Array Technologies (ARRY) Financials

$8.62 -0.17 (-1.93%)

Closing price 05/14/2026 04:00 PM Eastern

Extended Trading

$8.37 -0.25 (-2.88%)

As of 08:13 AM 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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-61	40	59	-66	-44	86	-296	-112
Consolidated Net Income / (Loss)	-61	40	59	-50	4.43	137	-240	-52
Net Income / (Loss) Continuing Operations	-61	40	59	-50	4.43	137	-240	-52
Total Pre-Tax Income	-81	65	78	-61	-4.95	177	-251	-29
Total Operating Income	-61	83	95	-25	-18	214	-227	-29
Total Gross Profit	12	151	203	68	213	416	298	299
Total Revenue	291	648	873	853	1,638	1,577	916	1,284
Operating Revenue	291	648	873	853	1,638	1,577	916	1,284
Total Cost of Revenue	279	497	670	785	1,425	1,161	618	986
Operating Cost of Revenue	279	497	670	785	1,425	1,161	618	986
Total Operating Expenses	73	67	108	93	231	201	525	328
Selling, General & Admin Expense	47	41	56	81	151	160	161	199
Depreciation Expense	27	26	26	9.37	85	39	36	26
Impairment Charge	-	-	-	-	0.00	0.00	328	103
Other Special Charges / (Income)	-0.83	0.64	26	2.70	-4.51	2.96	0.13	0.18
Total Other Income / (Expense), net	-19	-19	-17	-36	13	-37	-24	-0.22
Interest Expense	19	19	15	36	37	44	35	13
Interest & Investment Income	-	-	-	0.21	3.18	8.33	17	12
Other Income / (Expense), net	-0.45	-0.03	-2.31	-0.91	47	-1.07	-5.52	1.05
Income Tax Expense	-20	25	19	-11	-9.38	40	-10	23
Preferred Stock Dividends Declared	-	0.00	0.00	16	48	52	56	60
Basic Earnings per Share	($0.51)	$0.33	$0.49	($0.51)	($0.29)	$0.57	($1.95)	($0.73)
Weighted Average Basic Shares Outstanding	119.99M	119.99M	121.47M	129.98M	149.82M	150.94M	151.75M	152.54M
Diluted Earnings per Share	($0.51)	$0.33	$0.49	($0.51)	($0.29)	$0.56	($1.95)	($0.73)
Weighted Average Diluted Shares Outstanding	119.99M	119.99M	121.51M	129.98M	149.82M	152.02M	151.75M	152.54M
Weighted Average Basic & Diluted Shares Outstanding	-	-	126.99M	150.17M	150.77M	151.29M	152.01M	152.85M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	10	6.01	-11	12	-155	-141	2.30	28	18	-161	-14
Consolidated Net Income / (Loss)	23	19	2.17	26	-141	-127	17	43	34	-146	2.00
Net Income / (Loss) Continuing Operations	23	19	2.17	26	-141	-127	17	43	34	-146	2.00
Total Pre-Tax Income	30	22	3.47	34	-138	-150	23	57	43	-153	4.13
Total Operating Income	40	30	8.41	40	-133	-142	27	46	45	-148	7.11
Total Gross Profit	87	84	55	86	78	78	76	97	106	19	63
Total Revenue	350	342	153	256	231	275	302	362	393	226	223
Operating Revenue	350	342	153	256	231	275	302	362	393	226	223
Total Cost of Revenue	263	257	98	170	153	197	226	265	288	207	160
Operating Cost of Revenue	263	257	98	170	153	197	226	265	288	207	160
Total Operating Expenses	47	54	47	46	211	221	49	51	60	167	56
Selling, General & Admin Expense	37	44	38	37	40	46	44	45	52	57	50
Depreciation Expense	9.55	9.57	9.63	8.88	8.88	8.70	5.35	5.64	6.96	8.25	8.08
Other Special Charges / (Income)	0.19	0.73	-0.74	0.50	-0.04	0.40	-0.15	0.15	1.01	-0.84	-2.59
Total Other Income / (Expense), net	-9.88	-7.87	-4.95	-6.09	-4.83	-7.70	-4.00	11	-2.01	-4.71	-2.98
Interest Expense	13	8.86	8.94	8.61	8.26	9.01	8.04	-5.44	5.05	5.48	5.56
Interest & Investment Income	3.43	2.21	3.68	4.78	4.22	4.09	3.32	3.80	2.98	1.76	2.39
Other Income / (Expense), net	-0.24	-1.21	0.32	-2.26	-0.79	-2.79	0.71	1.26	0.06	-0.99	0.19
Income Tax Expense	7.23	3.01	1.30	7.81	3.85	-23	6.53	14	9.94	-7.07	2.13
Preferred Stock Dividends Declared	13	13	14	14	14	14	14	15	15	15	16
Basic Earnings per Share	$0.07	$0.05	($0.07)	$0.08	($1.02)	($0.94)	$0.02	$0.19	$0.12	($1.06)	($0.09)
Weighted Average Basic Shares Outstanding	151.07M	150.94M	151.35M	151.80M	151.92M	151.75M	152.08M	152.58M	152.73M	152.54M	152.96M
Diluted Earnings per Share	$0.07	$0.04	($0.07)	$0.08	($1.02)	($0.94)	$0.02	$0.19	$0.12	($1.06)	($0.09)
Weighted Average Diluted Shares Outstanding	152.32M	152.02M	151.35M	152.21M	151.92M	151.75M	152.78M	153.07M	154.09M	152.54M	152.96M
Weighted Average Basic & Diluted Shares Outstanding	151.22M	151.29M	151.77M	151.93M	151.94M	152.01M	152.55M	152.72M	152.75M	152.85M	153.83M

