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Array Technologies, Inc. (ARRY) stock

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NASDAQ: ARRY Nasdaq Semiconductors Next results ~November 5, 2026

D Fundamentals grade

Array Technologies supplies solar tracker products used in large-scale, utility-scale solar power projects. The trackers are built largely from steel and aluminium; the company manufactures certain components itself at a principal manufacturing facility and buys others from outside vendors, on which it depends for parts.

It earns its money chiefly by selling this hardware to the customers behind such projects, recognising revenue when products are sold and carrying limited warranties on materials and workmanship long after the sale. In some regions it also provides services such as customer training, site commissioning and warranty remediation, and reaches buyers through value-added resellers. For United States projects, whether its trackers qualify for federal solar tax credits — including the domestic-content bonus — affects demand.

Array sells across the United States and broader North America, Latin America, Europe, the Middle East, Asia and Australia, with net sales denominated in US dollars, euros and the Brazilian real. It holds patents in the United States, Europe and China.

Based on Array Technologies, Inc.'s 10-K filed February 25, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($21.08) was left out of our combined valuation (it is 5.17x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($21.08) was left out of our combined valuation (it is 5.17x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Array Technologies, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds130 adding, 112 cuttingOf 43 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Array Technologies files

Where Array Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.19bn, up 1.2% on a year earlier, slower than 13.2% a quarter earlier. That puts it 30 of 33 for growth among the semiconductor companies we cover. Free-cash-flow margin held at 11.4%. Operating margin widened to -5.1% from -17.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 3 of our 5 financial-health checks.

Our model value for Array Technologies is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Array Technologies, Inc.'s trailing-twelve-month revenue grew 1.2% year on year, with a free-cash-flow margin of 11.4%. Where it stands out: stock pay as % of revenue of 1.5% ranks 12 of 74 semiconductor companies we cover. Where it lags: long-term debt as % of assets of 42.9% ranks 44 of 47 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$21 per share in the base case (~$15–$29 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 10.8% while net income grew 58.8%: a 48pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 12.1 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 12.0 points lower than a quarter earlier.
  • Loss-making. Operating margin is -5.1%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 76% and a beta of 3.0 against the S&P 500.
  • Gross margin slipping. Gross margin is down 3.9 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 42.9% ranks 44 of 47 semiconductor companies we cover (median 14.0%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.24 against an average estimate of $0.12: beat by 102.5%
Revenue
$342m, down 5.6% on a year earlier
Share reaction
-12.6% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
adjusted Gross Margin 27% to 28% (full-year); revenue $1.4bn to $1.5bn (the year ending December 31, 2026)
Next report
November 5, 2026; average EPS estimate $0.09

Array Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+12.1%
  • 1 week+20.6%
  • 1 month-6.9%
  • This year-58.8%
  • 1 year-56.1%
  • 5 years-83.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
-5.1%
Net margin
-7.2%
EPS (TTM, diluted)
$-0.56

Growth

Revenue growth
+1.2%
Change in growth rate
−12.0 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
$135M
FCF margin
11.4%
Stock pay % of revenue
1.5%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Results
  8. Guidance
  9. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Array Technologies, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($21.08) was left out of our combined valuation (it is 5.17x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Array Technologies, Inc.'s free cash flow after stock-based pay ( $170M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Array Technologies, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.46 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$21 ~$15–$29 Left out: out of range vs price (5.55x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$15 ~$13–$24 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Array Technologies, Inc. with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$43.14$15.69$19.33$16.80$6.04$9.22$3.80
Market value$5.2bn$2.0bn$2.9bn$2.6bn$917m$1.4bn$582m
+ Net debt (− = net cash)$352m$348m$656m$454m$330m$438m$363m
Enterprise value$5.6bn$2.4bn$3.6bn$3.0bn$1.2bn$1.8bn$945m
Multiples
Price / sales 6.0x2.4x1.8x1.6x1.0x1.1x0.5x
Price / earnings 88.7x—n/m18.6x———
Price / free cash flow ——22.1x11.9x6.2x17.6x4.3x
EV / EBITDA 45.6xn/m42.8x11.9x———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

26 /100

Weak moat

How hard Array Technologies's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -3.7% of total assets over 6 years.

  • Pricing power 4 / 20

    Gross margin has been a median 24.3%, moving by 7.3 percentage points (standard deviation) across 7 years.

