What is Array Technologies, Inc.'s earnings per share (EPS)?

Array Technologies, Inc. (ARRY) reported diluted earnings per share of -$0.73 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Array Technologies, Inc. (ARRY) Financials

ARRY

Trailing 12 months to June 30, 2026

Revenue $1.2B +1.2% YoY

Net Income -$85.9M +58.8% YoY

EPS (Diluted) -$0.97 +44.3% YoY

Free Cash Flow $134.7M +10.8% YoY

Market Cap $576.8M as of Oct 8, 2026

Price / Sales 0.5x on $1.2B revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ARRY SEC filings page.

Array Technologies, Inc. (ARRY) reported $1.2B in revenue over the twelve months to Jun 30, 2026, up 1.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ARRY FY2025 2026-10-03

Revenue recovered in FY2025, but gross margin compressed, leaving the company dependent on cash conversion rather than accounting profit.

The unusual pattern is that FY2025’s net loss of $52M coexisted with operating cash flow of $102M, indicating reported earnings were weighed down by non-cash or timing effects rather than matching cash economics. A similar gap appeared in FY2024, when a net loss of $240M still accompanied operating cash flow of $154M, making cash conversion a more informative lens than net income alone.

The 2.3x current ratio suggests near-term obligations were covered by current assets. Yet total liabilities of $1.66B exceeded total assets of $1.45B, leaving negative equity and showing that short-term liquidity does not resolve the longer-term balance-sheet deficit.

Revenue recovered to $1.28B in FY2025, but gross profit was essentially unchanged at $299M from FY2024. The resulting margin contraction from 32.5% to 23.3% means added sales did not produce added gross dollars, while positive free cash flow of $80M still depended on working-capital and other non-income effects.

Financial Health Signals

Financial Health Score 34/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Array Technologies, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Array Technologies, Inc. has an operating margin of -2.3%, meaning the company loses $2 on every $100 of revenue. This results in a profitability score of 19/100. This is up from -24.8% the prior year.

Growth

Array Technologies, Inc.'s revenue surged 40.2% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 10/100.

Leverage

Liquidity

With a current ratio of 2.31, Array Technologies, Inc. holds $2.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.

Cash Flow

Array Technologies, Inc. converts 6.2% of revenue into free cash flow ($79.8M). This strong cash generation earns a score of 67/100.

Returns

Altman Z-Score Distress

1.03

Array Technologies, Inc. scores 1.03, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

Array Technologies, Inc. passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

N/A

Array Technologies, Inc. reported a net loss of $52.2M while generating $101.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Array Technologies, Inc. reported an operating loss of $29.0M against $27.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$342.1M

YoY-5.6%

QoQ+53.1%

5Y CAGR+11.7%

Array Technologies, Inc. generated $342.1M in revenue in Q2 2026. This represents a decrease of 5.6% from the same quarter a year earlier. Against the prior quarter it is up 53.1%.

EBITDA

$42.8M

YoY-17.7%

QoQ+182.1%

5Y CAGR+51.3%

Array Technologies, Inc.'s EBITDA was $42.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.7% from the same quarter a year earlier. Against the prior quarter it is up 182.1%.

Net Income

$24.3M

YoY-43.7%

QoQ+1119.1%

Array Technologies, Inc. reported $24.3M in net income in Q2 2026. This represents a decrease of 43.7% from the same quarter a year earlier. Against the prior quarter it is up 1119.1%.

EPS (Diluted)

$0.05

QoQ+155.6%

Array Technologies, Inc. earned $0.05 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 155.6%.

Cash & Balance Sheet

Free Cash Flow

$113.6M

YoY+205.4%

QoQ+407.7%

Array Technologies, Inc. generated $113.6M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 205.4% from the same quarter a year earlier. Against the prior quarter it is up 407.7%.

Cash & Debt

$307.3M

YoY-18.5%

QoQ+53.1%

5Y CAGR+77.0%

Array Technologies, Inc. held $307.3M in cash against $657.7M in long-term debt as of Q2 2026.

