Array Technologies Inc ARRY

IndustrialsRenewable EnergyUnited States of America

Last close 3.39 USD on Nov 1, 2026, −63.2% year to date

Quant rating

Quant rating D Rank 355 of 486 in Industrials

Growth C 238 of 486
Valuation A 21 of 486
Quality C 296 of 486
Revisions C 298 of 486
Momentum D 470 of 486

Wall Street consensus Buy (2.33)Average target 7.15 USD +111.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 522M
Enterprise value: 1.4B
52-week range: 3.10 – 12.22
3-year range: 3.10 – 19.24
Dividend yield: –
Beta (5 years): 1.78
Shares outstanding: 154M
Next earnings: Nov 5, 2026

About the company

Array Technologies, Inc. is a provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop and operate solar photovoltaic (PV) sites. The Company's segments include Array Legacy Operations and STI Legacy Operations. Its products are a portfolio of integrated solar tracking systems comprised of software and hardware that include component parts such as steel tubing, steel supports, drivelines, center structures, electric motors, motor controller assemblies, bearing assemblies, gearboxes and electronic controllers, commonly referred to as a single-axis tracker. Its flagship tracker uses a patented design that allows one motor to drive multiple rows of solar panels. Its products and services include Tracker Systems; DuraTrack HZ v3; Array STI H250; Array OmniTrack, and SmarTrack Software. SmarTrack is a range of software and control-based products designed for utility-scale solar sites.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,284	916	1,577	1,638	853	–
Revenue growth	40.2%	−41.9%	−3.7%	91.9%	−2.2%	8.0%
EPS (basic, normalized)	0.67	0.60	1.13	0.38	0.07	–
EPS growth	11.7%	−46.9%	197.4%	442.9%	–	–
Gross margin	25.5%	32.5%	26.4%	13.9%	9.7%	21.6%
Net margin	−8.7%	−32.3%	5.4%	−2.7%	−7.7%	−9.2%
ROE	−19.0%	−53.5%	26.5%	1.5%	−115.4%	−32.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	307
Current ratio	2.20x
Long-term debt (mil)	701
Net debt (mil)	892
Total equity (mil)	296
Net debt / equity	3.01x
Net debt / EBITDA	4.76x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,284	+40.2%	1.1x	188	+6.7%	7.5x	0.67	+11.7%	5.1x
2026	1,437	+11.9%	1.0x	221	+18.0%	6.4x	0.74	+9.7%	4.6x
2027	1,619	+12.7%	0.9x	258	+16.7%	5.5x	0.90	+21.8%	3.8x
2028	1,699	+5.0%	0.8x	278	+7.7%	5.1x	0.95	+6.1%	3.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,437	−0.3%	−1.8%	−1.8%	0.74	−1.2%	−0.4%	+5.7%
2027	1,619	+0.4%	+0.8%	+2.8%	0.90	+0.6%	−1.8%	+1.5%
2028	1,699	+0.1%	+0.4%	+2.5%	0.95	−4.1%	−8.2%	−4.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	153	256	231	275	302	362	393	226	223	342
Sales mean (mil)	140	232	233	268	264	290	311	212	202	313
Surprise	+9.5%	+10.4%	−0.5%	+2.5%	+14.3%	+24.7%	+26.5%	+6.6%	+10.7%	+9.3%
EPS reported	0.06	0.20	0.17	0.16	0.13	0.25	0.30	−0.01	0.06	0.24
EPS mean	−0.03	0.11	0.14	0.17	0.09	0.20	0.20	−0.01	−0.05	0.12
Surprise	−284.6%	+80.3%	+23.5%	−7.5%	+45.3%	+27.5%	+48.6%	−13.9%	−211.8%	+104.6%

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ARRY Array Technologies Inc	522M	4.76x	−8.7%	1.76x	4.6x	3.8x	6.4x	5.5x
FSLR First Solar, Inc.	18.7B	−0.70x	29.3%	1.72x	9.9x	7.6x	6.5x	5.3x
NXT Nextpower Inc	12.0B	−1.21x	16.5%	4.55x	16.7x	13.9x	12.0x	9.8x
ENPH Enphase Energy, Inc.	3.4B	−0.75x	11.7%	2.73x	15.1x	15.2x	11.2x	13.5x
SEDG SolarEdge Technologies, Inc.	1.8B	1.56x	−34.2%	4.49x	−82.5x	33.3x	118.2x	17.6x
PLUG Plug Power Inc.	1.9B	−1.05x	−229.8%	3.28x	−4.4x	−8.7x	−13.6x	−30.7x
Mean		0.43x	−35.9%	3.09x	−6.8x	10.9x	23.4x	3.5x
Median		−0.72x	1.5%	3.00x	7.3x	10.7x	8.8x	7.7x

