Array Technologies (ARRY)
Market Price (11/3/2026): $4.21 | Market Cap: $648.4 MilSector: Information Technology | Industry: Semiconductors
Array Technologies (ARRY)
Market Price (11/3/2026): $4.21Market Cap: $648.4 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% Attractive yieldFCF Yield is 26% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, and Renewable Energy Equipment. | Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -166% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10%, Rev Chg QQuarterly Revenue Change % is -5.6% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28% Key risksARRY key risks include [1] intense competitive pricing pressure, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% |
| Attractive yieldFCF Yield is 26% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, and Renewable Energy Equipment. |
| Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -166% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10%, Rev Chg QQuarterly Revenue Change % is -5.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28% |
| Key risksARRY key risks include [1] intense competitive pricing pressure, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Array Technologies (ARRY) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Significant Reductions in Analyst Price Targets and Downgraded Sentiment. Analysts adjusted their outlook on Array Technologies, with the consensus price target decreasing by 13.34% to $7.65 by October 23, 2026. For instance, Guggenheim lowered its price target to $6 from $13 on October 28, 2026. This reflects a shift to a more neutral or negative sentiment regarding the company's future performance.
2. Broader Solar Industry Headwinds and Softening Demand. The solar sector faced macroeconomic pressures and concerns about demand, particularly in the distributed generation segments. While utility-scale solar installations increased by 61% year-over-year in fiscal Q2 2026 (ended June 2026), the residential solar market experienced a 12% year-over-year and 10% quarter-over-quarter decline. Additionally, permitting issues were noted to affect 30% of the early-stage solar project pipeline. Other major solar players, such as Jinko Holdings, reported a 15.7% year-on-year revenue decline and a 25% year-on-year drop in solar module shipments in fiscal Q3 2026 (ended September 2026). First Solar also saw a 23% year-on-year decrease in sales in fiscal Q3 2026, cutting its full-year revenue guidance due to fewer module sales.
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Array Technologies (ARRY) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Significant Reductions in Analyst Price Targets and Downgraded Sentiment. Analysts adjusted their outlook on Array Technologies, with the consensus price target decreasing by 13.34% to $7.65 by October 23, 2026. For instance, Guggenheim lowered its price target to $6 from $13 on October 28, 2026. This reflects a shift to a more neutral or negative sentiment regarding the company's future performance.
2. Broader Solar Industry Headwinds and Softening Demand. The solar sector faced macroeconomic pressures and concerns about demand, particularly in the distributed generation segments. While utility-scale solar installations increased by 61% year-over-year in fiscal Q2 2026 (ended June 2026), the residential solar market experienced a 12% year-over-year and 10% quarter-over-quarter decline. Additionally, permitting issues were noted to affect 30% of the early-stage solar project pipeline. Other major solar players, such as Jinko Holdings, reported a 15.7% year-on-year revenue decline and a 25% year-on-year drop in solar module shipments in fiscal Q3 2026 (ended September 2026). First Solar also saw a 23% year-on-year decrease in sales in fiscal Q3 2026, cutting its full-year revenue guidance due to fewer module sales.
3. Substantial Institutional Selling of Company Stock. BlackRock, Inc. significantly reduced its stake in Array Technologies, selling 10,777,377 shares at a trade price of $4.03 per share, totaling approximately $43.4 million, as disclosed on September 30, 2026. This major institutional sell-off indicated a notable decrease in conviction from a large asset manager, contributing to negative investor sentiment.
4. Persistent Concerns Over Cash Flow Despite Q2 2026 Earnings Beat. Although Array Technologies reported better-than-expected fiscal Q2 2026 earnings on August 5, 2026, with EPS of $0.24 against an estimated $0.12 and revenue of $342.07 million exceeding estimates, the revenue still represented a 5.6% year-over-year decrease. Subsequently, an article on October 21, 2026, highlighted potential "cash flow problems" at the company, raising investor concerns even with a substantial orderbook.