Shares Outstanding

154M

QoQ+0.1%

5Y CAGR+3.9%

Array Technologies, Inc. had 154M shares outstanding in Q2 2026. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

29.1%

YoY+2.3pp

QoQ+0.9pp

5Y change+18.7pp

Array Technologies, Inc.'s gross margin was 29.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.

Operating Margin

10.2%

YoY-2.6pp

QoQ+7.0pp

5Y change+10.4pp

Array Technologies, Inc.'s operating margin was 10.2% in Q2 2026, reflecting core business profitability. This is down 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.0 percentage points.

Net Margin

7.1%

YoY-4.8pp

QoQ+6.2pp

5Y change+9.9pp

Array Technologies, Inc.'s net profit margin was 7.1% in Q2 2026, showing the share of revenue converted to profit. This is down 4.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.2 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$5.0M

YoY+100.0%

QoQ+66.7%

Array Technologies, Inc. invested $5.0M in research and development in Q2 2026. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is up 66.7%.

Capital Expenditures

$7.6M

YoY+15.1%

QoQ+1.6%

5Y CAGR+64.7%

Array Technologies, Inc. invested $7.6M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 15.1% from the same quarter a year earlier. Against the prior quarter it is up 1.6%.

Share Buybacks

Not reported for Q2 2026.

