Array Technologies (ARRY) Financials

$6.66 +0.04 (+0.60%)

Closing price 04:00 PM Eastern

Extended Trading

$6.63 -0.03 (-0.45%)

As of 07:58 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	-296	86	-44
Consolidated Net Income / (Loss)	-240	137	4.43
Net Income / (Loss) Continuing Operations	-240	137	4.43
Total Pre-Tax Income	-251	177	-4.95
Total Operating Income	-227	214	-18
Total Gross Profit	298	416	213
Total Revenue	916	1,577	1,638
Operating Revenue	916	1,577	1,638
Total Cost of Revenue	618	1,161	1,425
Operating Cost of Revenue	618	1,161	1,425
Total Operating Expenses	525	201	231
Selling, General & Admin Expense	161	160	151
Depreciation Expense	36	39	85
Impairment Charge	328	0.00	0.00
Other Special Charges / (Income)	0.13	2.96	-4.51
Total Other Income / (Expense), net	-24	-37	13
Interest Expense	35	44	37
Interest & Investment Income	17	8.33	3.18
Other Income / (Expense), net	-5.52	-1.07	47
Income Tax Expense	-10	40	-9.38
Preferred Stock Dividends Declared	56	52	48
Basic Earnings per Share	($1.95)	$0.57	($0.29)
Weighted Average Basic Shares Outstanding	151.75M	150.94M	149.82M
Diluted Earnings per Share	($1.95)	$0.56	($0.29)
Weighted Average Diluted Shares Outstanding	151.75M	152.02M	149.82M
Weighted Average Basic & Diluted Shares Outstanding	152.01M	151.29M	150.77M

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

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

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	115	115	-234
Net Cash From Operating Activities	154	232	141
Net Cash From Continuing Operating Activities	154	232	141
Net Income / (Loss) Continuing Operations	-240	137	4.43
Consolidated Net Income / (Loss)	-240	137	4.43
Depreciation Expense	38	40	87
Amortization Expense	21	25	21
Non-Cash Adjustments To Reconcile Net Income	346	28	21
Changes in Operating Assets and Liabilities, net	-11	1.61	8.27
Net Cash From Investing Activities	-9.57	-17	-384
Net Cash From Continuing Investing Activities	-9.57	-17	-384
Purchase of Property, Plant & Equipment	-19	-17	-11
Acquisitions	0.00	0.00	-374
Sale of Property, Plant & Equipment	0.03	0.17	0.00
Sale and/or Maturity of Investments	12	0.00	0.00
Other Investing Activities, net	-3.00	0.00	0.00
Net Cash From Financing Activities	-12	-102	8.44
Net Cash From Continuing Financing Activities	-12	-102	8.44
Repayment of Debt	-102	-162	-154
Payment of Dividends	0.00	0.00	-19
Issuance of Debt	93	63	169
Issuance of Common Equity	0.00	-1.51	14
Other Financing Activities, net	-3.18	-1.20	-1.48
Effect of Exchange Rate Changes	-18	1.81	0.74
Cash Interest Paid	39	44	23
Cash Income Taxes Paid	28	46	11

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-15	32	50	-5.30	39	75	18	8.21	14	71	12
Net Cash From Operating Activities	-13	58	45	3.96	48	94	72	21	46	97	105
Net Cash From Continuing Operating Activities	-13	58	45	3.96	48	94	72	21	46	97	105
Net Income / (Loss) Continuing Operations	17	-127	-141	26	2.17	19	23	65	30	-5.25	41
Consolidated Net Income / (Loss)	17	-127	-141	26	2.17	19	23	65	30	-5.25	41
Depreciation Expense	5.93	9.21	9.56	9.33	10	9.95	9.91	9.52	11	22	14
Amortization Expense	5.15	5.08	5.19	5.19	5.19	5.09	7.76	5.81	6.47	5.49	13
Non-Cash Adjustments To Reconcile Net Income	7.03	172	167	3.41	4.28	11	4.51	6.23	5.88	6.90	4.37
Changes in Operating Assets and Liabilities, net	-48	-1.41	4.46	-40	26	49	26	-66	-7.06	68	33
Net Cash From Investing Activities	-2.35	-16	11	-2.10	-2.39	-5.21	-2.19	-5.54	-3.88	-3.93	-2.79
Net Cash From Continuing Investing Activities	-2.35	-16	11	-2.10	-2.39	-5.21	-2.19	-5.54	-3.88	-3.93	-2.79
Purchase of Property, Plant & Equipment	-2.35	-13	-1.08	-2.10	-2.39	-5.37	-2.19	-5.54	-3.88	-3.93	-2.80
Sale of Property, Plant & Equipment	0.00	-	-	-	-	-	-	-	-	-	-
Net Cash From Financing Activities	-1.73	0.40	-8.10	0.43	-4.58	-17	-45	-16	-24	-25	-90
Net Cash From Continuing Financing Activities	-1.73	0.40	-8.10	0.43	-4.58	-17	-45	-16	-24	-25	-90
Repayment of Debt	-8.38	-74	-13	-9.97	-4.85	-20	-82	-32	-28	-4.95	-94
Issuance of Debt	7.86	74	6.34	10	2.28	2.80	37	17	6.47	-19	24
Other Financing Activities, net	-1.20	-0.02	-1.15	-	-2.01	-	-	-	-1.20	-	-
Effect of Exchange Rate Changes	2.49	-10	2.32	-7.59	-2.00	3.61	-6.26	8.76	-4.32	2.29	-0.71

