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Array Technologies
(NASDAQ:ARRY)
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Rating:53Neutral
Price Target:
$5.50
▲(3.38% Upside)
Action:Reiterated
Date:08/06/26
ARRY’s score is held back primarily by weakened financial performance—ongoing losses, revenue volatility, and a strained balance sheet with negative equity—plus bearish technicals with the stock below key moving averages. Offsetting these are a notably strong and improving earnings-call outlook (raised profitability guidance, record backlog, solid liquidity and free cash flow) and a neutral valuation picture given negative earnings and no dividend support.
Positive Factors
Record backlog & book-to-bill
A $2.5B backlog with a 1.5x 12-month book-to-bill and >$500M quarterly bookings provides durable revenue visibility and production planning levers. Management expects ~80% backlog conversion over six quarters, supporting multi-quarter capacity utilization, supplier cadence and predictable revenue recognition.
Negative Factors
High leverage & negative equity
Elevated total debt and a shift to negative shareholder equity materially constrain financial flexibility over time. Negative equity increases refinancing and covenant risk, limits capacity for large cash outlays, and raises the consequences of any sustained revenue or margin shortfall in the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog & book-to-bill
A $2.5B backlog with a 1.5x 12-month book-to-bill and >$500M quarterly bookings provides durable revenue visibility and production planning levers. Management expects ~80% backlog conversion over six quarters, supporting multi-quarter capacity utilization, supplier cadence and predictable revenue recognition.
Read all positive factors
Array Technologies Key Performance Indicators (KPIs)
Any
Revenue by Type
Shows how revenue is distributed across different product or service types, highlighting which areas are driving sales and where there might be opportunities or challenges.
Shows how revenue is distributed across different product or service types, highlighting which areas are driving sales and where there might be opportunities or challenges.
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The Fly
The FlyArray Technologies (ARRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$739.24M
Dividend YieldN/A
Average Volume (3M)6.25M
Price to Earnings (P/E)―
Beta (1Y)1.20
Revenue Growth1.18%
EPS Growth44.68%
CountryUS
Employees1,200
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.98
Shares Outstanding154,007,690
10 Day Avg. Volume6,659,274
30 Day Avg. Volume6,249,651
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)5.40
Price to Sales (P/S)1.10
P/FCF Ratio17.62
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$9.13Price Target Upside71.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering19
EPS Forecast (FY)0.75
Revenue Forecast (FY)$1.44B
Array Technologies Business Overview & Revenue Model
Company Description
Array Technologies, Inc. (ARRY) develops, manufactures, and provides solar tracking solutions and complementary products for customers both within the United States and internationally. A key offering is the DuraTrack HZ v3, a system designed for ...
How the Company Makes Money
Array Technologies makes money primarily by selling utility-scale solar tracking systems and related components for ground-mounted PV projects. Its core revenue stream is product revenue from single-axis tracker systems (including structural steel...
Array Technologies Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call communicated strong operational execution and commercial momentum: materially higher sequential revenue (+53%), record order book ($2.5B, +37% YoY), margin expansion (adjusted gross margin 30.8%) and improved adjusted EBITDA (+119% sequential). Significant product innovation and successful M&A integration (APA) plus a planned accretive AWM acquisition support medium-term growth and share-of-wallet expansion. Key risks include non-repeatable one-time margin benefits, rising international mix and input costs that may pressure H2 margins, timing-driven revenue/collections that reduce near-term free cash flow conversion, and external policy uncertainty (Section 232). On balance, the positives (top-line acceleration, margin recovery, cash build, product momentum, strong order book) outweigh the manageable near-term headwinds.Positive Updates
Strong Revenue and Sequential Growth
Revenue of $342 million in Q2, up 53% sequentially versus Q1 and above guidance ($300M–$320M); driven by 38% tracker volume growth and accelerated APA project activity.
Negative Updates
Margin Drivers Partly One-Time
First-half margin outperformance included one-time benefits (Q1 had >300 bps one-time benefit; Q2 had <50 bps). Management cautioned these items will not fully repeat and normalized H1 margin is lower than reported peak.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue and Sequential Growth
Revenue of $342 million in Q2, up 53% sequentially versus Q1 and above guidance ($300M–$320M); driven by 38% tracker volume growth and accelerated APA project activity.
