Array Technologies (ARRY) Financials

$7.54 -0.01 (-0.07%)

As of 02:39 PM Eastern

Annual Income Statements for Array Technologies

This table shows Array Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-61	40	59	-66	-44	86	-296
Consolidated Net Income / (Loss)	-61	40	59	-50	4.43	137	-240
Net Income / (Loss) Continuing Operations	-61	40	59	-50	4.43	137	-240
Total Pre-Tax Income	-81	65	78	-61	-4.95	177	-251
Total Operating Income	-61	83	95	-25	-18	214	-227
Total Gross Profit	12	151	203	68	213	416	298
Total Revenue	291	648	873	853	1,638	1,577	916
Operating Revenue	291	648	873	853	1,638	1,577	916
Total Cost of Revenue	279	497	670	785	1,425	1,161	618
Operating Cost of Revenue	279	497	670	785	1,425	1,161	618
Total Operating Expenses	73	67	108	93	231	201	525
Selling, General & Admin Expense	47	41	56	81	151	160	161
Depreciation Expense	27	26	26	9.37	85	39	36
Impairment Charge	-	-	-	-	0.00	0.00	328
Other Special Charges / (Income)	-0.83	0.64	26	2.70	-4.51	2.96	0.13
Total Other Income / (Expense), net	-19	-19	-17	-36	13	-37	-24
Interest Expense	19	19	15	36	37	44	35
Interest & Investment Income	-	-	-	0.21	3.18	8.33	17
Other Income / (Expense), net	-0.45	-0.03	-2.31	-0.91	47	-1.07	-5.52
Income Tax Expense	-20	25	19	-11	-9.38	40	-10
Preferred Stock Dividends Declared	-	0.00	0.00	16	48	52	56
Basic Earnings per Share	($0.51)	$0.33	$0.49	($0.51)	($0.29)	$0.57	($1.95)
Weighted Average Basic Shares Outstanding	119.99M	119.99M	121.47M	129.98M	149.82M	150.94M	151.75M
Diluted Earnings per Share	($0.51)	$0.33	$0.49	($0.51)	($0.29)	$0.56	($1.95)
Weighted Average Diluted Shares Outstanding	119.99M	119.99M	121.51M	129.98M	149.82M	152.02M	151.75M
Weighted Average Basic & Diluted Shares Outstanding	-	-	126.99M	150.17M	150.77M	151.29M	152.01M

This table shows Array Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	28	-17	17	52	10	6.01	-11	12	-155	-141	2.30
Consolidated Net Income / (Loss)	41	-5.25	30	65	23	19	2.17	26	-141	-127	17
Net Income / (Loss) Continuing Operations	41	-5.25	30	65	23	19	2.17	26	-141	-127	17
Total Pre-Tax Income	51	8.55	38	87	30	22	3.47	34	-138	-150	23
Total Operating Income	17	16	47	96	40	30	8.41	40	-133	-142	27
Total Gross Profit	77	70	98	146	87	84	55	86	78	78	76
Total Revenue	515	402	377	508	350	342	153	256	231	275	302
Operating Revenue	515	402	377	508	350	342	153	256	231	275	302
Total Cost of Revenue	438	332	279	361	263	257	98	170	153	197	226
Operating Cost of Revenue	438	332	279	361	263	257	98	170	153	197	226
Total Operating Expenses	59	53	50	50	47	54	47	46	211	221	49
Selling, General & Admin Expense	39	38	38	40	37	44	38	37	40	46	44
Depreciation Expense	21	14	11	9.21	9.55	9.57	9.63	8.88	8.88	8.70	5.35
Other Special Charges / (Income)	-0.57	1.47	1.34	0.71	0.19	0.73	-0.74	0.50	-0.04	0.40	-0.15
Total Other Income / (Expense), net	33	-7.80	-9.50	-9.72	-9.88	-7.87	-4.95	-6.09	-4.83	-7.70	-4.00
Interest Expense	8.83	13	11	12	13	8.86	8.94	8.61	8.26	9.01	8.04
Interest & Investment Income	0.78	-	1.23	1.47	3.43	2.21	3.68	4.78	4.22	4.09	3.32
Other Income / (Expense), net	41	2.70	0.00	0.39	-0.24	-1.21	0.32	-2.26	-0.79	-2.79	0.71
Income Tax Expense	10.00	14	8.32	21	7.23	3.01	1.30	7.81	3.85	-23	6.53
Preferred Stock Dividends Declared	12	12	12	13	13	13	14	14	14	14	14
Basic Earnings per Share	$0.19	($0.12)	$0.11	$0.34	$0.07	$0.05	($0.07)	$0.08	($1.02)	($0.94)	$0.02
Weighted Average Basic Shares Outstanding	150.32M	149.82M	150.61M	150.92M	151.07M	150.94M	151.35M	151.80M	151.92M	151.75M	152.08M
Diluted Earnings per Share	$0.19	($0.12)	$0.11	$0.34	$0.07	$0.04	($0.07)	$0.08	($1.02)	($0.94)	$0.02
Weighted Average Diluted Shares Outstanding	151.38M	149.82M	151.80M	152.13M	152.32M	152.02M	151.35M	152.21M	151.92M	151.75M	152.78M
Weighted Average Basic & Diluted Shares Outstanding	150.49M	150.77M	150.85M	151.07M	151.22M	151.29M	151.77M	151.93M	151.94M	152.01M	152.55M

