Array Technologies, Inc. key statistics and ratios

In fiscal 2025, Array Technologies, Inc. had an operating margin of -2.3% and a current ratio of 2.31. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Array Technologies, Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	4.0%	23.3%	23.2%	8.0%	13.0%	26.4%	32.5%	23.2%	24.3%
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%
Return on equity	—	13.0%	52.7%	—	16.1%	71.6%	—	—	—
Return on assets	—	4.3%	7.5%	−5.6%	0.3%	8.0%	−15.3%	−3.6%	−5.8%
Asset turnover	—	0.70	1.10	0.95	1.15	0.92	0.58	0.89	0.79
Current ratio	—	1.05	1.30	3.47	1.79	2.48	2.28	2.31	2.20
Debt to equity	—	18.9%	—	—	635.2%	271.2%	—	—	—
Interest cover (operating income ÷ interest)	n/m	4.4x	6.3x	n/m	n/m	4.8x	n/m	n/m	n/m
Effective tax rate	—	38.5%	24.0%	—	—	22.5%	—	—	—
R&D as % of revenue	—	—	—	—	0.3%	0.5%	0.7%	0.8%	1.1%
Capital spending as % of revenue	0.7%	0.3%	0.2%	0.4%	0.6%	1.1%	0.8%	1.7%	2.4%
Free cash flow ÷ net income	—	967.1%	−209.1%	—	>999%	156.6%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Array Technologies, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	33.8%	28.5%	25.3%	26.8%	26.9%	8.6%	28.2%	29.1%
Operating margin	−57.3%	−51.7%	9.0%	12.8%	11.6%	−65.5%	3.2%	10.2%
Net margin	−61.1%	−46.1%	5.5%	11.9%	8.5%	−64.5%	0.9%	7.1%
Free-cash-flow margin	19.0%	20.3%	−5.1%	10.3%	5.6%	16.0%	−16.5%	33.2%
Current ratio	2.41	2.28	2.39	2.22	1.89	2.31	2.25	2.20
Debt to equity	>999%	—	—	—	—	—	—	—
R&D as % of revenue	0.7%	0.5%	0.8%	0.7%	0.6%	1.2%	1.3%	1.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: ARRY vs SYNA ALAB vs ARRY ARRY vs MTSI ARRY vs ENPH

More: Semiconductors stocks compared, Technology sector, rankings of US companies

Figures from Array Technologies, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Array Technologies, Inc.