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Stock Movement Drivers
Fundamental Drivers
The -27.2% change in ARRY stock from 7/31/2026 to 11/2/2026 was primarily driven by a -25.5% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.22 | 3.80 | -27.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,205 | 1,185 | -1.7% |
| P/S Multiple | 0.7 | 0.5 | -25.5% |
| Shares Outstanding (Mil) | 153 | 154 | -0.6% |
| Cumulative Contribution | -27.2% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| ARRY | -27.2% | |
| Market (SPY) | 0.7% | 47.0% |
| Sector (XLK) | -0.6% | 29.9% |
Fundamental Drivers
The -50.9% change in ARRY stock from 4/30/2026 to 11/2/2026 was primarily driven by a -46.4% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.74 | 3.80 | -50.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,284 | 1,185 | -7.7% |
| P/S Multiple | 0.9 | 0.5 | -46.4% |
| Shares Outstanding (Mil) | 153 | 154 | -0.7% |
| Cumulative Contribution | -50.9% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| ARRY | -50.9% | |
| Market (SPY) | 4.9% | 57.6% |
| Sector (XLK) | 9.4% | 51.0% |
Fundamental Drivers
The -56.1% change in ARRY stock from 10/31/2025 to 11/2/2026 was primarily driven by a -56.3% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.66 | 3.80 | -56.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,171 | 1,185 | 1.2% |
| P/S Multiple | 1.1 | 0.5 | -56.3% |
| Shares Outstanding (Mil) | 153 | 154 | -0.8% |
| Cumulative Contribution | -56.1% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| ARRY | -56.1% | |
| Market (SPY) | 11.2% | 50.7% |
| Sector (XLK) | 16.3% | 45.6% |
Fundamental Drivers
The -78.1% change in ARRY stock from 10/31/2023 to 11/2/2026 was primarily driven by a -66.0% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.33 | 3.80 | -78.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,802 | 1,185 | -34.2% |
| P/S Multiple | 1.5 | 0.5 | -66.0% |
| Shares Outstanding (Mil) | 151 | 154 | -1.9% |
| Cumulative Contribution | -78.1% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| ARRY | -78.1% | |
| Market (SPY) | 86.0% | 29.3% |
| Sector (XLK) | 116.2% | 27.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ARRY Return | -64% | 23% | -13% | -64% | 53% | -59% | -91% |
| Peers Return | 67% | -24% | 89% | 66% | 11% | 5% | 364% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| ARRY Win Rate | 17% | 58% | 50% | 42% | 50% | 36% | |
| Peers Win Rate | 67% | 42% | 65% | 68% | 58% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| ARRY Max Drawdown | -75% | -61% | -48% | -70% | -48% | -74% | |
| Peers Max Drawdown | -23% | -42% | -18% | -29% | -38% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CVLT, TDC, BLKB, NVDA, AVGO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | ARRY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.1% | -18.8% |
| % Gain to Breakeven | 69.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -34.3% | -7.8% |
| % Gain to Breakeven | 52.3% | 8.5% |
| Time to Breakeven | 426 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.8% | -9.5% |
| % Gain to Breakeven | 38.6% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.2% | -6.7% |
| % Gain to Breakeven | 23.8% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.0% | -24.5% |
| % Gain to Breakeven | 156.6% | 32.4% |
| Time to Breakeven | 77 days | 427 days |
In The Past
Array Technologies's stock fell -41.1% during the 2025 US Tariff Shock. Such a loss loss requires a 69.8% gain to breakeven.
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| Event | ARRY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.1% | -18.8% |
| % Gain to Breakeven | 69.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -34.3% | -7.8% |
| % Gain to Breakeven | 52.3% | 8.5% |
| Time to Breakeven | 426 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.8% | -9.5% |
| % Gain to Breakeven | 38.6% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.0% | -24.5% |
| % Gain to Breakeven | 156.6% | 32.4% |
| Time to Breakeven | 77 days | 427 days |
In The Past
Array Technologies's stock fell -41.1% during the 2025 US Tariff Shock. Such a loss loss requires a 69.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Array Technologies (ARRY)
Array Technologies, Inc. (ARRY) is a prominent manufacturer and supplier of solar tracking systems and related products, primarily serving the renewable energy sector. The company's core business revolves around developing and providing technology that optimizes the performance and energy production of solar arrays by allowing them to precisely follow the sun's movement throughout the day.
Array's main product offering includes the DuraTrack HZ v3, which is a single-axis solar tracking system designed for large-scale solar installations. Complementing its hardware, the company also provides SmarTrack, an advanced machine learning software. SmarTrack's purpose is to continuously identify and implement the optimal position for a solar array in real time, thereby maximizing energy generation efficiency.
The company primarily targets developers, owners, and operators of utility-scale solar power plants. Array Technologies supplies its innovative solar tracking solutions to customers across the United States and internationally, contributing to the efficiency and output of solar energy projects on a global scale.
AI Analysis | Feedback
Here are a few analogies to describe Array Technologies (ARRY):
- Caterpillar for solar farms: Array Technologies provides the essential, heavy-duty mechanical systems that make large-scale solar power plants work more efficiently.