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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	33	320	-253	259	-234	115	115	-118
Net Cash From Operating Activities	-12	386	-122	-263	141	232	154	102
Net Cash From Continuing Operating Activities	-12	386	-122	-263	141	232	154	102
Net Income / (Loss) Continuing Operations	-61	40	59	-50	4.43	137	-240	-52
Consolidated Net Income / (Loss)	-61	40	59	-50	4.43	137	-240	-52
Depreciation Expense	28	27	27	11	87	40	38	30
Amortization Expense	2.99	3.97	3.37	30	21	25	21	23
Non-Cash Adjustments To Reconcile Net Income	7.43	2.77	11	15	21	28	346	153
Changes in Operating Assets and Liabilities, net	10	312	-223	-269	8.27	1.61	-11	-52
Net Cash From Investing Activities	-6.43	-1.70	-1.34	-15	-384	-17	-9.57	-188
Net Cash From Continuing Investing Activities	-6.43	-1.70	-1.34	-15	-384	-17	-9.57	-188
Purchase of Property, Plant & Equipment	-6.43	-1.70	-1.34	-3.36	-11	-17	-19	-22
Acquisitions	-	-	0.00	0.00	-374	0.00	0.00	-165
Purchase of Investments	-	0.00	0.00	-12	-	0.00	-3.00	-1.00
Sale of Property, Plant & Equipment	-	-	-	0.00	0.00	0.17	0.03	0.00
Sale and/or Maturity of Investments	-	-	-	-	0.00	0.00	12	0.00
Net Cash From Financing Activities	51	-64	-129	538	8.44	-102	-12	-38
Net Cash From Continuing Financing Activities	51	-64	-129	538	8.44	-102	-12	-38
Repayment of Debt	-80	-25	-254	-267	-154	-164	-103	-498
Issuance of Debt	51	0.00	575	764	169	63	93	496
Other Financing Activities, net	80	-39	0.00	-68	-1.48	-1.20	-1.43	-36
Effect of Exchange Rate Changes	-	-	0.00	0.00	0.74	1.81	-18	6.00

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	18	75	39	-5.30	50	32	-15	29	-156	23	-44
Net Cash From Operating Activities	72	94	48	3.96	45	58	-13	44	27	44	-29
Net Cash From Continuing Operating Activities	72	94	48	3.96	45	58	-13	44	27	44	-29
Net Income / (Loss) Continuing Operations	23	19	2.17	26	-141	-127	17	43	34	-146	2.00
Consolidated Net Income / (Loss)	23	19	2.17	26	-141	-127	17	43	34	-146	2.00
Depreciation Expense	9.91	9.95	10	9.33	9.56	9.21	5.93	6.26	7.74	9.85	9.75
Amortization Expense	7.76	5.09	5.19	5.19	5.19	5.08	5.15	5.59	5.38	6.62	6.49
Non-Cash Adjustments To Reconcile Net Income	4.51	11	4.28	3.41	167	172	7.03	-4.60	7.34	143	7.11
Changes in Operating Assets and Liabilities, net	26	49	26	-40	4.46	-1.41	-48	-6.67	-27	30	-55
Net Cash From Investing Activities	-2.19	-5.21	-2.39	-2.10	11	-16	-2.35	-6.63	-170	-8.48	-7.51
Net Cash From Continuing Investing Activities	-2.19	-5.21	-2.39	-2.10	11	-16	-2.35	-6.63	-170	-8.48	-7.51
Purchase of Property, Plant & Equipment	-2.19	-5.37	-2.40	-2.10	-1.08	-13	-2.35	-6.63	-5.51	-7.48	-7.51
Net Cash From Financing Activities	-45	-17	-4.58	0.43	-8.10	0.40	-1.73	-11	-13	-13	-7.61
Net Cash From Continuing Financing Activities	-45	-17	-4.58	0.43	-8.10	0.40	-1.73	-11	-13	-13	-7.61
Repayment of Debt	-82	-20	-5.43	-9.97	-13	-74	-8.38	-370	-64	-55	-29
Issuance of Debt	37	2.80	2.28	10	6.34	74	7.86	394	52	42	24
Other Financing Activities, net	-	-	-1.43	-	-1.15	-0.02	-1.20	-35	-	-	-2.57
Effect of Exchange Rate Changes	-6.26	3.61	-2.00	-7.59	2.32	-10	2.49	3.12	0.14	0.25	0.55

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	924	656	1,143	1,706	1,707	1,426	1,452
Total Current Assets	620	375	852	831	832	999	869
Cash & Equivalents	310	108	368	134	249	363	244
Restricted Cash	51	-	-	-	0.00	1.15	1.60
Accounts Receivable	96	119	236	421	332	276	272
Inventories, net	148	118	206	233	162	201	150
Prepaid Expenses	14	12	34	39	89	158	201
Plant, Property, & Equipment, net	11	9.77	11	23	28	26	58
Total Noncurrent Assets	293	271	280	852	847	401	525
Goodwill	70	70	70	416	436	160	135
Intangible Assets	224	198	175	386	354	181	239
Noncurrent Deferred & Refundable Income Taxes	-	-	9.35	16	16	18	24
Other Noncurrent Operating Assets	0.00	3.09	26	33	41	42	127
Total Liabilities & Shareholders' Equity	924	656	1,143	1,706	1,707	1,426	1,452
Total Liabilities	618	737	975	1,282	1,096	1,137	1,191
Total Current Liabilities	591	289	245	465	336	438	377
Short-Term Debt	62	13	6.07	40	23	32	25
Accounts Payable	130	85	92	170	119	172	144
Accrued Expenses	20	32	42	59	73	93	65
Current Deferred Revenue	329	150	100	179	66	120	128
Current Deferred & Payable Income Tax Liabilities	1.94	8.81	0.06	6.88	5.75	5.23	4.69
Other Current Liabilities	-	0.00	5.91	11	48	15	9.90
Total Noncurrent Liabilities	28	448	729	817	761	699	814
Long-Term Debt	0.00	424	711	720	661	647	659
Noncurrent Deferred & Payable Income Tax Liabilities	16	13	0.00	73	67	21	22
Other Noncurrent Operating Liabilities	12	11	18	24	33	31	134
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	237	300	351	407	467
Total Equity & Noncontrolling Interests	0.00	-81	-69	124	259	-118	-206
Total Preferred & Common Equity	0.00	-81	-69	124	259	-118	-206
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.00	-81	-69	124	259	-118	-206
Common Stock	0.00	141	203	383	345	298	227
Retained Earnings	0.00	-221	-272	-267	-130	-371	-423
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	8.43	45	-45	-10

