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.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.19B | 1.28B | 915.81M | 1.58B | 1.64B | 853.32M |
| Cost of Revenue | 867.89M | 956.07M | 622.13M | 1.16B | 1.42B | 785.02M |
| Gross Profit | 317.12M | 328.07M | 293.68M | 415.55M | 212.72M | 68.30M |
| Selling, General & Admin | 203.84M | 188.01M | 163.57M | 159.53M | 145.18M | 80.97M |
| Operating Expenses | 235.20M | 214.21M | 199.65M | 198.46M | 229.76M | 90.35M |
| Operating Income | 81.93M | 113.86M | 94.02M | 217.09M | -17.04M | -22.05M |
| Interest Expense | -21.88M | -27.33M | -34.83M | -44.23M | -36.69M | -35.68M |
| Interest & Investment Income | 9.52M | 11.85M | 16.78M | 8.33M | 3.18M | 209.00K |
| Currency Exchange Gain (Loss) | 700.00K | 2.04M | -4.51M | -53.00K | 1.16M | |
| Other Non Operating Income (Expenses) | -1.09M | -992.00K | -1.01M | -1.01M | 2.79M | -905.00K |
| EBT Excluding Unusual Items | 69.18M | 99.43M | 70.45M | 180.12M | -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 Settlements | 42.75M | |||||
| Other Unusual Items | -32.00K | 14.03M | 6.88M | -2.96M | 4.51M | -2.70M |
| Pretax Income | -73.53M | -29.22M | -250.58M | 177.16M | -4.95M | -61.12M |
| Income Tax Expense | 12.37M | 23.02M | -10.18M | 39.92M | -9.38M | -10.72M |
| Net Income | -85.90M | -52.23M | -240.39M | 137.24M | 4.43M | -50.40M |
| Preferred Dividends & Other Adjustments | 62.01M | 59.80M | 55.67M | 51.69M | 48.05M | 15.71M |
| Net Income to Common | -147.91M | -112.03M | -296.06M | 85.55M | -43.62M | -66.12M |
| Shares Outstanding (Basic) | 153.08M | 152.54M | 151.75M | 150.94M | 149.82M | 129.98M |
| Shares Outstanding (Diluted) | 153.08M | 152.54M | 151.75M | 152.02M | 149.82M | 129.98M |
| EPS (Basic) | -0.97 | -0.73 | -1.95 | 0.57 | -0.29 | -0.51 |
| EPS (Diluted) | -0.97 | -0.73 | -1.95 | 0.56 | -0.29 | -0.51 |
| Free Cash Flow | 134.73M | 79.81M | 146.68M | 214.97M | 130.87M | -266.54M |
| Free Cash Flow Per Share | 0.88 | 0.52 | 0.97 | 1.41 | 0.87 | -2.05 |
| Gross Margin | 26.76% | 25.55% | 32.07% | 26.36% | 12.99% | 8.00% |
| Operating Margin | 6.91% | 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 Margin | 11.37% | 6.21% | 16.02% | 13.63% | 7.99% | -31.24% |
| EBITDA | 119.36M | 143.63M | 132.25M | 257.36M | 69.46M | -10.66M |
| EBITDA Margin | 10.07% | 11.19% | 14.44% | 16.32% | 4.24% | -1.25% |
| D&A For EBITDA | 37.43M | 29.77M | 38.22M | 40.27M | 86.50M | 11.39M |
| EBIT | 81.93M | 113.86M | 94.02M | 217.09M | -17.04M | -22.05M |
| EBIT Margin | 6.91% | 8.87% | 10.27% | 13.77% | -1.04% | -2.58% |
| Effective Tax Rate | 22.53% | |||||
| Advertising Expenses | 3.60M | 3.30M | 2.70M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 307.30M | 244.39M | 362.99M | 249.08M | 133.90M | 367.67M |
