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Array Technologies Inc (ARRY)
NASDAQ:ARRY
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Array Technologies
(NASDAQ:ARRY)
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Rating:61Neutral
Price Target:
$10.00
▼(-0.10% Downside)
Array Technologies' overall score reflects strong technical indicators and positive earnings call highlights, offset by financial performance concerns and valuation challenges. The company's growth prospects are promising, but profitability and leverage issues need addressing.
Positive Factors
Revenue Growth
The significant revenue growth indicates strong market demand and successful business execution, enhancing long-term financial stability.
Product Innovation
Innovative product offerings strengthen competitive positioning and drive future growth by meeting evolving customer needs.
Order Book Strength
A robust order book provides revenue visibility and supports sustained growth, reflecting strong market demand and sales execution.
Negative Factors
Leverage Concerns
High leverage can increase financial risk and limit flexibility, potentially impacting long-term financial health and investment capacity.
Profitability Challenges
Sustained profitability challenges may hinder reinvestment and growth, necessitating cost management and efficiency improvements.
Cash Flow Decline
Declining free cash flow may constrain investment and operational flexibility, impacting the company's ability to fund growth initiatives.
Array Technologies (ARRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.37B
Dividend YieldN/A
Average Volume (3M)5.13M
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth35.75%
EPS Growth37.97%
CountryUS
Employees1,021
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)0.30
Shares Outstanding152,747,770
10 Day Avg. Volume4,859,775
30 Day Avg. Volume5,128,356
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.17
Price to Sales (P/S)1.00
P/FCF Ratio6.25
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$10.70Price Target Upside6.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)0.89
Revenue Forecast (FY)$1.45B
Array Technologies Business Overview & Revenue Model
Company DescriptionArray 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 software that is used to identify the optimal position for a solar array in real time to increase energy production. The company was founded in 1989 and is headquartered in Albuquerque, New Mexico.
How the Company Makes MoneyArray Technologies generates revenue primarily through the sale of its solar tracking systems and related services. The company's core revenue streams include the direct sale of its proprietary tracking technology to renewable energy developers and utility companies, as well as installation and maintenance services that accompany these systems. Additionally, Array benefits from long-term contracts and partnerships with major energy firms, which provide a steady stream of income. The increasing global demand for renewable energy solutions, particularly in solar power, further enhances its revenue potential. The company also engages in research and development to innovate its product offerings, positioning itself competitively in the rapidly evolving clean energy market.
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:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 04, 2026
Earnings Call Sentiment Positive
Array Technologies reported strong financial performance with significant revenue growth and successful integration of the APA acquisition. Despite facing challenges from tariffs and commodity price fluctuations, the company demonstrated strong resilience through effective supply chain strategies and robust order book growth.Q3-2025 Updates
Positive Updates
Exceptional Revenue Growth
Array Technologies reported a revenue of $393 million for Q3 2025, marking a 70% year-over-year increase, driven by a 56% volume increase.
APA Acquisition Contribution
The APA acquisition contributed approximately $17 million to revenues in the quarter, highlighting successful integration and commercial progress.
Significant Net Income Improvement
The company reported an adjusted EBITDA of $72 million, marking the second highest quarter of adjusted EBITDA on record.
Strong Order Book and New Product Adoption
The order book grew to $1.9 billion, with 40% of it comprised of new products like OmniTrack, Skylink, and Hail XP.
Successful Supply Chain Management
Effective supply chain strategies and robust tariff management led to cost avoidance and risk mitigation.
Negative Updates
Tariff Challenges
Section 232 tariffs on steel and aluminum increased costs, with tariffs reportedly doubling the rate on certain goods.
Commodity Price Impact
Rising commodity prices, especially steel, affected the gross margins, with steel prices up by more than 35% at their peak since January.
Brazil Market Challenges
Ongoing macroeconomic challenges in Brazil led to delays in project commissioning and affected international shipments.
