(ARRY) Array Technologies - Overview
Stock: Solar Tracker, Dual-Row System, Control Software
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 82.7% |
| Relative Tail Risk | -9.83% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.89 |
| Alpha | 53.68 |
| Character TTM | |
|---|---|
| Beta | 1.397 |
| Beta Downside | 1.625 |
| Drawdowns 3y | |
|---|---|
| Max DD | 84.88% |
| CAGR/Max DD | -0.19 |
Description: ARRY Array Technologies January 20, 2026
Array Technologies, Inc. (NASDAQ:ARRY) designs, manufactures, and sells solar-tracking hardware and software for utility-scale photovoltaic projects across the United States, Spain, Brazil, Australia, and other international markets. The business is split into two operating segments-Array Legacy Operations, which focuses on its flagship single-axis DuraTrack HZ v3 system, and STI Operations, which markets the dual-row Array STI H250 and related solutions such as OmniTrack, SkyLink, and the SmarTrack software platform.
In the most recent quarter (Q2 2024), ARRY reported revenue of roughly $115 million, a year-over-year increase of about 14%, and a backlog exceeding $1.2 billion, indicating strong order flow into 2025-2026. Gross margins expanded to ~35% as the company benefited from higher mix of premium dual-row trackers and improved manufacturing efficiencies.
The company’s growth outlook is closely tied to macro-level drivers: the U.S. Inflation Reduction Act’s extended Investment Tax Credit continues to spur utility-scale solar deployments, while global solar-PV installations are projected to rise ~20% YoY in 2024 as module costs decline and grid-integration policies tighten.
For a deeper quantitative assessment, you might explore ValueRay’s detailed valuation metrics for ARRY.
Piotroski VR‑10 (Strict, 0-10) 4.5
| Net Income: -33.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -6.00 > 1.0 |
| NWC/Revenue: 30.60% < 20% (prev 53.70%; Δ -23.09% < -1%) |
| CFO/TA 0.07 > 3% & CFO 115.7m > Net Income -33.4m |
| Net Debt (459.5m) to EBITDA (48.9m): 9.40 < 3 |
| Current Ratio: 1.89 > 1.5 & < 3 |
| Outstanding Shares: last quarter (154.1m) vs 12m ago 1.43% < -2% |
| Gross Margin: 26.29% > 18% (prev 0.31%; Δ 2598 % > 0.5%) |
| Asset Turnover: 84.01% > 50% (prev 62.84%; Δ 21.17% > 0%) |
| Interest Coverage Ratio: 0.14 > 6 (EBITDA TTM 48.9m / Interest Expense TTM 30.9m) |
Altman Z'' 0.87
| A: 0.25 (Total Current Assets 866.5m - Total Current Liabilities 458.5m) / Total Assets 1.61b |
| B: -0.17 (Retained Earnings -277.1m / Total Assets 1.61b) |
| C: 0.00 (EBIT TTM 4.41m / Avg Total Assets 1.59b) |
| D: -0.24 (Book Value of Equity -284.8m / Total Liabilities 1.21b) |
| Altman-Z'' Score: 0.87 = B |
Beneish M -2.68
| DSRI: 0.99 (Receivables 378.6m/282.1m, Revenue 1.33b/982.2m) |
| GMI: 1.18 (GM 26.29% / 30.91%) |
| AQI: 1.06 (AQ_t 0.43 / AQ_t-1 0.41) |
| SGI: 1.36 (Revenue 1.33b / 982.2m) |
| TATA: -0.09 (NI -33.4m - CFO 115.7m) / TA 1.61b) |
| Beneish M-Score: -2.68 (Cap -4..+1) = A |
What is the price of ARRY shares?
Over the past week, the price has changed by +4.72%, over one month by +24.84%, over three months by +41.70% and over the past year by +55.64%.
Is ARRY a buy, sell or hold?
- StrongBuy: 10
- Buy: 3
- Hold: 11
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the ARRY price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 11.1 | -6.8% |
| Analysts Target Price | 11.1 | -6.8% |
| ValueRay Target Price | 13.2 | 11.4% |
ARRY Fundamental Data Overview February 03, 2026
P/S = 1.2974
P/B = 5.0259
P/EG = 1.0151
Revenue TTM = 1.33b USD
EBIT TTM = 4.41m USD
EBITDA TTM = 48.9m USD
Long Term Debt = 658.4m USD (from longTermDebt, last quarter)
Short Term Debt = 22.6m USD (from shortTermDebt, last quarter)
Debt = 681.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 459.5m USD (from netDebt column, last quarter)
Enterprise Value = 2.19b USD (1.73b + Debt 681.0m - CCE 221.5m)
Interest Coverage Ratio = 0.14 (Ebit TTM 4.41m / Interest Expense TTM 30.9m)
EV/FCF = 24.81x (Enterprise Value 2.19b / FCF TTM 88.3m)
FCF Yield = 4.03% (FCF TTM 88.3m / Enterprise Value 2.19b)
FCF Margin = 6.62% (FCF TTM 88.3m / Revenue TTM 1.33b)
Net Margin = -2.50% (Net Income TTM -33.4m / Revenue TTM 1.33b)
Gross Margin = 26.29% ((Revenue TTM 1.33b - Cost of Revenue TTM 982.7m) / Revenue TTM)
Gross Margin QoQ = 25.09% (prev 26.81%)
Tobins Q-Ratio = 1.36 (Enterprise Value 2.19b / Total Assets 1.61b)
Interest Expense / Debt = 0.74% (Interest Expense 5.05m / Debt 681.0m)
Taxrate = 22.88% (9.94m / 43.4m)
NOPAT = 3.40m (EBIT 4.41m * (1 - 22.88%))
Current Ratio = 1.89 (Total Current Assets 866.5m / Total Current Liabilities 458.5m)
Debt / Equity = 1.68 (Debt 681.0m / totalStockholderEquity, last quarter 404.6m)
Debt / EBITDA = 9.40 (Net Debt 459.5m / EBITDA 48.9m)
Debt / FCF = 5.21 (Net Debt 459.5m / FCF TTM 88.3m)
Total Stockholder Equity = 345.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.10% (Net Income -33.4m / Total Assets 1.61b)
RoE = -9.66% (Net Income TTM -33.4m / Total Stockholder Equity 345.6m)
RoCE = 0.44% (EBIT 4.41m / Capital Employed (Equity 345.6m + L.T.Debt 658.4m))
RoIC = 0.57% (NOPAT 3.40m / Invested Capital 599.4m)
WACC = 8.10% (E(1.73b)/V(2.41b) * Re(11.06%) + D(681.0m)/V(2.41b) * Rd(0.74%) * (1-Tc(0.23)))
Discount Rate = 11.06% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.65%
[DCF Debug] Terminal Value 69.78% ; FCFF base≈124.7m ; Y1≈81.9m ; Y5≈37.4m
Fair Price DCF = 1.69 (EV 718.1m - Net Debt 459.5m = Equity 258.6m / Shares 152.7m; r=8.10% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: 4.27 | EPS CAGR: 22.54% | SUE: -0.02 | # QB: 0
Revenue Correlation: -15.78 | Revenue CAGR: 16.79% | SUE: 2.80 | # QB: 3
EPS next Quarter (2026-03-31): EPS=0.19 | Chg30d=+0.003 | Revisions Net=+0 | Analysts=15
EPS next Year (2026-12-31): EPS=0.88 | Chg30d=-0.011 | Revisions Net=+2 | Growth EPS=+32.6% | Growth Revenue=+14.9%