Read all positive updates
Company Guidance
Array reaffirmed full‑year revenue guidance of $1.4–$1.5 billion and sees Q3 revenue of $310–$330 million, while raising consolidated adjusted gross margins to 27–28% (about 100 bps above prior guidance) and updating adjusted EBITDA to $210–$230 million and adjusted EPS to $0.68–$0.75 (guidance excludes the pending AWM deal). Management flagged timing risk—permitting/site readiness could push recognized revenue below the midpoint into 2027—but noted strong underlying momentum: Q2 revenue was $342M, backlog hit a record $2.5B (up 37% YoY) with >$500M bookings in the quarter, a 12‑month trailing book‑to‑bill of 1.5x, and an ~80% expected backlog conversion over the next six quarters. Financial flexibility remains solid with Q2 cash $307M, free cash flow $114M, total available liquidity >$640M (including a fully undrawn $370M revolver), net leverage at 2.1x LTM adj. EBITDA, and an expected FCF conversion of roughly 20–25% of EBITDA given the year‑end revenue cadence; the AWM acquisition (≈$60M TTM revenue, ~6x TTM EBITDA purchase multiple) is expected to be high single‑digit accretive to adjusted EPS in year one before synergies.Array Technologies Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.19B | 1.28B | 915.81M | 1.58B | 1.64B | 853.32M |
| Gross Profit | 287.61M | 298.55M | 297.68M | 415.55M | 212.72M | 68.30M |
| EBITDA | 4.16M | 45.40M | -162.97M | 276.21M | 132.80M | 509.00K |
| Net Income | -85.90M | -52.23M | -240.39M | 137.24M | 4.43M | -50.40M |
Balance Sheet | ||||||
| Total Assets | 1.53B | 1.45B | 1.43B | 1.71B | 1.71B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 307.30M | 244.39M | 362.99M | 249.08M | 133.90M | 367.67M |
| Total Debt | 752.89M | 766.19M | 698.01M | 730.47M | 769.60M | 726.62M |
| Total Liabilities | 1.24B | 1.19B | 1.14B | 1.10B | 1.28B | 974.72M |
| Stockholders Equity | -202.08M | 260.39M | 288.83M | 610.51M | 423.85M | 168.26M |
Cash Flow | ||||||
| Free Cash Flow | 134.73M | 79.81M | 146.68M | 214.97M | 130.87M | -266.54M |
| Operating Cash Flow | 162.86M | 101.78M | 153.98M | 231.96M | 141.49M | -263.19M |
| Investing Cash Flow | -194.05M | -187.89M | -9.57M | -16.82M | -384.44M | -15.33M |
| Financing Cash Flow | -42.41M | -38.05M | -11.84M | -101.76M | 8.44M | 537.75M |
Array Technologies Technical Analysis
Negative
5.32
Price Trends
6.32
Negative
7.17
Negative
8.06
Negative
Market Momentum
-0.38
Negative
37.53
Neutral
10.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARRY, the sentiment is Negative. The current price of 5.32 is above the 20-day moving average (MA) of 5.28, below the 50-day MA of 6.32, and below the 200-day MA of 8.06, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 37.53 is Neutral, neither overbought nor oversold. The STOCH value of 10.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ARRY.
Array Technologies Risk Analysis
Array Technologies disclosed 60 risk factors in its most recent earnings report. Array Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Array Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $13.83B | 23.15 | 26.32% | ― | 16.97% | 6.22% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $739.24M | -5.03 | -47.02% | ― | 1.18% | 44.68% | |
49 Neutral | $1.83B | -7.23 | -62.50% | ― | 37.91% | 84.96% | |
46 Neutral | $1.29B | 42.35 | 5.29% | ― | 46.88% | 50.24% | |
43 Neutral | $35.89M | -0.65 | 230.63% | ― | 59.53% | 5.67% |
* Technology Sector Average
ARRY
Array Technologies
4.92
-4.01
-44.90%
SEDG
SolarEdge Technologies
32.60
0.54
1.68%
SHLS
Shoals Technologies Group
7.95
1.80
29.27%
FTCI
FTC Solar
2.24
-3.52
-61.11%
NXT
Nextpower Inc
92.12
25.99
39.30%
Array Technologies Corporate Events
Business Operations and StrategyM&A Transactions
Array Technologies to Acquire Affordable Wire Management
Positive
Jul 17, 2026
On July 16, 2026, Array Technologies entered into a definitive agreement to acquire Affordable Wire Management for total consideration of up to $203 million, valuing the target at roughly 8.8 times trailing twelve-month EBITDA.The package includes...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Array Technologies Shareholders Approve Board Declassification and Directors
Positive
May 20, 2026
Array Technologies, Inc. held its 2026 Annual Meeting of Stockholders on May 19, 2026, where shareholders elected three directors—Brad Forth, Kevin Hostetler and Gerrard Schmid—to three-year terms expiring at the 2029 annual meeting. I...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.