Array Technologies IncArray Technologies Inc
Array Technologies Inc

Array Technologies Inc

ARRY
Information Technology·Electrical Equipment

Array Technologies, Inc. manufactures ground-mounting systems used in solar energy projects. The company sells its products to engineering, procurement and construction firms that build solar energy projects and to large solar developers, independent power producers and utilities, master supply agreements or multi-year procurement contracts. It has offices in Europe, Central America, and Australia. The company's products include DuraTrack and SmarTrack. Array Technologies was founded by Ronald P. Corio in 1989 and is headquartered in Albuquerque, NM.

New Mexico; U.S.A
Market cap
No dataNo data
Revenue
$1.3B+40.2% YoY
Net income
$-52.2M+78.3% YoY
Free cash flow
$79.8M−45.6% YoY

Market

Listed stock
ARRYPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$1.3B+40.2% YoY
Operating income
$-29M+87.2% YoY
Net income
$-52.2M+78.3% YoY
Free cash flow
$79.8M−45.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $853.3M, 2022 $1.6B, 2023 $1.6B, 2024 $915.8M, 2025 $1.3B. Operating income: 2021 $-24.7M, 2022 $-18.1M, 2023 $214.1M, 2024 $-227M, 2025 $-29M. Net income: 2021 $-50.4M, 2022 $4.4M, 2023 $137.2M, 2024 $-240.4M, 2025 $-52.2M. Free cash flow: 2021 $-266.5M, 2022 $130.9M, 2023 $215M, 2024 $146.7M, 2025 $79.8M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
40.2%+8213 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-24.7M, 2022-12-31 $-18.1M, 2023-12-31 $214.1M, 2024-12-31 $-227M, 2025-12-31 $-29M. Net income: 2021-12-31 $-50.4M, 2022-12-31 $4.4M, 2023-12-31 $137.2M, 2024-12-31 $-240.4M, 2025-12-31 $-52.2M. Free cash flow: 2021-12-31 $-266.5M, 2022-12-31 $130.9M, 2023-12-31 $215M, 2024-12-31 $146.7M, 2025-12-31 $79.8M

Growth heatmap

2022202320242025CAGR
Revenue
+91.9%
-3.7%
-41.9%
+40.2%
+10.8%
Gross profit
+174.3%
+82.8%
-28.4%
+0.3%
+37.8%
Operating income
+26.7%
+1280.9%
-206.0%
+87.2%
No data
Free cash flow
+149.1%
+64.3%
-31.8%
-45.6%
No data

Earnings quality

Operating cash flow
$101.8M−33.9% YoY
Net income
$-52.2M+78.3% YoY
Free cash flow
$79.8M−45.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -195%, 2024-12-31 -64%, 2023-12-31 169%, 2022-12-31 3193%, 2021-12-31 522%. Free cash flow: 2025-12-31 -153%, 2024-12-31 -61%, 2023-12-31 157%, 2022-12-31 2953%, 2021-12-31 529%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
No dataNo data
Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
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Free cash flow yield
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