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	1,426	1,707	1,706
Total Current Assets	999	832	831
Cash & Equivalents	363	249	134
Restricted Cash	1.15	0.00	-
Accounts Receivable	276	332	421
Inventories, net	201	162	233
Prepaid Expenses	158	89	39
Plant, Property, & Equipment, net	26	28	23
Total Noncurrent Assets	401	847	852
Goodwill	160	436	416
Intangible Assets	181	354	386
Noncurrent Deferred & Refundable Income Taxes	18	16	16
Other Noncurrent Operating Assets	42	41	33
Total Liabilities & Shareholders' Equity	1,426	1,707	1,706
Total Liabilities	1,137	1,096	1,282
Total Current Liabilities	438	336	465
Short-Term Debt	32	23	40
Accounts Payable	172	119	170
Accrued Expenses	93	73	59
Current Deferred Revenue	120	66	179
Current Deferred & Payable Income Tax Liabilities	5.23	5.75	6.88
Other Current Liabilities	15	48	11
Total Noncurrent Liabilities	699	761	817
Long-Term Debt	647	661	720
Noncurrent Deferred & Payable Income Tax Liabilities	21	67	73
Other Noncurrent Operating Liabilities	31	33	24
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	407	351	300
Total Equity & Noncontrolling Interests	-118	259	124
Total Preferred & Common Equity	-118	259	124
Preferred Stock	0.00	0.00	0.00
Total Common Equity	-118	259	124
Common Stock	298	345	383
Retained Earnings	-371	-130	-267
Accumulated Other Comprehensive Income / (Loss)	-45	45	8.43

