# Array Technologies, Inc. (ARRY)

> Source: Nexqual · https://nexqual.com/ARRY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Array Technologies, Inc. (ARRY), nexqual.com/ARRY" · informational, not investment advice.

**Price:** USD 3.3 (-3.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 3.41 · day 3.23–3.35 · 52w 3.2–12.23 · market cap $508M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.19B, net income -$85.9M (-7.2% margin), free cash flow $135M (SEC filings).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (24 analysts), mean target USD 7.26 (range 4–13).
- Total return with dividends: 1Y -63.1% vs S&P 500 +14.9%; 5Y -81.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.09, revenue estimate $324M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $853M | $1.64B | $1.58B | $916M | $1.28B | $1.19B |
| Gross profit | $68.3M | $213M | $416M | $298M | $299M | — |
| Operating income | -$24.7M | -$18.1M | $214M | -$227M | -$29.0M | -$60.8M |
| Net income | -$50.4M | $4.4M | $137M | -$240M | -$52.2M | -$85.9M |
| EPS (diluted) | -$0.51 | -$0.29 | $0.56 | -$1.95 | -$0.73 | — |
| Free cash flow | -$267M | $131M | $215M | $147M | $79.8M | $135M |
| Gross margin | 8.0% | 13.0% | 26.4% | 32.5% | 23.2% | — |
| Operating margin | -2.9% | -1.1% | 13.6% | -24.8% | -2.3% | -5.1% |
| Net margin | -5.9% | 0.3% | 8.7% | -26.2% | -4.1% | -7.2% |
| Revenue growth | -2.2% | +91.9% | -3.7% | -41.9% | +40.2% | — |
| Cash + short-term investments | $368M | $134M | $249M | $363M | $244M | — |
| Total debt | $715M | $759M | $682M | $677M | $669M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · EV/Sales 0.7x · P/FCF 3.8x · FCF yield 26.54% · Earnings yield -16.92% · Net debt $350M · EV $858M
P/E at fiscal year-ends: Dec 2023 18.6x.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 24 analysts; mean target USD 7.26 (low 4, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | BMO Capital | Target lowered | Market Perform | $7 → $6 |
| 2026-10-19 | JP Morgan | Target lowered | Neutral | $8 → $7 |
| 2026-10-15 | Mizuho | Upgrade | Neutral → Outperform | $7 → $5 |
| 2026-10-14 | Morgan Stanley | Target lowered | Equal-Weight | $8 → $6 |
| 2026-10-14 | Susquehanna | Target lowered | Neutral | $6.75 → $4 |
| 2026-10-13 | Barclays | Target lowered | Equal-Weight | $8 → $4 |
| 2026-09-30 | Piper Sandler | Target lowered | Neutral | $5 → $4 |
| 2026-09-18 | UBS | Downgrade | Buy → Neutral | $10 → $5 |
| 2026-09-09 | Piper Sandler | Initiated | Neutral | $5 |
| 2026-08-06 | UBS | Target lowered | Buy | $11 → $10 |
| 2026-08-06 | Susquehanna | Target lowered | Neutral | $7.25 → $6.75 |
| 2026-07-21 | JP Morgan | Downgrade | Overweight → Neutral | $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -63.1% | -81.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -63.3% | -28.6% |
| Volatility (annualized) | 78.4% | 78.5% |
| Max drawdown | -72.7% (Feb 2026→Oct 2026) | -87.6% (Nov 2021→Oct 2026) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.14 +0.12% · CSIQ (Canadian Solar Inc.) USD 9.22 -6.21% · SHLS (Shoals Technologies Group, Inc.) USD 7.73 -2.83% · RUN (Sunrun Inc.) USD 7.7 +1.05% · SEDG (SolarEdge Technologies, Inc.) USD 32.94 -0.75% · ENPH (Enphase Energy, Inc.) USD 31.35 -2.00%

## More
Full page: https://nexqual.com/ARRY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Array Legacy Operations | $320.3M | 93.6% | +9.7% |
| STI Operations | $21.8M | 6.4% | -69.1% |
| Total revenue | $342.1M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.04B | 81.1% | +61.8% |
| Spain | $141.0M | 11.0% | +68.4% |
| Brazil | $60.7M | 4.7% | -55.1% |
| Australia | $23.8M | 1.9% | +173.1% |
| Countries Not Mentioned Above | $17.2M | 1.3% | -61.5% |
| Total revenue | $1.28B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 13.7%, 12.2% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Company outlook (8-K filed 2026-08-05)

- "Following our strong first half performance, we now expect full-year Adjusted Gross Margin (1) to be in the range of 27% to 28%."
- "(2) The transaction is expected to close in the third quarter of 2026, subject to receiving any required regulatory approvals and the satisfaction of other customary closing conditions."
- "(3) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per common share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.29 | -68.6% | $323.6M | 20 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.26 | +39.3% | $545.2M | 16 |
| Current fiscal year (ends 2026-12-31) | $0.75 | $0.73 | +3.0% | $1.44B | 14 |
| Next fiscal year (ends 2027-12-31) | $0.93 | $0.91 | +2.5% | $1.63B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±23.5%; last 8 reports averaged ±10.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 99.6% | ±23.5% |
| 2026-12-18 | 56 | 80.9% | ±26.5% |
| 2027-01-15 | 84 | 80.1% | ±31.8% |
| 2027-04-16 | 175 | 79.4% | ±44.7% |