This table details how cash moves in and out of Array Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	33	320	-253	259	-234	115	115
Net Cash From Operating Activities	-12	386	-122	-263	141	232	154
Net Cash From Continuing Operating Activities	-12	386	-122	-263	141	232	154
Net Income / (Loss) Continuing Operations	-61	40	59	-50	4.43	137	-240
Consolidated Net Income / (Loss)	-61	40	59	-50	4.43	137	-240
Depreciation Expense	28	27	27	11	87	40	38
Amortization Expense	2.99	3.97	3.37	30	21	25	21
Non-Cash Adjustments To Reconcile Net Income	7.43	2.77	11	15	21	28	346
Changes in Operating Assets and Liabilities, net	10	312	-223	-269	8.27	1.61	-11
Net Cash From Investing Activities	-6.43	-1.70	-1.34	-15	-384	-17	-9.57
Net Cash From Continuing Investing Activities	-6.43	-1.70	-1.34	-15	-384	-17	-9.57
Purchase of Property, Plant & Equipment	-6.43	-1.70	-1.34	-3.36	-11	-17	-19
Acquisitions	-	-	0.00	0.00	-374	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	0.00	0.00	0.17	0.03
Sale and/or Maturity of Investments	-	-	-	-	0.00	0.00	12
Other Investing Activities, net	-	-	-	-	0.00	0.00	-3.00
Net Cash From Financing Activities	51	-64	-129	538	8.44	-102	-12
Net Cash From Continuing Financing Activities	51	-64	-129	538	8.44	-102	-12
Repayment of Debt	-80	-25	-254	-267	-154	-162	-102
Payment of Dividends	0.00	0.00	-589	-8.05	-19	0.00	0.00
Issuance of Debt	51	0.00	575	764	169	63	93
Issuance of Common Equity	0.00	0.00	146	117	14	-1.51	0.00
Other Financing Activities, net	80	-39	0.00	-68	-1.48	-1.20	-3.18
Effect of Exchange Rate Changes	-	-	0.00	0.00	0.74	1.81	-18
Cash Interest Paid	14	11	6.94	24	23	44	39
Cash Income Taxes Paid	0.18	0.44	31	13	11	46	28

This table details how cash moves in and out of Array Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	12	71	14	8.21	18	75	39	-5.30	50	32	-15
Net Cash From Operating Activities	105	97	46	21	72	94	48	3.96	45	58	-13
Net Cash From Continuing Operating Activities	105	97	46	21	72	94	48	3.96	45	58	-13
Net Income / (Loss) Continuing Operations	41	-5.25	30	65	23	19	2.17	26	-141	-127	17
Consolidated Net Income / (Loss)	41	-5.25	30	65	23	19	2.17	26	-141	-127	17
Depreciation Expense	14	22	11	9.52	9.91	9.95	10	9.33	9.56	9.21	5.93
Amortization Expense	13	5.49	6.47	5.81	7.76	5.09	5.19	5.19	5.19	5.08	5.15
Non-Cash Adjustments To Reconcile Net Income	4.37	6.90	5.88	6.23	4.51	11	4.28	3.41	167	172	7.03
Changes in Operating Assets and Liabilities, net	33	68	-7.06	-66	26	49	26	-40	4.46	-1.41	-48
Net Cash From Investing Activities	-2.79	-3.93	-3.88	-5.54	-2.19	-5.21	-2.39	-2.10	11	-16	-2.35
Net Cash From Continuing Investing Activities	-2.79	-3.93	-3.88	-5.54	-2.19	-5.21	-2.39	-2.10	11	-16	-2.35
Purchase of Property, Plant & Equipment	-2.80	-3.93	-3.88	-5.54	-2.19	-5.37	-2.40	-2.10	-1.08	-13	-2.35
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.01	-	-	-	0.00
Net Cash From Financing Activities	-90	-25	-24	-16	-45	-17	-4.58	0.43	-8.10	0.40	-1.73
Net Cash From Continuing Financing Activities	-90	-25	-24	-16	-45	-17	-4.58	0.43	-8.10	0.40	-1.73
Repayment of Debt	-94	-4.95	-28	-32	-82	-20	-5.43	-9.97	-13	-74	-8.38
Issuance of Debt	24	-19	6.47	17	37	2.80	2.28	10	6.34	74	7.86
Other Financing Activities, net	-	-	-1.20	-	-	-	-1.43	-	-1.15	-0.02	-1.20
Effect of Exchange Rate Changes	-0.71	2.29	-4.32	8.76	-6.26	3.61	-2.00	-7.59	2.32	-10	2.49

This table presents Array Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	924	656	1,143	1,706	1,707	1,426
Total Current Assets	620	375	852	831	832	999
Cash & Equivalents	310	108	368	134	249	363
Restricted Cash	51	-	-	-	0.00	1.15
Accounts Receivable	96	119	236	421	332	276
Inventories, net	148	118	206	233	162	201
Prepaid Expenses	14	12	34	39	89	158
Plant, Property, & Equipment, net	11	9.77	11	23	28	26
Total Noncurrent Assets	293	271	280	852	847	401
Goodwill	70	70	70	416	436	160
Intangible Assets	224	198	175	386	354	181
Noncurrent Deferred & Refundable Income Taxes	-	-	9.35	16	16	18
Other Noncurrent Operating Assets	0.00	3.09	26	33	41	42
Total Liabilities & Shareholders' Equity	924	656	1,143	1,706	1,707	1,426
Total Liabilities	618	737	975	1,282	1,096	1,137
Total Current Liabilities	591	289	245	465	336	438
Short-Term Debt	62	13	6.07	40	23	32
Accounts Payable	130	85	92	170	119	172
Accrued Expenses	20	32	42	59	73	93
Current Deferred Revenue	329	150	100	179	66	120
Current Deferred & Payable Income Tax Liabilities	1.94	8.81	0.06	6.88	5.75	5.23
Other Current Liabilities	-	0.00	5.91	11	48	15
Total Noncurrent Liabilities	28	448	729	817	761	699
Long-Term Debt	0.00	424	711	720	661	647
Noncurrent Deferred & Payable Income Tax Liabilities	16	13	0.00	73	67	21
Other Noncurrent Operating Liabilities	12	11	18	24	33	31
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	237	300	351	407
Total Equity & Noncontrolling Interests	0.00	-81	-69	124	259	-118
Total Preferred & Common Equity	0.00	-81	-69	124	259	-118
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.00	-81	-69	124	259	-118
Common Stock	0.00	141	203	383	345	298
Retained Earnings	0.00	-221	-272	-267	-130	-371
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	8.43	45	-45

