 1.16x | 1.84x | 4.29x | - | 0.32x | 0.59x |
| Debt / EBITDA | 1.12x | 5.82x | - | 2.63x | 9.40x | 598.56x | 3.49x | 0.88x | - |
| Net Debt / EBITDA | -1.00x | 3.96x | - | 1.70x | 7.78x | 293.44x | 2.61x | -1.92x | - |
| Interest Coverage | -2.42x | -0.07x | -6.20x | 5.01x | 0.87x | -0.72x | 8.04x | 4.44x | -3.24x |
| Total Equity | 267.88M | 260.39M | 288.83M | 610.51M | 423.85M | 168.26M | -80.9M | 305.15M | 264.47M |
| Equity Growth % | -75.4% | -9.85% | -52.69% | 44.04% | 151.91% | 307.98% | -126.51% | 15.38% | - |
| Book Value per Share | 1.75 | 1.71 | 1.90 | 4.02 | 2.83 | 1.29 | -0.64 | 2.40 | 2.08 |
| Total Shareholders' Equity | 267.88M | 260.39M | 288.83M | 610.51M | 423.85M | 168.26M | -80.9M | 305.15M | 264.47M |
| Common Stock | 155K | 152K | 151K | 151K | 150K | 135K | 127K | 305.15M | 264.47M |
| Retained Earnings | -420.86M | -422.86M | -370.62M | -130.23M | -267.47M | -271.9M | -221.5M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -8.16M | -10.48M | -45.4M | 44.81M | 8.43M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and volatility
As reported in recent financial statements, ARRY's equity base has contracted from $610.5 million in 2023Q4 to $267.9 million by 2026Q1, signaling a deteriorating trajectory driven by persistent net losses and the resulting accumulation of a $420.9 million deficit in retained earnings over the observed period.
The consistent decline in equity suggests that the company is struggling to retain value despite its revenue-generating activities. Investors should monitor whether this trend reflects structural profitability challenges or temporary accounting impacts from past acquisitions and impairment charges.
Based on the company's reported figures, the debt-to-equity ratio experienced extreme fluctuations, spiking to 2.94 in 2025Q4 before dropping to 0.40 in 2026Q1, which suggests that the capital structure is subject to significant, non-linear shifts that warrant further investigation into potential debt restructuring or repayment events.
The sudden reduction in leverage in the most recent quarter is unusual and may indicate a significant capital event or a change in reporting methodology. Such volatility complicates the assessment of long-term solvency and suggests that the company's reliance on debt remains a primary risk factor.
According to quarterly filings, ARRY maintains a current ratio of 2.25 as of 2026Q1, providing a seemingly adequate buffer; however, this liquidity is heavily tied to working capital cycles, as evidenced by the $200.7 million cash position which has fluctuated significantly over the last ten quarters.
While the current ratio appears healthy on the surface, the underlying cash position is sensitive to the timing of project-based receivables and inventory management. The company's ability to maintain this liquidity depends on its success in converting large-scale project deliveries into cash without further margin compression.
As indicated by financial data, goodwill remains a material component of the asset base at $135.2 million in 2026Q1, representing a significant portion of total assets and suggesting that the company's valuation is sensitive to potential future impairment risks related to past strategic acquisitions.
The concentration of intangible assets relative to tangible PPE, which stands at $156.7 million, implies that the company's asset base is heavily reliant on the perceived value of acquired businesses. Investors should be wary of the potential for future write-downs if these acquisitions fail to deliver expected synergies.
Based on the reported figures, the accumulation of a $420.9 million deficit in retained earnings as of 2026Q1 serves as a critical warning, suggesting that the company's historical operational performance has consistently failed to generate the surplus necessary to build long-term shareholder equity.
This persistent deficit indicates that the business model may be structurally unprofitable under current cost and pricing conditions. The reliance on external financing to cover these gaps makes the balance sheet vulnerable to shifts in credit market conditions or investor sentiment.
Quick answers to the most common questions about buying ARRY stock.
As of 2025, Array Technologies, Inc. (ARRY) had total assets of $1.45B including $869.0M in current assets.
Array Technologies, Inc. (ARRY) carries total debt of $766.2M, offset by $244.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Array Technologies, Inc. (ARRY) has total shareholders' equity (book value) of $260.4M ($1.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Array Technologies, Inc. (ARRY) reported a current ratio of 2.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.