  • Durability 0 / 20

    Operating margin has been a median 1.0%; its worst year was -17.2%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 4 of 6 years, at a median 10.9% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 22.5% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $324m and EPS of $0.09 (range −$0.01 to $0.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.75 +12% $1.4bn +12%
Next $0.93 +24% $1.6bn +13%

Next year's EPS estimate has moved +2.5% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.0% on 90 days ago. In the last 30 days, 0 analysts raised Array Technologies, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Array Technologies, Inc., last 90 days
$0.70 $0.80 $0.90 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.73 Current fiscal year, 60 days ago: $0.74 Current fiscal year, 30 days ago: $0.77 Current fiscal year, 7 days ago: $0.75 Current fiscal year, Now: $0.75 $0.75 Next fiscal year, 90 days ago: $0.91 Next fiscal year, 60 days ago: $0.90 Next fiscal year, 30 days ago: $0.94 Next fiscal year, 7 days ago: $0.92 Next fiscal year, Now: $0.93 $0.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.73$0.91
60 days ago $0.74$0.90
30 days ago $0.77$0.94
7 days ago $0.75$0.92
Now $0.75$0.93

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.12 $0.24 +102.5%
Mar 2026 −$0.05 $0.06 +218.4%
Dec 2025 $0.00 −$0.01 −809.2%
Sept 2025 $0.20 $0.30 +48.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Revenue the year ending December 31, 2026 $1.4bn to $1.5bn Maintained
    “Revenue to be in the range of $1.4 billion to $1.5 billion, consistent with the prior range” source
  • revenue the quarter ending September 30, 2026 $310m to $330m
    “For the quarter ending September 30, 2026, the Company expects revenue to be in the range of $310 million to $330 million.” source
  • Adjusted net income per common share the year ending December 31, 2026 $0.68 to $0.75 Non-GAAP
    “Adjusted net income per common share (3) to be in the range of $0.68 to $0.75, previously $0.65 to $0.75” source
  • Adjusted Gross Margin full-year 27% to 28% Non-GAAP
    “Following our strong first half performance, we now expect full-year Adjusted Gross Margin (1) to be in the range of 27% to 28%.” source
  • Adjusted EBITDA the year ending December 31, 2026 $210m to $230m Non-GAAP
    “Adjusted EBITDA (3) to be in the range of $210 million to $230 million, previously $200 million to $230 million” source

How earlier guidance turned out

  • Revenue, quarter ending June 30, 2026 guided $300m to $320m Above range: $342m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Array Technologies, Inc.'s revenue by +22.7% next year and +6.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+29.5%, weight 56%) , management guidance (+30.6%, weight 19%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1146%
Hold1354%
Sell00%

Monthly trend

  1. Oct 2026101324
  2. Sep 2026101425
  3. Aug 2026101223
  4. Jul 2026101223

Counts of recommendations published by analysts covering Array Technologies, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
35.5%
of tradable shares
Days to cover
6.23
at average volume
Short interest, 1 month
+22%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
1,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −56.1%

$8.66 on October 31, 2025 to $3.80

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.2bn +1.2%
P/S multiple 1.1x 0.5x −56.4%
Share count 152m 153m −0.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −79.0%

$18.13 on November 3, 2023 to $3.80

ThenNowEffect
Revenue (last 12 months) $1.8bn $1.2bn −34.2%
P/S multiple 1.5x 0.5x −67.7%
Share count 151m 153m −1.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ARRY−64%+23%−13%−64%+53%−59%
Industry peers (median)+36%−39%+16%−9%+16%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ARRY17%58%50%42%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ARRY−75%−61%−48%−70%−48%−74%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 15, 2020: 94% from January 22, 2021 to October 26, 2026. Getting back needed a 1521% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.15 – $11.96
From 52-week high
−68.2%
vs 50-day average
−4.5%
vs 200-day average
−44.7%
Volatility (1 year)
76%
Beta vs S&P 500
3.01

