(ARRY) Array Technologies - NASDAQ
Sector: Technology | Industry: Solar | Exchange: NASDAQ (USA) | Market Cap: 1.195m USD | Total Return: -2.4% in 12m
Avg Turnover: 43.5M
EPS Trend: -81.8%
Qual. Beats: 1
Rev. Trend: -52.7%
Qual. Beats: 0
Warnings
High Debt/EBITDA (22.3) with thin interest coverage (-0.9)
Interest Coverage Ratio -0.9 is critical
Volatile Below Avwap Earnings
Tailwinds
No distinct edge detected
Array Technologies, Inc. (ARRY) is a global manufacturer of solar tracking systems, specializing in single-axis and dual-row hardware designed to optimize the positioning of photovoltaic panels. The company operates through two primary segments, Array Legacy and STI Operations, offering a product suite that includes the DuraTrack HZ V3, OmniTrack, and SmarTrack software for automated site control.
Solar trackers are a critical component of utility-scale solar infrastructure, as they can increase energy yield by up to 25% compared to fixed-tilt systems by following the suns trajectory. The industry is currently influenced by fluctuating steel prices and logistics costs, which directly impact the margins of hardware providers in the electrical components sector.
For a deeper look into the companys fundamental performance, investors may find ValueRay to be a useful resource. Array Technologies has been a publicly traded entity since its October 2020 IPO and maintains its corporate headquarters in Albuquerque, New Mexico.
- Utility-scale solar project delays impact tracker shipment volume and revenue
- IRA domestic content tax credits drive North American margin expansion
- High interest rates and financing costs suppress utility-scale solar demand
- International expansion through STI segment increases exposure to emerging markets
| Net Income: -67.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -1.30 > 1.0 |
| NWC/Revenue: 40.58% < 20% (prev 53.33%; Δ -12.75% < -1%) |
| CFO/TA 0.06 > 3% & CFO 85.4m > Net Income -67.0m |
| Net Debt (659.3m) to EBITDA (29.6m): 22.30 < 3 |
| Current Ratio: 2.25 > 1.5 & < 3 |
| Outstanding Shares: last quarter (153.0m) vs 12m ago 0.11% < -2% |
| Gross Margin: 23.66% > 18% (prev 29.96%; Δ -6.30% > 0.5%) |
| Asset Turnover: 83.09% > 50% (prev 74.68%; Δ 8.41% > 0%) |
| Interest Coverage Ratio: -0.95 > 6 (EBIT TTM -23.5m / Interest Expense TTM 24.9m) |
| A: 0.33 (Total Current Assets 879.4m - Total Current Liabilities 390.4m) / Total Assets 1.48b |
| B: -0.29 (Retained Earnings -420.9m / Total Assets 1.48b) |
| C: -0.02 (EBIT TTM -23.5m / Avg Total Assets 1.45b) |
| D: 0.22 (Book Value of Equity 267.9m / Total Liabilities 1.21b) |
| Altman-Z'' = 1.37 = BB |
| DSRI: 0.91 (Receivables 292.3m/282.6m, Revenue 1.21b/1.06b) |
| GMI: 1.27 (GM 29.96% / 23.66%) |
| AQI: 1.01 (AQ_t 0.30 / AQ_t-1 0.30) |
| SGI: 1.13 (Revenue 1.21b / 1.06b) |
| TATA: -0.10 (NI -67.0m - CFO 85.4m) / TA 1.48b) |
| Beneish M = -2.77 (Cap -4..+1) = A |
As of June 15, 2026, the stock is trading at USD 7.77 with a total of 6,075,558 shares traded.
Over the past week, the price has changed by -3.96%,
over one month by -9.86%,
over three months by +16.67% and
over the past year by -2.39%.
Array Technologies has received a consensus analysts rating of 3.96. Therefore, it is recommended to buy ARRY.
- StrongBuy: 10
- Buy: 3
- Hold: 11
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 10.3 | 32.2% |
P/E Forward = 10.8108
P/S = 0.9917
P/B = 5.0259
P/EG = 0.901
Revenue TTM = 1.21b USD
EBIT TTM = -23.5m USD
EBITDA TTM = 29.6m USD
Long Term Debt = 657.0m USD (from longTermDebt, last quarter)
Short Term Debt = 17.1m USD (from shortTermDebt, last quarter)
Debt = 860.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 96.8m
Net Debt = 659.3m USD (calculated: Debt 860.0m - CCE 200.7m)
Enterprise Value = 1.85b USD (1.20b + Debt 860.0m - CCE 200.7m)
Interest Coverage Ratio = -0.95 (Ebit TTM -23.5m / Interest Expense TTM 24.9m)
EV/FCF = 31.81x (Enterprise Value 1.85b / FCF TTM 58.3m)
FCF Yield = 3.14% (FCF TTM 58.3m / Enterprise Value 1.85b)
FCF Margin = 4.84% (FCF TTM 58.3m / Revenue TTM 1.21b)
Net Margin = -5.56% (Net Income TTM -67.0m / Revenue TTM 1.21b)
Gross Margin = 23.66% ((Revenue TTM 1.21b - Cost of Revenue TTM 920.1m) / Revenue TTM)
Gross Margin QoQ = 28.20% (prev 8.55%)
Tobins Q-Ratio = 1.26 (Enterprise Value 1.85b / Total Assets 1.48b)
Interest Expense / Debt = 2.89% (Interest Expense 24.9m / Debt 860.0m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -18.6m (EBIT -23.5m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.25 (Total Current Assets 879.4m / Total Current Liabilities 390.4m)
Debt / Equity = 3.21 (Debt 860.0m / totalStockholderEquity, last quarter 267.9m)
Debt / EBITDA = 22.30 (Net Debt 659.3m / EBITDA 29.6m)
Debt / FCF = 11.31 (Net Debt 659.3m / FCF TTM 58.3m)
Total Stockholder Equity = 324.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -4.62% (Net Income -67.0m / Total Assets 1.48b)
RoE = -20.64% (Net Income TTM -67.0m / Total Stockholder Equity 324.5m)
RoCE = -2.40% (EBIT -23.5m / Capital Employed (Equity 324.5m + L.T.Debt 657.0m))
RoIC = -1.78% (negative operating profit) (NOPAT -18.6m / Invested Capital 1.04b)
WACC = 8.48% (E(1.20b)/V(2.06b) * Re(12.93%) + D(860.0m)/V(2.06b) * Rd(2.89%) * (1-Tc(0.21)))
Discount Rate = 12.93% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 51.11 | Cagr: 0.25%
[DCF] Terminal Value 72.63% ; FCFF base≈64.9m ; Y1≈56.9m ; Y5≈46.0m
[DCF] Fair Price = 0.42 (EV 723.4m - Net Debt 659.3m = Equity 64.2m / Shares 153.8m; r=8.48% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -81.81 | EPS CAGR: -21.64% | SUE: 1.33 | # QB: 1
Revenue Correlation: -52.74 | Revenue CAGR: -11.42% | SUE: 0.67 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.12 | Chg30d=-42.85% | Revisions=-74% | Analysts=19
EPS next Quarter (2026-09-30): EPS=0.29 | Chg30d=-7.99% | Revisions=-27% | Analysts=19
EPS current Year (2026-12-31): EPS=0.73 | Chg30d=+4.84% | Revisions=+62% | GrowthEPS=+8.9% | GrowthRev=+13.9%
EPS next Year (2027-12-31): EPS=0.90 | Chg30d=+3.91% | Revisions=+36% | GrowthEPS=+23.9% | GrowthRev=+9.8%
[Analyst] Revisions Ratio: -74%