Array Technologies, Inc.

ARRY

TechnologySmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Array Technologies, Inc. engages in the manufacture and sale of solar tracking technology products in the United States, Spain, Brazil, Australia, and internationally. It operates through two segments, Array Legacy Operations and STI Operations. The company's products portfolio includes DuraTrack HZ V3, a single axis tracker; Array STI H250, a dual-row tracker system; Array OmniTrack; Array SkyLink, a photovoltaic-powered control tracker system; and SmarTrack, a software and control-based product. Array Technologies, Inc. was incorporated in 1987 and is headquartered in Albuquerque, New Mexico.

Valuation

Market Cap$1.4B

Current Price$8.25as of Jun 23, 2026

P/E Ratio-

P/B Ratio5.37

EV / EBITDA42.29

EV / Sales1.50

Profitability

Operating Margin5.7%

Net Profit Margin-8.7%

EBITDA Margin3.5%

Returns

ROE-43.0%

ROCE-0.4%

ROIC %-0.2%

ROA-7.7%

Solvency

Current Ratio2.31

Debt / Equity2.94

Debt / Assets0.53

CFO / Net Profit-0.91

Price History▲ 11.64% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.3B▲ 40.2%

EBITDA$45M▼ 127.9%

Net Profit$-52M▼ 78.3%

Cash from Ops (CFO)$102M▼ 33.9%

Free Cash Flow (FCF)$80M▼ 41.1%

Revenue CAGR 3Y-7.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$1.3B	$45M	$-52M	$80M	25.3%	40.2%	-78.3%
2024	$916M	$-163M	$-240M	$135M	203.6%	-41.9%	-275.2%
2023	$1.6B	$276M	$137M	$215M	52.9%	-3.7%	2996.6%
2022	$1.6B	$133M	$4M	$131M	3.6%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,637.55	1,576.55	915.81	1,284.14
Operating Revenue	-	1,637.55	1,576.55	915.81	1,284.14
Cost Of Revenue	-	1,424.83	1,161	618.13	985.59
Gross Profit	-	212.72	415.55	297.68	298.55
Operating Expense	-	235.36	198.46	196.65	224.81
Selling General And Administration	-	150.78	159.54	160.57	198.61
Total Expenses	-	1,660.19	1,359.46	814.78	1,210.40
Operating Income	-	-22.64	217.09	101.02	73.74
Total Operating Income As Reported	-	-18.13	214.12	-227	-29
EBITDA	-	132.80	276.21	-162.97	45.40
Normalized EBITDA	-	84.39	279.23	169.57	131.89
EBIT	-	31.74	221.39	-215.75	-1.89
Interest Income	-	3.18	8.33	16.78	11.85
Interest Expense	-	36.69	44.23	34.83	27.33
Net Interest Income	-	-33.51	-35.90	-18.05	-15.48
Other Non Operating Income Expenses	-	2.79	-1.01	-1.01	-0.99
Other Income Expense	-	51.20	-4.03	-333.55	-87.48
Interest Income Non Operating	-	3.18	8.33	16.78	11.85
Interest Expense Non Operating	-	36.69	44.23	34.83	27.33
Net Non Operating Interest Income Expense	-	-33.51	-35.90	-18.05	-15.48
Pretax Income	-	-4.95	177.16	-250.58	-29.22
Tax Provision	-	-9.38	39.92	-10.18	23.02
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	10.17	-0.68	-13.63	-18.16
Net Income Continuous Operations	-	4.43	137.24	-240.39	-52.24
Net Income From Continuing And Discontinued Operation	-	4.43	137.24	-240.39	-52.24
Net Income From Continuing Operation Net Minority Interest	-	4.43	137.24	-240.39	-52.24
Net Income	-	4.43	137.24	-240.39	-52.24
Net Income Common Stockholders	-	-43.62	85.55	-296.06	-112.03
Net Income Including Noncontrolling Interests	-	4.43	137.24	-240.39	-52.24
Normalized Income	-	-33.81	139.58	78.52	16.09
Diluted NI Availto Com Stockholders	-	-43.62	85.55	-296.06	-112.03
Basic Average Shares	-	149.82	150.94	151.75	152.54
Diluted Average Shares	-	149.82	152.02	151.75	152.54
Reconciled Depreciation	-	101.06	54.83	52.78	47.29
Reconciled Cost Of Revenue	-	1,408.35	1,145.10	601.44	964.50
Total Unusual Items	-	48.41	-3.02	-332.54	-86.49
Total Unusual Items Excluding Goodwill	-	48.41	-3.02	-332.54	-86.49
Preferred Stock Dividends	-	48.05	51.69	55.67	59.80
Special Income Charges	-	47.26	-2.96	-328.03	-88.53
Other Special Charges	-	-42.75	-	-	-14.21
Impairment Of Capital Assets	-	0	0	327.90	102.56
Restructuring And Mergern Acquisition	-	-4.51	2.96	0.12	0.18
Gain On Sale Of Security	-	1.16	-0.05	-4.51	2.04
Depreciation Amortization Depletion Income Statement	-	84.58	38.93	36.09	26.20
Depreciation And Amortization In Income Statement	-	84.58	38.93	36.09	26.20
General And Administrative Expense	-	150.78	159.54	160.57	198.61
Other Gand A	-	150.78	159.54	160.57	198.61

