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Array Technologies
(NASDAQ:ARRY)
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Rating:58Neutral
Price Target:
$7.50
▼(-4.21% Downside)
Action:Reiterated
Date:05/21/26
ARRY scores in the mid-range primarily due to improved balance-sheet risk and consistently positive cash generation, supported by an earnings call that reaffirmed guidance and highlighted strong backlog momentum. Offsetting this are still-weak profitability and revenue softness in TTM, plus a demanding valuation (very high P/E) and only neutral technical momentum.
Positive Factors
De-risked Balance Sheet
Material leverage reduction meaningfully improves financial flexibility and resilience to project timing swings. Lower debt burdens reduce refinancing risk, support bidding on larger EPC contracts, and provide capacity to absorb cyclical downturns without immediate capital raises.
Negative Factors
Weak Profitability Profile
Persistent net losses and near‑zero EBITDA margin limit internal capital for growth and reduce returns on equity. Until operating leverage and consistent positive margins are restored, the company remains reliant on backlog conversion and external liquidity for strategic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
De-risked Balance Sheet
Material leverage reduction meaningfully improves financial flexibility and resilience to project timing swings. Lower debt burdens reduce refinancing risk, support bidding on larger EPC contracts, and provide capacity to absorb cyclical downturns without immediate capital raises.
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
$1.10B
Dividend YieldN/A
Average Volume (3M)5.99M
Price to Earnings (P/E)―
Beta (1Y)1.20
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. Volume7,102,767
30 Day Avg. Volume5,994,039
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)5.40
Price to Sales (P/S)1.10
P/FCF Ratio17.62
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue1.44
Enterprise Value/Gross Profit6.11
Enterprise Value/Ebitda58.87
Forecast
1Y Price Target
$9.93Price Target Upside26.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)0.73
Revenue Forecast (FY)$1.46B
Array Technologies Business Overview & Revenue Model
Company Description
Array Technologies, Inc. (ARRY) develops, manufactures, and provides solar tracking solutions and complementary products for customers both within the United States and internationally. A key offering is the DuraTrack HZ v3, a system designed for ...
How the Company Makes Money
Array Technologies makes money primarily by selling utility-scale solar tracking systems and related components for ground-mounted PV projects. Its core revenue stream is product revenue from single-axis tracker systems (including structural steel...
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 | 285.13M | 298.55M | 297.68M | 415.55M | 212.72M | 68.30M |
| EBITDA | 29.57M | 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 | 763.21M | 766.19M | 698.01M | 730.47M | 769.60M | 726.62M |
| 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
Negative
7.83
Price Trends
8.11
Negative
8.18
Negative
8.55
Negative
Market Momentum
-0.25
Positive
41.95
Neutral
27.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARRY, the sentiment is Negative. The current price of 7.83 is above the 20-day moving average (MA) of 7.78, below the 50-day MA of 8.11, and below the 200-day MA of 8.55, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 41.95 is Neutral, neither overbought nor oversold. The STOCH value of 27.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $17.61B | 29.48 | 28.31% | ― | 20.28% | 11.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $1.10B | -8.55 | -20.64% | ― | 13.19% | 54.98% | |
57 Neutral | $1.70B | 50.47 | 5.67% | ― | 37.75% | 77.43% | |
50 Neutral | $79.71M | -1.70 | 316.79% | ― | 73.02% | 14.88% | |
49 Neutral | $3.41B | -9.09 | -79.58% | ― | 35.40% | 79.65% |
* Technology Sector Average
ARRY
Array Technologies
7.17
0.21
3.02%
SEDG
SolarEdge Technologies
56.00
32.40
137.29%
SHLS
Shoals Technologies Group
10.12
4.65
85.01%
FTCI
FTC Solar
4.98
0.28
5.96%
NXT
Nextpower Inc
116.15
55.11
90.29%
Array Technologies Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Array Technologies Shareholders Approve Board Declassification and Directors
Positive
May 20, 2026
Array Technologies, Inc. held its 2026 Annual Meeting of Stockholders on May 19, 2026, where shareholders elected three directors—Brad Forth, Kevin Hostetler and Gerrard Schmid—to three-year terms expiring at the 2029 annual meeting. I...
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.