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,682	1,794	1,853	1,779	1,629	1,652	1,563	1,426	1,542	1,611	1,475
Total Current Assets	872	867	908	863	774	849	902	976	1,038	867	879
Cash & Equivalents	63	148	156	174	288	282	332	348	377	222	201
Restricted Cash	-	-	-	-	-	-	-	1.17	1.50	1.59	1.29
Accounts Receivable	485	415	502	428	229	310	282	283	367	379	292
Inventories, net	270	255	207	216	179	166	196	187	178	181	168
Prepaid Expenses	41	46	43	45	79	91	92	157	115	84	217
Plant, Property, & Equipment, net	20	26	31	30	27	27	28	29	35	55	62
Total Noncurrent Assets	790	902	914	886	828	776	633	421	469	690	533
Goodwill	360	428	441	427	425	403	251	164	173	245	135
Intangible Assets	384	379	376	354	339	308	302	176	174	244	225
Noncurrent Deferred & Refundable Income Taxes	19	0.00	0.00	0.00	14	13	16	16	25	17	25
Other Noncurrent Operating Assets	28	94	97	106	50	52	65	64	97	183	149
Total Liabilities & Shareholders' Equity	1,682	1,794	1,853	1,779	1,629	1,652	1,563	1,426	1,542	1,611	1,475
Total Liabilities	1,332	1,275	1,240	1,162	1,033	1,073	1,106	1,102	1,177	1,207	1,207
Total Current Liabilities	513	471	435	401	284	338	375	408	468	458	390
Short-Term Debt	48	36	39	41	24	31	30	37	39	40	20
Accounts Payable	199	201	189	172	93	112	149	154	161	232	142
Accrued Expenses	95	60	63	75	37	59	50	80	104	81	75
Current Deferred Revenue	155	151	115	101	87	91	113	120	152	95	139
Current Deferred & Payable Income Tax Liabilities	11	12	17	6.14	7.03	3.37	1.44	8.73	4.98	2.48	5.69
Other Current Liabilities	4.98	10	13	6.16	36	41	31	9.13	7.58	7.67	9.51
Total Noncurrent Liabilities	819	804	806	762	750	735	731	694	709	748	817
Long-Term Debt	725	706	702	659	658	652	648	645	658	658	657
Capital Lease Obligations	-	-	-	-	-	-	-	-	-	-	89
Noncurrent Deferred & Payable Income Tax Liabilities	74	73	75	70	63	55	55	22	23	22	21
Other Noncurrent Operating Liabilities	20	25	28	33	29	29	28	28	28	68	49
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	288	312	325	338	365	379	393	421	436	451	482
Total Equity & Noncontrolling Interests	62	207	287	278	231	200	64	-98	-71	-47	-214
Total Preferred & Common Equity	62	207	287	278	231	200	64	-98	-71	-47	-214
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	62	207	287	278	231	200	64	-98	-71	-47	-214
Common Stock	393	426	418	408	334	321	308	286	248	238	215
Retained Earnings	-258	-241	-177	-153	-128	-102	-244	-354	-311	-277	-421
Accumulated Other Comprehensive Income / (Loss)	-73	22	46	24	26	-18	-0.29	-30	-8.69	-7.80	-8.16