Company Guidance
In the third quarter of 2025, Array Technologies reported exceptional financial performance, with revenue reaching $393 million, marking a 70% year-over-year growth. This was driven by a 56% increase in volume, with a significant contribution of $17 million from the APA acquisition. The company has already generated over $1 billion in revenue for the year, surpassing its total annual revenue from 2024. The adjusted gross margin improved sequentially, and the adjusted EBITDA stood at $72 million, representing the second highest quarter on record. The order book grew sequentially with a book-to-bill ratio greater than 1, and new product offerings, OmniTrack, Skylink, and Hail XP, accounted for nearly 40% of the order book. The order book reached $1.9 billion, predominantly domestic, not including APA's backlog. Looking forward, Array anticipates delivering both organic and inorganic growth, supported by a robust order book and improved book-to-bill momentum.Array Technologies Financial Statement Overview
Summary
Array Technologies shows mixed financial performance. Revenue growth is positive, but profitability and leverage are concerning. The company needs to improve operational efficiency and manage its capital structure better.Income Statement
Array Technologies shows a mixed performance in its income statement. The company has experienced a positive revenue growth rate of 13.84% in the TTM, indicating a recovery from previous declines. However, profitability remains a concern with negative net profit and EBIT margins, reflecting ongoing operational challenges. The gross profit margin is relatively stable, but the negative net profit margin highlights the need for cost management and efficiency improvements.Balance Sheet
The balance sheet reveals a high debt-to-equity ratio of 1.90 in the TTM, indicating significant leverage and potential financial risk. The return on equity is negative, reflecting the company's struggle to generate profits from shareholders' equity. The equity ratio is not explicitly calculated, but the high debt levels suggest a need for improved capital structure management to enhance financial stability.Cash Flow
Cash flow analysis shows a decline in free cash flow growth by 19.96% in the TTM, which is concerning. However, the company maintains a positive operating cash flow to net income ratio, suggesting some ability to generate cash from operations despite net losses. The free cash flow to net income ratio is strong, indicating efficient cash generation relative to net income.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.33B | 915.81M | 1.58B | 1.64B | 853.32M | 872.66M |
| Gross Profit | 350.58M | 297.68M | 415.55M | 212.72M | 68.30M | 202.80M |
| EBITDA | 48.89M | -162.97M | 276.21M | 132.80M | 509.00K | 149.13M |
| Net Income | -33.39M | -240.39M | 137.24M | 4.43M | -50.40M | 59.07M |
Balance Sheet | ||||||
| Total Assets | 1.61B | 1.43B | 1.71B | 1.71B | 1.14B | 656.02M |
| Cash, Cash Equivalents and Short-Term Investments | 221.52M | 362.99M | 249.08M | 133.90M | 367.67M | 108.44M |
| Total Debt | 680.97M | 692.58M | 707.64M | 779.45M | 721.26M | 428.28M |
| Total Liabilities | 1.21B | 1.14B | 1.10B | 1.28B | 974.72M | 736.92M |
| Stockholders Equity | 404.59M | 288.83M | 610.51M | 423.85M | 168.26M | -80.90M |
Cash Flow | ||||||
| Free Cash Flow | 88.26M | 146.68M | 214.97M | 130.87M | -266.54M | -123.54M |
| Operating Cash Flow | 115.73M | 153.98M | 231.96M | 141.49M | -263.19M | -122.20M |
| Investing Cash Flow | -195.39M | -9.57M | -16.82M | -384.44M | -15.33M | -1.34M |
| Financing Cash Flow | -25.12M | -11.84M | -101.76M | 8.44M | 537.75M | -129.27M |
Array Technologies Technical Analysis
Positive
10.01
Price Trends
8.52
Positive
8.59
Positive
7.45
Positive
Market Momentum
0.25
Positive
59.56
Neutral
37.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARRY, the sentiment is Positive. The current price of 10.01 is above the 20-day moving average (MA) of 9.32, above the 50-day MA of 8.52, and above the 200-day MA of 7.45, indicating a bullish trend. The MACD of 0.25 indicates Positive momentum. The RSI at 59.56 is Neutral, neither overbought nor oversold. The STOCH value of 37.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $13.53B | 25.74 | 35.44% | ― | 20.37% | 3.46% | |
67 Neutral | $1.45B | 48.54 | 5.86% | ― | 2.68% | 2.90% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $1.37B | ― | -7.75% | ― | 35.75% | 37.97% | |
59 Neutral | $177.79M | -3.00 | -664.69% | ― | 39.53% | -7.16% | |
49 Neutral | $1.97B | -3.65 | -78.09% | ― | -0.14% | 66.71% | |
39 Underperform | $52.04M | -0.01 | ― | ― | -54.68% | 63.56% |
* Technology Sector Average
ARRY
Array Technologies
10.01
3.26
48.30%
SEDG
SolarEdge Technologies
35.31
21.06
147.75%
MAXN
Maxeon Solar Technologies
3.10
-3.48
-52.89%
SHLS
Shoals Technologies Group
9.62
3.94
69.37%
FTCI
FTC Solar
12.12
8.00
194.17%
NXT
Nextpower Inc
99.08
56.73
133.96%
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.