| Cash & Short-Term Investments | 307.30M | 244.39M | 362.99M | 249.08M | 133.90M | 367.67M |
| Accounts Receivable | 323.44M | 271.58M | 275.84M | 332.15M | 421.18M | 236.01M |
| Other Receivables | 51.38M | 3.53M | 9.05M | |||
| Receivables | 374.82M | 271.58M | 275.84M | 332.15M | 424.71M | 245.06M |
| Inventory | 156.47M | 150.37M | 200.82M | 161.96M | 233.16M | 205.65M |
| Prepaid Expenses | 27.84M | 49.11M | 42.43M | 40.69M | 39.43M | 33.65M |
| Restricted Cash | 1.60M | 1.15M | ||||
| Other Current Assets | 25.36M | 152.00M | 115.50M | 48.40M | ||
| Total Current Assets | 891.79M | 869.04M | 998.72M | 832.28M | 831.21M | 852.03M |
| Property, Plant & Equipment | 160.56M | 155.31M | 42.61M | 49.98M | 40.94M | 21.94M |
| Long-Term Investments | 3.00M | 12.00M | ||||
| Goodwill | 135.17M | 135.17M | 160.19M | 435.59M | 416.18M | 69.73M |
| Other Intangible Assets | 212.47M | 238.58M | 181.41M | 354.39M | 386.36M | 174.75M |
| Long-Term Deferred Tax Assets | 24.84M | 23.96M | 17.75M | 15.87M | 16.47M | 9.35M |
| Other Long-Term Assets | 109.20M | 29.72M | 22.32M | 18.63M | 14.88M | 3.18M |
| Total Assets | 1.53B | 1.45B | 1.43B | 1.71B | 1.71B | 1.14B |
| Accounts Payable | 161.09M | 143.99M | 172.37M | 119.50M | 170.43M | 92.00M |
| Accrued Expenses | 101.50M | 24.55M | 17.78M | 26.06M | 54.90M | 38.49M |
| Current Portion of Long-Term Debt | 10.31M | 30.71M | 21.47M | 38.69M | 4.30M | |
| Current Portion of Leases | 7.41M | 7.66M | 5.60M | 5.74M | 6.51M | 5.91M |
| Current Income Taxes Payable | 3.84M | 4.69M | 5.23M | 5.75M | 6.88M | 60.00K |
| Current Unearned Revenue | 105.10M | 128.43M | 119.78M | 66.49M | 178.92M | 99.58M |
| Other Current Liabilities | 26.82M | 57.37M | 86.35M | 90.67M | 8.93M | 4.96M |
| Total Current Liabilities | 405.76M | 377.01M | 437.81M | 335.69M | 465.26M | 245.31M |
| Long-Term Debt | 657.75M | 658.66M | 646.57M | 660.95M | 720.35M | 711.06M |
| Long-Term Leases | 87.73M | 89.55M | 15.13M | 19.48M | 13.90M | 5.36M |
| Long-Term Deferred Tax Liabilities | 20.37M | 22.13M | 21.40M | 66.86M | 72.61M | |
| Other Long-Term Liabilities | 20.95M | 44.04M | 16.25M | 13.26M | 10.08M | 13.00M |
| Total Liabilities | 1.24B | 1.19B | 1.14B | 1.10B | 1.28B | 974.72M |
| Common Stock | 155.00K | 152.00K | 151.00K | 151.00K | 150.00K | 135.00K |
| Additional Paid-In Capital | 203.16M | 226.85M | 297.78M | 344.52M | 383.18M | 202.56M |
| Retained Earnings | -396.52M | -422.86M | -370.62M | -130.23M | -267.47M | -271.90M |
| Comprehensive Income & Other | -8.88M | -10.48M | -45.40M | 44.81M | 8.43M | |
| Total Common Equity | -202.08M | -206.34M | -118.10M | 259.25M | 124.28M | -69.20M |