ARRY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARRY quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Revenue	$1.2B	$1.3B+40.2%	$915.8M-41.9%	$1.6B-3.7%	$1.6B+91.9%	$853.3M-2.2%	$872.7M+34.7%	$647.9M+122.8%	$290.8M
Cost of Revenue	$897.4M	$985.6M+59.4%	$618.1M-46.8%	$1.2B-18.5%	$1.4B+81.5%	$785.0M+17.2%	$669.9M+34.7%	$497.1M+78.0%	$279.2M
Gross Profit	$287.6M	$298.6M+0.3%	$297.7M-28.4%	$415.6M+95.4%	$212.7M+211.4%	$68.3M-66.3%	$202.8M+34.5%	$150.8M+1204.7%	$11.6M
R&D Expenses	$13.0M	$9.9M+47.8%	$6.7M-21.2%	$8.5M+102.4%	$4.2M	N/A	N/A	N/A	N/A
SG&A Expenses	$214.4M	$198.6M+23.7%	$160.6M+0.6%	$159.5M+5.8%	$150.8M+86.2%	$81.0M+45.5%	$55.6M+35.0%	$41.2M-12.1%	$46.9M
Operating Income	-$60.8M	-$29.0M+87.2%	-$227.0M-206.0%	$214.1M+1280.9%	-$18.1M+26.7%	-$24.7M-126.0%	$95.2M+14.2%	$83.4M+236.3%	-$61.2M
EBITDA	N/A	-$2.8M+98.5%	-$190.9M-175.4%	$253.1M+205.2%	$82.9M+6781.8%	$1.2M-99.0%	$122.7M+10.8%	$110.7M+438.0%	-$32.8M
Interest Expense	$21.9M	$27.3M-21.5%	$34.8M-21.3%	$44.2M+20.5%	$36.7M+2.8%	$35.7M+135.9%	$15.1M-19.5%	$18.8M-1.3%	$19.0M
Income Tax	$12.4M	$23.0M+326.1%	-$10.2M-125.5%	$39.9M+525.4%	-$9.4M+12.4%	-$10.7M-157.3%	$18.7M-24.7%	$24.8M+224.6%	-$19.9M
Net Income	-$85.9M	-$52.2M+78.3%	-$240.4M-275.2%	$137.2M+2996.6%	$4.4M+108.8%	-$50.4M-185.3%	$59.1M+48.6%	$39.7M+165.4%	-$60.8M
EPS (Basic)	N/A	-$0.73+62.6%	-$1.95-442.1%	$0.57+296.6%	-$0.29+43.1%	-$0.51-204.1%	$0.49+48.5%	$0.33+164.7%	-$0.51
EPS (Diluted)	-$0.97	-$0.73	-$1.95	$0.56+293.1%	-$0.29+43.1%	-$0.51-204.1%	$0.49+48.5%	$0.33+164.7%	-$0.51
Diluted Shares (Avg)	N/A	153M	152M	152M+1.5%	150M+15.3%	130M+7.0%	122M+1.3%	120M0.0%	120M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$342.1M-5.6%	$223.4M-26.1%	$226.0M-17.9%	$393.5M+70.0%	$362.2M+41.6%	$302.4M+97.1%	$275.2M-19.4%	$231.4M-34.0%
Cost of Revenue	$242.5M-8.5%	$160.4M-29.0%	$206.7M+5.0%	$287.8M+88.0%	$265.1M+56.1%	$225.9M+129.8%	$196.9M-23.5%	$153.1M-41.8%
Gross Profit	$99.6M+2.6%	$63.0M-17.6%	$19.3M-75.3%	$105.7M+34.9%	$97.1M+13.0%	$76.4M+38.7%	$78.3M-7.0%	$78.3M-10.4%
R&D Expenses	$5.0M+100.0%	$3.0M+25.0%	$2.7M+92.9%	$2.3M+43.8%	$2.5M+38.9%	$2.4M+26.3%	$1.4M-33.3%	$1.6M-20.0%
SG&A Expenses	$54.3M+20.8%	$50.4M+14.7%	$57.5M+25.8%	$52.2M+30.1%	$45.0M+21.6%	$43.9M+16.3%	$45.7M+4.5%	$40.1M+7.3%
Operating Income	$34.8M-25.0%	$7.1M-73.9%	-$148.1M-4.0%	$45.5M+134.3%	$46.4M+17.1%	$27.3M+224.3%	-$142.3M-571.0%	-$132.7M-430.0%
EBITDA	$42.8M-17.7%	$15.2M-53.5%	-$139.9M-4.6%	$52.4M+142.3%	$52.0M+7.3%	$32.6M+80.9%	-$133.6M-472.7%	-$123.8M-348.8%
Interest Expense	$5.8M-34.0%	$5.6M-30.8%	$5.5M-39.1%	$5.0M-38.9%	$8.8M+1.8%	$8.0M-10.1%	$9.0M-12.8%	$8.3M-36.7%
Income Tax	$7.4M-45.8%	$2.1M-67.4%	-$7.1M+69.4%	$9.9M+158.2%	$13.6M+74.4%	$6.5M+401.1%	-$23.1M-868.2%	$3.9M-46.7%
Net Income	$24.3M-43.7%	$2.0M-88.1%	-$145.7M-14.8%	$33.5M+123.7%	$43.3M+68.3%	$16.7M+673.5%	-$126.9M-756.1%	-$141.4M-712.0%
EPS (Basic)	$0.05-73.7%	-$0.09-550.0%	-$1.05-12.9%	$0.12+111.8%	$0.19+137.5%	$0.02+128.6%	-$0.93-1428.6%	-$1.02-1557.1%
EPS (Diluted)	$0.05	-$0.09-550.0%	-$1.05-12.9%	$0.12	$0.19+137.5%	$0.02+128.6%	-$0.93	-$1.02
Diluted Shares (Avg)	156M	153M+0.1%	N/A	154M	153M+0.6%	153M+0.9%	N/A	152M

