ARRY Technology

Array Technologies, Inc.

$4.64+22.11%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Solar
Country: United States
Market cap: 713.8M USD
Enterprise value: 878.7M USD
Full-time employees: 1,200

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.81 vs a peer median of 0.87)higher risk: bigger price swings (beta 1.81 vs peers 0.87)
About average: valuation

Ranks #1,513 of 1,612 technology companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Array Technologies's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Array Technologies looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $24M profit in the quarter to June 2026.
Array Technologies reported a net loss over the last twelve months, but its most recent quarter was profitable ($24M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.
More volatile share price. Beta 1.81: tends to move more than the market.
Array Technologies's shares have swung more with the market than most peers' (beta 1.81, above the market's 1.0).

StockQuotient Score

21/ 100

Oct 5 22 → Nov 4 21 (-1)

Valuation

Is the price right?

47/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Mixed versus peers:

▲ FCF yield
▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-12.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-3.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield18.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingOutlier capped at sector 5th/95th percentile20% base weight · Z-score 4.45Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield-28.3%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

22/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-13.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -2.25Sector median: 0.0483 · MAD: 0.0793

Revenue growth1.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.72Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-5.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.61Sector median: 0.0631 · MAD: 0.0710

Return on assets-5.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.36Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-32.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin24.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-26.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.81

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.54Sector median: 0.8710 · MAD: 0.3700

Current ratio2.20×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.54Sector median: 1.8295 · MAD: 0.6848

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Array Technologies

Is Array Technologies getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 21/100 since Oct 28, 2026.
How is Array Technologies valued vs its peers?: Priced about in line with its peers. Valuation scores 47/100 against 1,711 technology peers. Free cash flow yield 18.9% vs a peer median of 2.7% (stronger than 95% of peers).Free cash flow yield 18.9% vs peers 2.7% (stronger than 95% of peers). Earnings yield -12.0% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -12.0% vs peers 2.2% (weaker than 100% of peers).
Is Array Technologies growing?: More slowly than most of its peers. Growth scores 22/100 against 1,711 technology peers. 3-year revenue growth -13.0% vs a peer median of 4.8% (weaker than 92% of peers).3-year revenue growth -13.0% vs peers 4.8% (weaker than 92% of peers).
How profitable is Array Technologies?: Less profitable than most of its peers. Profitability scores 10/100 against 1,711 technology peers. Return on invested capital -32.4% vs a peer median of 6.8% (weaker than 100% of peers).Return on invested capital -32.4% vs peers 6.8% (weaker than 100% of peers).
How risky is Array Technologies?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 2.20× vs a peer median of 1.83× (stronger than 61% of peers).Current ratio 2.20× vs peers 1.83× (stronger than 61% of peers). Beta 1.81 vs a peer median of 0.87 (weaker than 90% of peers).Beta 1.81 vs peers 0.87 (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Array Technologies is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.2B USD	1.2B USD	−1.7%
Net income (12 months)	−67.0M USD	−85.9M USD	+28.2%
Operating margin	-4.1%	-5.1%	−1.0 pts
Free cash flow (12 months)	58.3M USD	134.7M USD	+131.1%
Debt	666.4M USD	657.7M USD	−1.3%
Cash	200.7M USD	307.3M USD	+53.1%
Shares outstanding	153.8M	154.0M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Solar companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	8.0%	13.0%	26.4%	32.5%	23.2%	▼ 9.3 pts
Operating margin	-2.9%	-1.1%	13.6%	-24.8%	-2.3%	▲ 23 pts
Net margin	-5.9%	0.3%	8.7%	-26.2%	-4.1%	▲ 22 pts
Return on assets (ROA)	-4.4%	0.3%	8.0%	-16.9%	-3.6%	▲ 13 pts
Return on equity (ROE)	—	3.6%	52.9%	—	—	—
Free cash flow margin	-31.2%	8.0%	13.6%	16.0%	6.2%	▼ 9.8 pts
Current ratio	3.47×	1.79×	2.48×	2.28×	2.31×	▲ 1.0%
Quick ratio	2.64×	1.29×	2.00×	1.82×	1.91×	▲ 4.6%
Debt to equity	—	6.11×	2.63×	—	—	—
Interest coverage	-0.69×	-0.49×	4.84×	-6.52×	-1.06×	▲ 84%

ARRY price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

LEENO Industrial Inc.058470.KQ97/ 100

Transcend Information, Inc.2451.TW94/ 100

Joint Stock Company Kaspi.kzKSPI93/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.81 vs a peer median of 0.87)higher risk: bigger price swings (beta 1.81 vs peers 0.87)

About average: valuation

Ranks #1,513 of 1,612 technology companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Array Technologies's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Array Technologies looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $24M profit in the quarter to June 2026.

Array Technologies reported a net loss over the last twelve months, but its most recent quarter was profitable ($24M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

More volatile share price. Beta 1.81: tends to move more than the market.

Array Technologies's shares have swung more with the market than most peers' (beta 1.81, above the market's 1.0).

Questions investors ask about Array Technologies

Is Array Technologies getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 21/100 since Oct 28, 2026.

How is Array Technologies valued vs its peers?

Priced about in line with its peers. Valuation scores 47/100 against 1,711 technology peers. Free cash flow yield 18.9% vs a peer median of 2.7% (stronger than 95% of peers).Free cash flow yield 18.9% vs peers 2.7% (stronger than 95% of peers). Earnings yield -12.0% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -12.0% vs peers 2.2% (weaker than 100% of peers).

Is Array Technologies growing?

More slowly than most of its peers. Growth scores 22/100 against 1,711 technology peers. 3-year revenue growth -13.0% vs a peer median of 4.8% (weaker than 92% of peers).3-year revenue growth -13.0% vs peers 4.8% (weaker than 92% of peers).

How profitable is Array Technologies?

Less profitable than most of its peers. Profitability scores 10/100 against 1,711 technology peers. Return on invested capital -32.4% vs a peer median of 6.8% (weaker than 100% of peers).Return on invested capital -32.4% vs peers 6.8% (weaker than 100% of peers).

How risky is Array Technologies?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 2.20× vs a peer median of 1.83× (stronger than 61% of peers).Current ratio 2.20× vs peers 1.83× (stronger than 61% of peers). Beta 1.81 vs a peer median of 0.87 (weaker than 90% of peers).Beta 1.81 vs peers 0.87 (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.2B USD

1.2B USD

−1.7%

Net income (12 months)

−67.0M USD

−85.9M USD

+28.2%

Operating margin

-4.1%

-5.1%

−1.0 pts

Free cash flow (12 months)

58.3M USD

134.7M USD

+131.1%

Debt

666.4M USD

657.7M USD

−1.3%

Cash

200.7M USD

307.3M USD

+53.1%

Shares outstanding

153.8M

154.0M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

8.0%

13.0%

26.4%

32.5%

23.2%

▼ 9.3 pts

Operating margin

-2.9%

-1.1%

13.6%

-24.8%

-2.3%

▲ 23 pts

Net margin

-5.9%

0.3%

8.7%

-26.2%

-4.1%

▲ 22 pts

Return on assets (ROA)

-4.4%

0.3%

8.0%

-16.9%

-3.6%

▲ 13 pts

Return on equity (ROE)

—

3.6%

52.9%

—

Free cash flow margin

-31.2%

8.0%

13.6%

16.0%

6.2%

▼ 9.8 pts

Current ratio

3.47×

1.79×

2.48×

2.28×

2.31×

▲ 1.0%

Quick ratio

2.64×

1.29×

2.00×

1.82×

1.91×

▲ 4.6%

Debt to equity

—

6.11×

2.63×

—

Interest coverage

-0.69×

-0.49×

4.84×

-6.52×

-1.06×

▲ 84%