- Intel for solar power plants: Array Technologies creates the "brains" (tracking hardware and SmarTrack software) that optimize solar panel performance, making them more productive.
AI Analysis | Feedback
- DuraTrack HZ v3: A single-axis solar tracking system.
- SmarTrack: Machine learning software that optimizes solar array positioning in real-time to increase energy production.
AI Analysis | Feedback
Array Technologies (symbol: ARRY) sells its solar tracking systems and related products primarily to other companies in the utility-scale solar industry. However, the company explicitly states in its public filings (such as its 10-K reports) that it generally does not disclose the names of its specific customers due to confidentiality agreements and competitive reasons.
Based on their business description and public disclosures, Array Technologies' major customers are typically:
- Utility-scale solar project developers: These companies are responsible for the origination, development, and management of the construction of large-scale solar power plants across various geographies. They procure essential equipment like solar trackers for their projects.
- Independent Power Producers (IPPs): IPPs are entities that own and operate power generation facilities, including large solar farms, and sell the generated electricity to utilities, grid operators, or directly to large commercial and industrial consumers. They either develop projects in-house or acquire them from specialized developers.
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Kevin Hostetler, Chief Executive Officer
Mr. Hostetler has served as Chief Executive Officer of Array Technologies since April 2022. He brings over 18 years of global industrial business leadership experience, having transformed multiple engineered products and services companies throughout his career. Prior to joining Array, Mr. Hostetler served as CEO at Rotork, a FTSE 250 company, where he led a Growth Acceleration Program. He was also the Chief Executive Officer of FDH Infrastructure Services, where he led the company through a series of acquisitions. Additionally, he was an Executive Advisor to Wind Point Partners, a private equity firm focused on growth capital investments and leveraged buyouts in middle-market companies.
H. Keith Jennings, Chief Financial Officer
Mr. Jennings will become Chief Financial Officer of Array Technologies effective January 6, 2025. He brings over thirty years of experience across various industries, including corporate finance, risk management, and strategic growth initiatives. Most recently, he served as executive vice president and CFO of Weatherford International, where he was instrumental in the company's post-bankruptcy transformation, including restructuring its debt and facilitating its up-listing to the Nasdaq exchange. His prior experience also includes roles at Calumet Specialty Products Partners, Eastman Chemical Co., and Cameron International Corporation.
Neil Manning, President and Chief Operating Officer
Mr. Manning serves as President and Chief Operating Officer of Array Technologies, a position he assumed in June 2024, having previously served as Chief Operations Officer since January 2023. He has over 30 years of commercial and operations experience, driving growth and transformation across numerous engineered product and services companies. Before joining Array, he was a managing director at Rotork, where he led strategic development, commercial growth, and operational improvements. Mr. Manning was also at Velocitel, a wireless infrastructure service company, where he scaled site development services and led a business recovery for its subsidiary, SiteSafe.
Gina Gunning, Chief Legal Officer and Corporate Secretary
Ms. Gunning was appointed Chief Legal Officer and Corporate Secretary of Array Technologies effective January 27, 2025. She has over 25 years of legal and compliance experience across global organizations. Prior to Array, she served as Chief Legal Officer and Corporate Secretary at GrafTech International Ltd. Her background also includes senior legal roles at FirstEnergy Corp. and Cliffs Natural Resources Inc., where she demonstrated expertise in mergers and acquisitions, securities law, and capital markets transactions.
Darin Green, Global Chief Revenue Officer
Mr. Green has been promoted to Global Chief Revenue Officer, assuming responsibility for revenue generation across all global markets, as announced in January 2026. Under his leadership, Array's North America region achieved significant improvements in sales process discipline, customer engagement, and talent development.
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AI Analysis | Feedback
Array Technologies, Inc. (ARRY) manufactures and supplies solar tracking systems and machine learning software for solar array optimization. The addressable markets for its main products are as follows:
Solar Tracking Systems (DuraTrack HZ v3 - single-axis solar tracker)
- Global Market: The global single-axis solar tracker market was valued at approximately USD 33.6 billion in 2025 and is projected to reach USD 66.8 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 7.1% over the forecast period. Other estimates indicate the global single-axis solar tracker market was valued at USD 31.4 billion in 2024 and is estimated to grow to USD 61.6 billion by 2034 with a CAGR of 7.1% from 2025 to 2034. The single-axis segment held the largest market share, at 88%, within the solar tracker installation market in 2025.