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

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

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	-41.91%	-3.72%	91.90%
EBITDA Growth	-162.37%	104.03%	789.91%
EBIT Growth	-209.14%	645.97%	211.37%
NOPAT Growth	-195.80%	1,406.83%	26.71%
Net Income Growth	-275.16%	2,996.57%	108.79%
EPS Growth	-448.21%	293.10%	43.14%
Operating Cash Flow Growth	-33.62%	63.93%	153.76%
Free Cash Flow Firm Growth	65.81%	131.33%	-89.86%
Invested Capital Growth	-42.30%	-0.47%	102.85%
Revenue Q/Q Growth	-6.76%	-3.69%	12.52%
EBITDA Q/Q Growth	-14,173.10%	-1.05%	77.40%
EBIT Q/Q Growth	-298.25%	4.90%	361.93%
NOPAT Q/Q Growth	-316.99%	20.12%	66.72%
Net Income Q/Q Growth	-155.33%	21.83%	136.27%
EPS Q/Q Growth	-101.03%	40.00%	32.56%
Operating Cash Flow Q/Q Growth	-19.12%	-1.48%	365.33%
Free Cash Flow Firm Q/Q Growth	-5.85%	204.32%	18.16%
Invested Capital Q/Q Growth	-24.88%	-8.46%	-0.91%
Profitability Metrics	-	-	-
Gross Margin	32.50%	26.36%	12.99%
EBITDA Margin	-18.96%	17.66%	8.33%
Operating Margin	-24.79%	13.58%	-1.11%
EBIT Margin	-25.39%	13.51%	1.74%
Profit (Net Income) Margin	-26.25%	8.71%	0.27%
Tax Burden Percent	95.94%	77.47%	-89.50%
Interest Burden Percent	107.76%	83.15%	-17.34%
Effective Tax Rate	0.00%	22.53%	0.00%
Return on Invested Capital (ROIC)	-19.28%	15.83%	-1.62%
ROIC Less NNEP Spread (ROIC-NNEP)	-41.04%	10.43%	1.89%
Return on Net Nonoperating Assets (RNNOA)	-34.18%	10.70%	3.12%
Return on Equity (ROE)	-53.46%	26.54%	1.50%
Cash Return on Invested Capital (CROIC)	34.36%	16.30%	-69.54%
Operating Return on Assets (OROA)	-14.85%	12.49%	2.01%
Return on Assets (ROA)	-15.35%	8.04%	0.31%
Return on Common Equity (ROCE)	-8.39%	9.84%	0.14%
Return on Equity Simple (ROE_SIMPLE)	203.56%	52.94%	3.57%
Net Operating Profit after Tax (NOPAT)	-159	166	-13
NOPAT Margin	-17.35%	10.52%	-0.78%
Net Nonoperating Expense Percent (NNEP)	21.76%	5.40%	-3.51%
Return On Investment Capital (ROIC_SIMPLE)	-28.36%	17.59%	-1.44%
Cost of Revenue to Revenue	67.50%	73.64%	87.01%
SG&A Expenses to Revenue	17.53%	10.12%	9.21%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	57.29%	12.78%	14.10%
Earnings before Interest and Taxes (EBIT)	-233	213	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-174	278	136
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.00	9.80	23.41
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.00	1.61	1.78
Price to Earnings (P/E)	0.00	29.70	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	3.37%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.72	3.18	3.65
Enterprise Value to Revenue (EV/Rev)	1.79	2.11	2.34
Enterprise Value to EBITDA (EV/EBITDA)	0.00	11.95	28.10
Enterprise Value to EBIT (EV/EBIT)	0.00	15.61	134.27
Enterprise Value to NOPAT (EV/NOPAT)	0.00	20.05	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.64	14.34	27.10
Enterprise Value to Free Cash Flow (EV/FCFF)	5.79	19.48	0.00
Leverage & Solvency	-	-	-
Debt to Equity	2.35	1.12	1.79
Long-Term Debt to Equity	2.24	1.08	1.70
Financial Leverage	0.83	1.03	1.65
Leverage Ratio	3.48	3.30	4.81
Compound Leverage Factor	3.75	2.74	-0.83
Debt to Total Capital	70.14%	52.83%	64.20%