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±10.5%
After a week
5 up, 7 down
typical move ±20.0%
After a month
6 up, 6 down
typical move ±21.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −12.6% −0.4% −13.6% −24.5%
May 6, 2026 +0.2% +1.1% +7.5% −1.1%
February 25, 2026 −32.2% +0.3% −31.9% −32.2%
November 5, 2025 +8.3% −0.7% +8.8% +2.5%
August 7, 2025 −4.0% +0.7% +6.1% +52.7%
May 6, 2025 +2.2% −0.4% +67.3% +50.1%
February 27, 2025 −23.0% −0.1% −22.9% −25.9%
November 7, 2024 +1.7% +1.2% +28.5% +2.7%
August 8, 2024 −18.0% +2.8% −24.9% −30.6%
May 9, 2024 +2.0% +0.7% −9.4% +11.8%
February 27, 2024 +5.2% +0.1% −4.0% +12.7%
November 7, 2023 −16.6% +0.4% −15.0% −11.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Array Technologies, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Array Technologies, Inc.
$800M $1B $1.2B $1.4B $1.6B $1.8B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.6B Revenue (TTM), FY23 Q4: $1.6B Revenue (TTM), FY24 Q1: $1.4B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $982.2M Revenue (TTM), FY24 Q4: $915.8M Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.3B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.6B
FY23 Q4 $1.6B
FY24 Q1 $1.4B
FY24 Q2 $1.1B
FY24 Q3 $982.2M
FY24 Q4 $915.8M
FY25 Q1 $1.1B
FY25 Q2 $1.2B
FY25 Q3 $1.3B
FY25 Q4 $1.3B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
Revenue growth, TTM YoY Array Technologies, Inc.
-50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 12.5% Revenue growth, TTM YoY, FY23 Q4: -3.7% Revenue growth, TTM YoY, FY24 Q1: -21.0% Revenue growth, TTM YoY, FY24 Q2: -38.9% Revenue growth, TTM YoY, FY24 Q3: -40.0% Revenue growth, TTM YoY, FY24 Q4: -41.9% Revenue growth, TTM YoY, FY25 Q1: -21.3% Revenue growth, TTM YoY, FY25 Q2: 6.4% Revenue growth, TTM YoY, FY25 Q3: 35.8% Revenue growth, TTM YoY, FY25 Q4: 40.2% Revenue growth, TTM YoY, FY26 Q1: 13.2% Revenue growth, TTM YoY, FY26 Q2: 1.2% 1.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 12.5%
FY23 Q4 -3.7%
FY24 Q1 -21.0%
FY24 Q2 -38.9%
FY24 Q3 -40.0%
FY24 Q4 -41.9%
FY25 Q1 -21.3%
FY25 Q2 6.4%
FY25 Q3 35.8%
FY25 Q4 40.2%
FY26 Q1 13.2%
FY26 Q2 1.2%
Operating margin (TTM) Array Technologies, Inc.
-30% -20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 12.2% Operating margin (TTM), FY23 Q4: 13.6% Operating margin (TTM), FY24 Q1: 12.9% Operating margin (TTM), FY24 Q2: 10.8% Operating margin (TTM), FY24 Q3: -5.5% Operating margin (TTM), FY24 Q4: -24.8% Operating margin (TTM), FY25 Q1: -19.5% Operating margin (TTM), FY25 Q2: -17.2% Operating margin (TTM), FY25 Q3: -1.7% Operating margin (TTM), FY25 Q4: -2.3% Operating margin (TTM), FY26 Q1: -4.1% Operating margin (TTM), FY26 Q2: -5.1% -5.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 12.2%
FY23 Q4 13.6%
FY24 Q1 12.9%
FY24 Q2 10.8%
FY24 Q3 -5.5%
FY24 Q4 -24.8%
FY25 Q1 -19.5%
FY25 Q2 -17.2%
FY25 Q3 -1.7%
FY25 Q4 -2.3%
FY26 Q1 -4.1%
FY26 Q2 -5.1%
FCF margin (TTM) Array Technologies, Inc.
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 13.4% FCF margin (TTM), FY23 Q4: 13.6% FCF margin (TTM), FY24 Q1: 16.1% FCF margin (TTM), FY24 Q2: 18.6% FCF margin (TTM), FY24 Q3: 18.3% FCF margin (TTM), FY24 Q4: 16.0% FCF margin (TTM), FY25 Q1: 8.1% FCF margin (TTM), FY25 Q2: 10.4% FCF margin (TTM), FY25 Q3: 7.5% FCF margin (TTM), FY25 Q4: 6.2% FCF margin (TTM), FY26 Q1: 4.8% FCF margin (TTM), FY26 Q2: 11.4% 11.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 13.4%
FY23 Q4 13.6%
FY24 Q1 16.1%
FY24 Q2 18.6%
FY24 Q3 18.3%
FY24 Q4 16.0%
FY25 Q1 8.1%
FY25 Q2 10.4%
FY25 Q3 7.5%
FY25 Q4 6.2%
FY26 Q1 4.8%
FY26 Q2 11.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 291 648 873 853 1,638 1,577 916 1,284 1,185
Gross profit 12 151 203 68 213 416 298 299 288
EBITDA −33 111 123 1 83 253 −191 −3 −29
Operating income −61 83 95 −25 −18 214 −227 −29 −61
Net income −61 40 59 −50 4 137 −240 −52 −86
Diluted EPS −$0.51 $0.33 $0.49 −$0.51 −$0.29 $0.56 −$1.95 −$0.73 −$0.56
Growth (year on year)
Revenue — +122.8% +34.7% −2.2% +91.9% −3.7% −41.9% +40.2% +1.2%
EBITDA — — +10.8% −99.0% — +205.2% −175.4% — —
Operating income — — +14.2% −126.0% — — −206.0% — —
Net income — — +48.6% −185.3% — — −275.2% — —
Diluted EPS — — +48.5% −204.1% — — −448.2% — —
Margins
Gross margin 4.0% 23.3% 23.2% 8.0% 13.0% 26.4% 32.5% 23.2% 24.3%
EBITDA margin −11.3% 17.1% 14.1% 0.1% 5.1% 16.1% −20.8% −0.2% −2.5%
Operating margin −21.0% 12.9% 10.9% −2.9% −1.1% 13.6% −24.8% −2.3% −5.1%
Net margin −20.9% 6.1% 6.8% −5.9% 0.3% 8.7% −26.2% −4.1% −7.2%
Free-cash-flow margin −4.7% 59.3% −14.2% −31.2% 8.0% 13.6% 16.0% 6.2% 11.4%
Cash flow
Cash from operations −12 386 −122 −263 141 232 154 102 163
Capital spending 2 2 1 3 11 17 7 22 28
Free cash flow −14 384 −124 −267 131 215 147 80 135
Stock-based pay 0 1 5 14 15 15 10 16 17
Free cash flow after stock pay −14 384 −128 −280 116 200 136 64 117
Balance sheet
Cash 41 310 108 368 134 249 363 244 307
Total debt 0 58 460 715 789 703 693 683 670
Net debt (negative = net cash) −41 −252 352 348 656 454 330 438 363
Diluted shares 120m 120m 122m 130m 150m 152m 152m 153m 153m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · June 30, 2026
What it owns · $1.5bn
Short-term assets $892mLonger-term assets $642m
What it owes, and who funded it · $1.2bn
Short-term liabilities $406mLonger-term liabilities $832mShareholders' equity $-202m
  • Short-term assets cover short-term liabilities $892m of assets due within a year against $406m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $892m short-term assets against $832m of longer-dated liabilities.
  • More cash than debt $307m of cash against $658m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $163m of operating cash flow against $658m of debt.
  • Operating profit covers interest at least five times over Operating income of −$61m against $22m of interest.

