Array Technologies Inc (ARRY)
NASDAQ:ARRY
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Array Technologies
(NASDAQ:ARRY)
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Rating:60Neutral
Price Target:
$9.00
▲(14.94% Upside)
Action:Reiterated
Date:05/11/26
The score is driven primarily by mixed financial performance: leverage reduction and positive cash flow offset by ongoing losses and softer TTM revenue. The latest earnings call adds support via strong backlog/order trends and reaffirmed guidance, while technicals are moderately positive. Valuation is the main drag due to the very high P/E and no dividend support.
Positive Factors
Record backlog & demand visibility
A $2.4B order book with ~2x book-to-bill and ~80% expected conversion provides durable revenue visibility, enabling multi-quarter production planning, better supplier commitments and reduced execution risk. High convertibility supports predictable top-line pacing and capacity utilization over the next several quarters.
Negative Factors
Persistent GAAP losses & thin margins
Ongoing GAAP losses and very thin trailing EBITDA margins constrain retained earnings and limit the company's ability to self-fund growth or absorb prolonged downturns. Persistent negative returns on equity reduce strategic optionality and keep reliance on external liquidity for capital needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog & demand visibility
A $2.4B order book with ~2x book-to-bill and ~80% expected conversion provides durable revenue visibility, enabling multi-quarter production planning, better supplier commitments and reduced execution risk. High convertibility supports predictable top-line pacing and capacity utilization over the next several quarters.
Read all positive factors
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.
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The Fly
The FlyArray Technologies (ARRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.38B
Dividend YieldN/A
Average Volume (3M)5.31M
Price to Earnings (P/E)138.4
Beta (1Y)1.00
Revenue Growth13.19%
EPS Growth54.98%
CountryUS
Employees1,021
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.84
Shares Outstanding153,826,390
10 Day Avg. Volume5,354,954
30 Day Avg. Volume5,314,458
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 Cap0.87
Enterprise Value/Revenue1.00
Enterprise Value/Gross Profit4.48
Enterprise Value/Ebitda64.82
Forecast
1Y Price Target
$10.34Price Target Upside32.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
EPS Forecast (FY)0.73
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 Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational momentum: meaningful sequential improvements in margins and adjusted EBITDA, a record $2.4 billion order book with ~2x book-to-bill for the second consecutive quarter, healthy volume growth (~15% QoQ), broad adoption of new products (now >50% of backlog), increased liquidity and reaffirmed full-year guidance. Offsetting items include Q1 one-time margin benefits (~300 bps), a GAAP net loss, working capital seasonality affecting near-term cash flow, and elevated logistics/commodity costs and regional macro uncertainty that could pressure margins as international volumes ramp. Overall, the positives (execution, product traction, backlog quality and liquidity) substantially outweigh the manageable near-term headwinds.Positive Updates
Strong Revenue and Volume Momentum
Q1 revenue of $223 million with volumes increasing ~15% quarter-over-quarter; revenue stability despite lower ASPs driven by project mix.
Negative Updates
One-Time Items Boosting Q1 Margins
Q1 margin performance included roughly a little over 300 basis points of one-time benefits (tariff recovery for 2023–2024 and prior year onshoring adjustments), indicating part of the 30.7% adjusted gross margin is not recurring.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue and Volume Momentum
Q1 revenue of $223 million with volumes increasing ~15% quarter-over-quarter; revenue stability despite lower ASPs driven by project mix.
Read all positive updates
Company Guidance
Array reaffirmed its full‑year FY2026 guidance across all key metrics, reiterating an adjusted gross margin outlook of 26–27% while calling 2026 a cash‑generative year; it expects Q2 revenue of $300–$320M with Q2 margin at the higher end of the full‑year range and cautioned second‑half margins will be influenced by international mix. In Q1 the company reported $223M revenue, $69M adjusted gross profit (30.7% adjusted gross margin, up 620 bps QoQ and including ~300 bps of one‑time benefits), volumes +~15% QoQ, $29M adjusted EBITDA (12.9% margin, +$18M sequentially / +157% QoQ), $41M adjusted SG&A, GAAP net loss $14M (diluted loss per share $0.09) and adjusted EPS $0.06, with $7.5M CapEx. Commercially, Array exited the quarter with a record $2.4B order book (second consecutive ~2x book‑to‑bill, 12‑month trailing book‑to‑bill 1.3x), >95% domestic, ~50% Tier‑1 customers, >50% new products in backlog, and ~80% of backlog expected to convert over the next six quarters. Balance sheet and liquidity included approximately $550M total available liquidity ($200M cash and a fully undrawn $370M revolver net of letters of credit) and net debt leverage of 2.7x trailing 12‑month adjusted EBITDA; management noted Q1 margins also benefited from a tariff recovery and an incremental “45x” onshoring benefit.Array Technologies Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
64
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.21B | 1.28B | 915.81M | 1.58B | 1.64B | 853.32M |
| Gross Profit | 268.80M | 272.35M | 297.68M | 415.55M | 212.72M | 68.30M |
| EBITDA | 18.60M | 45.40M | -162.97M | 276.21M | 132.80M | 509.00K |
| Net Income | -66.98M | -52.23M | -240.39M | 137.24M | 4.43M | -50.40M |
Balance Sheet | ||||||
| Total Assets | 1.48B | 1.45B | 1.43B | 1.71B | 1.71B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 200.70M | 244.39M | 362.99M | 249.08M | 133.90M | 367.67M |
| Total Debt | 106.25M | 766.19M | 692.58M | 707.64M | 779.45M | 721.26M |
| Total Liabilities | 1.21B | 1.19B | 1.14B | 1.10B | 1.28B | 974.72M |
| Stockholders Equity | 267.88M | 260.39M | 288.83M | 610.51M | 423.85M | 168.26M |
Cash Flow | ||||||
| Free Cash Flow | 58.29M | 79.81M | 146.68M | 214.97M | 130.87M | -266.54M |
| Operating Cash Flow | 85.42M | 101.78M | 153.98M | 231.96M | 141.49M | -263.19M |
| Investing Cash Flow | -193.05M | -187.89M | -9.57M | -16.82M | -384.44M | -15.33M |
| Financing Cash Flow | -43.94M | -38.05M | -11.84M | -101.76M | 8.44M | 537.75M |
Array Technologies Technical Analysis
Neutral
7.83
Price Trends
7.56
Positive
8.82
Negative
8.50
Negative
Market Momentum
0.27
Negative
54.39
Neutral
59.95
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 below the 20-day moving average (MA) of 8.16, above the 50-day MA of 7.56, and below the 200-day MA of 8.50, indicating a neutral trend. The MACD of 0.27 indicates Negative momentum. The RSI at 54.39 is Neutral, neither overbought nor oversold. The STOCH value of 59.95 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $21.42B | 30.45 | 28.31% | ― | 20.28% | 11.56% | |
63 Neutral | $1.73B | -928.04 | 5.67% | ― | 37.75% | 77.43% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $3.76B | -13.31 | -79.58% | ― | 35.40% | 79.65% | |
60 Neutral | $1.38B | 138.44 | -20.64% | ― | 13.19% | 54.98% | |
45 Neutral | $76.67M | 0.45 | 316.79% | ― | 73.02% | 14.88% |
* Technology Sector Average
ARRY
Array Technologies
8.45
1.18
16.31%
SEDG
SolarEdge Technologies
55.23
34.47
166.04%
SHLS
Shoals Technologies Group
9.66
4.94
104.66%
FTCI
FTC Solar
4.35
0.29
7.14%
NXT
Nextpower Inc
134.48
76.14
130.51%
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.