ARRY Stock Analysis: Array Technologies | NASDAQ
Solar | NASDAQ, USA | Market Cap: 715m USD | 12M Return: -31.1% | US04271T1007 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 24.7M
EPS Trend: -84.6%
Qual. Beats: 2
Rev. Trend: -34.0%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 5.9 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Array Technologies, Inc. (NASDAQ: ARRY) is a U.S.-based manufacturer of solar tracking technology products, serving markets in the United States, Spain, Brazil, Australia, and other international regions. Founded in 1987 and headquartered in Albuquerque, New Mexico, the company operates through two segments-Array Legacy Operations and STI Operations-and offers a product portfolio that includes single-axis and dual-row tracking systems (DuraTrack HZ V3 and Array STI H250), the Array OmniTrack, the photovoltaic-powered Array SkyLink control system, and SmarTrack software. Array went public in October 2020 and is classified within the Industrials sector under Electrical Components & Equipment.
Solar trackers are ground-mounted structural systems that orient photovoltaic panels to follow the suns movement, a hardware category that has become a standard component of utility-scale solar power plants. Array competes in this market alongside peers such as Nextracker and STI Norland, with revenue largely tied to the build-out pipeline of large solar developers and the capital expenditure cycles of independent power producers.
- Utility-scale solar installation demand drives tracker revenue
- Steel input costs pressure gross margins
- Nextracker competition pressures pricing and market share
| Net Income: -85.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA 1.63 > 1.0 |
| NWC/Revenue: 41.01% < 20% (prev 48.68%; Δ -7.66% < -1%) |
| CFO/TA 0.11 > 3% & CFO 162.9m > Net Income -85.9m |
| Current Ratio: 2.20 > 1.5 & < 3 |
| Outstanding Shares: last quarter (155.7m) vs 12m ago 1.71% < -2% |
| Gross Margin: 24.27% > 18% (prev 28.19%; Δ -3.92% > 0.5%) |
| Asset Turnover: 77.04% > 50% (prev 75.95%; Δ 1.10% > 0%) |
| Interest Coverage Ratio: -2.50 > 6 (EBIT TTM -54.7m / Interest Expense TTM 21.9m) |
| A: 0.32 (Total Current Assets 891.8m - Total Current Liabilities 405.8m) / Total Assets 1.53b |
| B: -0.26 (Retained Earnings -396.5m / Total Assets 1.53b) |
| C: -0.04 (EBIT TTM -54.7m / Avg Total Assets 1.54b) |
| D: -0.16 (Book Value of Equity -202.1m / Total Liabilities 1.24b) |
| Altman-Z'' = 0.83 = B |
| DSRI: 0.87 (Receivables 323.4m/367.2m, Revenue 1.19b/1.17b) |
| GMI: 1.16 (GM 28.19% / 24.27%) |
| AQI: 1.03 (AQ_t 0.31 / AQ_t-1 0.30) |
| SGI: 1.01 (Revenue 1.19b / 1.17b) |
| TATA: -0.16 (NI -85.9m - CFO 162.9m) / TA 1.53b) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of November 05, 2026, the stock is trading at USD 5.33 with a total of 57,501,163 shares traded. Over the past week, the price has changed by +49.72%, over one month by +36.67%, over three months by -11.31% and over the past year by -31.05%.
Current recommended Stop Loss: 4.90 (which is 8.1% or 1.5 ATR below the current price).
Array Technologies has received a consensus analysts rating of 3.88. Therefore, it is recommended to buy ARRY.
- StrongBuy: 10
- Buy: 1
- Hold: 13
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 6.9 | 30.2% |
P/E Forward = 4.5788
P/S = 0.6023
P/B = 5.0259
P/EG = 0.3815
Revenue TTM = 1.19b USD
EBIT TTM = -54.7m USD
EBITDA TTM = 4.16m USD
Long Term Debt = 657.7m USD (from longTermDebt, last quarter)
Short Term Debt = 7.41m USD (from shortTermDebt, last quarter)
Debt = 848.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 95.1m
Net Debt = 540.7m USD (calculated: Debt 848.0m - CCE 307.3m)
Enterprise Value = 1.26b USD (714.6m + Debt 848.0m - CCE 307.3m)
Interest Coverage Ratio = -2.50 (Ebit TTM -54.7m / Interest Expense TTM 21.9m)
EV/FCF = 9.32x (Enterprise Value 1.26b / FCF TTM 134.7m)
FCF Yield = 10.73% (FCF TTM 134.7m / Enterprise Value 1.26b)
FCF Margin = 11.37% (FCF TTM 134.7m / Revenue TTM 1.19b)
Net Margin = -7.25% (Net Income TTM -85.9m / Revenue TTM 1.19b)
Gross Margin = 24.27% ((Revenue TTM 1.19b - Cost of Revenue TTM 897.4m) / Revenue TTM)
Gross Margin QoQ = 29.12% (prev 28.20%)
Tobins Q-Ratio = 0.82 (Enterprise Value 1.26b / Total Assets 1.53b)
Interest Expense / Debt = 2.58% (Interest Expense 21.9m / Debt 848.0m)
Taxrate = 23.25% (7.38m / 31.7m)
NOPAT = -42.0m (EBIT -54.7m * (1 - 23.25%)) [loss with tax shield]
Current Ratio = 2.20 (Total Current Assets 891.8m / Total Current Liabilities 405.8m)
Debt / Equity = -4.20 (negative equity) (Debt 848.0m / totalStockholderEquity, last quarter -202.1m)
Debt / EBITDA = 129.9 (Net Debt 540.7m / EBITDA 4.16m)
Debt / FCF = 4.01 (Net Debt 540.7m / FCF TTM 134.7m)
Total Stockholder Equity = 182.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -5.58% (Net Income -85.9m / Total Assets 1.53b)
RoE = -47.02% (Net Income TTM -85.9m / Total Stockholder Equity 182.7m)
RoCE = -6.51% (EBIT -54.7m / Capital Employed (Equity 182.7m + L.T.Debt 657.7m))
RoIC = -3.90% (negative operating profit) (NOPAT -42.0m / Invested Capital 1.08b)
WACC = 7.59% (E(714.6m)/V(1.56b) * Re(14.25%) + D(848.0m)/V(1.56b) * Rd(2.58%) * (1-Tc(0.23)))
Discount Rate = 14.25% (= CAPM, Blume Beta Adj.) -> capped to 12.54%
Shares (quarterly) Correlation: 80.87 | Cagr: 1.26%
[DCF] Terminal Value 77.97% ; FCFF base≈124.9m ; Y1≈143.2m ; Y5≈210.8m
[DCF] Fair Price = 17.09 (EV 3.17b - Net Debt 540.7m = Equity 2.63b / Shares 154.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -84.59 | EPS CAGR: -22.82% | SUE: 2.45 | # QB: 2
Revenue Correlation: -34.01 | Revenue CAGR: -6.37% | SUE: 0.93 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.09 | Chg30d=-16.00% | Revisions=-12% | Analysts=20
EPS current Year (2026-12-31): EPS=0.75 | Chg30d=-2.91% | Revisions=-25% | GrowthEPS=+12.0% | GrowthRev=+12.0%
EPS next Year (2027-12-31): EPS=0.93 | Chg30d=-0.65% | Revisions=+0% | GrowthEPS=+24.2% | GrowthRev=+13.4%
[Analyst] Revisions Ratio: -18% (up=3, down=5)