From Array Technologies, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.6%
year over year
R&D spending
1.1%
of revenue
Days sales outstanding
100 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated ARRY SYNA ALAB MTSI ENPH SMTC Median
Revenue, last 12 months $1.2bn $1.2bn $1.2bn $1.2bn $1.2bn $1.1bn $1.1bn
Revenue growth, last 12 months 1.2% 11.4% 98.5% 28.4% −19.9% 14.2% 13.7%
Revenue growth, 3-year average −13.0% −4.0% — 19.8% −23.6% 11.3% 3.9%
Revenue growth, latest quarter −5.6% 8.9% 104.5% 35.8% −28.5% 15.9% 20.1%
Gross margin 24.3% 44.7% 75.1% 56.5% 45.8% 51.6% 48.3%
Operating margin −5.1% −5.6% 22.8% 18.1% 4.2% 2.1% 4.8%
Operating margin, 3-year average −3.9% −8.3% −4.6% 13.4% 5.9% −33.4% 4.8%
Net margin −7.2% −41.0% 30.7% 20.7% 7.5% −3.0% 5.3%
Cash from operations / revenue 13.7% 12.5% 27.9% 23.3% 15.8% 17.4% 17.4%
Free-cash-flow margin 11.4% 8.5% 23.0% 17.5% 11.2% 15.9% 9.6%
Free-cash-flow margin, 3-year average 13.5% 10.0% 25.6% 19.5% 17.5% 7.2% 8.5%
Stock pay / revenue 1.5% 12.5% 16.2% 7.2% 15.6% 7.1% 5.8%
Change in share count 0.6% −1.0% 7.9% 1.8% −2.8% 16.2% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 1.2% 13.7% 57 of 75
Change in growth rate Growth -12.0pp +3.7pp 68 of 75
Gross margin Profitability 24.3% 48.3% 61 of 73
Operating margin Profitability -5.1% 4.8% 53 of 75
Net margin Profitability -7.2% 5.3% 54 of 75
Free-cash-flow margin Cash generation 11.4% 9.6% 34 of 75
Stock pay as % of revenue Cash generation 1.5% 6.4% 12 of 74
Long-term debt as % of assets Balance sheet 42.9% 14.0% 44 of 47
Change in share count Balance sheet 0.6% 0.9% 29 of 72
Days sales outstanding Balance sheet 100 days 58 days 55 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Array Legacy Operations $1.1B 83.4% ▲ 61.8%
STI Operations $214M 16.6% ▼ 15.9%
Geography
Region Revenue Share YoY
United States $1B 81.1% ▲ 61.8%
ES $141M 11.0% ▲ 68.4%
Brazil $60.7M 4.7% ▼ 55.1%
Australia $23.8M 1.9% ▲ 173.1%
Countries Not Mentioned Above $17.2M 1.3% ▼ 61.5%

