Array Technologies (ARRY) Financials

$4.23 -0.03 (-0.70%)

As of 04/14/2025 04:00 PM Eastern

Annual Income Statements for Array Technologies

This table shows Array Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-44	86	-296
Consolidated Net Income / (Loss)	4.43	137	-240
Net Income / (Loss) Continuing Operations	4.43	137	-240
Total Pre-Tax Income	-4.95	177	-251
Total Operating Income	-18	214	-227
Total Gross Profit	213	416	298
Total Revenue	1,638	1,577	916
Operating Revenue	1,638	1,577	916
Total Cost of Revenue	1,425	1,161	618
Operating Cost of Revenue	1,425	1,161	618
Total Operating Expenses	231	201	525
Selling, General & Admin Expense	151	160	161
Depreciation Expense	85	39	36
Impairment Charge	0.00	0.00	328
Other Special Charges / (Income)	-4.51	2.96	0.13
Total Other Income / (Expense), net	13	-37	-24
Interest Expense	37	44	35
Interest & Investment Income	3.18	8.33	17
Other Income / (Expense), net	47	-1.07	-5.52
Income Tax Expense	-9.38	40	-10
Preferred Stock Dividends Declared	48	52	56
Basic Earnings per Share	($0.29)	$0.57	($1.95)
Weighted Average Basic Shares Outstanding	149.82M	150.94M	151.75M
Diluted Earnings per Share	($0.29)	$0.56	($1.95)
Weighted Average Diluted Shares Outstanding	149.82M	152.02M	151.75M
Weighted Average Basic & Diluted Shares Outstanding	150.77M	151.29M	152.01M

This table shows Array Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	28	-17	17	52	10	6.01	-11	12	-155	-141
Consolidated Net Income / (Loss)	41	-5.25	30	65	23	19	2.17	26	-141	-127
Net Income / (Loss) Continuing Operations	41	-5.25	30	65	23	19	2.17	26	-141	-127
Total Pre-Tax Income	51	8.55	38	87	30	22	3.47	34	-138	-150
Total Operating Income	17	16	47	96	40	30	8.41	40	-133	-142
Total Gross Profit	77	70	98	146	87	84	55	86	78	78
Total Revenue	515	402	377	508	350	342	153	256	231	275
Operating Revenue	515	402	377	508	350	342	153	256	231	275
Total Cost of Revenue	438	332	279	361	263	257	98	170	153	197
Operating Cost of Revenue	438	332	279	361	263	257	98	170	153	197
Total Operating Expenses	59	53	50	50	47	54	47	46	211	221
Selling, General & Admin Expense	39	38	38	40	37	44	38	37	40	46
Depreciation Expense	21	14	11	9.21	9.55	9.57	9.63	8.88	8.88	8.70
Other Special Charges / (Income)	-0.57	1.47	1.34	0.71	0.19	0.73	-0.74	0.50	-0.04	0.40
Total Other Income / (Expense), net	33	-7.80	-9.50	-9.72	-9.88	-7.87	-4.95	-6.09	-4.83	-7.70
Interest Expense	8.83	13	11	12	13	8.86	8.94	8.61	8.26	9.01
Interest & Investment Income	0.78	-	1.23	1.47	3.43	2.21	3.68	4.78	4.22	4.09
Other Income / (Expense), net	41	2.70	0.00	0.39	-0.24	-1.21	0.32	-2.26	-0.79	-2.79
Income Tax Expense	10.00	14	8.32	21	7.23	3.01	1.30	7.81	3.85	-23
Preferred Stock Dividends Declared	12	12	12	13	13	13	14	14	14	14
Basic Earnings per Share	$0.19	($0.12)	$0.11	$0.34	$0.07	$0.05	($0.07)	$0.08	($1.02)	($0.94)
Weighted Average Basic Shares Outstanding	150.32M	149.82M	150.61M	150.92M	151.07M	150.94M	151.35M	151.80M	151.92M	151.75M
Diluted Earnings per Share	$0.19	($0.12)	$0.11	$0.34	$0.07	$0.04	($0.07)	$0.08	($1.02)	($0.94)
Weighted Average Diluted Shares Outstanding	151.38M	149.82M	151.80M	152.13M	152.32M	152.02M	151.35M	152.21M	151.92M	151.75M
Weighted Average Basic & Diluted Shares Outstanding	150.49M	150.77M	150.85M	151.07M	151.22M	151.29M	151.77M	151.93M	151.94M	152.01M