Peer Comparison

Technology sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Array Technologies, Inc.this co.	ARRY	$1.4B	-	5.37	-43.0%	42.29
Alpha and Omega Semiconductor Limited	AOSL	$1.5B	-15.51	1.83	-11.8%	37.64
EVERTEC, Inc.	EVTC	$1.4B	9.90	2.25	22.8%	6.46
ADTRAN Holdings, Inc.	ADTN	$1.4B	-30.64	9.59	-31.3%	19.20
Rackspace Technology, Inc.	RXT	$1.4B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Array Technologies, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Growth Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.3B

$45M

$-52M

$80M

25.3%

40.2%

-78.3%

2024

$916M

$-163M

$-240M

$135M

203.6%

-41.9%

-275.2%

2023

$1.6B

$276M

$137M

$215M

52.9%

-3.7%

2996.6%

2022

$1.6B

$133M

$4M

$131M

3.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,637.55

1,576.55

915.81

1,284.14

Operating Revenue

1,637.55

1,576.55

915.81

1,284.14

Cost Of Revenue

1,424.83

1,161

618.13

985.59

Gross Profit

212.72

415.55

297.68

298.55

Operating Expense

235.36

198.46

196.65

224.81

Selling General And Administration

150.78

159.54

160.57

198.61

Total Expenses

1,660.19

1,359.46

814.78

1,210.40

Operating Income

-22.64

217.09

101.02

73.74

Total Operating Income As Reported

-18.13

214.12

-227

-29

EBITDA

132.80

276.21

-162.97

45.40

Normalized EBITDA

84.39

279.23

169.57

131.89

EBIT

31.74

221.39

-215.75

-1.89

Interest Income

3.18

8.33

16.78

11.85

Interest Expense

36.69

44.23

34.83

27.33

Net Interest Income

-33.51

-35.90

-18.05

-15.48

Other Non Operating Income Expenses

2.79

-1.01

-0.99

Other Income Expense

51.20

-4.03

-333.55

-87.48

Interest Income Non Operating

3.18

8.33

16.78

11.85

Interest Expense Non Operating

36.69

44.23

34.83

27.33

Net Non Operating Interest Income Expense

-33.51

-35.90

-18.05

-15.48

Pretax Income

-4.95

177.16

-250.58

-29.22

Tax Provision

-9.38

39.92

-10.18

23.02

Tax Rate For Calcs

Tax Effect Of Unusual Items

10.17

-0.68

-13.63

-18.16

Net Income Continuous Operations

4.43

137.24

-240.39

-52.24

Net Income From Continuing And Discontinued Operation

4.43

137.24

-240.39

-52.24

Net Income From Continuing Operation Net Minority Interest

4.43

137.24

-240.39

-52.24

Net Income

4.43

137.24

-240.39

-52.24

Net Income Common Stockholders

-43.62

85.55

-296.06

-112.03

Net Income Including Noncontrolling Interests

4.43

137.24

-240.39

-52.24

Normalized Income

-33.81

139.58

78.52

16.09

Diluted NI Availto Com Stockholders

-43.62

85.55

-296.06

-112.03

Basic Average Shares

149.82

150.94

151.75

152.54

Diluted Average Shares

149.82

152.02

151.75

152.54

Reconciled Depreciation

101.06

54.83

52.78

47.29

Reconciled Cost Of Revenue

1,408.35

1,145.10

601.44

964.50

Total Unusual Items

48.41

-3.02

-332.54

-86.49

Total Unusual Items Excluding Goodwill

48.41

-3.02

-332.54

-86.49

Preferred Stock Dividends

48.05

51.69

55.67

59.80

Special Income Charges

47.26

-2.96

-328.03

-88.53

Other Special Charges

-42.75

-14.21

Impairment Of Capital Assets

327.90

102.56

Restructuring And Mergern Acquisition

-4.51

2.96

0.12

0.18

Gain On Sale Of Security

1.16

-0.05

-4.51

2.04

Depreciation Amortization Depletion Income Statement

84.58

38.93

36.09

26.20

Depreciation And Amortization In Income Statement

84.58

38.93

36.09

26.20

General And Administrative Expense

150.78

159.54

160.57

198.61

Other Gand A

150.78

159.54

160.57

198.61

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Array Technologies, Inc.this co.

ARRY

$1.4B

5.37

-43.0%

42.29

Alpha and Omega Semiconductor Limited

AOSL

$1.5B

-15.51

1.83

-11.8%

37.64

EVERTEC, Inc.

EVTC

$1.4B

9.90

2.25

22.8%

6.46

ADTRAN Holdings, Inc.

ADTN

$1.4B

-30.64

9.59

-31.3%

19.20

Rackspace Technology, Inc.

RXT

$1.4B

Array Technologies, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Array Technologies, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on