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

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	122.81%	34.69%	-2.22%	91.90%	-3.72%	-41.91%	40.22%
EBITDA Growth	0.00%	479.52%	7.93%	-87.61%	789.91%	104.03%	-162.37%	114.14%
EBIT Growth	0.00%	235.23%	11.43%	-127.60%	211.37%	645.97%	-209.14%	87.98%
NOPAT Growth	0.00%	219.82%	40.87%	-123.95%	26.71%	1,406.83%	-195.80%	87.23%
Net Income Growth	0.00%	165.41%	48.63%	-185.32%	108.79%	2,996.57%	-275.16%	78.27%
EPS Growth	0.00%	164.71%	48.48%	-204.08%	43.14%	293.10%	-448.21%	62.56%
Operating Cash Flow Growth	0.00%	3,392.17%	-131.65%	-115.37%	153.76%	63.93%	-33.62%	-33.90%
Free Cash Flow Firm Growth	0.00%	0.00%	-4,722.50%	-135.89%	-89.86%	131.33%	65.81%	-140.63%
Invested Capital Growth	0.00%	0.00%	360.28%	108.84%	102.85%	-0.47%	-42.30%	15.71%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.83%	12.52%	-3.69%	-6.76%	-3.69%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-55.28%	77.40%	-1.05%	-14,173.10%	-6.76%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-271.36%	361.93%	4.90%	-298.25%	-16.51%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-255.02%	66.72%	20.12%	-316.99%	-24.79%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-31.69%	136.27%	21.83%	-155.33%	-56.43%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-54.55%	32.56%	40.00%	-101.03%	-19.67%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-171.43%	-327.65%	365.33%	-1.48%	-19.12%	-12.05%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	18.16%	204.32%	-5.85%	-23.14%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	19.88%	-0.91%	-8.46%	-24.88%	-20.70%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	3.97%	23.27%	23.24%	8.00%	12.99%	26.36%	32.50%	23.25%
EBITDA Margin	-10.39%	17.70%	14.18%	1.80%	8.33%	17.66%	-18.96%	1.91%
Operating Margin	-21.05%	12.87%	10.91%	-2.90%	-1.11%	13.58%	-24.79%	-2.26%
EBIT Margin	-21.20%	12.87%	10.65%	-3.01%	1.74%	13.51%	-25.39%	-2.18%
Profit (Net Income) Margin	-20.90%	6.13%	6.77%	-5.91%	0.27%	8.71%	-26.25%	-4.07%
Tax Burden Percent	75.30%	61.54%	75.95%	82.46%	-89.50%	77.47%	95.94%	178.78%
Interest Burden Percent	130.89%	77.46%	83.72%	238.33%	-17.34%	83.15%	107.76%	104.55%
Effective Tax Rate	0.00%	38.46%	24.05%	0.00%	0.00%	22.53%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	190.63%	47.93%	-4.52%	-1.62%	15.83%	-19.28%	-3.12%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	147.59%	41.01%	-14.28%	1.89%	10.43%	-41.04%	-11.62%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-193.97%	-110.87%	3.12%	10.70%	-34.18%	-15.90%
Return on Equity (ROE)	0.00%	0.00%	-146.04%	-115.39%	1.50%	26.54%	-53.46%	-19.02%
Cash Return on Invested Capital (CROIC)	0.00%	-9.37%	-80.68%	-75.01%	-69.54%	16.30%	34.36%	-17.69%
Operating Return on Assets (OROA)	0.00%	9.03%	11.76%	-2.85%	2.01%	12.49%	-14.85%	-1.94%
Return on Assets (ROA)	0.00%	4.30%	7.48%	-5.60%	0.31%	8.04%	-15.35%	-3.63%
Return on Common Equity (ROCE)	0.00%	0.00%	-146.04%	198.28%	0.14%	9.84%	-8.39%	11.24%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-73.02%	72.83%	3.57%	52.94%	203.56%	0.00%
Net Operating Profit after Tax (NOPAT)	-43	51	72	-17	-13	166	-159	-20
NOPAT Margin	-14.73%	7.92%	8.29%	-2.03%	-0.78%	10.52%	-17.35%	-1.58%
Net Nonoperating Expense Percent (NNEP)	0.00%	43.03%	6.92%	9.76%	-3.51%	5.40%	21.76%	8.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-1.44%	17.59%	-28.36%	-4.25%
Cost of Revenue to Revenue	96.03%	76.73%	76.76%	92.00%	87.01%	73.64%	67.50%	76.75%
SG&A Expenses to Revenue	16.12%	6.36%	6.38%	9.49%	9.21%	10.12%	17.53%	15.47%
R&D to Revenue	0.00%	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%	25.51%
Earnings before Interest and Taxes (EBIT)	-62	83	93	-26	29	213	-233	-28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-30	115	124	15	136	278	-174	25
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	23.41	9.80	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
Price to Revenue (P/Rev)	3.59	1.61	6.28	2.48	1.78	1.61	1.00	1.10
Price to Earnings (P/E)	0.00	26.29	92.74	0.00	0.00	29.70	0.00	0.00
Dividend Yield	0.00%	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%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	13.85	23.43	5.23	3.65	3.18	2.72	3.31
Enterprise Value to Revenue (EV/Rev)	0.00	1.15	6.65	3.17	2.34	2.11	1.79	1.80
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.51	46.93	176.41	28.10	11.95	0.00	94.17
Enterprise Value to EBIT (EV/EBIT)	0.00	8.95	62.51	0.00	134.27	15.61	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	14.53	80.31	0.00	0.00	20.05	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	1.93	0.00	0.00	27.10	14.34	10.64	22.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	19.48	5.79	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	-5.40	4.26	1.79	1.12	2.35	2.63
Long-Term Debt to Equity	0.00	0.00	-5.24	4.23	1.70	1.08	2.24	2.53
Financial Leverage	0.00	0.00	-4.73	7.76	1.65	1.03	0.83	1.37
Leverage Ratio	0.00	0.00	-19.53	20.59	4.81	3.30	3.48	5.24
Compound Leverage Factor	0.00	0.00	-16.35	49.08	-0.83	2.74	3.75	5.48
Debt to Total Capital	0.00%	100.00%	122.70%	81.00%	64.20%	52.83%	70.14%	72.41%
Short-Term Debt to Total Capital	0.00%	100.00%	3.72%	0.69%	3.37%	1.77%	3.30%	2.63%
Long-Term Debt to Total Capital	0.00%	0.00%	118.98%	80.31%	60.84%	51.06%	66.84%	69.78%
Preferred Equity to Total Capital	0.00%	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%	49.45%
Common Equity to Total Capital	0.00%	0.00%	-22.70%	-7.82%	10.50%	20.03%	-12.21%	-21.86%
Debt to EBITDA	0.00	0.54	3.53	46.76	5.57	2.46	-3.91	27.83
Net Debt to EBITDA	0.00	-2.61	2.66	22.79	4.59	1.56	-1.81	17.82
Long-Term Debt to EBITDA	0.00	0.00	3.43	46.37	5.28	2.37	-3.72	26.82
Debt to NOPAT	0.00	1.21	6.05	-41.41	-59.89	4.12	-4.27	-33.68
Net Debt to NOPAT	0.00	-5.82	4.55	-20.18	-49.35	2.62	-1.98	-21.56
Long-Term Debt to NOPAT	0.00	0.00	5.86	-41.06	-56.75	3.98	-4.07	-32.45
Altman Z-Score	0.00	2.05	5.94	2.28	2.41	2.97	0.70	1.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	271.83%	90.70%	62.92%	84.31%	159.07%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.05	1.30	3.47	1.79	2.48	2.28	2.31
Quick Ratio	0.00	0.69	0.79	2.46	1.19	1.73	1.46	1.37
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-2.52	-122	-287	-545	171	283	-115
Operating Cash Flow to CapEx	-182.38%	22,750.32%	-9,133.41%	-7,839.95%	1,332.45%	1,378.96%	830.22%	463.25%
Free Cash Flow to Firm to Interest Expense	0.00	-0.13	-8.05	-8.05	-14.86	3.86	8.13	-8.77
Operating Cash Flow to Interest Expense	-0.62	20.54	-8.08	-7.38	3.86	5.24	4.42	7.76
Operating Cash Flow Less CapEx to Interest Expense	-0.95	20.45	-8.17	-7.47	3.57	4.86	3.89	6.08
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.70	1.10	0.95	1.15	0.92	0.58	0.89
Accounts Receivable Turnover	0.00	6.73	8.12	4.81	4.98	4.19	3.01	4.69
Inventory Turnover	0.00	3.36	5.03	4.84	6.49	5.88	3.41	5.61
Fixed Asset Turnover	0.00	60.78	85.41	83.39	96.71	61.74	33.85	30.41
Accounts Payable Turnover	0.00	3.84	6.24	8.87	10.86	8.01	4.24	6.23
Days Sales Outstanding (DSO)	0.00	54.22	44.95	75.86	73.24	87.21	121.16	77.80
Days Inventory Outstanding (DIO)	0.00	108.68	72.60	75.35	56.21	62.11	107.11	65.03
Days Payable Outstanding (DPO)	0.00	95.14	58.46	41.15	33.61	45.57	86.17	58.58
Cash Conversion Cycle (CCC)	0.00	67.76	59.09	110.06	95.83	103.74	142.10	84.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	54	248	518	1,050	1,045	603	698
Invested Capital Turnover	0.00	24.06	5.78	2.23	2.09	1.50	1.11	1.97
Increase / (Decrease) in Invested Capital	0.00	54	194	270	532	-4.92	-442	95