This table presents Array Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,770	1,682	1,794	1,853	1,779	1,629	1,652	1,563	1,426
Total Current Assets	903	872	867	908	863	774	849	902	976
Cash & Equivalents	51	63	148	156	174	288	282	332	348
Restricted Cash	-	-	-	-	-	-	-	-	1.17
Accounts Receivable	453	485	415	502	428	229	310	282	283
Inventories, net	330	270	255	207	216	179	166	196	187
Prepaid Expenses	53	41	46	43	45	79	91	92	157
Plant, Property, & Equipment, net	18	20	26	31	30	27	27	28	29
Total Noncurrent Assets	850	790	902	914	886	828	776	633	421
Goodwill	379	360	428	441	427	425	403	251	164
Intangible Assets	422	384	379	376	354	339	308	302	176
Noncurrent Deferred & Refundable Income Taxes	19	19	0.00	0.00	0.00	14	13	16	16
Other Noncurrent Operating Assets	31	28	94	97	106	50	52	65	64
Total Liabilities & Shareholders' Equity	1,770	1,682	1,794	1,853	1,779	1,629	1,652	1,563	1,426
Total Liabilities	1,413	1,332	1,275	1,240	1,162	1,033	1,073	1,106	1,102
Total Current Liabilities	513	513	471	435	401	284	338	375	408
Short-Term Debt	51	48	36	39	41	24	31	30	37
Accounts Payable	232	199	201	189	172	93	112	149	154
Accrued Expenses	54	95	60	63	75	37	59	50	80
Current Deferred Revenue	168	155	151	115	101	87	91	113	120
Current Deferred & Payable Income Tax Liabilities	0.42	11	12	17	6.14	7.03	3.37	1.44	8.73
Other Current Liabilities	6.95	4.98	10	13	6.16	36	41	31	9.13
Total Noncurrent Liabilities	900	819	804	806	762	750	735	731	694
Long-Term Debt	794	725	706	702	659	658	652	648	645
Noncurrent Deferred & Payable Income Tax Liabilities	85	74	73	75	70	63	55	55	22
Other Noncurrent Operating Liabilities	21	20	25	28	33	29	29	28	28
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	294	288	312	325	338	365	379	393	421
Total Equity & Noncontrolling Interests	64	62	207	287	278	231	200	64	-98
Total Preferred & Common Equity	64	62	207	287	278	231	200	64	-98
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	64	62	207	287	278	231	200	64	-98
Common Stock	402	393	426	418	408	334	321	308	286
Retained Earnings	-299	-258	-241	-177	-153	-128	-102	-244	-354
Accumulated Other Comprehensive Income / (Loss)	-39	-73	22	46	24	26	-18	-0.29	-30