- U.S. Market: The U.S. single-axis solar tracker market was valued at USD 0.78 billion in 2025 and is expected to reach USD 2.82 billion by 2033, exhibiting a CAGR of 19.08% from 2026-2033.
Machine Learning Software (SmarTrack - solar array optimization software)
- Global Market: The global Solar Software market size was USD 1.30 billion in 2025 and is projected to reach USD 2.86 billion by 2033, exhibiting a CAGR of 10.3% during the forecast period. This market encompasses digital tools and systems designed to enhance the performance, accuracy, and effectiveness of solar power structures, including performance optimization. The global Photovoltaic Software Market was valued at USD 967.2 million in 2024 and is predicted to reach USD 2253.1 million by 2034.
- North American Market: North America holds nearly 36% of the Solar Software Market Share. AI-based performance monitoring, which aligns with SmarTrack's capabilities, is used in 38% of utility-scale plants in North America.
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Array Technologies (ARRY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Robust Order Backlog and Strong Domestic Demand: The company ended 2025 with a record order book valued at $2.2 billion, indicating strong future demand. This robust backlog, coupled with the strong underlying momentum in the U.S. solar industry and supportive policy incentives, is expected to underpin revenue generation from large utility-scale projects.
- International Expansion: Array Technologies has a strategic focus on elevating its international business and expanding its DuraTrack product globally. This global adoption is supported by governments and corporations pursuing decarbonization goals.
- Product Innovation and Adoption of Advanced Technologies: Innovation is a core strategic imperative for Array Technologies. This includes developing next-generation tracker upgrades for OmniTrack, launching a new U.S. tracker version, and introducing an optimized tracker-plus-foundation integrated solution with APA in the latter half of 2026. The rapid adoption of its SmarTrack machine learning software, with significant opportunities in the order book, is also a key driver.
- Strategic Acquisitions: The successful integration of acquisitions, such as APA Solar, which contributed approximately $100 million to the order book, demonstrates that strategic M&A can bolster Array Technologies' revenue.
- Growth in Recurring Revenue from Software and Services: As Array Technologies' installed base expands, the company anticipates driving incremental revenue through software, optimization tools, spare parts, and service upgrades designed to reduce the levelized cost of energy (LCOE) for its customers.
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Share Issuance
- Array Technologies, Inc.'s issuance of preferred shares was USD 33.1 million in 2022.
- The number of shares outstanding for Array Technologies has increased by 0.52% in one year.
Capital Expenditures
- Array Technologies Inc.'s capital expenditures for fiscal years ending December 2020 to 2024 averaged $7.922 million.
- Capital expenditures for Array Technologies Inc. peaked in December 2023 at $16.989 million.
- The company's capital expenditures in the last 12 months were approximately $21.97 million.
Peer Outperformance in Semiconductors
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ARRY | Array Technologies | -10.4% | -6.8x | -56.1% | -79.0% | -82.8% | — |
| ON | ON Semiconductor | -9.2% | 43.4x | 40.0% | 2.7% | 22.7% | +106pp |
| MCHP | Microchip Technology | -13.2% | 86.3x | 25.1% | 7.4% | 7.7% | +91pp |
| SWKS | Skyworks Solutions | -6.7% | 44.2x | 13.1% | 3.1% | -42.6% | +40pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 18.4% | 110.0% | 198.4% | FLEX 551% · TTMI 451% · JBL 333% |
| Technology Distributors | 9 | 43.9% | 68.0% | 73.2% | AVT 146% · SNX 117% · CNXN 94% |
| Semiconductor Materials & Equipment | 28 | 37.3% | 61.0% | 45.7% | AXTI 464% · LRCX 317% · KLAC 313% |