Short-Term Debt to Total Capital	3.30%	1.77%	3.37%
Long-Term Debt to Total Capital	66.84%	51.06%	60.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	42.07%	27.14%	25.30%
Common Equity to Total Capital	-12.21%	20.03%	10.50%
Debt to EBITDA	-3.91	2.46	5.57
Net Debt to EBITDA	-1.81	1.56	4.59
Long-Term Debt to EBITDA	-3.72	2.37	5.28
Debt to NOPAT	-4.27	4.12	-59.89
Net Debt to NOPAT	-1.98	2.62	-49.35
Long-Term Debt to NOPAT	-4.07	3.98	-56.75
Altman Z-Score	0.70	2.97	2.41
Noncontrolling Interest Sharing Ratio	84.31%	62.92%	90.70%
Liquidity Ratios	-	-	-
Current Ratio	2.28	2.48	1.79
Quick Ratio	1.46	1.73	1.19
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	283	171	-545
Operating Cash Flow to CapEx	830.22%	1,378.96%	1,332.45%
Free Cash Flow to Firm to Interest Expense	8.13	3.86	-14.86
Operating Cash Flow to Interest Expense	4.42	5.24	3.86
Operating Cash Flow Less CapEx to Interest Expense	3.89	4.86	3.57
Efficiency Ratios	-	-	-
Asset Turnover	0.58	0.92	1.15
Accounts Receivable Turnover	3.01	4.19	4.98
Inventory Turnover	3.41	5.88	6.49
Fixed Asset Turnover	33.85	61.74	96.71
Accounts Payable Turnover	4.24	8.01	10.86
Days Sales Outstanding (DSO)	121.16	87.21	73.24
Days Inventory Outstanding (DIO)	107.11	62.11	56.21
Days Payable Outstanding (DPO)	86.17	45.57	33.61
Cash Conversion Cycle (CCC)	142.10	103.74	95.83
Capital & Investment Metrics	-	-	-
Invested Capital	603	1,045	1,050
Invested Capital Turnover	1.11	1.50	2.09
Increase / (Decrease) in Invested Capital	-442	-4.92	532
Enterprise Value (EV)	1,639	3,326	3,835
Market Capitalization	918	2,540	2,909
Book Value per Share	($0.78)	$1.71	$0.83
Tangible Book Value per Share	($3.03)	($3.51)	($4.51)
Total Capital	967	1,294	1,184
Total Debt	678	684	760
Total Long-Term Debt	647	661	720
Net Debt	314	435	626
Capital Expenditures (CapEx)	19	17	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	229	270	272
Debt-free Net Working Capital (DFNWC)	593	519	406
Net Working Capital (NWC)	561	497	366
Net Nonoperating Expense (NNE)	81	29	-17
Net Nonoperating Obligations (NNO)	314	435	626
Total Depreciation and Amortization (D&A)	59	65	108
Debt-free, Cash-free Net Working Capital to Revenue	24.97%	17.15%	16.61%
Debt-free Net Working Capital to Revenue	64.73%	32.95%	24.78%
Net Working Capital to Revenue	61.25%	31.50%	22.35%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($1.95)	$0.57	$0.00
Adjusted Weighted Average Basic Shares Outstanding	151.75M	150.94M	0.00
Adjusted Diluted Earnings per Share	($1.95)	$0.56	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	151.75M	152.02M	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	152.01M	151.29M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	71	168	-16
Normalized NOPAT Margin	7.72%	10.67%	-0.97%
Pre Tax Income Margin	-27.36%	11.24%	-0.30%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-6.68	4.82	0.78
NOPAT to Interest Expense	-4.56	3.75	-0.35
EBIT Less CapEx to Interest Expense	-7.21	4.44	0.49
NOPAT Less CapEx to Interest Expense	-5.10	3.37	-0.64
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	421.25%
Augmented Payout Ratio	0.00%	0.00%	421.25%

