NASDAQ : ARRY

Array Technologies, Inc. — Financial statements

Technology · Solar · United States

Last price 3.39 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 522.09M

Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports

Financial statements

Array Technologies, Inc. (ARRY) reported revenue of 1.19B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue1.19B1.28B915.81M1.58B1.64B853.32M
Cost of Revenue867.89M956.07M622.13M1.16B1.42B785.02M
Gross Profit317.12M328.07M293.68M415.55M212.72M68.30M
Selling, General & Admin203.84M188.01M163.57M159.53M145.18M80.97M
Operating Expenses235.20M214.21M199.65M198.46M229.76M90.35M
Operating Income81.93M113.86M94.02M217.09M-17.04M-22.05M
Interest Expense-21.88M-27.33M-34.83M-44.23M-36.69M-35.68M
Interest & Investment Income9.52M11.85M16.78M8.33M3.18M209.00K
Currency Exchange Gain (Loss)700.00K2.04M-4.51M-53.00K1.16M
Other Non Operating Income (Expenses)-1.09M-992.00K-1.01M-1.01M2.79M-905.00K
EBT Excluding Unusual Items69.18M99.43M70.45M180.12M-46.61M-58.42M
Merger & Restructuring Charges-10.60M-10.60M-5.60M
Impairment of Goodwill-102.56M-102.56M-236.00M
Asset Writedown-29.52M-29.52M-91.90M
Legal Settlements42.75M
Other Unusual Items-32.00K14.03M6.88M-2.96M4.51M-2.70M
Pretax Income-73.53M-29.22M-250.58M177.16M-4.95M-61.12M
Income Tax Expense12.37M23.02M-10.18M39.92M-9.38M-10.72M
Net Income-85.90M-52.23M-240.39M137.24M4.43M-50.40M
Preferred Dividends & Other Adjustments62.01M59.80M55.67M51.69M48.05M15.71M
Net Income to Common-147.91M-112.03M-296.06M85.55M-43.62M-66.12M
Shares Outstanding (Basic)153.08M152.54M151.75M150.94M149.82M129.98M
Shares Outstanding (Diluted)153.08M152.54M151.75M152.02M149.82M129.98M
EPS (Basic)-0.97-0.73-1.950.57-0.29-0.51
EPS (Diluted)-0.97-0.73-1.950.56-0.29-0.51
Free Cash Flow134.73M79.81M146.68M214.97M130.87M-266.54M
Free Cash Flow Per Share0.880.520.971.410.87-2.05
Gross Margin26.76%25.55%32.07%26.36%12.99%8.00%
Operating Margin6.91%8.87%10.27%13.77%-1.04%-2.58%
Profit Margin-12.48%-8.72%-32.33%5.43%-2.66%-7.75%
Free Cash Flow Margin11.37%6.21%16.02%13.63%7.99%-31.24%
EBITDA119.36M143.63M132.25M257.36M69.46M-10.66M
EBITDA Margin10.07%11.19%14.44%16.32%4.24%-1.25%
D&A For EBITDA37.43M29.77M38.22M40.27M86.50M11.39M
EBIT81.93M113.86M94.02M217.09M-17.04M-22.05M
EBIT Margin6.91%8.87%10.27%13.77%-1.04%-2.58%
Effective Tax Rate22.53%
Advertising Expenses3.60M3.30M2.70M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents307.30M244.39M362.99M249.08M133.90M367.67M
Cash & Short-Term Investments307.30M244.39M362.99M249.08M133.90M367.67M
Accounts Receivable323.44M271.58M275.84M332.15M421.18M236.01M