ARRY Balance Sheet

ARRY quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Total Assets	$1.5B+1.8%	$1.4B-16.4%	$1.7B0.0%	$1.7B+49.3%	$1.1B+74.2%	$656.0M-29.0%	$923.6M	N/A
Current Assets	$869.0M-13.0%	$998.7M+20.0%	$832.3M+0.1%	$831.2M-2.4%	$852.0M+127.1%	$375.2M-39.5%	$619.7M	N/A
Cash & Equivalents	$244.4M-32.7%	$363.0M+45.7%	$249.1M+86.0%	$133.9M-63.6%	$367.7M+239.1%	$108.4M-65.0%	$310.3M+660.0%	$40.8M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$150.4M-25.1%	$200.8M+24.0%	$162.0M-30.5%	$233.2M+13.4%	$205.7M+73.6%	$118.5M-20.0%	$148.0M	N/A
Accounts Receivable	$271.6M-1.5%	$275.8M-17.0%	$332.2M-21.1%	$421.2M+78.5%	$236.0M+98.8%	$118.7M+23.3%	$96.3M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$135.2M-15.6%	$160.2M-63.2%	$435.6M+4.7%	$416.2M+496.9%	$69.7M0.0%	$69.7M0.0%	$69.7M	N/A
Total Liabilities	$1.7B+7.4%	$1.5B+6.7%	$1.4B+12.9%	$1.3B+5.8%	$1.2B+64.5%	$736.9M+19.2%	$618.4M	N/A
Current Liabilities	$377.0M-13.9%	$437.8M+30.4%	$335.7M-27.8%	$465.3M+89.7%	$245.3M-15.1%	$289.1M-51.1%	$590.6M	N/A
Non-Current Liabilities	$1.3B+15.8%	$1.1B-0.5%	$1.1B+36.1%	$816.9M+12.0%	$729.4M+62.9%	$447.8M+1510.3%	$27.8M	N/A
Long-Term Debt	$658.7M+1.9%	$646.6M-2.2%	$660.9M-8.2%	$720.4M+1.3%	$711.1M+67.7%	$424.0M	$0	N/A
Total Equity	-$206.3M-74.7%	-$118.1M-145.6%	$259.2M+108.6%	$124.3M+279.6%	-$69.2M+14.5%	-$80.9M-126.5%	$305.2M	N/A
Retained Earnings	-$422.9M-14.1%	-$370.6M-184.6%	-$130.2M+51.3%	-$267.5M+1.6%	-$271.9M-22.8%	-$221.5M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.5B-0.5%	$1.5B+3.5%	$1.5B+1.8%	$1.6B+3.1%	$1.5B-6.6%	$1.4B-12.5%	$1.4B-16.4%	$1.6B-12.1%
Current Assets	$891.8M-14.1%	$879.4M-9.9%	$869.0M-13.0%	$866.5M-4.0%	$1.0B+22.3%	$976.3M+26.1%	$998.7M+20.0%	$902.3M+4.5%
Cash & Equivalents	$307.3M-18.5%	$200.7M-42.4%	$244.4M-32.7%	$221.5M-33.4%	$377.3M+33.6%	$348.3M+21.1%	$363.0M+45.7%	$332.4M+91.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$156.5M-12.1%	$168.0M-10.1%	$150.4M-25.1%	$180.9M-7.6%	$178.0M+7.4%	$186.9M+4.6%	$200.8M+24.0%	$195.7M-9.4%
Accounts Receivable	$323.4M-11.9%	$292.3M+3.5%	$271.6M-1.5%	$378.6M+34.2%	$367.2M+18.6%	$282.6M+23.3%	$275.8M-17.0%	$282.1M-34.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$135.2M-21.7%	$135.2M-17.7%	$135.2M-15.6%	$245.2M-2.3%	$172.6M-57.1%	$164.2M-61.4%	$160.2M-63.2%	$250.9M-41.2%
Total Liabilities	$1.7B+7.6%	$1.7B+10.9%	$1.7B+7.4%	$1.7B+10.6%	$1.6B+11.1%	$1.5B+9.0%	$1.5B+6.7%	$1.5B-3.3%
Current Liabilities	$405.8M-13.4%	$390.4M-4.4%	$377.0M-13.9%	$458.5M+22.3%	$468.3M+38.7%	$408.5M+44.0%	$437.8M+30.4%	$374.9M-6.4%
Non-Current Liabilities	$1.3B+16.2%	$1.3B+16.5%	$1.3B+15.8%	$1.2B+6.7%	$1.1B+2.8%	$1.1B+0.1%	$1.1B-0.5%	$1.1B-2.2%
Long-Term Debt	$657.7M0.0%	$657.0M+1.9%	$658.7M+1.9%	$658.4M+1.6%	$657.6M+0.9%	$644.5M-2.0%	$646.6M-2.2%	$648.3M-1.6%
Total Equity	-$202.1M-185.2%	-$214.4M-119.3%	-$206.3M-74.7%	-$46.7M-172.4%	-$70.9M-135.4%	-$97.8M-142.3%	-$118.1M-145.6%	$64.5M-71.9%
Retained Earnings	-$396.5M-27.7%	-$420.9M-18.9%	-$422.9M-14.1%	-$277.1M-13.7%	-$310.6M-203.4%	-$353.9M-176.3%	-$370.6M-184.6%	-$243.7M-59.0%