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	97.10%	-19.43%	-33.97%	-49.63%	-59.29%	-15.04%	-31.96%	20.93%	25.35%	82.86%	172.95%
EBITDA Growth	62.49%	-397.10%	-305.98%	-53.68%	-62.90%	-6.29%	-32.65%	808.45%	869.80%	474.66%	1,887.22%
EBIT Growth	220.72%	-600.36%	-433.94%	-61.36%	-81.61%	52.30%	-31.91%	725.86%	240.67%	193.27%	396.23%
NOPAT Growth	273.75%	-481.09%	-403.29%	-58.10%	-85.83%	360.35%	121.89%	876.75%	238.04%	28.31%	201.02%
Net Income Growth	673.49%	-756.10%	-711.98%	-60.56%	-92.69%	468.35%	-43.17%	1,397.07%	214.26%	76.02%	247.47%
EPS Growth	128.57%	-2,450.00%	-1,557.14%	-76.47%	-163.64%	133.33%	-63.16%	409.09%	144.00%	53.85%	176.00%
Operating Cash Flow Growth	-127.49%	-38.73%	-37.26%	-80.74%	3.68%	-3.58%	-31.65%	292.56%	191.45%	200.12%	430.27%
Free Cash Flow Firm Growth	175.97%	1,002.41%	579.11%	833.91%	41.85%	105.73%	91.64%	103.57%	110.32%	-91.15%	-695.92%
Invested Capital Growth	-33.81%	-42.30%	-29.68%	-18.30%	-11.06%	-0.47%	7.73%	3.97%	-4.58%	102.85%	145.43%
Revenue Q/Q Growth	9.86%	18.94%	-9.52%	66.73%	-55.09%	-2.52%	-30.98%	34.76%	-6.29%	-21.93%	22.66%
EBITDA Q/Q Growth	129.86%	-10.23%	-328.92%	115.67%	-45.26%	-23.58%	-48.52%	72.73%	37.91%	-45.07%	594.35%
EBIT Q/Q Growth	119.29%	-8.74%	-457.43%	327.77%	-69.79%	-27.42%	-58.64%	103.60%	149.19%	-67.55%	480.16%
NOPAT Q/Q Growth	119.70%	-7.29%	-405.79%	478.38%	-79.90%	-14.61%	-57.76%	95.64%	468.93%	-172.78%	247.87%
Net Income Q/Q Growth	113.20%	10.22%	-650.06%	1,086.97%	-88.74%	-16.26%	-64.55%	119.89%	664.37%	-112.92%	909.00%
EPS Q/Q Growth	102.13%	7.84%	-1,375.00%	214.29%	-275.00%	-42.86%	-79.41%	209.09%	191.67%	-163.16%	272.73%
Operating Cash Flow Q/Q Growth	-122.68%	28.15%	1,035.58%	-91.67%	-49.46%	31.23%	248.68%	-55.17%	-52.99%	-6.98%	1,082.35%
Free Cash Flow Firm Q/Q Growth	3.50%	39.20%	-1.45%	94.35%	313.74%	160.50%	-292.11%	-70.48%	116.69%	11.67%	17.86%
Invested Capital Q/Q Growth	8.70%	-24.88%	-17.97%	-1.18%	-5.24%	-8.46%	-4.69%	7.58%	6.04%	-0.91%	-8.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.28%	28.46%	33.84%	33.61%	35.91%	24.66%	24.93%	28.83%	25.89%	17.31%	14.87%
EBITDA Margin	12.92%	-47.54%	-51.30%	20.28%	15.68%	12.89%	16.45%	22.05%	17.20%	11.69%	16.62%
Operating Margin	9.02%	-51.72%	-57.33%	15.48%	5.48%	8.85%	11.47%	18.96%	12.60%	4.07%	3.34%
EBIT Margin	9.26%	-52.73%	-57.67%	14.60%	5.69%	8.49%	11.40%	19.03%	12.60%	4.74%	11.40%
Profit (Net Income) Margin	5.54%	-46.11%	-61.08%	10.05%	1.41%	5.66%	6.59%	12.83%	7.87%	-1.31%	7.89%
Tax Burden Percent	71.93%	84.57%	102.80%	76.69%	62.41%	86.52%	76.16%	75.32%	78.07%	-61.43%	80.26%
Interest Burden Percent	83.15%	103.39%	103.03%	89.74%	39.74%	77.07%	75.88%	89.54%	79.98%	44.88%	86.28%
Effective Tax Rate	28.07%	0.00%	0.00%	23.31%	37.59%	13.48%	23.84%	24.68%	21.93%	161.43%	19.74%
Return on Invested Capital (ROIC)	8.40%	-40.23%	-40.54%	12.01%	4.40%	11.52%	12.99%	21.89%	14.78%	-5.22%	5.23%
ROIC Less NNEP Spread (ROIC-NNEP)	7.60%	-47.50%	-51.67%	11.07%	3.78%	10.23%	11.78%	20.83%	13.70%	-4.24%	11.20%
Return on Net Nonoperating Assets (RNNOA)	6.01%	-39.57%	-41.94%	9.16%	3.35%	10.50%	15.07%	29.63%	20.65%	-6.98%	17.02%
Return on Equity (ROE)	14.41%	-79.79%	-82.48%	21.18%	7.75%	22.02%	28.06%	51.52%	35.43%	-12.20%	22.25%
Cash Return on Invested Capital (CROIC)	22.98%	34.36%	30.93%	28.68%	24.51%	16.30%	5.10%	6.80%	9.52%	-69.54%	-89.32%
Operating Return on Assets (OROA)	6.45%	-30.83%	-33.90%	9.18%	4.50%	7.84%	10.79%	18.93%	12.30%	5.45%	13.49%