| Electronic Components | 26 | -0.6% | 66.1% | 34.6% | CLS 2294% · BELFA 1195% · APH 329% |
| Communications Equipment | 36 | 2.5% | 73.5% | 32.6% | AAOI 695% · LITE 689% · ANET 434% |
| Semiconductors ← | 55 | 0.0% | 44.4% | 7.7% | MU 1107% · NVDA 669% · AVGO 555% |
| Electronic Equipment & Instruments | 27 | -4.1% | 24.7% | 3.5% | PI 139% · OSIS 114% · MIR 70% |
| Internet Services & Infrastructure | 6 | 1.5% | 45.7% | -10.1% | GDDY 73% · VRSN 39% · DOCN -3% |
| Technology Hardware, Storage & Peripherals | 21 | -3.4% | 85.5% | -12.0% | WDC 727% · SMCI 721% · DELL 693% |
| IT Consulting & Other Services | 30 | -24.8% | -3.5% | -25.0% | APLD 269% · IBM 152% · ADEA 142% |
| Application Software | 125 | -15.8% | -9.8% | -54.8% | PLTR 588% · FROG 159% · AGYS 148% |
| Systems Software | 70 | -12.3% | 22.2% | -56.2% | CRWD 261% · ZETA 243% · CVLT 145% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 106.01 |
| Mkt Cap | 4.8 |
| Rev LTM | 1,472 |
| Op Inc LTM | 180 |
| FCF LTM | 507 |
| FCF 3Y Avg | 324 |
| CFO LTM | 552 |
| CFO 3Y Avg | 362 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 9.3% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 41.7% |
| Op Inc Chg 3Y Avg | 34.2% |
| Op Mgn LTM | 15.0% |
| Op Mgn 3Y Avg | 12.5% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 36.9% |
| CFO/Rev 3Y Avg | 25.2% |
| FCF/Rev LTM | 33.0% |
| FCF/Rev 3Y Avg | 23.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Array Legacy Operations | 1,070 | 662 | 1,173 | 1,268 | 853 |
| Soluciones Técnicas Integrales (STI) Operations | 214 | 254 | 404 | 370 | 0 |
| Total | 1,284 | 916 | 1,577 | 1,638 | 853 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Array Legacy Operations | 1,236 | 1,018 | 869 | 844 |
| Soluciones Técnicas Integrales (STI) Operations | 216 | 408 | 838 | 862 |
| Total | 1,452 | 1,426 | 1,707 | 1,706 |
Price Behavior
| Market Price | $3.80 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 10/15/2020 | |
| Distance from 52W High | -68.2% | |
| 50 Days | 200 Days | |
| DMA Price | $3.98 | $6.87 |
| DMA Trend | down | down |
| Distance from DMA | -4.5% | -44.7% |
| 3M | 1YR | |
| Volatility | 60.0% | 76.0% |
| Downside Capture | 391.78 | 419.89 |
| Upside Capture | 152.74 | 279.18 |
| Correlation (S&P 500) | 37.9% | 50.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.10 | 2.42 | 3.01 | 3.25 | 3.06 | 1.55 |
| Up Beta | -0.20 | -1.44 | 1.85 | 2.65 | 2.32 | 1.35 |
| Down Beta | 1.74 | 2.54 | 1.66 | 2.49 | 2.26 | 1.50 |
| Up Capture | 260% | 224% | 287% | 341% | 739% | 161% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 18 | 24 | 51 | 115 | 339 |
| Down Capture | 416% | 327% | 380% | 281% | 187% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 24 | 39 | 73 | 132 | 402 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARRY | |
|---|---|---|---|---|
| ARRY | -54.9% | 76.0% | -0.70 | - |
| Sector ETF (XLK) | 16.5% | 27.2% | 0.53 | 45.6% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 50.8% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 29.1% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -11.2% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 9.0% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 17.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARRY | |
|---|---|---|---|---|
| ARRY | -28.7% | 81.6% | -0.05 | - |
| Sector ETF (XLK) | 17.9% | 26.1% | 0.61 | 32.5% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 35.4% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 12.9% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 8.6% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 28.7% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 17.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARRY | |
|---|---|---|---|---|
| ARRY | -21.2% | 81.0% | -0.12 | - |
| Sector ETF (XLK) | 23.3% | 25.2% | 0.84 | 31.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 34.3% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 12.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 7.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 26.4% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 15.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -6.9% | -8.0% | -19.5% |