Enterprise Value (EV)	0.00	746	5,807	2,705	3,835	3,326	1,639	2,313
Market Capitalization	1,045	1,045	5,479	2,119	2,909	2,540	918	1,408
Book Value per Share	$0.00	$0.00	($0.64)	($0.51)	$0.83	$1.71	($0.78)	($1.35)
Tangible Book Value per Share	$0.00	($2.44)	($2.75)	($2.32)	($4.51)	($3.51)	($3.03)	($3.80)
Total Capital	0.00	62	356	885	1,184	1,294	967	944
Total Debt	0.00	62	437	717	760	684	678	684
Total Long-Term Debt	0.00	0.00	424	711	720	661	647	659
Net Debt	0.00	-299	329	349	626	435	314	438
Capital Expenditures (CapEx)	6.43	1.70	1.34	3.36	11	17	19	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-270	-9.10	245	272	270	229	271
Debt-free Net Working Capital (DFNWC)	0.00	91	99	613	406	519	593	517
Net Working Capital (NWC)	0.00	29	86	607	366	497	561	492
Net Nonoperating Expense (NNE)	18	12	13	33	-17	29	81	32
Net Nonoperating Obligations (NNO)	0.00	54	329	349	626	435	314	438
Total Depreciation and Amortization (D&A)	31	31	31	41	108	65	59	53
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-41.67%	-1.04%	28.73%	16.61%	17.15%	24.97%	21.10%
Debt-free Net Working Capital to Revenue	0.00%	14.09%	11.38%	71.81%	24.78%	32.95%	64.73%	40.25%
Net Working Capital to Revenue	0.00%	4.49%	9.86%	71.10%	22.35%	31.50%	61.25%	38.32%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.49	$0.00	$0.00	$0.57	($1.95)	($0.73)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	121.47M	0.00	0.00	150.94M	151.75M	152.54M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.49	$0.00	$0.00	$0.56	($1.95)	($0.73)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	121.51M	0.00	0.00	152.02M	151.75M	152.54M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	152.85M
Normalized Net Operating Profit after Tax (NOPAT)	-43	52	92	-15	-16	168	71	52
Normalized NOPAT Margin	-14.93%	7.98%	10.59%	-1.81%	-0.97%	10.67%	7.72%	4.02%
Pre Tax Income Margin	-27.75%	9.97%	8.91%	-7.16%	-0.30%	11.24%	-27.36%	-2.28%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.24	4.44	6.14	-0.72	0.78	4.82	-6.68	-2.13
NOPAT to Interest Expense	-2.25	2.73	4.78	-0.49	-0.35	3.75	-4.56	-1.55
EBIT Less CapEx to Interest Expense	-3.58	4.35	6.05	-0.81	0.49	4.44	-7.21	-3.80
NOPAT Less CapEx to Interest Expense	-2.59	2.64	4.69	-0.58	-0.64	3.37	-5.10	-3.22
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	997.07%	-15.97%	421.25%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	1,008.01%	-15.97%	421.25%	0.00%	0.00%	0.00%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	152,848,992.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	152,848,992.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-31.96%	-15.04%	-59.29%	-49.63%	-33.97%	-19.43%	97.10%	41.63%	70.04%	-17.87%	-26.11%
EBITDA Growth	-32.65%	-6.29%	-62.90%	-53.68%	-305.98%	-397.10%	62.49%	14.71%	149.39%	-1.36%	-39.75%
EBIT Growth	-31.91%	52.30%	-81.61%	-61.36%	-433.94%	-600.36%	220.72%	27.58%	134.10%	-2.73%	-73.92%
NOPAT Growth	121.89%	360.35%	-85.83%	-58.10%	-403.29%	-481.09%	273.75%	16.14%	137.74%	-4.05%	-82.46%
Net Income Growth	-43.17%	468.35%	-92.69%	-60.56%	-711.98%	-756.10%	673.49%	68.35%	123.70%	-14.85%	-88.07%
EPS Growth	-63.16%	133.33%	-163.64%	-76.47%	-1,557.14%	-2,450.00%	128.57%	137.50%	111.76%	-12.77%	-550.00%
Operating Cash Flow Growth	-31.65%	-3.58%	3.68%	-80.74%	-37.26%	-38.73%	-127.49%	1,007.94%	-39.11%	-24.22%	-125.29%
Free Cash Flow Firm Growth	91.64%	105.73%	41.85%	833.91%	579.11%	1,002.41%	175.97%	32.66%	-117.12%	-157.94%	-148.72%
Invested Capital Growth	7.73%	-0.47%	-11.06%	-18.30%	-29.68%	-42.30%	-33.81%	-30.23%	9.61%	15.71%	26.86%
Revenue Q/Q Growth	-30.98%	-2.52%	-55.09%	66.73%	-9.52%	18.94%	9.86%	19.80%	8.63%	-42.55%	-1.16%
EBITDA Q/Q Growth	-48.52%	-23.58%	-45.40%	115.67%	-328.92%	-10.23%	129.86%	52.25%	-1.44%	-326.21%	117.75%
EBIT Q/Q Growth	-58.64%	-27.42%	-69.91%	327.77%	-457.43%	-8.74%	119.29%	70.17%	-4.46%	-427.59%	104.90%
NOPAT Q/Q Growth	-57.76%	-14.61%	-79.92%	478.38%	-405.79%	-7.29%	119.70%	79.73%	-0.63%	-395.78%	103.32%
Net Income Q/Q Growth	-64.55%	-16.26%	-88.81%	1,086.97%	-650.06%	10.22%	113.20%	158.34%	-22.56%	-535.02%	101.37%
EPS Q/Q Growth	-79.41%	-42.86%	-275.00%	214.29%	-1,375.00%	7.84%	102.13%	850.00%	-36.84%	-983.33%	91.51%
Operating Cash Flow Q/Q Growth	248.68%	31.23%	-49.46%	-91.67%	1,035.58%	28.15%	-122.68%	435.71%	-37.59%	59.49%	-167.42%
Free Cash Flow Firm Q/Q Growth	-292.11%	160.50%	313.46%	94.35%	-1.45%	39.20%	3.50%	-6.57%	-112.72%	-371.11%	12.98%
Invested Capital Q/Q Growth	-4.69%	-8.46%	-5.24%	-1.18%	-17.97%	-24.88%	8.70%	4.17%	28.87%	-20.70%	19.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.93%	24.66%	35.91%	33.61%	33.84%	28.46%	25.28%	26.81%	26.85%	8.55%	28.20%
EBITDA Margin	16.45%	12.89%	15.68%	20.28%	-51.30%	-47.54%	12.92%	16.42%	14.90%	-58.68%	10.54%
Operating Margin	11.47%	8.85%	5.48%	15.48%	-57.33%	-51.72%	9.02%	12.80%	11.55%	-65.52%	3.18%
EBIT Margin	11.40%	8.49%	5.69%	14.60%	-57.67%	-52.73%	9.26%	13.15%	11.57%	-65.96%	3.27%
Profit (Net Income) Margin	6.59%	5.66%	1.41%	10.05%	-61.08%	-46.11%	5.54%	11.94%	8.51%	-64.48%	0.89%
Tax Burden Percent	76.16%	86.52%	62.41%	76.69%	102.80%	84.57%	71.93%	76.06%	77.12%	95.37%	48.41%
Interest Burden Percent	75.88%	77.07%	39.74%	89.74%	103.03%	103.39%	83.15%	119.39%	95.45%	102.50%	56.50%
Effective Tax Rate	23.84%	13.48%	37.59%	23.31%	0.00%	0.00%	28.07%	23.94%	22.88%	0.00%	51.59%
Return on Invested Capital (ROIC)	12.99%	11.52%	4.40%	12.01%	-40.54%	-40.23%	8.40%	13.73%	14.11%	-90.53%	2.50%
ROIC Less NNEP Spread (ROIC-NNEP)	11.78%	10.23%	3.78%	11.07%	-51.67%	-47.50%	7.60%	15.95%	13.74%	-101.72%	2.17%
Return on Net Nonoperating Assets (RNNOA)	15.07%	10.50%	3.35%	9.16%	-41.94%	-39.57%	6.01%	12.14%	13.09%	-139.26%	3.29%
Return on Equity (ROE)	28.06%	22.02%	7.75%	21.18%	-82.48%	-79.79%	14.41%	25.86%	27.21%	-229.79%	5.79%
Cash Return on Invested Capital (CROIC)	5.10%	16.30%	24.51%	28.68%	30.93%	34.36%	22.98%	18.65%	-11.10%	-17.69%	-28.31%
Operating Return on Assets (OROA)	10.79%	7.84%	4.50%	9.18%	-33.90%	-30.83%	6.45%	9.65%	9.72%	-58.86%	2.72%
Return on Assets (ROA)	6.24%	5.23%	1.12%	6.31%	-35.91%	-26.96%	3.86%	8.76%	7.15%	-57.54%	0.74%
Return on Common Equity (ROCE)	9.89%	8.16%	3.05%	8.67%	-26.35%	-12.52%	2.09%	3.54%	0.56%	135.74%	-3.06%
Return on Equity Simple (ROE_SIMPLE)	40.45%	0.00%	47.47%	35.16%	-146.00%	0.00%	230.95%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	31	26	5.25	30	-93	-100	20	35	35	-104	3.44
NOPAT Margin	8.74%	7.65%	3.42%	11.87%	-40.13%	-36.20%	6.49%	9.74%	8.91%	-45.86%	1.54%
Net Nonoperating Expense Percent (NNEP)	1.22%	1.28%	0.62%	0.95%	11.13%	7.28%	0.79%	-2.23%	0.38%	11.19%	0.32%
Return On Investment Capital (ROIC_SIMPLE)	-	2.77%	0.58%	-	-	-17.78%	3.36%	5.64%	5.38%	-21.73%	0.62%
Cost of Revenue to Revenue	75.07%	75.34%	64.09%	66.39%	66.16%	71.54%	74.72%	73.19%	73.15%	91.45%	71.80%
SG&A Expenses to Revenue	10.68%	12.80%	24.63%	14.46%	17.35%	16.59%	14.53%	12.41%	13.28%	25.42%	22.56%
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	13.46%	15.81%	30.43%	18.12%	91.18%	80.17%	16.25%	14.01%	15.30%	74.07%	25.02%
Earnings before Interest and Taxes (EBIT)	40	29	8.73	37	-133	-145	28	48	46	-149	7.30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	44	24	52	-119	-131	39	59	59	-133	24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.04	9.80	9.75	7.79	15.55	0.00	0.00	0.00	0.00	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)	2.05	1.61	1.67	1.41	1.02	1.00	0.70	0.77	0.93	1.10	0.92