Return on Assets (ROA)	3.86%	-26.96%	-35.91%	6.31%	1.12%	5.23%	6.24%	12.76%	7.68%	-1.50%	9.34%
Return on Common Equity (ROCE)	2.09%	-12.52%	-26.35%	8.67%	3.05%	8.16%	9.89%	18.66%	12.30%	-1.13%	2.60%
Return on Equity Simple (ROE_SIMPLE)	230.95%	0.00%	-146.00%	35.16%	47.47%	0.00%	40.45%	45.29%	28.94%	0.00%	-19.76%
Net Operating Profit after Tax (NOPAT)	20	-100	-93	30	5.25	26	31	72	37	-10	14
NOPAT Margin	6.49%	-36.20%	-40.13%	11.87%	3.42%	7.65%	8.74%	14.28%	9.83%	-2.50%	2.68%
Net Nonoperating Expense Percent (NNEP)	0.79%	7.28%	11.13%	0.95%	0.62%	1.28%	1.22%	1.06%	1.08%	-0.98%	-5.97%
Return On Investment Capital (ROIC_SIMPLE)	3.36%	-17.78%	-	-	-	2.77%	-	-	-	-1.14%	-
Cost of Revenue to Revenue	74.72%	71.54%	66.16%	66.39%	64.09%	75.34%	75.07%	71.17%	74.11%	82.69%	85.13%
SG&A Expenses to Revenue	14.53%	16.59%	17.35%	14.46%	24.63%	12.80%	10.68%	7.93%	10.12%	9.38%	7.51%
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	16.25%	80.17%	91.18%	18.12%	30.43%	15.81%	13.46%	9.88%	13.29%	13.24%	11.53%
Earnings before Interest and Taxes (EBIT)	28	-145	-133	37	8.73	29	40	97	47	19	59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	39	-131	-119	52	24	44	58	112	65	47	86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	15.55	7.79	9.75	9.80	12.04	11.86	15.91	23.41	40.32
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)	0.70	1.00	1.02	1.41	1.67	1.61	2.05	1.89	1.92	1.78	1.71
Price to Earnings (P/E)	0.00	0.00	0.00	93.64	39.51	29.70	53.83	42.27	297.94	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%	0.00%	1.07%	2.53%	3.37%	1.86%	2.37%	0.34%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.28	2.72	2.17	2.39	3.04	3.18	3.69	3.61	3.78	3.65	3.29
Enterprise Value to Revenue (EV/Rev)	1.40	1.79	1.77	2.12	2.23	2.11	2.58	2.40	2.45	2.34	2.40
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	1,411.01	13.15	12.68	11.95	14.98	13.96	20.05	28.10	45.37
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	20.31	17.29	15.61	20.76	19.47	38.31	134.27	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	25.15	22.37	20.05	30.53	34.38	76.31	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.99	10.64	9.15	10.76	12.90	14.34	17.91	16.08	17.71	27.10	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	7.90	5.79	5.79	7.48	11.69	19.48	75.11	54.08	38.72	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.11	2.35	1.48	1.18	1.14	1.12	1.13	1.21	1.43	1.79	2.21
Long-Term Debt to Equity	1.99	2.24	1.42	1.13	1.10	1.08	1.07	1.15	1.36	1.70	2.08
Financial Leverage	0.79	0.83	0.81	0.83	0.89	1.03	1.28	1.42	1.51	1.65	1.52
Leverage Ratio	3.32	3.48	3.11	2.94	3.07	3.30	3.58	3.73	3.86	4.81	4.15
Compound Leverage Factor	2.76	3.60	3.21	2.64	1.22	2.54	2.72	3.34	3.09	2.16	3.58
Debt to Total Capital	67.80%	70.14%	59.74%	54.13%	53.37%	52.83%	53.16%	54.78%	58.82%	64.20%	68.87%
Short-Term Debt to Total Capital	3.68%	3.30%	2.64%	2.47%	1.91%	1.77%	3.08%	2.90%	2.87%	3.37%	4.25%
Long-Term Debt to Total Capital	64.12%	66.84%	57.10%	51.66%	51.46%	51.06%	50.07%	51.88%	55.96%	60.84%	64.62%
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	41.92%	42.07%	34.58%	30.01%	28.54%	27.14%	25.68%	23.99%	24.74%	25.30%	25.63%
Common Equity to Total Capital	-9.73%	-12.21%	5.68%	15.86%	18.09%	20.03%	21.16%	21.23%	16.44%	10.50%	5.51%
Debt to EBITDA	-4.30	-3.91	549.63	3.84	2.87	2.46	2.49	2.40	3.54	5.57	10.05
Net Debt to EBITDA	-2.09	-1.81	280.29	2.25	1.66	1.56	1.87	1.89	2.83	4.59	9.23
Long-Term Debt to EBITDA	-4.06	-3.72	525.38	3.67	2.77	2.37	2.34	2.27	3.37	5.28	9.43