ARRY Cash Flow Statement

ARRY quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Operating Cash Flow	$162.9M	$101.8M-33.9%	$154.0M-33.6%	$232.0M+63.9%	$141.5M+153.8%	-$263.2M-115.4%	-$122.2M-131.7%	$386.1M+3392.2%	-$11.7M
Depreciation & Amortization	N/A	$26.2M-27.4%	$36.1M-7.3%	$38.9M-61.5%	$101.1M+289.5%	$25.9M-5.6%	$27.5M+0.6%	$27.3M-4.0%	$28.4M
Stock-Based Compensation	N/A	$15.6M+50.5%	$10.3M-28.8%	$14.5M-3.0%	$15.0M+8.9%	$13.8M+186.1%	$4.8M+501.9%	$799K	$0
Capital Expenditures	$28.1M	$22.0M+200.8%	$7.3M-57.0%	$17.0M+60.0%	$10.6M+216.3%	$3.4M+150.9%	$1.3M-21.2%	$1.7M-18.1%	$2.1M
Free Cash Flow	$134.7M	$79.8M-45.6%	$146.7M-31.8%	$215.0M+64.3%	$130.9M+149.1%	-$266.5M-115.7%	-$123.5M-132.1%	$384.4M+2885.3%	-$13.8M
Investing Cash Flow	-$194.0M	-$187.9M-1862.9%	-$9.6M+43.1%	-$16.8M+95.6%	-$384.4M-2407.4%	-$15.3M-1045.9%	-$1.3M+21.2%	-$1.7M+73.6%	-$6.4M
Financing Cash Flow	-$42.4M	-$38.1M-221.3%	-$11.8M+88.4%	-$101.8M-1305.7%	$8.4M-98.4%	$537.7M+516.0%	-$129.3M-102.2%	-$63.9M-225.7%	$50.9M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$121.3M+176.6%	-$29.4M-125.3%	$43.6M-24.2%	$27.4M-39.1%	$43.8M+1007.9%	-$13.1M-127.5%	$57.6M-38.7%	$44.9M-37.3%
Depreciation & Amortization	$8.1M+43.0%	$8.1M+51.0%	$8.2M-5.2%	$7.0M-21.6%	$5.6M-36.4%	$5.3M-44.4%	$8.7M-9.0%	$8.9M-7.0%
Stock-Based Compensation	N/A	$3.9M+40.9%	N/A	$4.6M+130.0%	$3.9M+387.5%	$2.8M-28.7%	N/A	$2.0M-41.2%
Capital Expenditures	$7.6M+15.1%	$7.5M+219.3%	$7.5M+339.5%	$5.5M+411.9%	$6.6M+211.2%	$2.4M-1.8%	$1.7M-68.3%	$1.1M-50.8%
Free Cash Flow	$113.6M+205.4%	-$36.9M-139.6%	$36.2M-35.3%	$21.9M-50.2%	$37.2M+1937.8%	-$15.4M-134.2%	$55.9M-36.9%	$43.9M-36.8%
Investing Cash Flow	-$7.6M-15.1%	-$7.5M-219.3%	-$8.5M+47.0%	-$170.4M-1664.0%	-$6.6M-215.5%	-$2.4M+1.4%	-$16.0M-207.0%	$10.9M+597.4%
Financing Cash Flow	-$9.5M+13.9%	-$7.6M-341.3%	-$12.5M-3257.4%	-$12.7M-57.4%	-$11.1M-2664.0%	-$1.7M+62.3%	$397K+102.3%	-$8.1M+82.1%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