Price to Earnings (P/E)	53.83	29.70	39.51	93.64	0.00	0.00	0.00	0.00	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	1.86%	3.37%	2.53%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.69	3.18	3.04	2.39	2.17	2.72	2.28	2.42	2.47	3.31	2.59
Enterprise Value to Revenue (EV/Rev)	2.58	2.11	2.23	2.12	1.77	1.79	1.40	1.41	1.63	1.80	1.79
Enterprise Value to EBITDA (EV/EBITDA)	14.98	11.95	12.68	13.15	1,411.01	0.00	0.00	0.00	82.45	94.17	238.29
Enterprise Value to EBIT (EV/EBIT)	20.76	15.61	17.29	20.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	30.53	20.05	22.37	25.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	17.91	14.34	12.90	10.76	9.15	10.64	15.99	12.41	18.76	22.72	25.18
Enterprise Value to Free Cash Flow (EV/FCFF)	75.11	19.48	11.69	7.48	5.79	5.79	7.90	10.67	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	1.12	1.14	1.18	1.48	2.35	2.11	1.91	1.73	2.63	2.86
Long-Term Debt to Equity	1.07	1.08	1.10	1.13	1.42	2.24	1.99	1.80	1.63	2.53	2.79
Financial Leverage	1.28	1.03	0.89	0.83	0.81	0.83	0.79	0.76	0.95	1.37	1.51
Leverage Ratio	3.58	3.30	3.07	2.94	3.11	3.48	3.32	3.38	3.68	5.24	4.90
Compound Leverage Factor	2.72	2.54	1.22	2.64	3.21	3.60	2.76	4.04	3.52	5.37	2.77
Debt to Total Capital	53.16%	52.83%	53.37%	54.13%	59.74%	70.14%	67.80%	65.59%	63.33%	72.41%	74.09%
Short-Term Debt to Total Capital	3.08%	1.77%	1.91%	2.47%	2.64%	3.30%	3.68%	3.66%	3.65%	2.63%	1.91%
Long-Term Debt to Total Capital	50.07%	51.06%	51.46%	51.66%	57.10%	66.84%	64.12%	61.94%	59.68%	69.78%	72.18%
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	25.68%	27.14%	28.54%	30.01%	34.58%	42.07%	41.92%	41.08%	40.91%	49.45%	46.65%
Common Equity to Total Capital	21.16%	20.03%	18.09%	15.86%	5.68%	-12.21%	-9.73%	-6.67%	-4.23%	-21.86%	-20.74%
Debt to EBITDA	2.49	2.46	2.87	3.84	549.63	-3.91	-4.30	-4.61	26.52	27.83	84.83
Net Debt to EBITDA	1.87	1.56	1.66	2.25	280.29	-1.81	-2.09	-2.10	18.05	17.82	62.46
Long-Term Debt to EBITDA	2.34	2.37	2.77	3.67	525.38	-3.72	-4.06	-4.35	25.00	26.82	82.65
Debt to NOPAT	5.07	4.12	5.06	7.35	-17.80	-4.27	-4.68	-4.94	-42.95	-33.68	-22.25
Net Debt to NOPAT	3.81	2.62	2.93	4.31	-9.08	-1.98	-2.28	-2.25	-29.24	-21.56	-16.38
Long-Term Debt to NOPAT	4.77	3.98	4.88	7.02	-17.01	-4.07	-4.42	-4.67	-40.48	-32.45	-21.68
Altman Z-Score	2.92	2.61	2.41	1.90	1.08	0.90	1.35	1.48	1.60	1.25	1.38
Noncontrolling Interest Sharing Ratio	64.77%	62.92%	60.68%	59.07%	68.05%	84.31%	85.49%	86.32%	97.94%	159.07%	152.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.16	2.48	2.73	2.51	2.41	2.28	2.39	2.22	1.89	2.31	2.25
Quick Ratio	1.50	1.73	1.82	1.75	1.64	1.46	1.54	1.59	1.31	1.37	1.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-51	31	128	250	246	342	354	331	-42	-198	-173
Operating Cash Flow to CapEx	3,268.74%	1,748.81%	1,990.86%	188.25%	4,168.37%	442.46%	-555.23%	661.15%	496.34%	583.73%	-391.71%
Free Cash Flow to Firm to Interest Expense	-3.93	3.51	14.37	28.98	29.77	38.02	44.11	0.00	-8.35	-36.20	-31.04
Operating Cash Flow to Interest Expense	5.48	10.61	5.31	0.46	5.44	6.39	-1.63	0.00	5.42	7.96	-5.29
Operating Cash Flow Less CapEx to Interest Expense	5.31	10.00	5.05	0.22	5.31	4.95	-1.92	0.00	4.33	6.60	-6.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.92	0.79	0.63	0.59	0.58	0.70	0.73	0.84	0.89	0.83
Accounts Receivable Turnover	3.59	4.19	4.20	2.71	2.77	3.01	4.16	3.46	4.04	4.69	4.19
Inventory Turnover	5.09	5.88	4.52	4.23	3.30	3.41	4.08	4.90	5.18	5.61	5.19
Fixed Asset Turnover	66.08	61.74	51.50	38.40	34.37	33.85	38.42	37.93	32.40	30.41	26.52
Accounts Payable Turnover	6.66	8.01	6.67	5.24	4.23	4.24	6.03	6.15	5.12	6.23	6.22
Days Sales Outstanding (DSO)	101.77	87.21	86.85	134.58	131.88	121.16	87.72	105.47	90.43	77.80	87.06
Days Inventory Outstanding (DIO)	71.72	62.11	80.69	86.21	110.72	107.11	89.46	74.56	70.43	65.03	70.39
Days Payable Outstanding (DPO)	54.79	45.57	54.74	69.69	86.31	86.17	60.49	59.40	71.27	58.58	58.70
Cash Conversion Cycle (CCC)	118.70	103.74	112.79	151.10	156.30	142.10	116.69	120.63	89.59	84.25	98.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,142	1,045	990	979	803	603	656	683	880	698	832
Invested Capital Turnover	1.49	1.50	1.29	1.01	1.01	1.11	1.29	1.41	1.58	1.97	1.62
Increase / (Decrease) in Invested Capital	82	-4.92	-123	-219	-339	-442	-335	-296	77	95	176
Enterprise Value (EV)	4,216	3,326	3,014	2,336	1,741	1,639	1,494	1,654	2,172	2,313	2,151
Market Capitalization	3,352	2,540	2,255	1,557	1,003	918	740	900	1,245	1,408	1,105
Book Value per Share	$1.84	$1.71	$1.53	$1.32	$0.42	($0.78)	($0.64)	($0.46)	($0.31)	($1.35)	($1.40)
Tangible Book Value per Share	($3.32)	($3.51)	($3.52)	($3.36)	($3.21)	($3.03)	($2.88)	($2.74)	($3.51)	($3.80)	($3.76)
Total Capital	1,316	1,294	1,278	1,261	1,135	967	1,005	1,062	1,103	944	1,034
Total Debt	699	684	682	683	678	678	682	696	699	684	766
Total Long-Term Debt	659	661	658	652	648	647	645	658	658	659	746
Net Debt	525	435	394	400	346	314	332	318	476	438	564
Capital Expenditures (CapEx)	2.19	5.37	2.39	2.10	1.08	13	2.35	6.63	5.51	7.48	7.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	329	270	228	260	225	229	255	230	225	271	307
Debt-free Net Working Capital (DFNWC)	503	519	515	542	557	593	605	609	448	517	509
Net Working Capital (NWC)	463	497	491	511	527	561	568	570	408	492	489
Net Nonoperating Expense (NNE)	7.52	6.80	3.09	4.67	48	27	2.88	-7.99	1.55	42	1.44
Net Nonoperating Obligations (NNO)	525	435	394	400	346	314	332	318	476	438	564
Total Depreciation and Amortization (D&A)	18	15	15	15	15	14	11	12	13	16	16
Debt-free, Cash-free Net Working Capital to Revenue	20.11%	17.15%	16.81%	23.63%	22.90%	24.97%	23.98%	19.65%	16.89%	21.10%	25.45%
Debt-free Net Working Capital to Revenue	30.74%	32.95%	38.07%	49.26%	56.74%	64.73%	56.80%	51.99%	33.62%	40.25%	42.21%
Net Working Capital to Revenue	28.26%	31.50%	36.27%	46.44%	53.70%	61.25%	53.33%	48.68%	30.60%	38.32%	40.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.07	$0.05	($0.07)	$0.08	($1.02)	($0.94)	$0.02	$0.19	$0.12	($1.06)	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	151.07M	150.94M	151.35M	151.80M	151.92M	151.75M	152.08M	152.58M	152.73M	152.54M	152.96M
Adjusted Diluted Earnings per Share	$0.07	$0.04	($0.07)	$0.08	($1.02)	($0.94)	$0.02	$0.19	$0.12	($1.06)	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	152.32M	152.02M	151.35M	152.21M	151.92M	151.75M	152.78M	153.07M	154.09M	152.54M	152.96M
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	151.22M	151.29M	151.77M	151.93M	151.94M	152.01M	152.55M	152.72M	152.75M	152.85M	153.83M
Normalized Net Operating Profit after Tax (NOPAT)	31	27	4.79	31	21	-99	20	35	36	-104	3.17
Normalized NOPAT Margin	8.78%	7.84%	3.12%	12.03%	8.86%	-36.10%	6.46%	9.77%	9.11%	-46.12%	1.42%
Pre Tax Income Margin	8.65%	6.54%	2.26%	13.10%	-59.42%	-54.52%	7.70%	15.70%	11.04%	-67.61%	1.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.06	3.27	0.98	4.33	-16.15	-16.11	3.48	0.00	9.02	-27.20	1.31
NOPAT to Interest Expense	2.34	2.95	0.59	3.53	-11.24	-11.06	2.44	0.00	6.95	-18.91	0.62
EBIT Less CapEx to Interest Expense	2.89	2.67	0.71	4.09	-16.28	-17.56	3.19	0.00	7.93	-28.56	-0.04
NOPAT Less CapEx to Interest Expense	2.18	2.35	0.32	3.28	-11.37	-12.51	2.15	0.00	5.85	-20.28	-0.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Array Technologies, Inc. (NASDAQ: ARRY) has delivered a highly volatile mix of quarterly results over the last four years, with notable swings in profitability, steady cash generation in several quarters, and a large debt load that shapes its balance sheet. Below are the key takeaways focused on trends that matter for retail investors.