Debt to NOPAT	-4.68	-4.27	-17.80	7.35	5.06	4.12	5.07	5.90	13.47	-59.89	-20.26
Net Debt to NOPAT	-2.28	-1.98	-9.08	4.31	2.93	2.62	3.81	4.66	10.78	-49.35	-18.61
Long-Term Debt to NOPAT	-4.42	-4.07	-17.01	7.02	4.88	3.98	4.77	5.59	12.81	-56.75	-19.01
Altman Z-Score	1.35	0.90	1.08	1.90	2.41	2.61	2.92	2.97	2.67	2.40	2.14
Noncontrolling Interest Sharing Ratio	85.49%	84.31%	68.05%	59.07%	60.68%	62.92%	64.77%	63.79%	65.29%	90.70%	88.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.39	2.28	2.41	2.51	2.73	2.48	2.16	2.09	1.84	1.79	1.70
Quick Ratio	1.54	1.46	1.64	1.75	1.82	1.73	1.50	1.51	1.20	1.19	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	354	342	246	250	128	31	-51	27	91	-543	-614
Operating Cash Flow to CapEx	-555.23%	442.46%	4,168.37%	188.25%	1,990.86%	1,748.81%	3,268.74%	370.69%	1,179.91%	2,480.78%	3,749.09%
Free Cash Flow to Firm to Interest Expense	44.11	38.02	29.77	28.98	14.37	3.51	-3.93	2.31	8.44	-42.06	-69.55
Operating Cash Flow to Interest Expense	-1.63	6.39	5.44	0.46	5.31	10.61	5.48	1.77	4.27	7.56	11.87
Operating Cash Flow Less CapEx to Interest Expense	-1.92	4.95	5.31	0.22	5.05	10.00	5.31	1.30	3.91	7.25	11.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.58	0.59	0.63	0.79	0.92	0.95	0.99	0.98	1.15	1.18
Accounts Receivable Turnover	4.16	3.01	2.77	2.71	4.20	4.19	3.59	3.77	4.25	4.98	4.39
Inventory Turnover	4.08	3.41	3.30	4.23	4.52	5.88	5.09	5.26	5.17	6.49	5.94
Fixed Asset Turnover	38.42	33.85	34.37	38.40	51.50	61.74	66.08	74.33	80.19	96.71	96.30
Accounts Payable Turnover	6.03	4.24	4.23	5.24	6.67	8.01	6.66	6.71	7.36	10.86	9.25
Days Sales Outstanding (DSO)	87.72	121.16	131.88	134.58	86.85	87.21	101.77	96.76	85.79	73.24	83.09
Days Inventory Outstanding (DIO)	89.46	107.11	110.72	86.21	80.69	62.11	71.72	69.41	70.65	56.21	61.40
Days Payable Outstanding (DPO)	60.49	86.17	86.31	69.69	54.74	45.57	54.79	54.36	49.58	33.61	39.46
Cash Conversion Cycle (CCC)	116.69	142.10	156.30	151.10	112.79	103.74	118.70	111.81	106.86	95.83	105.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	656	603	803	979	990	1,045	1,142	1,198	1,114	1,050	1,060
Invested Capital Turnover	1.29	1.11	1.01	1.01	1.29	1.50	1.49	1.53	1.50	2.09	1.95
Increase / (Decrease) in Invested Capital	-335	-442	-339	-219	-123	-4.92	82	46	-53	532	628
Enterprise Value (EV)	1,494	1,639	1,741	2,336	3,014	3,326	4,216	4,320	4,205	3,835	3,490
Market Capitalization	740	918	1,003	1,557	2,255	2,540	3,352	3,409	3,299	2,909	2,492
Book Value per Share	($0.64)	($0.78)	$0.42	$1.32	$1.53	$1.71	$1.84	$1.91	$1.38	$0.83	$0.41
Tangible Book Value per Share	($2.88)	($3.03)	($3.21)	($3.36)	($3.52)	($3.51)	($3.32)	($3.51)	($3.98)	($4.51)	($4.54)
Total Capital	1,005	967	1,135	1,261	1,278	1,294	1,316	1,354	1,261	1,184	1,122
Total Debt	682	678	678	683	682	684	699	742	742	760	773
Total Long-Term Debt	645	647	648	652	658	661	659	702	706	720	725
Net Debt	332	314	346	400	394	435	525	586	594	626	710
Capital Expenditures (CapEx)	2.35	13	1.08	2.10	2.39	5.37	2.19	5.54	3.88	3.93	2.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	255	229	225	260	228	270	329	357	284	272	344
Debt-free Net Working Capital (DFNWC)	605	593	557	542	515	519	503	513	432	406	406
Net Working Capital (NWC)	568	561	527	511	491	497	463	473	396	366	359
Net Nonoperating Expense (NNE)	2.88	27	48	4.67	3.09	6.80	7.52	7.32	7.42	-4.79	-27
Net Nonoperating Obligations (NNO)	332	314	346	400	394	435	525	586	594	626	710
Total Depreciation and Amortization (D&A)	11	14	15	15	15	15	18	15	17	28	27