This table displays calculated financial ratios and metrics derived from Array Technologies' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	122.81%	34.69%	-2.22%	91.90%	-3.72%	-41.91%
EBITDA Growth	0.00%	479.52%	7.93%	-87.61%	789.91%	104.03%	-162.37%
EBIT Growth	0.00%	235.23%	11.43%	-127.60%	211.37%	645.97%	-209.14%
NOPAT Growth	0.00%	219.82%	40.87%	-123.95%	26.71%	1,406.83%	-195.80%
Net Income Growth	0.00%	165.41%	48.63%	-185.32%	108.79%	2,996.57%	-275.16%
EPS Growth	0.00%	164.71%	48.48%	-204.08%	43.14%	293.10%	-448.21%
Operating Cash Flow Growth	0.00%	3,392.17%	-131.65%	-115.37%	153.76%	63.93%	-33.62%
Free Cash Flow Firm Growth	0.00%	0.00%	-4,722.50%	-135.89%	-89.86%	131.33%	65.81%
Invested Capital Growth	0.00%	0.00%	360.28%	108.84%	102.85%	-0.47%	-42.30%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.83%	12.52%	-3.69%	-6.76%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-55.28%	77.40%	-1.05%	-14,173.10%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-271.36%	361.93%	4.90%	-298.25%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-255.02%	66.72%	20.12%	-316.99%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-31.69%	136.27%	21.83%	-155.33%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-54.55%	32.56%	40.00%	-101.03%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-171.43%	-327.65%	365.33%	-1.48%	-19.12%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	18.16%	204.32%	-5.85%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	19.88%	-0.91%	-8.46%	-24.88%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	3.97%	23.27%	23.24%	8.00%	12.99%	26.36%	32.50%
EBITDA Margin	-10.39%	17.70%	14.18%	1.80%	8.33%	17.66%	-18.96%
Operating Margin	-21.05%	12.87%	10.91%	-2.90%	-1.11%	13.58%	-24.79%
EBIT Margin	-21.20%	12.87%	10.65%	-3.01%	1.74%	13.51%	-25.39%
Profit (Net Income) Margin	-20.90%	6.13%	6.77%	-5.91%	0.27%	8.71%	-26.25%
Tax Burden Percent	75.30%	61.54%	75.95%	82.46%	-89.50%	77.47%	95.94%
Interest Burden Percent	130.89%	77.46%	83.72%	238.33%	-17.34%	83.15%	107.76%
Effective Tax Rate	0.00%	38.46%	24.05%	0.00%	0.00%	22.53%	0.00%
Return on Invested Capital (ROIC)	0.00%	190.63%	47.93%	-4.52%	-1.62%	15.83%	-19.28%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	147.59%	41.01%	-14.28%	1.89%	10.43%	-41.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-193.97%	-110.87%	3.12%	10.70%	-34.18%
Return on Equity (ROE)	0.00%	0.00%	-146.04%	-115.39%	1.50%	26.54%	-53.46%
Cash Return on Invested Capital (CROIC)	0.00%	-9.37%	-80.68%	-75.01%	-69.54%	16.30%	34.36%
Operating Return on Assets (OROA)	0.00%	9.03%	11.76%	-2.85%	2.01%	12.49%	-14.85%
Return on Assets (ROA)	0.00%	4.30%	7.48%	-5.60%	0.31%	8.04%	-15.35%
Return on Common Equity (ROCE)	0.00%	0.00%	-146.04%	198.28%	0.14%	9.84%	-8.39%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-73.02%	72.83%	3.57%	52.94%	203.56%
Net Operating Profit after Tax (NOPAT)	-43	51	72	-17	-13	166	-159
NOPAT Margin	-14.73%	7.92%	8.29%	-2.03%	-0.78%	10.52%	-17.35%
Net Nonoperating Expense Percent (NNEP)	0.00%	43.03%	6.92%	9.76%	-3.51%	5.40%	21.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-1.44%	17.59%	-28.36%
Cost of Revenue to Revenue	96.03%	76.73%	76.76%	92.00%	87.01%	73.64%	67.50%
SG&A Expenses to Revenue	16.12%	6.36%	6.38%	9.49%	9.21%	10.12%	17.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.02%	10.40%	12.33%	10.90%	14.10%	12.78%	57.29%
Earnings before Interest and Taxes (EBIT)	-62	83	93	-26	29	213	-233
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-30	115	124	15	136	278	-174
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	23.41	9.80	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.59	1.61	6.28	2.48	1.78	1.61	1.00
Price to Earnings (P/E)	0.00	26.29	92.74	0.00	0.00	29.70	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	3.80%	1.08%	0.00%	0.00%	3.37%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	13.85	23.43	5.23	3.65	3.18	2.72
Enterprise Value to Revenue (EV/Rev)	0.00	1.15	6.65	3.17	2.34	2.11	1.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.51	46.93	176.41	28.10	11.95	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	8.95	62.51	0.00	134.27	15.61	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	14.53	80.31	0.00	0.00	20.05	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	1.93	0.00	0.00	27.10	14.34	10.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	19.48	5.79
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	-5.40	4.26	1.79	1.12	2.35
Long-Term Debt to Equity	0.00	0.00	-5.24	4.23	1.70	1.08	2.24
Financial Leverage	0.00	0.00	-4.73	7.76	1.65	1.03	0.83
Leverage Ratio	0.00	0.00	-19.53	20.59	4.81	3.30	3.48
Compound Leverage Factor	0.00	0.00	-16.35	49.08	-0.83	2.74	3.75
Debt to Total Capital	0.00%	100.00%	122.70%	81.00%	64.20%	52.83%	70.14%
Short-Term Debt to Total Capital	0.00%	100.00%	3.72%	0.69%	3.37%	1.77%	3.30%
Long-Term Debt to Total Capital	0.00%	0.00%	118.98%	80.31%	60.84%	51.06%	66.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	26.82%	25.30%	27.14%	42.07%
Common Equity to Total Capital	0.00%	0.00%	-22.70%	-7.82%	10.50%	20.03%	-12.21%
Debt to EBITDA	0.00	0.54	3.53	46.76	5.57	2.46	-3.91
Net Debt to EBITDA	0.00	-2.61	2.66	22.79	4.59	1.56	-1.81
Long-Term Debt to EBITDA	0.00	0.00	3.43	46.37	5.28	2.37	-3.72
Debt to NOPAT	0.00	1.21	6.05	-41.41	-59.89	4.12	-4.27
Net Debt to NOPAT	0.00	-5.82	4.55	-20.18	-49.35	2.62	-1.98
Long-Term Debt to NOPAT	0.00	0.00	5.86	-41.06	-56.75	3.98	-4.07
Altman Z-Score	0.00	2.05	5.94	2.28	2.41	2.97	0.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	271.83%	90.70%	62.92%	84.31%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.05	1.30	3.47	1.79	2.48	2.28
Quick Ratio	0.00	0.69	0.79	2.46	1.19	1.73	1.46
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-2.52	-122	-287	-545	171	283
Operating Cash Flow to CapEx	-182.38%	22,750.32%	-9,133.41%	-7,839.95%	1,332.45%	1,378.96%	830.22%
Free Cash Flow to Firm to Interest Expense	0.00	-0.13	-8.05	-8.05	-14.86	3.86	8.13
Operating Cash Flow to Interest Expense	-0.62	20.54	-8.08	-7.38	3.86	5.24	4.42
Operating Cash Flow Less CapEx to Interest Expense	-0.95	20.45	-8.17	-7.47	3.57	4.86	3.89
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.70	1.10	0.95	1.15	0.92	0.58
Accounts Receivable Turnover	0.00	6.73	8.12	4.81	4.98	4.19	3.01
Inventory Turnover	0.00	3.36	5.03	4.84	6.49	5.88	3.41
Fixed Asset Turnover	0.00	60.78	85.41	83.39	96.71	61.74	33.85
Accounts Payable Turnover	0.00	3.84	6.24	8.87	10.86	8.01	4.24
Days Sales Outstanding (DSO)	0.00	54.22	44.95	75.86	73.24	87.21	121.16
Days Inventory Outstanding (DIO)	0.00	108.68	72.60	75.35	56.21	62.11	107.11
Days Payable Outstanding (DPO)	0.00	95.14	58.46	41.15	33.61	45.57	86.17
Cash Conversion Cycle (CCC)	0.00	67.76	59.09	110.06	95.83	103.74	142.10
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	54	248	518	1,050	1,045	603
Invested Capital Turnover	0.00	24.06	5.78	2.23	2.09	1.50	1.11
Increase / (Decrease) in Invested Capital	0.00	54	194	270	532	-4.92	-442
Enterprise Value (EV)	0.00	746	5,807	2,705	3,835	3,326	1,639
Market Capitalization	1,045	1,045	5,479	2,119	2,909	2,540	918
Book Value per Share	$0.00	$0.00	($0.64)	($0.51)	$0.83	$1.71	($0.78)
Tangible Book Value per Share	$0.00	($2.44)	($2.75)	($2.32)	($4.51)	($3.51)	($3.03)
Total Capital	0.00	62	356	885	1,184	1,294	967
Total Debt	0.00	62	437	717	760	684	678
Total Long-Term Debt	0.00	0.00	424	711	720	661	647
Net Debt	0.00	-299	329	349	626	435	314
Capital Expenditures (CapEx)	6.43	1.70	1.34	3.36	11	17	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-270	-9.10	245	272	270	229
Debt-free Net Working Capital (DFNWC)	0.00	91	99	613	406	519	593
Net Working Capital (NWC)	0.00	29	86	607	366	497	561
Net Nonoperating Expense (NNE)	18	12	13	33	-17	29	81
Net Nonoperating Obligations (NNO)	0.00	54	329	349	626	435	314
Total Depreciation and Amortization (D&A)	31	31	31	41	108	65	59
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-41.67%	-1.04%	28.73%	16.61%	17.15%	24.97%
Debt-free Net Working Capital to Revenue	0.00%	14.09%	11.38%	71.81%	24.78%	32.95%	64.73%
Net Working Capital to Revenue	0.00%	4.49%	9.86%	71.10%	22.35%	31.50%	61.25%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.49	$0.00	$0.00	$0.57	($1.95)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	121.47M	0.00	0.00	150.94M	151.75M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.49	$0.00	$0.00	$0.56	($1.95)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	121.51M	0.00	0.00	152.02M	151.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	126.99M	0.00	0.00	151.29M	152.01M
Normalized Net Operating Profit after Tax (NOPAT)	-43	52	92	-15	-16	168	71
Normalized NOPAT Margin	-14.93%	7.98%	10.59%	-1.81%	-0.97%	10.67%	7.72%
Pre Tax Income Margin	-27.75%	9.97%	8.91%	-7.16%	-0.30%	11.24%	-27.36%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.24	4.44	6.14	-0.72	0.78	4.82	-6.68
NOPAT to Interest Expense	-2.25	2.73	4.78	-0.49	-0.35	3.75	-4.56
EBIT Less CapEx to Interest Expense	-3.58	4.35	6.05	-0.81	0.49	4.44	-7.21
NOPAT Less CapEx to Interest Expense	-2.59	2.64	4.69	-0.58	-0.64	3.37	-5.10
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	997.07%	-15.97%	421.25%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	1,008.01%	-15.97%	421.25%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Array Technologies' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	172.95%	82.86%	25.35%	20.93%	-31.96%	-15.04%	-59.29%	-49.63%	-33.97%	-19.43%	97.10%
EBITDA Growth	1,887.22%	474.66%	869.80%	808.45%	-32.65%	-6.29%	-62.90%	-53.68%	-305.98%	-397.10%	62.49%
EBIT Growth	396.23%	193.27%	240.67%	725.86%	-31.91%	52.30%	-81.61%	-61.36%	-433.94%	-600.36%	220.72%
NOPAT Growth	201.02%	28.31%	238.04%	876.75%	121.89%	360.35%	-85.83%	-58.10%	-403.29%	-481.09%	273.75%
Net Income Growth	247.47%	76.02%	214.26%	1,397.07%	-43.17%	468.35%	-92.69%	-60.56%	-711.98%	-756.10%	673.49%
EPS Growth	176.00%	53.85%	144.00%	409.09%	-63.16%	133.33%	-163.64%	-76.47%	-1,557.14%	-2,450.00%	128.57%
Operating Cash Flow Growth	430.27%	200.12%	191.45%	292.56%	-31.65%	-3.58%	3.68%	-80.74%	-37.26%	-38.73%	-127.49%
Free Cash Flow Firm Growth	-695.92%	-91.15%	110.32%	103.57%	91.64%	105.73%	41.85%	833.91%	579.11%	1,002.41%	175.97%
Invested Capital Growth	145.43%	102.85%	-4.58%	3.97%	7.73%	-0.47%	-11.06%	-18.30%	-29.68%	-42.30%	-33.81%
Revenue Q/Q Growth	22.66%	-21.93%	-6.29%	34.76%	-30.98%	-2.52%	-55.09%	66.73%	-9.52%	18.94%	9.86%
EBITDA Q/Q Growth	594.35%	-45.07%	37.91%	72.73%	-48.52%	-23.58%	-45.40%	115.67%	-328.92%	-10.23%	129.86%
EBIT Q/Q Growth	480.16%	-67.55%	149.19%	103.60%	-58.64%	-27.42%	-69.91%	327.77%	-457.43%	-8.74%	119.29%
NOPAT Q/Q Growth	247.87%	-172.78%	468.93%	95.64%	-57.76%	-14.61%	-79.92%	478.38%	-405.79%	-7.29%	119.70%
Net Income Q/Q Growth	909.00%	-112.92%	664.37%	119.89%	-64.55%	-16.26%	-88.81%	1,086.97%	-650.06%	10.22%	113.20%
EPS Q/Q Growth	272.73%	-163.16%	191.67%	209.09%	-79.41%	-42.86%	-275.00%	214.29%	-1,375.00%	7.84%	102.13%
Operating Cash Flow Q/Q Growth	1,082.35%	-6.98%	-52.99%	-55.17%	248.68%	31.23%	-49.46%	-91.67%	1,035.58%	28.15%	-122.68%
Free Cash Flow Firm Q/Q Growth	17.86%	11.67%	116.69%	-70.48%	-292.11%	160.50%	313.46%	94.35%	-1.45%	39.20%	3.50%
Invested Capital Q/Q Growth	-8.02%	-0.91%	6.04%	7.58%	-4.69%	-8.46%	-5.24%	-1.18%	-17.97%	-24.88%	8.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.87%	17.31%	25.89%	28.83%	24.93%	24.66%	35.91%	33.61%	33.84%	28.46%	25.28%
EBITDA Margin	16.62%	11.69%	17.20%	22.05%	16.45%	12.89%	15.68%	20.28%	-51.30%	-47.54%	12.92%
Operating Margin	3.34%	4.07%	12.60%	18.96%	11.47%	8.85%	5.48%	15.48%	-57.33%	-51.72%	9.02%
EBIT Margin	11.40%	4.74%	12.60%	19.03%	11.40%	8.49%	5.69%	14.60%	-57.67%	-52.73%	9.26%
Profit (Net Income) Margin	7.89%	-1.31%	7.87%	12.83%	6.59%	5.66%	1.41%	10.05%	-61.08%	-46.11%	5.54%
Tax Burden Percent	80.26%	-61.43%	78.07%	75.32%	76.16%	86.52%	62.41%	76.69%	102.80%	84.57%	71.93%
Interest Burden Percent	86.28%	44.88%	79.98%	89.54%	75.88%	77.07%	39.74%	89.74%	103.03%	103.39%	83.15%
Effective Tax Rate	19.74%	161.43%	21.93%	24.68%	23.84%	13.48%	37.59%	23.31%	0.00%	0.00%	28.07%
Return on Invested Capital (ROIC)	5.23%	-5.22%	14.78%	21.89%	12.99%	11.52%	4.40%	12.01%	-40.54%	-40.23%	8.40%
ROIC Less NNEP Spread (ROIC-NNEP)	11.20%	-4.24%	13.70%	20.83%	11.78%	10.23%	3.78%	11.07%	-51.67%	-47.50%	7.60%
Return on Net Nonoperating Assets (RNNOA)	17.02%	-6.98%	20.65%	29.63%	15.07%	10.50%	3.35%	9.16%	-41.94%	-39.57%	6.01%
Return on Equity (ROE)	22.25%	-12.20%	35.43%	51.52%	28.06%	22.02%	7.75%	21.18%	-82.48%	-79.79%	14.41%
Cash Return on Invested Capital (CROIC)	-89.32%	-69.54%	9.52%	6.80%	5.10%	16.30%	24.51%	28.68%	30.93%	34.36%	22.98%
Operating Return on Assets (OROA)	13.49%	5.45%	12.30%	18.93%	10.79%	7.84%	4.50%	9.18%	-33.90%	-30.83%	6.45%
Return on Assets (ROA)	9.34%	-1.50%	7.68%	12.76%	6.24%	5.23%	1.12%	6.31%	-35.91%	-26.96%	3.86%
Return on Common Equity (ROCE)	2.60%	-1.13%	12.30%	18.66%	9.89%	8.16%	3.05%	8.67%	-26.35%	-12.52%	2.09%
Return on Equity Simple (ROE_SIMPLE)	-19.76%	0.00%	28.94%	45.29%	40.45%	0.00%	47.47%	35.16%	-146.00%	0.00%	230.95%
Net Operating Profit after Tax (NOPAT)	14	-10	37	72	31	26	5.25	30	-93	-100	20
NOPAT Margin	2.68%	-2.50%	9.83%	14.28%	8.74%	7.65%	3.42%	11.87%	-40.13%	-36.20%	6.49%
Net Nonoperating Expense Percent (NNEP)	-5.97%	-0.98%	1.08%	1.06%	1.22%	1.28%	0.62%	0.95%	11.13%	7.28%	0.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.14%	-	-	-	2.77%	0.58%	-	-	-17.78%	3.36%
Cost of Revenue to Revenue	85.13%	82.69%	74.11%	71.17%	75.07%	75.34%	64.09%	66.39%	66.16%	71.54%	74.72%
SG&A Expenses to Revenue	7.51%	9.38%	10.12%	7.93%	10.68%	12.80%	24.63%	14.46%	17.35%	16.59%	14.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.53%	13.24%	13.29%	9.88%	13.46%	15.81%	30.43%	18.12%	91.18%	80.17%	16.25%
Earnings before Interest and Taxes (EBIT)	59	19	47	97	40	29	8.73	37	-133	-145	28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	86	47	65	112	58	44	24	52	-119	-131	39
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	40.32	23.41	15.91	11.86	12.04	9.80	9.75	7.79	15.55	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.71	1.78	1.92	1.89	2.05	1.61	1.67	1.41	1.02	1.00	0.70
Price to Earnings (P/E)	0.00	0.00	297.94	42.27	53.83	29.70	39.51	93.64	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.34%	2.37%	1.86%	3.37%	2.53%	1.07%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.29	3.65	3.78	3.61	3.69	3.18	3.04	2.39	2.17	2.72	2.28
Enterprise Value to Revenue (EV/Rev)	2.40	2.34	2.45	2.40	2.58	2.11	2.23	2.12	1.77	1.79	1.40
Enterprise Value to EBITDA (EV/EBITDA)	45.37	28.10	20.05	13.96	14.98	11.95	12.68	13.15	1,411.01	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	134.27	38.31	19.47	20.76	15.61	17.29	20.31	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	76.31	34.38	30.53	20.05	22.37	25.15	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	27.10	17.71	16.08	17.91	14.34	12.90	10.76	9.15	10.64	15.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	38.72	54.08	75.11	19.48	11.69	7.48	5.79	5.79	7.90
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.21	1.79	1.43	1.21	1.13	1.12	1.14	1.18	1.48	2.35	2.11
Long-Term Debt to Equity	2.08	1.70	1.36	1.15	1.07	1.08	1.10	1.13	1.42	2.24	1.99
Financial Leverage	1.52	1.65	1.51	1.42	1.28	1.03	0.89	0.83	0.81	0.83	0.79
Leverage Ratio	4.15	4.81	3.86	3.73	3.58	3.30	3.07	2.94	3.11	3.48	3.32
Compound Leverage Factor	3.58	2.16	3.09	3.34	2.72	2.54	1.22	2.64	3.21	3.60	2.76
Debt to Total Capital	68.87%	64.20%	58.82%	54.78%	53.16%	52.83%	53.37%	54.13%	59.74%	70.14%	67.80%
Short-Term Debt to Total Capital	4.25%	3.37%	2.87%	2.90%	3.08%	1.77%	1.91%	2.47%	2.64%	3.30%	3.68%
Long-Term Debt to Total Capital	64.62%	60.84%	55.96%	51.88%	50.07%	51.06%	51.46%	51.66%	57.10%	66.84%	64.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	25.63%	25.30%	24.74%	23.99%	25.68%	27.14%	28.54%	30.01%	34.58%	42.07%	41.92%
Common Equity to Total Capital	5.51%	10.50%	16.44%	21.23%	21.16%	20.03%	18.09%	15.86%	5.68%	-12.21%	-9.73%
Debt to EBITDA	10.05	5.57	3.54	2.40	2.49	2.46	2.87	3.84	549.63	-3.91	-4.30
Net Debt to EBITDA	9.23	4.59	2.83	1.89	1.87	1.56	1.66	2.25	280.29	-1.81	-2.09
Long-Term Debt to EBITDA	9.43	5.28	3.37	2.27	2.34	2.37	2.77	3.67	525.38	-3.72	-4.06
Debt to NOPAT	-20.26	-59.89	13.47	5.90	5.07	4.12	5.06	7.35	-17.80	-4.27	-4.68
Net Debt to NOPAT	-18.61	-49.35	10.78	4.66	3.81	2.62	2.93	4.31	-9.08	-1.98	-2.28
Long-Term Debt to NOPAT	-19.01	-56.75	12.81	5.59	4.77	3.98	4.88	7.02	-17.01	-4.07	-4.42
Altman Z-Score	2.14	2.40	2.67	2.97	2.92	2.61	2.41	1.90	1.08	0.90	1.35
Noncontrolling Interest Sharing Ratio	88.33%	90.70%	65.29%	63.79%	64.77%	62.92%	60.68%	59.07%	68.05%	84.31%	85.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.70	1.79	1.84	2.09	2.16	2.48	2.73	2.51	2.41	2.28	2.39
Quick Ratio	1.07	1.19	1.20	1.51	1.50	1.73	1.82	1.75	1.64	1.46	1.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-614	-543	91	27	-51	31	128	250	246	342	354
Operating Cash Flow to CapEx	3,749.09%	2,480.78%	1,179.91%	370.69%	3,268.74%	1,748.81%	1,990.86%	188.25%	4,168.37%	442.46%	-555.23%
Free Cash Flow to Firm to Interest Expense	-69.55	-42.06	8.44	2.31	-3.93	3.51	14.37	28.98	29.77	38.02	44.11
Operating Cash Flow to Interest Expense	11.87	7.56	4.27	1.77	5.48	10.61	5.31	0.46	5.44	6.39	-1.63
Operating Cash Flow Less CapEx to Interest Expense	11.55	7.25	3.91	1.30	5.31	10.00	5.05	0.22	5.31	4.95	-1.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.18	1.15	0.98	0.99	0.95	0.92	0.79	0.63	0.59	0.58	0.70
Accounts Receivable Turnover	4.39	4.98	4.25	3.77	3.59	4.19	4.20	2.71	2.77	3.01	4.16
Inventory Turnover	5.94	6.49	5.17	5.26	5.09	5.88	4.52	4.23	3.30	3.41	4.08
Fixed Asset Turnover	96.30	96.71	80.19	74.33	66.08	61.74	51.50	38.40	34.37	33.85	38.42
Accounts Payable Turnover	9.25	10.86	7.36	6.71	6.66	8.01	6.67	5.24	4.23	4.24	6.03
Days Sales Outstanding (DSO)	83.09	73.24	85.79	96.76	101.77	87.21	86.85	134.58	131.88	121.16	87.72
Days Inventory Outstanding (DIO)	61.40	56.21	70.65	69.41	71.72	62.11	80.69	86.21	110.72	107.11	89.46
Days Payable Outstanding (DPO)	39.46	33.61	49.58	54.36	54.79	45.57	54.74	69.69	86.31	86.17	60.49
Cash Conversion Cycle (CCC)	105.03	95.83	106.86	111.81	118.70	103.74	112.79	151.10	156.30	142.10	116.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,060	1,050	1,114	1,198	1,142	1,045	990	979	803	603	656
Invested Capital Turnover	1.95	2.09	1.50	1.53	1.49	1.50	1.29	1.01	1.01	1.11	1.29
Increase / (Decrease) in Invested Capital	628	532	-53	46	82	-4.92	-123	-219	-339	-442	-335
Enterprise Value (EV)	3,490	3,835	4,205	4,320	4,216	3,326	3,014	2,336	1,741	1,639	1,494
Market Capitalization	2,492	2,909	3,299	3,409	3,352	2,540	2,255	1,557	1,003	918	740
Book Value per Share	$0.41	$0.83	$1.38	$1.91	$1.84	$1.71	$1.53	$1.32	$0.42	($0.78)	($0.64)
Tangible Book Value per Share	($4.54)	($4.51)	($3.98)	($3.51)	($3.32)	($3.51)	($3.52)	($3.36)	($3.21)	($3.03)	($2.88)
Total Capital	1,122	1,184	1,261	1,354	1,316	1,294	1,278	1,261	1,135	967	1,005
Total Debt	773	760	742	742	699	684	682	683	678	678	682
Total Long-Term Debt	725	720	706	702	659	661	658	652	648	647	645
Net Debt	710	626	594	586	525	435	394	400	346	314	332
Capital Expenditures (CapEx)	2.80	3.93	3.88	5.54	2.19	5.37	2.39	2.10	1.08	13	2.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	344	272	284	357	329	270	228	260	225	229	255
Debt-free Net Working Capital (DFNWC)	406	406	432	513	503	519	515	542	557	593	605
Net Working Capital (NWC)	359	366	396	473	463	497	491	511	527	561	568
Net Nonoperating Expense (NNE)	-27	-4.79	7.42	7.32	7.52	6.80	3.09	4.67	48	27	2.88
Net Nonoperating Obligations (NNO)	710	626	594	586	525	435	394	400	346	314	332
Total Depreciation and Amortization (D&A)	27	28	17	15	18	15	15	15	15	14	11
Debt-free, Cash-free Net Working Capital to Revenue	23.61%	16.61%	16.60%	19.79%	20.11%	17.15%	16.81%	23.63%	22.90%	24.97%	23.98%
Debt-free Net Working Capital to Revenue	27.92%	24.78%	25.22%	28.45%	30.74%	32.95%	38.07%	49.26%	56.74%	64.73%	56.80%
Net Working Capital to Revenue	24.65%	22.35%	23.11%	26.27%	28.26%	31.50%	36.27%	46.44%	53.70%	61.25%	53.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.19	($0.12)	$0.09	$0.34	$0.07	$0.05	($0.07)	$0.08	($1.02)	($0.94)	$0.02
Adjusted Weighted Average Basic Shares Outstanding	150.32M	149.82M	150.61M	150.92M	151.07M	150.94M	151.35M	151.80M	151.92M	151.75M	152.08M
Adjusted Diluted Earnings per Share	$0.19	($0.12)	$0.09	$0.34	$0.07	$0.04	($0.07)	$0.08	($1.02)	($0.94)	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	151.38M	149.82M	151.80M	152.13M	152.32M	152.02M	151.35M	152.21M	151.92M	151.75M	152.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	150.49M	150.77M	150.85M	151.07M	151.22M	151.29M	151.77M	151.93M	151.94M	152.01M	152.55M
Normalized Net Operating Profit after Tax (NOPAT)	13	12	38	73	31	27	4.79	31	21	-99	20
Normalized NOPAT Margin	2.59%	3.10%	10.11%	14.38%	8.78%	7.84%	3.12%	12.03%	8.86%	-36.10%	6.46%
Pre Tax Income Margin	9.83%	2.13%	10.07%	17.04%	8.65%	6.54%	2.26%	13.10%	-59.42%	-54.52%	7.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.65	1.48	4.42	8.35	3.06	3.27	0.98	4.33	-16.15	-16.11	3.48
NOPAT to Interest Expense	1.56	-0.78	3.45	6.26	2.34	2.95	0.59	3.53	-11.24	-11.06	2.44
EBIT Less CapEx to Interest Expense	6.33	1.17	4.06	7.87	2.89	2.67	0.71	4.09	-16.28	-17.56	3.19
NOPAT Less CapEx to Interest Expense	1.25	-1.08	3.09	5.78	2.18	2.35	0.32	3.28	-11.37	-12.51	2.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-218.70%	421.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-218.70%	421.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Array Technologies delivered its Q1 2025 results with strong top‐line growth but continued working capital headwinds. Revenue nearly doubled year‐over‐year, driving positive operating income and free cash flow to the firm. However, operating cash flow remained negative as receivables and inventory builds absorbed cash, and leverage remains elevated.

Revenue grew 97.1% year-over-year to $302.4 million in Q1 2025, the highest quarterly growth in four years.
Operating income turned positive at $27.3 million, versus a $142.3 million loss in Q4 2024.
Gross margin held at 25.3%, with SG&A expenses down to 14.5% of revenue, improving operating leverage.
Free cash flow to the firm was $354.5 million, reflecting strong underlying cash-generative capacity.
Liquidity remains solid with a current ratio of 2.39x and quick ratio of 1.54x.
No dividends were declared, consistent with the past four years of zero payout.
Interest coverage remains adequate with EBITDA/Interest expense near 4.9x.
Net cash from operating activities was negative $13.1 million due to a $47.9 million build in working capital.
Net debt remains high at $332 million, and total debt to equity exceeds 2.1x.
Earnings per share were modest at $0.02, reflecting continued high capital intensity.

06/20/25 10:46 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Array Technologies' Financials

When does Array Technologies' financial year end?

According to the most recent income statement we have on file, Array Technologies' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Array Technologies' net income changed over the last 6 years?

Array Technologies' net income appears to be on an upward trend, with a most recent value of -$240.39 million in 2024, rising from -$60.76 million in 2018. The previous period was $137.24 million in 2023. Check out Array Technologies' forecast to explore projected trends and price targets.

What is Array Technologies' operating income?

Array Technologies' total operating income in 2024 was -$227.01 million, based on the following breakdown:

Total Gross Profit: $297.68 million
Total Operating Expenses: $524.68 million

How has Array Technologies' revenue changed over the last 6 years?

Over the last 6 years, Array Technologies' total revenue changed from $290.78 million in 2018 to $915.81 million in 2024, a change of 214.9%.

How much debt does Array Technologies have?

Array Technologies' total liabilities were at $1.14 billion at the end of 2024, a 3.7% increase from 2023, and a 83.9% increase since 2019.

How much cash does Array Technologies have?

In the past 5 years, Array Technologies' cash and equivalents has ranged from $108.44 million in 2020 to $367.67 million in 2021, and is currently $362.99 million as of their latest financial filing in 2024.

How has Array Technologies' book value per share changed over the last 6 years?

Over the last 6 years, Array Technologies' book value per share changed from 0.00 in 2018 to -0.78 in 2024, a change of -77.7%.

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This page (NASDAQ:ARRY) was last updated on 6/20/2025 by MarketBeat.com Staff

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Array Technologies (ARRY) Financials

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