Array Technologies, Inc. (ARRY) Financial Ratios
8 years of historical data (2018–2025) · Energy · Solar
EV/EBITDA
↓
13.31
↓-97% vs avg
5yr avg: 513.62
30Y Low11.2·High47.3
P/FCF
↓
15.42
+7% vs avg
5yr avg: 14.47
30Y Low6.2·High22.1
P/B Ratio
↓
4.69
↓-26% vs avg
5yr avg: 6.34
30Y Low3.2·High12.1
ROE
↑
-19.0%
↓+40% vs avg
5yr avg: -32.0%
30Y Low-115%·High53%
Debt/EBITDA
↓
5.82
↓-96% vs avg
5yr avg: 154.10
30Y Low0.9·High9.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ARRY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Array Technologies, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 15.4x P/FCF, 7% above the 5-year average of 14.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.4B | $917M | $2.6B | $2.9B | $2.0B | $5.5B | — | — |
| Enterprise Value | $1.8B | $1.9B | $1.2B | $3.0B | $3.5B | $2.4B | $5.8B | — | — |
| P/E Ratio → | -10.96 | — | — | 30.00 | — | — | 91.79 | — | — |
| P/S Ratio | 0.96 | 1.10 | 1.00 | 1.62 | 1.77 | 2.39 | 6.28 | — | — |
| P/B Ratio | 4.69 | 5.40 | 3.17 | 4.18 | 6.83 | 12.12 | — | — | — |
| P/FCF | 15.42 | 17.62 | 6.25 | 11.88 | 22.13 | — | — | — | — |
| P/OCF | 12.09 | 13.82 | 5.95 | 11.01 | 20.47 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
ARRY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Array Technologies, Inc.'s enterprise value stands at 13.3x EBITDA, 97% below its 5-year average of 513.6x. The Energy sector median is 7.8x, placing the stock at a 70% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.50 | 1.36 | 1.91 | 2.16 | 2.80 | 6.64 | — | — |
| EV / EBITDA | 13.31 | 14.65 | — | 11.20 | 42.71 | 1985.93 | 47.26 | — | — |
| EV / EBIT | 20.78 | — | — | 13.61 | 111.57 | — | 47.66 | — | — |
| EV / FCF | — | 24.16 | 8.50 | 14.01 | 27.06 | — | — | — | — |
ARRY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Array Technologies, Inc. earns an operating margin of 6.6%, below the Energy sector average of 13.8%. Operating margins have compressed from 13.6% to 6.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -19.0% indicates the company is currently destroying shareholder equity. ROIC of 9.0% represents adequate returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.2% | 21.2% | 32.5% | 26.4% | 13.0% | 8.0% | 23.2% | 23.3% | 4.0% |
| Operating Margin | 6.6% | 6.6% | -24.8% | 13.6% | -1.1% | -2.9% | 10.9% | 12.9% | -21.0% |
| Net Profit Margin | -4.1% | -4.1% | -26.2% | 8.7% | 0.3% | -5.9% | 6.8% | 6.1% | -20.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.0% | -19.0% | -53.5% | 26.5% | 1.5% | -115.4% | 52.7% | 14.0% | -23.0% |
| ROA | -3.6% | -3.6% | -15.3% | 8.0% | 0.3% | -5.6% | 7.5% | 5.5% | -11.9% |
| ROIC | 9.0% | 9.0% | -20.2% | 15.0% | -1.7% | -4.9% | 43.1% | 26.5% | -12.1% |
| ROCE | 8.2% | 8.2% | -19.2% | 16.4% | -1.7% | -3.9% | 27.2% | 23.6% | -16.3% |
ARRY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Array Technologies, Inc. carries a Debt/EBITDA ratio of 5.8x, which is highly leveraged (123% above the sector average of 2.6x). Net debt stands at $522M ($766M total debt minus $244M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.94 | 2.94 | 2.40 | 1.16 | 1.84 | 4.29 | — | 0.32 | 0.59 |
| Debt / EBITDA | 5.82 | 5.82 | — | 2.63 | 9.40 | 598.56 | 3.49 | 0.88 | — |
| Net Debt / Equity | — | 2.00 | 1.14 | 0.75 | 1.52 | 2.10 | — | -0.70 | 0.43 |
| Net Debt / EBITDA | 3.96 | 3.96 | — | 1.70 | 7.78 | 293.44 | 2.61 | -1.92 | — |
