Want to see ARRY full AI Analyst Report?
Top Page
Array Technologies
(NASDAQ:ARRY)
Select Model
Select Model
Rating:50Neutral
Price Target:
$4.00
▼(-12.09% Downside)
Action:Reiterated
Date:09/06/26
ARRY scores moderately low primarily due to weak financial performance (losses, revenue volatility, and negative equity with high debt) and bearish technicals (price below major moving averages with negative MACD). These are partially offset by supportive cash generation and a relatively positive earnings-call outlook driven by reaffirmed revenue guidance, raised margin/EBITDA/EPS guidance, and record backlog/bookings—though execution and timing risks remain.
Positive Factors
Record backlog and bookings
The record backlog and book-to-bill above one indicate demand is exceeding recognized sales, providing multi-quarter revenue visibility. An expected 80% conversion over six quarters also supports planning, capacity utilization, and medium-term commercial momentum.
Negative Factors
Recurring profitability remains weak
The return to losses after profitability in 2023 shows that revenue growth has not yet translated into dependable earnings. Continued negative margins reduce internal funding capacity and make operating performance more sensitive to project mix, pricing, and execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog and bookings
The record backlog and book-to-bill above one indicate demand is exceeding recognized sales, providing multi-quarter revenue visibility. An expected 80% conversion over six quarters also supports planning, capacity utilization, and medium-term commercial momentum.
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.
Data provided by:
The Fly
The FlyArray Technologies (ARRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$628.35M
Dividend YieldN/A
Average Volume (3M)6.09M
Price to Earnings (P/E)―
Beta (1Y)1.21
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. Volume6,482,491
30 Day Avg. Volume6,086,317
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 Cap3.34
Enterprise Value/Revenue1.77
Enterprise Value/Gross Profit7.29
Enterprise Value/Ebitda503.69
Forecast
1Y Price Target
$8.22Price Target Upside80.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
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 solar tracker systems and associated hardware for ground-mounted solar projects. Revenue is largely recognized when products are delivered (and/or as performance obligations are satisfied, depend...
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
4.55
Price Trends
4.68
Negative
6.14
Negative
7.49
Negative
Market Momentum
-0.24
Negative
42.90
Neutral
63.02
Neutral
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 4.55 is above the 20-day moving average (MA) of 4.20, below the 50-day MA of 4.68, and below the 200-day MA of 7.49, indicating a bearish trend. The MACD of -0.24 indicates Negative momentum. The RSI at 42.90 is Neutral, neither overbought nor oversold. The STOCH value of 63.02 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $18.77B | 10.74 | 18.02% | ― | 23.82% | 38.56% | |
68 Neutral | $12.79B | 21.18 | 26.32% | ― | 16.97% | 6.22% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $1.40B | 44.46 | 5.29% | ― | 46.88% | 50.24% | |
50 Neutral | $628.35M | -4.17 | -47.02% | ― | 1.18% | 44.68% | |
46 Neutral | $759.43M | -4.07 | -6.62% | ― | -15.70% | -2559.44% | |
44 Neutral | $35.52M | -0.34 | 230.63% | ― | 59.53% | 5.67% |
* Technology Sector Average
ARRY
Array Technologies
4.08
-4.85
-54.31%
CSIQ
Canadian Solar
11.19
-3.91
-25.93%
FSLR
First Solar
174.61
-54.96
-23.94%
SHLS
Shoals Technologies Group
8.30
-0.44
-5.03%
FTCI
FTC Solar
2.15
-5.72
-72.68%
NXT
Nextpower Inc
84.30
5.96
7.61%
Array Technologies Corporate Events
Business Operations and StrategyM&A Transactions
Array Technologies Acquires Affordable Wire Management Assets
Positive
Aug 31, 2026
On August 31, 2026, Array Technologies completed its previously announced acquisition of Affordable Wire Management for approximately $165 million in cash, net of customary closing adjustments. The deal adds AWM’s wire management, cable prot...
Business Operations and StrategyM&A TransactionsProduct-Related Announcements
Array Technologies Unveils Integrated Energy Infrastructure Platform Strategy
Positive
Aug 20, 2026
On August 20, 2026, Array Technologies hosted its APA Investor Technology Showcase webcast, where CEO Kevin Hostetler and company leaders outlined a strategic shift from being a pure-play solar tracker manufacturer toward becoming a technically in...
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...
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.