This table details how cash moves in and out of Array Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-234	115	115
Net Cash From Operating Activities	141	232	154
Net Cash From Continuing Operating Activities	141	232	154
Net Income / (Loss) Continuing Operations	4.43	137	-240
Consolidated Net Income / (Loss)	4.43	137	-240
Depreciation Expense	87	40	38
Amortization Expense	21	25	21
Non-Cash Adjustments To Reconcile Net Income	21	28	346
Changes in Operating Assets and Liabilities, net	8.27	1.61	-11
Net Cash From Investing Activities	-384	-17	-9.57
Net Cash From Continuing Investing Activities	-384	-17	-9.57
Purchase of Property, Plant & Equipment	-11	-17	-19
Acquisitions	-374	0.00	0.00
Sale of Property, Plant & Equipment	0.00	0.17	0.03
Sale and/or Maturity of Investments	0.00	0.00	12
Other Investing Activities, net	0.00	0.00	-3.00
Net Cash From Financing Activities	8.44	-102	-12
Net Cash From Continuing Financing Activities	8.44	-102	-12
Repayment of Debt	-154	-162	-102
Payment of Dividends	-19	0.00	0.00
Issuance of Debt	169	63	93
Issuance of Common Equity	14	-1.51	0.00
Other Financing Activities, net	-1.48	-1.20	-3.18
Effect of Exchange Rate Changes	0.74	1.81	-18
Cash Interest Paid	23	44	39
Cash Income Taxes Paid	11	46	28

This table details how cash moves in and out of Array Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	12	71	14	8.21	18	75	39	-5.30	50	32
Net Cash From Operating Activities	105	97	46	21	72	94	48	3.96	45	58
Net Cash From Continuing Operating Activities	105	97	46	21	72	94	48	3.96	45	58
Net Income / (Loss) Continuing Operations	41	-5.25	30	65	23	19	2.17	26	-141	-127
Consolidated Net Income / (Loss)	41	-5.25	30	65	23	19	2.17	26	-141	-127
Depreciation Expense	14	22	11	9.52	9.91	9.95	10	9.33	9.56	9.21
Amortization Expense	13	5.49	6.47	5.81	7.76	5.09	5.19	5.19	5.19	5.08
Non-Cash Adjustments To Reconcile Net Income	4.37	6.90	5.88	6.23	4.51	11	4.28	3.41	167	172
Changes in Operating Assets and Liabilities, net	33	68	-7.06	-66	26	49	26	-40	4.46	-1.41
Net Cash From Investing Activities	-2.79	-3.93	-3.88	-5.54	-2.19	-5.21	-2.39	-2.10	11	-16
Net Cash From Continuing Investing Activities	-2.79	-3.93	-3.88	-5.54	-2.19	-5.21	-2.39	-2.10	11	-16
Purchase of Property, Plant & Equipment	-2.80	-3.93	-3.88	-5.54	-2.19	-5.37	-2.39	-2.10	-1.08	-13
Net Cash From Financing Activities	-90	-25	-24	-16	-45	-17	-4.58	0.43	-8.10	0.40
Net Cash From Continuing Financing Activities	-90	-25	-24	-16	-45	-17	-4.58	0.43	-8.10	0.40
Repayment of Debt	-94	-4.95	-28	-32	-82	-20	-4.85	-9.97	-13	-74
Issuance of Debt	24	-19	6.47	17	37	2.80	2.28	10	6.34	74
Other Financing Activities, net	-	-	-1.20	-	-	-	-2.01	-	-1.15	-0.02
Effect of Exchange Rate Changes	-0.71	2.29	-4.32	8.76	-6.26	3.61	-2.00	-7.59	2.32	-10
Cash Interest Paid	15	0.89	7.98	7.90	20	7.81	11	6.52	12	8.99
Cash Income Taxes Paid	1.42	9.55	2.52	16	18	9.15	0.40	17	8.22	2.75