Other Receivables51.38M3.53M9.05M
Receivables374.82M271.58M275.84M332.15M424.71M245.06M
Inventory156.47M150.37M200.82M161.96M233.16M205.65M
Prepaid Expenses27.84M49.11M42.43M40.69M39.43M33.65M
Restricted Cash1.60M1.15M
Other Current Assets25.36M152.00M115.50M48.40M
Total Current Assets891.79M869.04M998.72M832.28M831.21M852.03M
Property, Plant & Equipment160.56M155.31M42.61M49.98M40.94M21.94M
Long-Term Investments3.00M12.00M
Goodwill135.17M135.17M160.19M435.59M416.18M69.73M
Other Intangible Assets212.47M238.58M181.41M354.39M386.36M174.75M
Long-Term Deferred Tax Assets24.84M23.96M17.75M15.87M16.47M9.35M
Other Long-Term Assets109.20M29.72M22.32M18.63M14.88M3.18M
Total Assets1.53B1.45B1.43B1.71B1.71B1.14B
Accounts Payable161.09M143.99M172.37M119.50M170.43M92.00M
Accrued Expenses101.50M24.55M17.78M26.06M54.90M38.49M
Current Portion of Long-Term Debt10.31M30.71M21.47M38.69M4.30M
Current Portion of Leases7.41M7.66M5.60M5.74M6.51M5.91M
Current Income Taxes Payable3.84M4.69M5.23M5.75M6.88M60.00K
Current Unearned Revenue105.10M128.43M119.78M66.49M178.92M99.58M
Other Current Liabilities26.82M57.37M86.35M90.67M8.93M4.96M
Total Current Liabilities405.76M377.01M437.81M335.69M465.26M245.31M
Long-Term Debt657.75M658.66M646.57M660.95M720.35M711.06M
Long-Term Leases87.73M89.55M15.13M19.48M13.90M5.36M
Long-Term Deferred Tax Liabilities20.37M22.13M21.40M66.86M72.61M
Other Long-Term Liabilities20.95M44.04M16.25M13.26M10.08M13.00M
Total Liabilities1.24B1.19B1.14B1.10B1.28B974.72M
Common Stock155.00K152.00K151.00K151.00K150.00K135.00K
Additional Paid-In Capital203.16M226.85M297.78M344.52M383.18M202.56M
Retained Earnings-396.52M-422.86M-370.62M-130.23M-267.47M-271.90M
Comprehensive Income & Other-8.88M-10.48M-45.40M44.81M8.43M
Total Common Equity-202.08M-206.34M-118.10M259.25M124.28M-69.20M
Shareholders' Equity296.09M260.39M288.83M610.51M423.85M168.26M
Total Liabilities & Equity1.53B1.45B1.43B1.71B1.71B1.14B
Total Debt752.89M766.19M698.01M707.64M779.45M726.62M
Net Cash (Debt)-445.58M-521.80M-335.02M-458.56M-645.55M-358.95M
Net Cash Per Share-2.91-3.42-2.21-3.02-4.31-2.76
Filing Date Shares Outstanding154.01M152.85M152.01M151.29M150.77M150.17M
Total Common Shares Outstanding153.97M152.78M151.95M151.24M150.51M135.03M
Working Capital486.02M492.03M560.91M496.59M365.95M606.73M
Book Value Per Share-1.31-1.35-0.781.710.83-0.51
Tangible Book Value-549.73M-580.09M-459.69M-530.73M-678.27M-313.69M
Tangible Book Value Per Share-3.57-3.80-3.03-3.51-4.51-2.32
Land1.64M1.67M1.58M1.63M1.58M1.34M
Buildings29.66M12.48M9.11M9.34M7.41M2.45M
Machinery61.07M56.21M36.35M31.53M26.86M16.24M
Construction In Progress9.05M18.18M3.95M6.20M5.14M1.88M