ARRY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARRY quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Gross Margin	23.3%-9.3pp	32.5%+6.1pp	26.4%+13.4pp	13.0%+5.0pp	8.0%-15.2pp	23.2%0.0pp	23.3%+19.3pp	4.0%
Operating Margin	-2.3%+22.5pp	-24.8%-38.4pp	13.6%+14.7pp	-1.1%+1.8pp	-2.9%-13.8pp	10.9%-2.0pp	12.9%+33.9pp	-21.1%
Net Margin	-4.1%+22.2pp	-26.3%-35.0pp	8.7%+8.4pp	0.3%+6.2pp	-5.9%-12.7pp	6.8%+0.6pp	6.1%+27.0pp	-20.9%
Return on Equity	N/A	N/A	52.9%+49.4pp	3.6%	N/A	N/A	13.0%	N/A
Return on Assets	-3.6%+13.3pp	-16.9%-24.9pp	8.0%+7.8pp	0.3%+4.7pp	-4.4%-13.4pp	9.0%+4.7pp	4.3%	N/A
Current Ratio	2.310.0x	2.28-0.2x	2.48+0.7x	1.79-1.7x	3.47+2.2x	1.30+0.2x	1.05	N/A
Debt-to-Equity	N/A	N/A	2.55-3.2x	5.80	N/A	N/A	0.00	N/A
Asset Turnover	0.88+0.2x	0.64-0.3x	0.920.0x	0.96+0.2x	0.75-0.6x	1.33+0.6x	0.70	N/A
FCF Margin	6.2%-9.8pp	16.0%+2.4pp	13.6%+5.6pp	8.0%+39.2pp	-31.2%-17.1pp	-14.2%-73.5pp	59.3%+64.1pp	-4.8%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	29.1%+2.3pp	28.2%+2.9pp	8.6%-19.9pp	26.9%-7.0pp	26.8%-6.8pp	25.3%-10.6pp	28.5%+3.8pp	33.8%+8.9pp
Operating Margin	10.2%-2.6pp	3.2%-5.8pp	-65.5%-13.8pp	11.6%+68.9pp	12.8%-2.7pp	9.0%+3.5pp	-51.7%-60.6pp	-57.3%-68.8pp
Net Margin	7.1%-4.8pp	0.9%-4.7pp	-64.5%-18.4pp	8.5%+69.6pp	11.9%+1.9pp	5.5%+4.1pp	-46.1%-51.8pp	-61.1%-67.7pp
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-219.2%-229.3pp
Return on Assets	1.6%-1.2pp	0.1%-1.0pp	-10.0%-1.1pp	2.1%+11.1pp	2.8%+1.3pp	1.2%+1.0pp	-8.9%-10.0pp	-9.0%-10.3pp
Current Ratio	2.200.0x	2.25-0.1x	2.310.0x	1.89-0.5x	2.22-0.3x	2.39-0.3x	2.28-0.2x	2.41+0.3x
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	10.05+7.2x
Asset Turnover	0.220.0x	0.15-0.1x	0.160.0x	0.24+0.1x	0.23+0.1x	0.21+0.1x	0.190.0x	0.150.0x
FCF Margin	33.2%+22.9pp	-16.5%-11.4pp	16.0%-4.3pp	5.5%-13.4pp	10.3%+9.6pp	-5.1%-34.5pp	20.3%-5.6pp	18.9%-0.9pp