This table presents Array Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	1,706	1,707	1,426
Total Current Assets	831	832	999
Cash & Equivalents	134	249	363
Restricted Cash	-	0.00	1.15
Accounts Receivable	421	332	276
Inventories, net	233	162	201
Prepaid Expenses	39	89	158
Plant, Property, & Equipment, net	23	28	26
Total Noncurrent Assets	852	847	401
Goodwill	416	436	160
Intangible Assets	386	354	181
Noncurrent Deferred & Refundable Income Taxes	16	16	18
Other Noncurrent Operating Assets	33	41	42
Total Liabilities & Shareholders' Equity	1,706	1,707	1,426
Total Liabilities	1,282	1,096	1,137
Total Current Liabilities	465	336	438
Short-Term Debt	40	23	32
Accounts Payable	170	119	172
Accrued Expenses	59	73	93
Current Deferred Revenue	179	66	120
Current Deferred & Payable Income Tax Liabilities	6.88	5.75	5.23
Other Current Liabilities	11	48	15
Total Noncurrent Liabilities	817	761	699
Long-Term Debt	720	661	647
Noncurrent Deferred & Payable Income Tax Liabilities	73	67	21
Other Noncurrent Operating Liabilities	24	33	31
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	300	351	407
Total Equity & Noncontrolling Interests	124	259	-118
Total Preferred & Common Equity	124	259	-118
Preferred Stock	0.00	0.00	0.00
Total Common Equity	124	259	-118
Common Stock	383	345	298
Retained Earnings	-267	-130	-371
Accumulated Other Comprehensive Income / (Loss)	8.43	45	-45

This table presents Array Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	1,682	1,794	1,853	1,779	1,629	1,652	1,563
Total Current Assets	872	867	908	863	774	849	902
Cash & Equivalents	63	148	156	174	288	282	332
Accounts Receivable	485	415	502	428	229	310	282
Inventories, net	270	255	207	216	179	166	196
Prepaid Expenses	41	46	43	45	79	91	92
Plant, Property, & Equipment, net	20	26	31	30	27	27	28
Total Noncurrent Assets	790	902	914	886	828	776	633
Goodwill	360	428	441	427	425	403	251
Intangible Assets	384	379	376	354	339	308	302
Noncurrent Deferred & Refundable Income Taxes	19	0.00	0.00	0.00	14	13	16
Other Noncurrent Operating Assets	28	94	97	106	50	52	65
Total Liabilities & Shareholders' Equity	1,682	1,794	1,853	1,779	1,629	1,652	1,563
Total Liabilities	1,332	1,275	1,240	1,162	1,033	1,073	1,106
Total Current Liabilities	513	471	435	401	284	338	375
Short-Term Debt	48	36	39	41	24	31	30
Accounts Payable	199	201	189	172	93	112	149
Accrued Expenses	95	60	63	75	37	59	50
Current Deferred Revenue	155	151	115	101	87	91	113
Current Deferred & Payable Income Tax Liabilities	11	12	17	6.14	7.03	3.37	1.44
Other Current Liabilities	4.98	10	13	6.16	36	41	31
Total Noncurrent Liabilities	819	804	806	762	750	735	731
Long-Term Debt	725	706	702	659	658	652	648
Noncurrent Deferred & Payable Income Tax Liabilities	74	73	75	70	63	55	55
Other Noncurrent Operating Liabilities	20	25	28	33	29	29	28
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	288	312	325	338	365	379	393
Total Equity & Noncontrolling Interests	62	207	287	278	231	200	64
Total Preferred & Common Equity	62	207	287	278	231	200	64
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	62	207	287	278	231	200	64
Common Stock	393	426	418	408	334	321	308
Retained Earnings	-258	-241	-177	-153	-128	-102	-244
Accumulated Other Comprehensive Income / (Loss)	-73	22	46	24	26	-18	-0.29