| Shareholders' Equity | 296.09M | 260.39M | 288.83M | 610.51M | 423.85M | 168.26M |
| Total Liabilities & Equity | 1.53B | 1.45B | 1.43B | 1.71B | 1.71B | 1.14B |
| Total Debt | 752.89M | 766.19M | 698.01M | 707.64M | 779.45M | 726.62M |
| 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 Outstanding | 154.01M | 152.85M | 152.01M | 151.29M | 150.77M | 150.17M |
| Total Common Shares Outstanding | 153.97M | 152.78M | 151.95M | 151.24M | 150.51M | 135.03M |
| Working Capital | 486.02M | 492.03M | 560.91M | 496.59M | 365.95M | 606.73M |
| Book Value Per Share | -1.31 | -1.35 | -0.78 | 1.71 | 0.83 | -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 |
| Land | 1.64M | 1.67M | 1.58M | 1.63M | 1.58M | 1.34M |
| Buildings | 29.66M | 12.48M | 9.11M | 9.34M | 7.41M | 2.45M |
| Machinery | 61.07M | 56.21M | 36.35M | 31.53M | 26.86M | 16.24M |
| Construction In Progress | 9.05M | 18.18M | 3.95M | 6.20M | 5.14M | 1.88M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -85.90M | -52.23M | -240.39M | 137.24M | 4.43M | -50.40M |
| Depreciation & Amortization | 37.43M | 29.77M | 38.22M | 40.27M | 86.50M | 11.39M |
| Other Amortization | 25.00M | 22.74M | 20.64M | 25.13M | 21.41M | 29.59M |
| Asset Writedown & Restructuring Costs | 102.56M | 102.56M | 327.90M | |||
| Stock-Based Compensation | 17.39M | 15.57M | 10.35M | 14.54M | 14.98M | 13.76M |
| Provision & Write-off of Bad Debts | -995.00K | 912.00K | 2.06M | 2.53M | 2.60M | -467.00K |
| Other Operating Activities | 49.98M | 37.44M | -31.44M | 4.74M | -32.78M | -5.90M |
| Change in Accounts Receivable | 31.01M | 31.01M | 41.42M | 92.80M | -76.98M | -116.85M |
| Change in Inventory | 52.85M | 52.85M | -44.79M | 66.74M | 20.87M | -88.18M |
| Change in Accounts Payable | -35.87M | -35.87M | 58.18M | -37.65M | 12.67M | 7.01M |
| Change in Unearned Revenue | 489.00K | 489.00K | 55.56M | -111.99M | 59.00M | -50.62M |
| Change in Income Taxes | -7.39M | -7.39M | -4.97M | 1.95M | 4.86M | -648.00K |
| Change in Other Net Operating Assets | -23.70M | -96.06M | -78.77M | -4.34M | 23.93M | -11.87M |
| Operating Cash Flow | 162.86M | 101.78M | 153.98M | 231.96M | 141.49M | -263.19M |
| Capital Expenditures | -28.13M | -21.97M | -7.30M | -16.99M | -10.62M | -3.36M |
| Sale of Property, Plant & Equipment | 34.00K | 168.00K | ||||
| Cash Acquisitions | -164.92M | -164.92M | -373.82M | |||
| Investment in Securities | -1.00M | -1.00M | 8.97M | -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 Issued | 116.00M | 126.03M | ||||
| Long-Term Debt Issued | 496.15M | 93.06M | 63.31M | 20.19M | 413.32M | |
| Total Debt Issued | 132.34M | 496.15M | 93.06M | 63.31M | 136.19M | 539.35M |