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-85.90M-52.23M-240.39M137.24M4.43M-50.40M
Depreciation & Amortization37.43M29.77M38.22M40.27M86.50M11.39M
Other Amortization25.00M22.74M20.64M25.13M21.41M29.59M
Asset Writedown & Restructuring Costs102.56M102.56M327.90M
Stock-Based Compensation17.39M15.57M10.35M14.54M14.98M13.76M
Provision & Write-off of Bad Debts-995.00K912.00K2.06M2.53M2.60M-467.00K
Other Operating Activities49.98M37.44M-31.44M4.74M-32.78M-5.90M
Change in Accounts Receivable31.01M31.01M41.42M92.80M-76.98M-116.85M
Change in Inventory52.85M52.85M-44.79M66.74M20.87M-88.18M
Change in Accounts Payable-35.87M-35.87M58.18M-37.65M12.67M7.01M
Change in Unearned Revenue489.00K489.00K55.56M-111.99M59.00M-50.62M
Change in Income Taxes-7.39M-7.39M-4.97M1.95M4.86M-648.00K
Change in Other Net Operating Assets-23.70M-96.06M-78.77M-4.34M23.93M-11.87M
Operating Cash Flow162.86M101.78M153.98M231.96M141.49M-263.19M
Capital Expenditures-28.13M-21.97M-7.30M-16.99M-10.62M-3.36M
Sale of Property, Plant & Equipment34.00K168.00K
Cash Acquisitions-164.92M-164.92M-373.82M
Investment in Securities-1.00M-1.00M8.97M-11.97M
Other Investing Activities-11.28M
Investing Cash Flow-194.05M-187.89M-9.57M-16.82M-384.44M-15.33M
Short-Term Debt Issued116.00M126.03M
Long-Term Debt Issued496.15M93.06M63.31M20.19M413.32M
Total Debt Issued132.34M496.15M93.06M63.31M136.19M539.35M
Short-Term Debt Repaid-116.00M-126.03M
Long-Term Debt Repaid-486.63M-101.72M-162.36M-38.23M-133.22M
Total Debt Repaid-170.64M-486.63M-101.72M-162.36M-154.24M-259.26M
Net Debt Issued (Repaid)-38.30M9.52M-8.66M-99.05M-18.05M280.10M
Issuance of Common Stock15.88M120.64M
Preferred Dividends Paid-18.67M-8.05M
Dividends Paid-18.67M-8.05M
Other Financing Activities-4.11M-47.57M-3.18M-2.71M-3.83M-79.93M
Financing Cash Flow-42.41M-38.05M-11.84M-101.76M8.44M537.75M
Foreign Exchange Rate Adjustments2.13M6.00M-17.50M1.81M735.00K
Net Cash Flow-71.47M-118.16M115.06M115.18M-233.77M259.23M
Free Cash Flow134.73M79.81M146.68M214.97M130.87M-266.54M
Free Cash Flow Margin11.37%6.21%16.02%13.63%7.99%-31.24%
Free Cash Flow Per Share0.880.520.971.410.87-2.05
Levered Free Cash Flow132.19M68.79M139.40M173.50M50.72M-249.48M
Unlevered Free Cash Flow142.34M80.66M155.08M190.58M66.79M-242.21M
Cash Interest Paid7.82M16.06M38.66M43.95M23.12M24.31M
Cash Income Tax Paid9.11M23.33M27.97M45.94M10.74M13.32M
Change in Working Capital17.39M-54.96M26.64M7.51M44.34M-261.16M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization522.09M1.41B917.74M2.54B2.91B2.12B
Enterprise Value967.67M2.37B1.67B3.42B3.92B2.55B
Last Close Price3.399.226.0416.8019.3315.69
PE Ratio29.70
Forward PE4.3912.358.5614.7121.2939.80
PS Ratio0.441.101.001.611.782.48
PB Ratio1.765.413.184.166.8612.59
P/FCF Ratio3.8817.646.2611.8222.23
P/OCF Ratio3.2113.845.9610.9520.56
PEG Ratio0.771.440.510.571.59
EV/Sales Ratio0.821.841.822.172.392.99
EV/EBITDA Ratio8.1116.5012.6413.3056.44
EV/EBIT Ratio11.8120.8117.7715.77
EV/FCF Ratio7.1829.6911.3915.9329.96
Debt / Equity Ratio2.542.942.421.161.844.32
Debt / EBITDA Ratio5.714.934.902.659.92
Debt / FCF Ratio5.599.604.763.295.96
Net Debt / Equity Ratio1.502.001.160.751.522.13
Net Debt / EBITDA Ratio3.733.632.531.789.29-33.68
Net Debt / FCF Ratio3.316.542.282.134.93-1.35
Asset Turnover0.770.890.580.921.150.95
Inventory Turnover5.195.453.435.886.494.84
Quick Ratio1.681.371.461.731.202.50
Current Ratio2.202.312.282.481.793.47
Return on Equity (ROE)-25.98%-19.02%-53.46%26.54%1.50%-115.39%
Return on Assets (ROA)3.33%4.95%3.75%7.95%-0.75%-1.53%
Return on Invested Capital (ROIC)10.42%16.20%11.11%15.73%-2.14%-4.93%
Return on Capital Employed (ROCE)7.30%10.60%9.50%15.80%-1.40%-2.50%
Earnings Yield-28.50%-3.71%-26.19%5.40%0.15%-2.38%
FCF Yield25.81%5.67%15.98%8.46%4.50%-12.58%
Payout Ratio421.25%
Buyback Yield / Dilution-0.62%-0.52%0.18%-1.47%-15.26%-6.97%