Note: Shareholder equity is negative (-$206.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Array Technologies, Inc. ARRY	FY2025	$1.3B	-$52.2M	-4.1%	$576.8M	34/100
SolarEdge Technologies, Inc. SEDG	FY2025	$1.2B	-$405.4M	-34.2%	$2.0B	18/100
Shoals Technologies Group, Inc. SHLS	FY2025	$475.3M	$33.6M	7.1%	$1.4B	57/100
SunPower Inc. SPWR	FY2025	$300.0M	-$45.4M	-15.1%	$61.1M	32/100
Maxeon Solar Technologies, Ltd. MAXN	FY2024	$509.0M	-$614.3M	N/A	$19.1M	7/100
JINKOSOLAR HOLDINGS CO JKS	FY2025	$9.4B	-$635.6M	-6.8%	$466.1M	17/100

Where Array Technologies, Inc. Ranks

Frequently Asked Questions

What is Array Technologies, Inc.'s annual revenue?

Array Technologies, Inc. (ARRY) reported $1.3B in total revenue for fiscal year 2025. This represents a 40.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Array Technologies, Inc.'s revenue growing?

Array Technologies, Inc. (ARRY) revenue grew by 40.2% year-over-year, from $915.8M to $1.3B in fiscal year 2025.

Is Array Technologies, Inc. profitable?

No, Array Technologies, Inc. (ARRY) reported a net income of -$52.2M in fiscal year 2025, with a net profit margin of -4.1%.

What is Array Technologies, Inc.'s EBITDA?

Array Technologies, Inc. (ARRY) had EBITDA of -$2.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Array Technologies, Inc. have?

As of fiscal year 2025, Array Technologies, Inc. (ARRY) had $244.4M in cash and equivalents against $658.7M in long-term debt.

What is Array Technologies, Inc.'s gross margin?

Array Technologies, Inc. (ARRY) had a gross margin of 23.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Array Technologies, Inc.'s operating margin?

Array Technologies, Inc. (ARRY) had an operating margin of -2.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Array Technologies, Inc.'s net profit margin?

Array Technologies, Inc. (ARRY) had a net profit margin of -4.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Array Technologies, Inc.'s free cash flow?

Array Technologies, Inc. (ARRY) generated $79.8M in free cash flow during fiscal year 2025. This represents a -45.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Array Technologies, Inc.'s operating cash flow?

Array Technologies, Inc. (ARRY) generated $101.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Array Technologies, Inc.'s total assets?

Array Technologies, Inc. (ARRY) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Array Technologies, Inc.'s capital expenditures?

Array Technologies, Inc. (ARRY) invested $22.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Array Technologies, Inc. spend on research and development?

Array Technologies, Inc. (ARRY) invested $9.9M in research and development during fiscal year 2025.

How many shares does Array Technologies, Inc. have outstanding?

Array Technologies, Inc. (ARRY) had 153M shares outstanding as of fiscal year 2025.

What is Array Technologies, Inc.'s current ratio?

Array Technologies, Inc. (ARRY) had a current ratio of 2.31 as of fiscal year 2025, which is generally considered healthy.

What is Array Technologies, Inc.'s return on assets (ROA)?

Array Technologies, Inc. (ARRY) had a return on assets of -3.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Array Technologies, Inc.'s P/E ratio?

Array Technologies, Inc. (ARRY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $576.8M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Array Technologies, Inc.'s price-to-sales ratio?

Array Technologies, Inc. (ARRY) trades at 0.5x sales, its market capitalization divided by revenue of $1.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $576.8M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is Array Technologies, Inc.'s debt-to-equity ratio negative or not reported?

Array Technologies, Inc. (ARRY) has negative shareholder equity of -$206.3M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Array Technologies, Inc.'s Altman Z-Score?

Array Technologies, Inc. (ARRY) has an Altman Z-Score of 1.03, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Array Technologies, Inc.'s Piotroski F-Score?

Array Technologies, Inc. (ARRY) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Array Technologies, Inc.'s earnings high quality?

Array Technologies, Inc. (ARRY) reported a net loss of $52.2M while generating $101.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Array Technologies, Inc. cover its interest payments?

Array Technologies, Inc. (ARRY) reported an operating loss of $29.0M against $27.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Array Technologies, Inc.?

Array Technologies, Inc. (ARRY) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.