| 5/6/2026 | 0.9% | 8.1% | -0.5% |
| 2/25/2026 | -33.8% | -33.5% | -33.8% |
| 11/5/2025 | 0.6% | 1.1% | -3.7% |
| 8/7/2025 | -5.8% | 4.1% | 49.8% |
| 5/6/2025 | 4.5% | 38.7% | 41.6% |
| 2/27/2025 | -19.4% | -19.2% | -22.4% |
| 11/7/2024 | -2.6% | 23.1% | -1.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 11 |
| # Negative | 11 | 9 | 12 |
| Median Positive | 8.7% | 17.0% | 18.6% |
| Median Negative | -7.2% | -16.0% | -16.6% |
| Max Positive | 28.9% | 38.7% | 94.8% |
| Max Negative | -46.1% | -43.9% | -34.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -6.9% | -8.0% | -19.5% |
| 5/6/2026 | 0.9% | 8.1% | -0.5% |
| 2/25/2026 | -33.8% | -33.5% | -33.8% |
| 11/5/2025 | 0.6% | 1.1% | -3.7% |
| 8/7/2025 | -5.8% | 4.1% | 49.8% |
| 5/6/2025 | 4.5% | 38.7% | 41.6% |
| 2/27/2025 | -19.4% | -19.2% | -22.4% |
| 11/7/2024 | -2.6% | 23.1% | -1.6% |
| 8/8/2024 | -21.0% | -27.7% | -33.1% |
| 5/9/2024 | 2.0% | -9.4% | 11.8% |
| 2/27/2024 | 3.4% | -5.6% | 10.7% |
| 11/7/2023 | -17.6% | -16.0% | -12.8% |
| 8/8/2023 | 24.0% | 19.1% | 32.9% |
| 5/9/2023 | -3.0% | 16.6% | 18.6% |
| 3/2/2023 | 3.1% | 17.3% | 10.3% |
| 11/8/2022 | 13.5% | 23.9% | 23.9% |
| 8/9/2022 | 28.9% | 20.2% | 16.6% |
| 5/10/2022 | -7.2% | 14.3% | 94.8% |
| 11/12/2021 | 20.1% | 10.4% | -19.5% |
| 8/11/2021 | 12.9% | 24.1% | 15.1% |
| 5/11/2021 | -46.1% | -43.9% | -34.5% |
| 3/9/2021 | -4.3% | 2.6% | -13.7% |
| 11/5/2020 | 13.9% | -4.3% | -10.6% |
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 11 |
| # Negative | 11 | 9 | 12 |
| Median Positive | 8.7% | 17.0% | 18.6% |
| Median Negative | -7.2% | -16.0% | -16.6% |
| Max Positive | 28.9% | 38.7% | 94.8% |
| Max Negative | -46.1% | -43.9% | -34.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 04/06/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 10/16/2020 | 424B4 |
Recent Forward Guidance
Updated 11/2/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 310.00 Mil | 320.00 Mil | 330.00 Mil | 3.2% | Higher New | Actual: 310.00 Mil for Q2 2026 | |
| 2026 Revenue | Reported | 1.40 Bil | 1.45 Bil | 1.50 Bil | 0.0% | Affirmed | Guidance: 1.45 Bil for 2026 | |
| 2026 Adjusted Gross Margin | Reported | 27.0% | 27.5% | 28.0% | ||||
| 2026 Adjusted EBITDA | Reported | 210.00 Mil | 220.00 Mil | 230.00 Mil | 2.3% | Raised | Guidance: 215.00 Mil for 2026 | |
| 2026 Adjusted EPS | Reported | 0.68 | 0.72 | 0.75 | 2.1% | Raised | Guidance: 0.7 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 300.00 Mil | 310.00 Mil | 320.00 Mil | 55.0% | Higher New | Guidance: 200.00 Mil for Q1 2026 | |
| 2026 Revenue | Reported | 1.40 Bil | 1.45 Bil | 1.50 Bil | 0 | Affirmed | Guidance: 1.45 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 200.00 Mil | 215.00 Mil | 230.00 Mil | 0 | Affirmed | Guidance: 215.00 Mil for 2026 | |
| 2026 Adjusted net income per common share | Reported | 0.65 | 0.7 | 0.75 | 0 | Affirmed | Guidance: 0.7 for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 200.00 Mil | ||||||
| 2026 Revenue | Reported | 1.40 Bil | 1.45 Bil | 1.50 Bil | 14.6% | Higher New | Actual: 1.26 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 200.00 Mil | 215.00 Mil | 230.00 Mil | 13.2% | Higher New | Actual: 190.00 Mil for 2025 | |
| 2026 Adjusted Net Income per Common Share | Reported | 0.65 | 0.7 | 0.75 | 4.5% | Higher New | Actual: 0.67 for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 1.25 Bil | 1.26 Bil | 1.28 Bil | 5.6% | Raised | Guidance: 1.20 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 185.00 Mil | 190.00 Mil | 195.00 Mil | -1.3% | Lowered | Guidance: 192.50 Mil for 2025 | |
| 2025 Adjusted net income per share | Reported | 0.64 | 0.67 | 0.7 | 0.8% | Raised | Guidance: 0.67 for 2025 | |
Investor Activity (13F)
Updated Nov 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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