ARRYNasdaqSemiconductors & Related DevicesFiscal year ends December 31
Array Technologies, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$3.26−0.17 (-4.96%)
Close on Oct 19, 2026
- Market cap
- $507.53M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
23.2%+0.0 pts over 5 years
Operating margin
-2.3%−13.2 pts over 5 years
Net margin
-4.1%−10.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +40.2% | -7.8% | +8.0% | – | |
| Gross profit | +0.3% | +12.0% | +8.0% | – | |
| Free cash flow | -45.6% | -15.2% | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 52.7% | 32.2% | |
| Return on assets | – | 7.5% | -3.6% | |
| Current ratio | – | 1.30 | 2.31 | |
| Debt to equity | – | -5.29 | -3.24 | |
| Net debt to EBITDA | – | 2.61× | -151.86× | |
| Interest coverage | – | 6.3× | -1.1× | |
| Inventory turnover | – | 5.0× | 5.6× | |
| Capex to revenue | – | 0.2% | 1.7% | |
| Diluted shares | – | 122M | 153M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Array Technologies generated $892.40M from operations and spent $60.24M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$892.40M
Used
$60.24M
Capital expenditure$60.24M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-4.1%
×Asset turnover0.89×
×Equity multiplier-8.87×
=Return on equity, FY202532.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -4.1% | 0.89× | -8.87× | 32.2% |
| FY2024 | -26.2% | 0.58× | 22.19× | -340.6% |
| FY2023 | 8.7% | 0.92× | 8.90× | 71.6% |
| FY2022 | 0.3% | 1.15× | 51.73× | 16.1% |
| FY2021 | -5.9% | 0.95× | -11.99× | 67.2% |
| FY2020 | 6.8% | 1.10× | 7.04× | 52.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$52.24M
- Cash generatingOperating cash flow above zero$101.79M
- Return on assets improvedROA up on the prior year-14.1% → -3.7%
- Earnings backed by cashOperating cash flow above net income$101.79M vs -$52.24M
- Less leverageLong-term debt to assets fell45.3% → 45.4%
- Better liquidityCurrent ratio rose2.28 → 2.31
- No dilutionShare count did not rise152M → 153M
- Gross margin improvedGross margin up on the prior year32.50% → 23.25%
- More efficientAsset turnover rose0.54 → 0.90