Profitability swing seen in 2025: Q3 2025 net income attributable to common shareholders was positive at about $18.36 million (EPS $0.12), marking a rare quarterly profit amid a history of GAAP losses.
Operating cash flow generally positive in 2025: Cash flow from continuing operating activities was positive in multiple 2025 quarters, suggesting cash generation from core operations even when GAAP net income was negative in several periods.
Robust mid-2025 revenue before a Q4 pullback: Quarterly revenue was strong in mid-2025 (Q2 2025: ~$362.2M; Q3 2025: ~$393.5M), though Q4 2025 revenue fell to about $226.0M.
Healthy near-term liquidity in mid-2025: At Q3 2025, current assets were about $866.5M against current liabilities of roughly $458.5M, indicating a current ratio near 1.9x.
Active debt financing used to bolster liquidity: The company raised debt in 2025 quarters (Q2: +$39.4M; Q3: +$51.6M; Q4: +$42.5M), providing liquidity to support operations and capex needs.
Gross margin relatively stable, then compressed in Q4 2025: Gross margin held in the mid-20s% in Q2 and Q3 2025 (Q2 GM ~26.9%; Q3 GM ~26.9%), but collapsed in Q4 2025 to about 8.6% (gross profit $19.3M on $226.0M revenue).
Moderate capital expenditure: Quarterly purchases of property, plant and equipment were modest (roughly $2–7M per quarter), indicating ongoing but not outsized investment in capacity.
Leverage continues to be high: Long-term debt around $658M and total liabilities near $1.2B, with substantial negative equity in some periods, highlighting elevated leverage and balance-sheet risk.
Earnings volatility remains pronounced: The company regularly shifts between profit and loss on a GAAP basis within the year, reflecting ongoing earnings volatility alongside operating cash generation.
One-quarter extreme bottom-line adverse result in 2025: Q4 2025 net income attributable to common shareholders dropped to about -$161.2M (EPS -$1.06), underscoring material negative charges or remeasurement impacts in that quarter.