Technical analysis

1M−11.5%
3M−33.5%
1Y−61.4%
3Y−80.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Array Technologies Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,284	916	1,577	1,638	853	873
Cost of revenue	956	618	1,161	1,410	770	670
Gross profit	328	298	416	227	82.9	203
Selling, general & administrative expenses	199	161	160	145	81.0	55.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	26.2	33.8	38.9	99.2	23.9	25.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	118	328	0	−37.1	–	–
Other operating expenses	0.2	2.4	3.0	−4.6	2.7	26.5
Operating income	−14.8	−227	214	24.6	−24.7	95.2
Net interest income (expense)	−13.4	−22.6	−36.0	−32.4	−35.5	−15.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.0	−1.0	−1.0	2.8	−0.9	−2.3
Net income before taxes	−29.2	−251	177	−5.0	−61.1	77.8
Provision for taxes	23.0	−10.2	39.9	−9.4	−10.7	25.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−52.2	−240	137	4.4	−50.4	52.5
Extraordinary items	–	–	–	–	–	6.6
Net income	−52.2	−240	137	4.4	−50.4	59.1
EBIT, normalized	103	101	214	−12.5	−24.7	95.2
EBITDA, normalized	150	154	269	88.5	1.2	123
Basic EPS, normalized	0.67	0.60	1.13	0.38	0.07	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Array Technologies Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	244	363	249	134	368	108
Receivables	424	276	332	425	245	136
Total inventory	150	201	162	233	206	118
Prepaid expenses	27.3	158	89.1	39.4	33.6	12.4
Other current assets	23.3	1.1	0	0	0	0
Total current assets	869	999	832	831	852	375
Property, plant & equipment	155	42.6	54.0	40.9	21.9	9.8
Goodwill	135	160	436	416	69.7	69.7
Intangibles	239	181	350	386	175	198
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	53.7	43.1	34.5	31.4	24.5	3.1
Total assets	1,452	1,426	1,707	1,706	1,143	656
Liabilities
Accounts payable	144	172	119	170	92.0	85.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	58.4	48.8	51.6	65.1	47.6	32.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	10.5	30.7	21.5	38.7	4.3	4.3
Other current liabilities	164	186	143	191	101	168
Total current liabilities	377	438	336	465	245	289
Long-term debt	701	647	661	720	711	424
Minority interest	–	–	–	–	–	–
Other liabilities	113	52.8	99.6	96.6	18.4	23.8
Total liabilities	1,191	1,137	1,096	1,282	975	737
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.2	0.2	0.2	0.1	0.1	0.1
Additional paid-in capital	227	298	345	383	203	140
Retained earnings (accumulated deficit)	−423	−371	−130	−267	−272	−221
Treasury stock	–	–	–	–	–	–
Other equity	456	362	396	308	237	0
Total equity	260	289	611	424	168	−80.9
Total liabilities & shareholders' equity	1,452	1,426	1,707	1,706	1,143	656

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Array Technologies Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−52.2	−240	137	4.4	−50.4	59.1
Depreciation, depletion & amortization	47.3	52.8	54.8	101	25.9	27.5
Deferred taxes	3.2	−37.6	−8.9	−31.6	−10.1	−2.7
Non-cash items	159	353	41.2	23.2	32.5	40.8
Changes in working capital	−55.0	26.6	7.5	44.3	−261	−247
Cash from operations	102	154	232	141	−263	−122
Investing activities
Capital expenditures	−22.0	−18.6	−17.0	−10.6	−3.4	−1.3
Other investing cash flows	−166	9.0	0.2	−374	−12.0	0
Cash from investing	−188	−9.6	−16.8	−384	−15.3	−1.3
Financing activities
Financing cash flow items	−47.6	−3.2	−2.7	−3.8	−79.9	−631
Cash dividends paid	–	0	0	−18.7	−8.1	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	9.5	−8.7	−99.1	30.9	626	502
Cash from financing	−38.1	−11.8	−102	8.4	538	−129
Foreign exchange effects	6.0	−17.5	1.8	0.7	–	–
Net change in cash	−118	115	115	−234	259	−253
Free cash flow	79.8	135	215	131	−267	−124

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.