ARRY · Array Technologies, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.28B | $915.81M | $1.58B | $1.64B | $853.32M | $872.66M |
| Cost of Revenue | $985.59M | $618.13M | $1.16B | $1.41B | $770.46M | $669.86M |
| Gross Profit | $298.55M | $297.68M | $415.55M | $227.28M | $82.86M | $202.80M |
| R&D | $9.90M | $6.70M | - | - | - | - |
| SG&A | $198.61M | $160.57M | $159.53M | $150.78M | $80.97M | $55.63M |
| Total Operating Expenses | $327.55M | $524.68M | $201.43M | $245.41M | $107.60M | $107.59M |
| D&A | $26.20M | $36.09M | $38.93M | $101.06M | $25.95M | $27.47M |
| Operating Income | ($29.00M) | ($227.00M) | $214.12M | ($18.13M) | ($24.74M) | $95.21M |
| Interest Expense | $27.33M | $34.83M | $44.23M | $33.51M | $35.48M | $15.13M |
| Income Tax | $23.02M | ($10.18M) | $39.92M | ($9.38M) | ($10.72M) | $18.70M |
| Net Income | ($52.23M) | ($240.39M) | $137.24M | $4.43M | ($50.40M) | $59.07M |
| EPS - Basic | ($0.73) | ($1.95) | $0.57 | ($0.29) | ($0.51) | $0.49 |
| EPS - Diluted | ($0.73) | ($1.95) | $0.56 | ($0.29) | ($0.51) | $0.49 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $244.39M | $362.99M | $249.08M | $133.90M | $367.67M | $310.26M |
| Accounts Receivable | $271.58M | $275.84M | $332.15M | $421.18M | $236.01M | $118.69M |
| Inventory | $150.37M | $200.82M | $161.96M | $233.16M | $205.65M | $118.46M |
| Accounts Payable | $143.99M | $172.37M | $119.50M | $170.43M | $91.39M | $82.75M |
| Current Assets | $869.04M | $998.72M | $832.28M | $831.21M | $852.03M | $375.18M |
| Total Assets | $1.45B | $1.43B | $1.71B | $1.71B | $1.14B | $656.02M |
| Current Liabilities | $377.01M | $437.81M | $335.69M | $465.26M | $245.31M | $289.10M |
| Long-term Debt | $658.66M | $646.57M | $660.95M | $720.35M | $711.06M | $0 |
| Total Liabilities | $1.19B | $1.14B | $1.10B | $1.28B | $974.72M | $736.92M |
| Stockholders' Equity | ($206.34M) | ($118.10M) | $259.25M | $124.28M | ($69.20M) | ($80.90M) |
| Retained Earnings | ($422.86M) | ($370.62M) | ($130.23M) | ($267.47M) | ($271.90M) | ($221.50M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $101.78M | $153.98M | $231.96M | $141.49M | ($263.19M) | ($122.20M) |
| Investing Cash Flow | ($187.89M) | ($9.57M) | ($16.82M) | ($384.44M) | ($15.33M) | ($1.34M) |
| Financing Cash Flow | ($38.05M) | ($11.84M) | ($101.76M) | $8.44M | $537.75M | ($129.27M) |
| CapEx | $21.97M | $7.30M | $16.99M | $10.62M | $3.36M | $1.34M |
| Free Cash Flow | $79.81M | $146.68M | $214.97M | $130.87M | ($266.54M) | ($123.54M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 23.2% | 32.5% | 26.4% | 13.9% | 9.7% | 23.2% |
| Operating margin | -2.3% | -24.8% | 13.6% | -1.1% | -2.9% | 10.9% |
| EBITDA margin | -0.2% | -20.8% | 16.1% | 5.1% | 0.1% | 14.1% |
| Net margin | -4.1% | -26.2% | 8.7% | 0.3% | -5.9% | 6.8% |
| Free cash flow margin | 6.2% | 16.0% | 13.6% | 8.0% | -31.2% | -14.2% |