From Array Technologies, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
259
Shares held vs prior quarter
▲ 7.8%
Positions opened / closed
33 / 32

Top buyers and sellers, Q2 2026: 130 institutions bought and 112 sold ; the biggest buyer was First Trust Advisors LP (+10.0M shares) and the biggest seller Wellington Management Group LLP (−5.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $217M 29.3M 14.4% ▲ 0.2%
Hill City Capital, LP $95.5M 12.9M 6.3% 0.0%
Grantham, Mayo, Van Otterloo & Co. LLC $88.1M 11.9M 5.9% ▲ 8.6%
UBS Group AG $85M 11.5M 5.6% ▲ 47.1%
First Trust Advisors LP $76.6M 10.3M 5.1% ▲ 2982.5%
BNP Paribas Asset Management Holding S.A. $70.9M 9.6M 4.7% ▼ 0.3%
Price T Rowe Associates Inc $64M 8.6M 4.3% ▲ 1063.0%
Vanguard Portfolio Management LLC $59.2M 8.0M 3.9% ▼ 1.3%
Invesco Ltd. $55.2M 7.4M 3.7% ▲ 0.2%
Vanguard Capital Management LLC $50.4M 6.8M 3.4% ▲ 1.9%
Morgan Stanley $49.7M 6.7M 3.3% ▼ 4.1%
State Street Corp $41.1M 5.6M 2.7% ▲ 15.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Array Technologies, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Array Technologies, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Daniel S. Goldman(D-NY 10):Sale (partial), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 25, 2026
  • November 5, 2025
  • August 7, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Array Technologies, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Array Technologies, Inc. in brief

What does Array Technologies, Inc. do?
Array Technologies, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Array Technologies, Inc.'s stock ticker?
Array Technologies, Inc. trades under the ticker ARRY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Array Technologies, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Array Technologies, Inc. reported revenue of $1.2B, 1.2% higher than a year earlier, according to its SEC filings.
What is Array Technologies, Inc.'s free cash flow?
Array Technologies, Inc.'s free-cash-flow margin is 11.4% of revenue over the trailing twelve months, ranking 34 of the 75 semiconductor companies we cover.
Who are Array Technologies, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Hill City Capital, LP and Grantham, Mayo, Van Otterloo & Co. LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Array Technologies, Inc.'s market cap?
On November 2, 2026, Array Technologies, Inc.'s market capitalisation was about $582M and net debt of $363M. Market figures come from third-party market data and may be delayed.
Who are Array Technologies, Inc.'s competitors?
In our Semiconductors peer group, the companies closest to Array Technologies, Inc. are Synaptics Inc, Astera Labs, Inc., Macom Technology Solutions Holdings, Inc., Enphase Energy, Inc. and Semtech Corp. The side-by-side comparison below sets their revenue, margins and growth against Array Technologies, Inc.'s.
When is Array Technologies, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Array Technologies, Inc. announces its own schedule.