Free cash flow remains highly inconsistent, with margins swinging from a negative 16.5% in 2026Q1 to a positive 29.4% in 2024Q1, largely driven by volatile working capital cycles.
| Cash from Operations | 85.42M | 101.78M | 153.98M | 231.96M | 141.49M | -263.19M | -122.2M | 386.07M | -11.73M |
| Operating CF Margin % | - | 7.93% | 16.81% | 14.71% | 8.64% | -30.84% | -14% | 59.59% | -4.03% |
| Operating CF Growth % | 819.32% | -33.9% | -33.62% | 63.93% | 153.76% | -115.37% | -131.65% | 3392.17% | - |
| Net Income | -66.98M | -52.23M | -240.39M | 137.24M | 4.43M | -50.4M | 59.07M | 39.74M | -60.76M |
| Depreciation & Amortization | 47.27M | 47.29M | 52.78M | 54.83M | 101.06M | 25.95M | 27.47M | 27.32M | 28.45M |
| Stock-Based Compensation | 8.54M | 0 | 10.35M | 14.54M | 14.98M | 13.76M | 5.61M | 799K | 0 |
| Deferred Taxes | 575K | 3.19M | -37.65M | -8.86M | -31.57M | -10.1M | -2.74M | 22.32M | -20.06M |
| Other Non-Cash Items | 152.78M | 158.5M | 342.26M | 26.7M | 8.24M | 18.77M | 35.2M | 6.58M | 2.87M |
| Working Capital Changes | -56.77M | -54.96M | 26.64M | 7.51M | 44.34M | -261.16M | -246.82M | 289.31M | 31.05M |
| Change in Receivables | 0 | 24.16M | 37.31M | 92.81M | -71.37M | -108.74M | -23.04M | -40.71M | 19.4M |
| Change in Inventory | 0 | 52.85M | -44.79M | 66.74M | 20.87M | -88.18M | 28.34M | -94.59M | -10.26M |
| Change in Payables | 0 | -35.87M | 58.18M | -37.65M | 12.67M | 7.01M | -50.52M | 105.48M | 6.5M |
| Cash from Investing | -193.05M | -187.89M | -9.57M | -16.82M | -384.44M | -15.33M | -1.34M | -1.7M | -6.43M |
| Capital Expenditures | -27.13M | -21.97M | -7.3M | -16.99M | -10.62M | -3.36M | -1.34M | -1.7M | -6.43M |
| CapEx % of Revenue | 2.25% | 1.71% | 0.8% | 1.08% | 0.65% | 0.39% | 0.15% | 0.26% | 2.21% |
| Acquisitions | 0 | -164.92M | 34K | 0 | -373.82M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -164.92M | 0 | 0 | 168K | 0 | 0 | 0 | 0 | -4.36M |
| Cash from Financing | -43.94M | -38.05M | -11.84M | -101.76M | 8.44M | 537.75M | -129.27M | -63.95M | 50.86M |
| Debt Issued (Net) | 6.83M | -36M | -8.66M | -99.05M | -18.05M | 280.1M | 356.67M | -64.08M | 4.48M |
| Equity Issued (Net) | 0 | 0 | -1.75M | -1.51M | 48.98M | 345.63M | 145.53M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -18.67M | -8.05M | -589M | 0 | 0 |
| Share Repurchases | 0 | 0 | -1.75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -50.77M | -2.05M | -1.43M | -1.2M | -3.83M | -79.93M | -42.48M | 133K | 46.38M |
| Net Change in Cash | -147.5M | -118.16M | 115.06M | 115.18M | -233.77M | 259.23M | -252.82M | 320.43M | 32.71M |
| Free Cash Flow | 58.29M | 79.81M | 146.68M | 214.97M | 130.87M | -266.54M | -123.54M | 384.38M | -18.16M |
| FCF Margin % | 4.84% | 6.22% | 16.02% | 13.64% | 7.99% | -31.24% | -14.16% | 59.33% | -6.24% |
| FCF Growth % | -22.15% | -45.59% | -31.77% | 64.25% | 149.1% | -115.75% | -132.14% | 2216.96% | - |
| FCF per Share | 0.38 | 0.52 | 0.97 | 1.41 | 0.87 | -2.05 | -0.97 | 3.03 | -0.14 |
| FCF Conversion (FCF/Net Income) | -0.87x | -1.95x | -0.64x | 1.69x | 31.93x | 5.22x | -2.07x | 9.71x | 0.19x |
| Interest Paid | 11.54M | 0 | 38.66M | 43.95M | 23.12M | 24.31M | 6.93M | 11.34M | 14.26M |
| Taxes Paid | 5.36M | 0 | 27.97M | 45.94M | 10.74M | 13.32M | 31.1M | 443K | 176K |
Working capital cycle volatility
According to quarterly financial disclosures, ARRY's operating cash flow frequently decouples from net income, evidenced by a volatile OCF/NI ratio that swung from -14.73 in 2026Q1 to 21.94 in 2024Q1, suggesting that GAAP earnings are poor proxies for the company's actual cash-generating capacity.
The extreme variance in the OCF/NI ratio indicates that non-cash charges and significant working capital swings are masking the underlying cash performance of the business. Investors should monitor this divergence, as it suggests that reported profitability may not translate into liquidity during periods of project-based revenue recognition delays.
As reported in recent financial statements, ARRY's free cash flow trajectory is highly inconsistent, with margins fluctuating between a negative 16.5% in 2026Q1 and a positive 29.4% in 2024Q1, reflecting the inherent lumpiness of utility-scale solar project delivery cycles.
The inability to maintain positive free cash flow suggests that the company's capital-intensive operations are highly sensitive to the timing of project milestones. This volatility warrants further investigation into whether the current cash burn is a temporary byproduct of project scaling or a structural limitation of the business model.
Based on the company's reported figures, working capital changes are the primary determinant of quarterly cash flow, with a massive $50.6 million outflow in 2026Q1 contrasting sharply with the $54.3 million inflow observed in 2023Q4, highlighting significant exposure to inventory and receivable timing.
The reliance on working capital management to fund operations suggests that the company's cash position is vulnerable to customer payment delays and supply chain bottlenecks. This dynamic implies that liquidity may tighten rapidly if project timelines extend beyond the anticipated delivery windows.
As indicated by historical data, ARRY maintains a relatively low capital intensity, with CapEx/Revenue ratios consistently hovering between 0.5% and 3.4%, suggesting that the company's primary cash requirements are driven by operational working capital rather than heavy investment in fixed manufacturing assets.
While the low capital intensity appears to preserve cash, it also suggests that the company may be outsourcing significant portions of its manufacturing or relying on existing capacity to meet demand. Investors should monitor whether this level of investment is sufficient to maintain the competitive edge of its linked-row architecture.
Quick answers to the most common questions about buying ARRY stock.
Array Technologies, Inc. (ARRY) generated $101.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Array Technologies, Inc. (ARRY) generated $79.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Array Technologies, Inc. (ARRY) spent $22.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.