| FCF / Net income | -1.53 | -0.61 | 1.57 | 29.53 | 5.29 | -2.09 |
| R&D / Revenue | 0.8% | 0.7% | - | - | - | - |
| SG&A / Revenue | 15.5% | 17.5% | 10.1% | 9.2% | 9.5% | 6.4% |
| Effective tax rate | - | - | 22.5% | - | - | 24.0% |
| Return on assets | -3.6% | -16.9% | 8.0% | 0.3% | -4.4% | 9.0% |
| Return on equity | 25.3% | 203.6% | 52.9% | 3.6% | 72.8% | -73.0% |
| Return on invested capital | -5.1% | -33.9% | 18.0% | -1.7% | -3.0% | - |
| Liquidity | ||||||
| Current ratio | 2.31 | 2.28 | 2.48 | 1.79 | 3.47 | 1.30 |
| Quick ratio | 1.91 | 1.82 | 2.00 | 1.29 | 2.64 | 0.89 |
| Cash ratio | 0.65 | 0.83 | 0.74 | 0.29 | 1.50 | 1.07 |
| Leverage | ||||||
| Debt / Equity | -3.19 | -5.47 | 2.55 | 5.80 | -10.27 | 0.00 |
| Debt / Assets | 0.45 | 0.45 | 0.39 | 0.42 | 0.62 | 0.00 |
| Debt / EBITDA | - | - | 2.61 | 8.69 | 590.09 | 0.00 |
| Interest coverage | -1.1x | -6.5x | 4.8x | -0.5x | -0.7x | 6.3x |
| Equity multiplier | -7.04 | -12.07 | 6.58 | 13.73 | -16.52 | -8.11 |
| Liabilities / Assets | 0.82 | 0.80 | 0.64 | 0.75 | 0.85 | 1.12 |
| Efficiency | ||||||
| Asset turnover | 0.88 | 0.64 | 0.92 | 0.96 | 0.75 | 1.33 |
| Inventory turnover | 6.55 | 3.08 | 7.17 | 6.05 | 3.75 | 5.65 |
| Days sales outstanding | 77d | 110d | 77d | 94d | 101d | 50d |
| Days inventory outstanding | 56d | 119d | 51d | 60d | 97d | 65d |
| Days payable outstanding | 53d | 102d | 38d | 44d | 43d | 45d |
| Cash conversion cycle | 80d | 127d | 90d | 110d | 155d | 69d |
| Valuation | ||||||
| P / E | - | - | 30.0x | - | - | 88.0x |
| P / B | - | - | 9.9x | 23.3x | - | - |
| P / S | 1.1x | 1.0x | 1.6x | 1.8x | 2.4x | 6.0x |
| EV / EBITDA | - | - | 11.7x | 42.0x | 1977.5x | 40.2x |
| Growth | ||||||
| Revenue growth (YoY) | 40.2% | -41.9% | -3.7% | 91.9% | -2.2% | - |
| Revenue CAGR (3y) | -7.8% | 2.4% | 21.8% | - | - | - |
| Revenue CAGR (5y) | 8.0% | - | - | - | - | - |
| Gross profit growth (YoY) | 0.3% | -28.4% | 82.8% | 174.3% | -59.1% | - |
| Operating income growth (YoY) | 87.2% | - | - | 26.7% | - | - |
| Net income growth (YoY) | 78.3% | - | 2996.6% | - | - | - |
| EPS growth (YoY) | 62.6% | - | - | 43.1% | - | - |
| EPS CAGR (3y) | - | - | 4.6% | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -45.6% | -31.8% | 64.3% | - | -115.7% | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -74.7% | - | 108.6% | - | 14.5% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.28B totalArray Legacy Operations Segment$1.07B · 83.4%
STIOperations Segment$213.66M · 16.6%
Geographic
$1.28B totalUS$1.04B · 81.1%
ES$141.05M · 11.0%
BR$60.72M · 4.7%
AU$23.78M · 1.9%
Countries Not Mentioned Above$17.23M · 1.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.74
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing Array Technologies against the 5 most active filers in the same SIC group.