ARRY
Array Technologies, Inc.
ARRY lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
ARRY Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Healthy | |
| Weak |
ARRY's cash flow is currently healthy, but its revenue, profitability and balance sheet are under pressure.
ARRY PE Valuation
ARRY has no meaningful PE right now: it lost money over the past year.
ARRY Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for ARRY, with profitability improving. However, they disagree widely on these estimates.
ARRY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.89 | — |
| Q3 2026 | -$1.15 | -$0.54 |
| Q2 2026 | -$0.98 | +$0.77 |
| Q1 2026 | -$0.84 | +$1.02 |
| Q3 2022 | -$0.42 | -$0.12 |
| Q2 2022 | -$0.85 | -$0.73 |
| Q1 2022 | -$0.73 | -$0.63 |
| Q4 2021 | -$0.48 | -204% |
| Q3 2021 | -$0.30 | -139% |
ARRY is still losing money, but less than at its worst: $1.15 per share over the past year, against $1.86 at its worst in early 2025.
ARRY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $330.2M | -16% |
| Q2 2026 | $342.1M | -5.6% |
| Q1 2026 | $223.4M | -26% |
| Q4 2025 | $226M | -18% |
| Q3 2025 | $393.5M | +70% |
| Q2 2025 | $362.2M | +42% |
| Q1 2025 | $302.4M | +97% |
| Q4 2024 | $275.2M | -19% |
ARRY's revenue has slid since its 2022 peak: $330M last quarter, down 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.2% | -7.3 points |
| Q2 2026 | 10% | -2.6 points |
| Q1 2026 | 3.2% | -5.8 points |
| Q4 2025 | -66% | -14 points |
| Q3 2025 | 12% | +69 points |
| Q2 2025 | 13% | -2.7 points |
| Q1 2025 | 9% | +3.5 points |
| Q4 2024 | -52% | -61 points |
ARRY's operating margin was 4.2% last quarter, down 7.3 points from the same quarter a year ago.
ARRY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.1M | -105% |
| Q2 2026 | $113.6M | +205% |
| Q1 2026 | -$36.9M | -$21.5M |
| Q4 2025 | $36.2M | -35% |
| Q3 2025 | $21.9M | -50% |
| Q2 2025 | $37.2M | +1938% |
| Q1 2025 | -$15.4M | -134% |
| Q4 2024 | $55.9M | -37% |
ARRY usually generates cash, though not every quarter: the latest was −$1M, but it generated $112M over the past year.
ARRY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.1% | -1.7M shares |
| 1 year | 0% | -76K shares |
| 3 years | +1.2% | +1.9M shares |
| 5 years | +21% | +27M shares |
| Available history | +28% | +34M shares |
ARRY has 154M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
ARRY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | 134.4x | High |
| Q2 2024 | 2.6x | Moderate |
| Q1 2024 | 1.8x | Healthy |
| Q4 2023 | 1.7x | Healthy |
| Q3 2023 | 2.0x | Healthy |
| Q2 2023 | 2.3x | Moderate |
| Q1 2023 | 3.7x | Elevated |
| Q4 2022 | 7.1x | High |
ARRY's net debt is more than 20 years of its operating earnings (EBITDA), up from 2.0 years a year ago.
ARRY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.9 | Neutral |
| Stochastic | 51.4 | Neutral |
ARRY's weekly RSI is 46 (neutral) and its Stochastic is 51 (neutral).
ARRY PE vs Energy Sector
| Metric | ARRY | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
ARRY has no meaningful PE right now: it lost money over the past year.
ARRY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.06 | 18% above |
| 20 week MA | $4.78 | 0.4% above |
| 50 week MA | $7.12 | 33% below |
| 100 week MA | $7.06 | 32% below |
| 200 week MA | $11.2 | 57% below |
ARRY has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 57% below its 200-week average.
ARRY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.0 | $44.2 | +13% |
| 2021 | $44.2 | $16.4 | -63% |
| 2022 | $16.4 | $20.5 | +25% |
| 2023 | $20.5 | $16.8 | -18% |
| 2024 | $16.8 | $6.03 | -64% |
| 2025 | $6.03 | $10.2 | +70% |
| 2026 YTD | $10.2 | $4.80 | -53% |
ARRY has finished lower in three of the last six years. It's down 53% so far in 2026.