| Debt / FCF | — | 6.54 | 2.25 | 2.13 | 4.93 | — | — | -0.55 | — |
| Interest Coverage | -0.07 | -0.07 | -6.20 | 5.01 | 0.87 | -0.72 | 8.04 | 4.44 | -3.24 |
ARRY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Array Technologies, Inc.'s current ratio of 2.31x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.91x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 2.48x to 2.31x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.31 | 2.31 | 2.28 | 2.48 | 1.79 | 3.47 | 1.30 | 1.05 | 1.29 |
| Quick Ratio | 1.91 | 1.91 | 1.82 | 2.00 | 1.29 | 2.64 | 0.89 | 0.80 | 0.88 |
| Cash Ratio | 0.65 | 0.65 | 0.83 | 0.74 | 0.29 | 1.50 | 0.38 | 0.53 | 0.30 |
| Asset Turnover | — | 0.88 | 0.64 | 0.92 | 0.96 | 0.75 | 1.33 | 0.70 | 0.57 |
| Inventory Turnover | 6.73 | 6.73 | 3.08 | 7.17 | 6.11 | 3.82 | 5.65 | 3.36 | 5.06 |
| Days Sales Outstanding | — | 77.19 | 109.94 | 76.90 | 94.67 | 104.82 | 56.82 | 54.58 | 77.98 |
ARRY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Array Technologies, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.6% | 0.4% | 10.8% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.3% | — | — | 1.1% | — | — |
| FCF Yield | 6.5% | 5.7% | 16.0% | 8.4% | 4.5% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.6% | 0.4% | 10.8% | — | — |
| Shares Outstanding | — | $153M | $152M | $152M | $150M | $130M | $127M | $127M | $127M |
Peer Comparison
Compare ARRY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ARRYYou | $1B | -11.0 | 13.3 | 15.4 | 21.2% | 6.6% | -19.0% | 9.0% | 5.8 |
 SHLS | $2B | 52.1 | 29.5 | — | 35.0% | 11.9% | 5.8% | 5.9% | 2.7 |
 FTCI | $82M | -0.9 | — | — | 1.1% | -33.5% | — | — | — |
 FSLR | $28B | 18.1 | 11.5 | 23.3 | 40.6% | 32.3% | 17.4% | 17.6% | 0.2 |
 ENPH | $7B | 40.5 | 31.2 | 71.8 | 46.6% | 11.2% | 17.9% | 6.8% | 5.1 |
 SEDG | $4B | -8.4 | — | 43.7 | 15.3% | -24.1% | -74.7% | -29.5% | — |
 CSIQ | $1B | -10.5 | 11.5 | — | 18.3% | 0.8% | -2.5% | 0.4% | 12.8 |
 MAXN | $6M | -0.0 | — | — | -49.0% | -113.3% | — | -351.1% | — |
 NEE | $181B | 26.4 | 17.8 | — | 62.8% | 30.1% | 10.7% | 4.1% | 6.2 |
 AES | $10B | 11.6 | 11.3 | — | 18.1% | 16.1% | 9.7% | 3.9% | 8.8 |
 BEP | $11B | -522.8 | 13.2 | — | 16.8% | 13.4% | -0.1% | 0.9% | 10.7 |
| Energy Median | — | 15.4 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 8 years · Updated daily
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ARRY — Frequently Asked Questions
Quick answers to the most common questions about buying ARRY stock.
What is Array Technologies, Inc.'s P/E ratio?
Array Technologies, Inc.'s current P/E ratio is -11.0x. The historical average is 60.9x.
What is Array Technologies, Inc.'s EV/EBITDA?
Array Technologies, Inc.'s current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.0x.
What is Array Technologies, Inc.'s ROE?
Array Technologies, Inc.'s return on equity (ROE) is -19.0%. The historical average is -14.5%.
Is ARRY stock overvalued?
Based on historical data, Array Technologies, Inc. is trading at a P/E of -11.0x. Compare with industry peers and growth rates for a complete picture.
What are Array Technologies, Inc.'s profit margins?
Array Technologies, Inc. has 21.2% gross margin and 6.6% operating margin.
How much debt does Array Technologies, Inc. have?
Array Technologies, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.