05/15/26 07:45 AM ETAI Generated. May Contain Errors.

Array Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Array Technologies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Array Technologies' net income appears to be on an upward trend, with a most recent value of -$52.24 million in 2025, falling from -$60.76 million in 2018. The previous period was -$240.39 million in 2024. Check out Array Technologies' forecast to explore projected trends and price targets.

Array Technologies' total operating income in 2025 was -$29.00 million, based on the following breakdown:

Total Gross Profit: $298.55 million
Total Operating Expenses: $327.55 million

Over the last 7 years, Array Technologies' total revenue changed from $290.78 million in 2018 to $1.28 billion in 2025, a change of 341.6%.

Array Technologies' total liabilities were at $1.19 billion at the end of 2025, a 4.8% increase from 2024, and a 92.6% increase since 2019.

In the past 6 years, Array Technologies' cash and equivalents has ranged from $108.44 million in 2020 to $367.67 million in 2021, and is currently $244.39 million as of their latest financial filing in 2025.

Over the last 7 years, Array Technologies' book value per share changed from 0.00 in 2018 to -1.35 in 2025, a change of -135.1%.

Related Companies

Financial statements for NASDAQ:ARRY last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Array Technologies (ARRY) Financials

Financials Breakdown Chart

Key Financial Trends

Array Technologies Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Array Technologies (ARRY) Financials

Annual Income Statements for Array Technologies

Quarterly Income Statements for Array Technologies

Annual Cash Flow Statements for Array Technologies

Quarterly Cash Flow Statements for Array Technologies

Annual Balance Sheets for Array Technologies

Quarterly Balance Sheets for Array Technologies

Annual Metrics And Ratios for Array Technologies

Quarterly Metrics And Ratios for Array Technologies

Financials Breakdown Chart

Key Financial Trends

Array Technologies Financials - Frequently Asked Questions

When does Array Technologies' financial year end?

How has Array Technologies' net income changed over the last 7 years?

What is Array Technologies' operating income?

How has Array Technologies' revenue changed over the last 7 years?

How much debt does Array Technologies have?

How much cash does Array Technologies have?

How has Array Technologies' book value per share changed over the last 7 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools