Array Technologies (ARRY)
NASDAQ:ARRY
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Array Technologies
(NASDAQ:ARRY)
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Rating:53Neutral
Price Target:
$8.00
▲(2.17% Upside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by weak recent financial performance (losses and deteriorating cash generation) and bearish technicals (below key moving averages with negative momentum). These are partially offset by a strong earnings-call outlook—record backlog, improving liquidity, and upbeat 2026 guidance for growth and adjusted profitability—while valuation offers limited support due to negative earnings and no dividend.
Positive Factors
Record order book and booking momentum
A $2.2B backlog provides multi-quarter revenue visibility and supports steady manufacturing cadence and supply-chain planning. Durable backlog reduces near-term demand risk, underpins 2026 guidance, and gives leverage to convert bookings into repeatable revenue and economies of scale over the next 2–6 months.
Negative Factors
Weak and volatile cash generation
A collapse in cash generation and volatile historical conversion undermines self-funding for capex and working capital. Persistent lower free-cash conversion (management expects similar ratio in 2026) constrains capital allocation, raises refinancing importance, and limits buffer for margin shocks over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Record order book and booking momentum
A $2.2B backlog provides multi-quarter revenue visibility and supports steady manufacturing cadence and supply-chain planning. Durable backlog reduces near-term demand risk, underpins 2026 guidance, and gives leverage to convert bookings into repeatable revenue and economies of scale over the next 2–6 months.
Read all positive factors
Array Technologies (ARRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.24B
Dividend YieldN/A
Average Volume (3M)4.84M
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth40.22%
EPS Growth62.38%
CountryUS
Employees1,021
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.01
Shares Outstanding153,044,270
10 Day Avg. Volume6,070,877
30 Day Avg. Volume4,836,599
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)5.40
Price to Sales (P/S)1.10
P/FCF Ratio17.62
Enterprise Value/Market Cap1.40
Enterprise Value/Revenue1.36
Enterprise Value/Gross Profit6.15
Enterprise Value/Ebitda43.98
Forecast
1Y Price Target
$10.14Price Target Upside29.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering19
EPS Forecast (FY)0.7
Revenue Forecast (FY)$1.46B
Array Technologies Business Overview & Revenue Model
Company Description
Array Technologies, Inc. manufactures and supplies solar tracking systems and related products in the United States and internationally. Its products include DuraTrack HZ v3, a single-axis solar tracking system; and SmarTrack, a machine learning s...
How the Company Makes Money
Array Technologies primarily makes money by selling solar mounting and tracking hardware to developers, engineering/procurement/construction (EPC) contractors, and solar project owners building ground-mounted PV plants. Its main revenue stream is ...
Array Technologies Key Performance Indicators (KPIs)
Any
Revenue by Type
Shows how revenue is distributed across different product or service types, highlighting which areas are driving sales and where there might be opportunities or challenges.
Shows how revenue is distributed across different product or service types, highlighting which areas are driving sales and where there might be opportunities or challenges.
Data provided by:
The Fly
The FlyArray Technologies Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and clear progress: exceptional top-line growth (40% YoY), a record $2.2 billion order book, successful APA integration and improved liquidity and adjusted profitability. Management acknowledged margin headwinds driven largely by the falloff of a prior-year 45X amortization benefit, one-time STI-related charges, rising commodity costs and international market softness. Guidance for 2026 shows continued revenue growth and stable adjusted margins (26%–27%) with improving operational leverage over time. Overall, the positives (robust growth, bookings, product roadmap, APA synergies and stronger balance sheet) outweigh the near-term accounting-driven and cyclical challenges, supporting a constructive outlook.Positive Updates
Record Revenue and Strong Volume Growth
Full year 2025 revenue of nearly $1.3 billion, up 40% year-over-year, supported by a 35% increase in tracker volume.
Negative Updates
GAAP Net Loss and One-Time Charges
GAAP net loss attributable to common shareholders of $112 million in 2025 driven by a $103 million non-cash goodwill impairment and a $30 million one-time inventory valuation charge tied to the 2022 STI acquisition.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Strong Volume Growth
Full year 2025 revenue of nearly $1.3 billion, up 40% year-over-year, supported by a 35% increase in tracker volume.
Read all positive updates
Company Guidance
Array guided 2026 revenue of $1.4–$1.5 billion with adjusted gross margin of 26–27% (midpoint roughly flat excluding prior‑year 45X amortization), adjusted G&A at ~12% of revenue, adjusted EBITDA of $200–$230 million and adjusted diluted EPS of $0.65–$0.75; free cash flow conversion as a percentage of adjusted EBITDA is expected to be similar to 2025. They expect Q1 2026 revenue of approximately $200 million (with adjusted EBITDA slightly down from Q4 2025) and an approximate 40/60 first‑half/second‑half revenue split for the year. That guidance is supported by a record $2.2 billion order book (including ~ $100 million from APA), strong 2025 results (FY revenue ~$1.3 billion, +40% YoY; tracker volume +35%; FY25 adjusted EBITDA $188M, 15% margin; adjusted net income per share $0.67) and a strengthened balance sheet with >$380M available liquidity (pro forma nearly $600M after upsizing the revolver to $370M) and net debt leverage of 2.3x trailing‑12‑month adjusted EBITDA.Array Technologies Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
56
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.28B | 915.81M | 1.58B | 1.64B | 853.32M |
| Gross Profit | 272.35M | 297.68M | 415.55M | 212.72M | 68.30M |
| EBITDA | 45.40M | -162.97M | 276.21M | 132.80M | 509.00K |
| Net Income | -52.23M | -240.39M | 137.24M | 4.43M | -50.40M |
Balance Sheet | |||||
| Total Assets | 1.45B | 1.43B | 1.71B | 1.71B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 244.39M | 362.99M | 249.08M | 133.90M | 367.67M |
| Total Debt | 766.19M | 692.58M | 707.64M | 779.45M | 721.26M |
| Total Liabilities | 1.19B | 1.14B | 1.10B | 1.28B | 974.72M |
| Stockholders Equity | 260.39M | 288.83M | 610.51M | 423.85M | 168.26M |
Cash Flow | |||||
| Free Cash Flow | 79.81M | 146.68M | 214.97M | 130.87M | -266.54M |
| Operating Cash Flow | 101.78M | 153.98M | 231.96M | 141.49M | -263.19M |
| Investing Cash Flow | -187.89M | -9.57M | -16.82M | -384.44M | -15.33M |
| Financing Cash Flow | -38.05M | -11.84M | -101.76M | 8.44M | 537.75M |
Array Technologies Technical Analysis
Neutral
7.83
Price Trends
8.31
Negative
8.83
Negative
8.40
Negative
Market Momentum
-0.10
Negative
54.62
Neutral
66.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARRY, the sentiment is Neutral. The current price of 7.83 is above the 20-day moving average (MA) of 7.25, below the 50-day MA of 8.31, and below the 200-day MA of 8.40, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 54.62 is Neutral, neither overbought nor oversold. The STOCH value of 66.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ARRY.
Array Technologies Risk Analysis
Array Technologies disclosed 60 risk factors in its most recent earnings report. Array Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Array Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $18.03B | 24.63 | 31.28% | ― | 30.02% | 1.97% | |
62 Neutral | $2.79B | -4.26 | -80.50% | ― | 27.78% | 77.95% | |
62 Neutral | $1.33B | 42.34 | 5.78% | ― | 19.07% | 40.48% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $1.24B | -26.92 | -15.43% | ― | 40.22% | 62.38% | |
46 Neutral | $78.55M | -1.99 | 1044.27% | ― | 110.51% | -38.57% | |
42 Neutral | $25.18M | -0.39 | 54.21% | ― | ― | ― |
* Technology Sector Average
ARRY
Array Technologies
7.97
2.68
50.66%
SEDG
SolarEdge Technologies
47.38
34.69
273.36%
MAXN
Maxeon Solar Technologies
1.14
-2.18
-65.66%
SHLS
Shoals Technologies Group
7.80
4.07
109.12%
FTCI
FTC Solar
4.93
1.51
44.15%
NXT
Nextpower Inc
122.58
79.38
183.75%
Array Technologies Corporate Events
Executive/Board Changes
Array Technologies Adds Independent Directors to Expanded Board
Positive
Mar 19, 2026
On March 19, 2026, Array Technologies expanded its Board of Directors from eight to ten members and appointed clean-energy veterans Emily Cohen and Carolyne Murff as independent directors, bringing the board to nine independent members. Murff, now...
Business Operations and StrategyPrivate Placements and Financing
Array Technologies Expands Revolving Credit Facility and Liquidity
Positive
Feb 18, 2026
On February 18, 2026, Array Tech, Inc., a wholly owned subsidiary of Array Technologies, amended its revolving credit facility, increasing total commitments from $166 million to $370 million and extending the maturity from October 14, 2028 to Febr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.