Debt-free, Cash-free Net Working Capital to Revenue	23.98%	24.97%	22.90%	23.63%	16.81%	17.15%	20.11%	19.79%	16.60%	16.61%	23.61%
Debt-free Net Working Capital to Revenue	56.80%	64.73%	56.74%	49.26%	38.07%	32.95%	30.74%	28.45%	25.22%	24.78%	27.92%
Net Working Capital to Revenue	53.33%	61.25%	53.70%	46.44%	36.27%	31.50%	28.26%	26.27%	23.11%	22.35%	24.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	($0.94)	($1.02)	$0.08	($0.07)	$0.05	$0.07	$0.34	$0.09	($0.12)	$0.19
Adjusted Weighted Average Basic Shares Outstanding	152.08M	151.75M	151.92M	151.80M	151.35M	150.94M	151.07M	150.92M	150.61M	149.82M	150.32M
Adjusted Diluted Earnings per Share	$0.02	($0.94)	($1.02)	$0.08	($0.07)	$0.04	$0.07	$0.34	$0.09	($0.12)	$0.19
Adjusted Weighted Average Diluted Shares Outstanding	152.78M	151.75M	151.92M	152.21M	151.35M	152.02M	152.32M	152.13M	151.80M	149.82M	151.38M
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	152.55M	152.01M	151.94M	151.93M	151.77M	151.29M	151.22M	151.07M	150.85M	150.77M	150.49M
Normalized Net Operating Profit after Tax (NOPAT)	20	-99	21	31	4.79	27	31	73	38	12	13
Normalized NOPAT Margin	6.46%	-36.10%	8.86%	12.03%	3.12%	7.84%	8.78%	14.38%	10.11%	3.10%	2.59%
Pre Tax Income Margin	7.70%	-54.52%	-59.42%	13.10%	2.26%	6.54%	8.65%	17.04%	10.07%	2.13%	9.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.48	-16.11	-16.15	4.33	0.98	3.27	3.06	8.35	4.42	1.48	6.65
NOPAT to Interest Expense	2.44	-11.06	-11.24	3.53	0.59	2.95	2.34	6.26	3.45	-0.78	1.56
EBIT Less CapEx to Interest Expense	3.19	-17.56	-16.28	4.09	0.71	2.67	2.89	7.87	4.06	1.17	6.33
NOPAT Less CapEx to Interest Expense	2.15	-12.51	-11.37	3.28	0.32	2.35	2.18	5.78	3.09	-1.08	1.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	421.25%	-218.70%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	421.25%	-218.70%

Frequently Asked Questions About Array Technologies' Financials

When does Array Technologies's fiscal year end?

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

How has Array Technologies' net income changed over the last 2 years?

Array Technologies' net income appears to be on an upward trend, with a most recent value of -$240.39 million in 2024, falling from $4.43 million in 2022. The previous period was $137.24 million in 2023. View Array Technologies' forecast to see where analysts expect Array Technologies to go next.

What is Array Technologies's operating income?

Array Technologies's 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 2 years?

Over the last 2 years, Array Technologies' total revenue changed from $1.64 billion in 2022 to $915.81 million in 2024, a change of -44.1%.

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 11.3% decrease since 2022.

How much cash does Array Technologies have?

In the past 2 years, Array Technologies' cash and equivalents has ranged from $133.90 million in 2022 to $362.99 million in 2024, 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 2 years?

Over the last 2 years, Array Technologies' book value per share changed from 0.83 in 2022 to -0.78 in 2024, a change of -194.1%.

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This page (NASDAQ:ARRY) was last updated on 5/30/2025 by MarketBeat.com Staff

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Array Technologies (ARRY) Financials

Frequently Asked Questions About Array Technologies' Financials

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Array Technologies (ARRY) Financials

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