| 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) | -38.30M | 9.52M | -8.66M | -99.05M | -18.05M | 280.10M |
| Issuance of Common Stock | 15.88M | 120.64M | ||||
| 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 | -101.76M | 8.44M | 537.75M |
| Foreign Exchange Rate Adjustments | 2.13M | 6.00M | -17.50M | 1.81M | 735.00K | |
| Net Cash Flow | -71.47M | -118.16M | 115.06M | 115.18M | -233.77M | 259.23M |
| Free Cash Flow | 134.73M | 79.81M | 146.68M | 214.97M | 130.87M | -266.54M |
| Free Cash Flow Margin | 11.37% | 6.21% | 16.02% | 13.63% | 7.99% | -31.24% |
| Free Cash Flow Per Share | 0.88 | 0.52 | 0.97 | 1.41 | 0.87 | -2.05 |
| Levered Free Cash Flow | 132.19M | 68.79M | 139.40M | 173.50M | 50.72M | -249.48M |
| Unlevered Free Cash Flow | 142.34M | 80.66M | 155.08M | 190.58M | 66.79M | -242.21M |
| Cash Interest Paid | 7.82M | 16.06M | 38.66M | 43.95M | 23.12M | 24.31M |
| Cash Income Tax Paid | 9.11M | 23.33M | 27.97M | 45.94M | 10.74M | 13.32M |
| Change in Working Capital | 17.39M | -54.96M | 26.64M | 7.51M | 44.34M | -261.16M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 522.09M | 1.41B | 917.74M | 2.54B | 2.91B | 2.12B |
| Enterprise Value | 967.67M | 2.37B | 1.67B | 3.42B | 3.92B | 2.55B |
| Last Close Price | 3.39 | 9.22 | 6.04 | 16.80 | 19.33 | 15.69 |
| PE Ratio | 29.70 | |||||
| Forward PE | 4.39 | 12.35 | 8.56 | 14.71 | 21.29 | 39.80 |
| PS Ratio | 0.44 | 1.10 | 1.00 | 1.61 | 1.78 | 2.48 |
| PB Ratio | 1.76 | 5.41 | 3.18 | 4.16 | 6.86 | 12.59 |
| P/FCF Ratio | 3.88 | 17.64 | 6.26 | 11.82 | 22.23 | |
| P/OCF Ratio | 3.21 | 13.84 | 5.96 | 10.95 | 20.56 | |
| PEG Ratio | 0.77 | 1.44 | 0.51 | 0.57 | 1.59 | |
| EV/Sales Ratio | 0.82 | 1.84 | 1.82 | 2.17 | 2.39 | 2.99 |
| EV/EBITDA Ratio | 8.11 | 16.50 | 12.64 | 13.30 | 56.44 | |
| EV/EBIT Ratio | 11.81 | 20.81 | 17.77 | 15.77 | ||
| EV/FCF Ratio | 7.18 | 29.69 | 11.39 | 15.93 | 29.96 | |
| Debt / Equity Ratio | 2.54 | 2.94 | 2.42 | 1.16 | 1.84 | 4.32 |
| Debt / EBITDA Ratio | 5.71 | 4.93 | 4.90 | 2.65 | 9.92 | |
| Debt / FCF Ratio | 5.59 | 9.60 | 4.76 | 3.29 | 5.96 | |
| Net Debt / Equity Ratio | 1.50 | 2.00 | 1.16 | 0.75 | 1.52 | 2.13 |
| Net Debt / EBITDA Ratio | 3.73 | 3.63 | 2.53 | 1.78 | 9.29 | -33.68 |
| Net Debt / FCF Ratio | 3.31 | 6.54 | 2.28 | 2.13 | 4.93 | -1.35 |
| Asset Turnover | 0.77 | 0.89 | 0.58 | 0.92 | 1.15 | 0.95 |
| Inventory Turnover | 5.19 | 5.45 | 3.43 | 5.88 | 6.49 | 4.84 |
| Quick Ratio | 1.68 | 1.37 | 1.46 | 1.73 | 1.20 | 2.50 |
| Current Ratio | 2.20 | 2.31 | 2.28 | 2.48 | 1.79 | 3.47 |
| 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 Yield | 25.81% | 5.67% | 15.98% | 8.46% | 4.50% | -12.58% |
| Payout Ratio | 421.25% | |||||
| Buyback Yield / Dilution | -0.62% | -0.52% | 0.18% | -1.47% | -15.26% | -6.97% |