Array Technologies (ARRY) AI Stock Analysis

• Market Cap: $1.18B
• Dividend Yield: N/A
• Average Volume (3M): 6.16M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• Revenue Growth: 6.36%
• EPS Growth: -1683.09%
• Country: US
• Employees: 1,021
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): 0.30
• Shares Outstanding: 152,724,780
• 10 Day Avg. Volume: 5,395,086
• 30 Day Avg. Volume: 6,159,567
• PEG Ratio: <0.01
• Price to Book (P/B): 3.17
• Price to Sales (P/S): 1.00
• P/FCF Ratio: 6.25
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $10.50
• Price Target Upside: 35.83% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 19
• EPS Forecast (FY): 0.67
• Revenue Forecast (FY): $1.21B

• Rating: 51 Neutral
• Price Target: $8.00 ▲(3.49% Upside)

Array Technologies' overall stock score is driven by strong earnings call results, highlighting significant revenue growth and strategic acquisitions. However, financial performance concerns, including high leverage and negative profitability, weigh heavily. Technical indicators suggest bearish momentum, and valuation metrics indicate potential overvaluation. The company's ability to manage financial risks and capitalize on growth opportunities will be crucial for future performance.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand for Array's products and successful market penetration, supporting long-term business expansion.

Product Innovation

Compatibility with advanced systems positions Array as a leader in solar innovation, enhancing its competitive edge and future-proofing its offerings.

Order Book Growth

A strong order book with new product adoption ensures future revenue streams and reflects customer confidence in Array's solutions.

Negative Factors

High Leverage

High leverage can limit financial flexibility and increase risk, potentially impacting long-term financial stability and growth opportunities.

Profitability Challenges

Ongoing profitability issues may hinder reinvestment in growth initiatives and affect investor confidence over the long term.

Commodity Price Impact

Increased commodity costs can compress margins, affecting profitability and potentially leading to higher prices for customers.

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 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 Money

Array Technologies generates revenue primarily through the sale of its solar tracking systems, which include both hardware and software components. The company earns money from the direct sale of its products to solar project developers and operators, as well as through installation services. Additionally, recurring revenue streams may come from long-term service agreements and performance guarantees associated with its products. Significant partnerships with major solar developers and utilities bolster its market presence and contribute to its earnings, allowing Array Technologies to capture a larger share of the growing solar energy market.

Array Technologies Financial Statement Overview

Summary

Array Technologies shows revenue growth but struggles with profitability and high leverage. The income statement reveals a 10% revenue growth, yet negative EBIT and net profit margins. The balance sheet highlights a high debt-to-equity ratio of 1.90, indicating financial risk. Cash flow improvements are noted, with a 47.25% growth in free cash flow, but overall financial stability is a concern.

Income Statement

Array Technologies has shown a mixed performance in its income statement. The TTM data indicates a revenue growth rate of 10%, which is a positive sign. However, the company is struggling with profitability, as evidenced by negative EBIT and net profit margins. The gross profit margin has decreased compared to the previous year, indicating potential cost management issues. Overall, while there is revenue growth, the lack of profitability is a significant concern.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.90 in the TTM period, which indicates significant leverage and potential financial risk. The return on equity is negative, reflecting the company's inability to generate profits from its equity base. The equity ratio is relatively low, suggesting a reliance on debt financing. These factors highlight financial instability and potential risks associated with high leverage.

Cash Flow

The cash flow statement shows some positive trends, with a notable free cash flow growth rate of 47.25% in the TTM period. The operating cash flow to net income ratio is positive, indicating that the company is generating cash from its operations. However, the free cash flow to net income ratio suggests that the company is not fully converting its earnings into free cash flow. While there are improvements in cash flow generation, the overall cash flow position still requires careful monitoring.

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	357.54M	297.68M	415.55M	212.72M	68.30M	202.80M
EBITDA	33.59M	-162.97M	276.21M	132.80M	300.00K	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	22.59M	698.01M	707.64M	779.45M	726.62M	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

• Technical Analysis Sentiment: Neutral
• Last Price: 7.73
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 7.73 is below the 20-day moving average (MA) of 8.83, below the 50-day MA of 8.58, and above the 200-day MA of 6.98, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 46.57 is Neutral, neither overbought nor oversold. The STOCH value of 11.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ARRY.

Array Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NXT	80 Outperform	$14.81B	25.93	35.44%	―	20.37%	3.46%
SHLS	73 Outperform	$1.55B	73.16	5.86%	―	2.68%	2.90%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
FTCI	57 Neutral	$117.81M	-2.18	-175.83%	―	-17.53%	8.53%
ARRY	51 Neutral	$1.18B	―	-44.13%	―	6.36%	-1683.09%
SEDG	45 Neutral	$1.89B	―	-131.02%	―	-36.07%	-233.14%
MAXN	41 Neutral	$58.80M	―	―	―	-54.68%	63.56%

Array Technologies Corporate Events

Array Technologies Completes Acquisition of APA Solar

On August 14, 2025, Array Technologies completed its acquisition of APA Solar, a premier provider of solar racking and structural solutions. This strategic move is expected to strengthen Array’s position in the renewable energy sector by expanding its product portfolio and enhancing its ability to serve a broader range of utility-scale and commercial solar projects. The acquisition is anticipated to be accretive to Array’s earnings and offers significant opportunities for commercial synergies, further accelerating the deployment of solar energy solutions.

The most recent analyst rating on (ARRY) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Array Technologies stock, see the ARRY Stock Forecast page.

Array Technologies’ Earnings Call: Growth Amid Challenges

Array Technologies Inc. recently held its earnings call, revealing a blend of optimism and caution. The company showcased significant revenue and volume growth, successful debt refinancing, and promising product developments. However, these positive strides were tempered by regulatory challenges, tariff impacts, and some project descoping. Despite these hurdles, Array Technologies’ strategic initiatives, such as acquiring APA Solar and introducing innovations like the domestic content tracker, position the company well for future growth.

Array Technologies Inc. Highlights Critical Business Risk in Latest 8-K Filing: A Must-Read for Investors

Array Technologies Inc. faces a business risk that is detailed in their June 24, 2025 8-K filing, which is crucial for stakeholders to consider. This risk factor, although not fully disclosed in the provided description, is likely elaborated in other sections of their Quarterly Report. Investors and analysts should review these documents thoroughly to understand the potential impact on the company’s operations and financial performance. The lack of complete information here underscores the importance of accessing all related disclosures to make informed decisions.

Array Technologies Reports Strong Q2 2025 Results

Array Technologies, Inc. is a leading global provider of solar tracking technology, offering solutions to utility-scale and distributed generation customers to maximize energy production from solar PV sites. The company is headquartered in the United States and is known for its high-quality solar trackers that withstand harsh weather conditions.