This table displays calculated financial ratios and metrics derived from Array Technologies' official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	91.90%	-3.72%	-41.91%
EBITDA Growth	789.91%	104.03%	-162.37%
EBIT Growth	211.37%	645.97%	-209.14%
NOPAT Growth	26.71%	1,406.83%	-195.80%
Net Income Growth	108.79%	2,996.57%	-275.16%
EPS Growth	43.14%	293.10%	-448.21%
Operating Cash Flow Growth	153.76%	63.93%	-33.62%
Free Cash Flow Firm Growth	-89.86%	131.33%	65.81%
Invested Capital Growth	102.85%	-0.47%	-42.30%
Revenue Q/Q Growth	12.52%	-3.69%	-6.76%
EBITDA Q/Q Growth	77.40%	-1.05%	-14,173.10%
EBIT Q/Q Growth	361.93%	4.90%	-298.25%
NOPAT Q/Q Growth	66.72%	20.12%	-316.99%
Net Income Q/Q Growth	136.27%	21.83%	-155.33%
EPS Q/Q Growth	32.56%	40.00%	-101.03%
Operating Cash Flow Q/Q Growth	365.33%	-1.48%	-19.12%
Free Cash Flow Firm Q/Q Growth	18.16%	204.32%	-5.85%
Invested Capital Q/Q Growth	-0.91%	-8.46%	-24.88%
Profitability Metrics	-	-	-
Gross Margin	12.99%	26.36%	32.50%
EBITDA Margin	8.33%	17.66%	-18.96%
Operating Margin	-1.11%	13.58%	-24.79%
EBIT Margin	1.74%	13.51%	-25.39%
Profit (Net Income) Margin	0.27%	8.71%	-26.25%
Tax Burden Percent	-89.50%	77.47%	95.94%
Interest Burden Percent	-17.34%	83.15%	107.76%
Effective Tax Rate	0.00%	22.53%	0.00%
Return on Invested Capital (ROIC)	-1.62%	15.83%	-19.28%
ROIC Less NNEP Spread (ROIC-NNEP)	1.89%	10.43%	-41.04%
Return on Net Nonoperating Assets (RNNOA)	3.12%	10.70%	-34.18%
Return on Equity (ROE)	1.50%	26.54%	-53.46%
Cash Return on Invested Capital (CROIC)	-69.54%	16.30%	34.36%
Operating Return on Assets (OROA)	2.01%	12.49%	-14.85%
Return on Assets (ROA)	0.31%	8.04%	-15.35%
Return on Common Equity (ROCE)	0.14%	9.84%	-8.39%
Return on Equity Simple (ROE_SIMPLE)	3.57%	52.94%	203.56%
Net Operating Profit after Tax (NOPAT)	-13	166	-159
NOPAT Margin	-0.78%	10.52%	-17.35%
Net Nonoperating Expense Percent (NNEP)	-3.51%	5.40%	21.76%
Return On Investment Capital (ROIC_SIMPLE)	-1.44%	17.59%	-28.36%
Cost of Revenue to Revenue	87.01%	73.64%	67.50%
SG&A Expenses to Revenue	9.21%	10.12%	17.53%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.10%	12.78%	57.29%
Earnings before Interest and Taxes (EBIT)	29	213	-233
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	136	278	-174
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	23.41	9.80	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.78	1.61	1.00
Price to Earnings (P/E)	0.00	29.70	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	3.37%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.65	3.18	2.72
Enterprise Value to Revenue (EV/Rev)	2.34	2.11	1.79
Enterprise Value to EBITDA (EV/EBITDA)	28.10	11.95	0.00
Enterprise Value to EBIT (EV/EBIT)	134.27	15.61	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	20.05	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	27.10	14.34	10.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.48	5.79
Leverage & Solvency	-	-	-
Debt to Equity	1.79	1.12	2.35
Long-Term Debt to Equity	1.70	1.08	2.24
Financial Leverage	1.65	1.03	0.83
Leverage Ratio	4.81	3.30	3.48
Compound Leverage Factor	-0.83	2.74	3.75
Debt to Total Capital	64.20%	52.83%	70.14%
Short-Term Debt to Total Capital	3.37%	1.77%	3.30%
Long-Term Debt to Total Capital	60.84%	51.06%	66.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	25.30%	27.14%	42.07%
Common Equity to Total Capital	10.50%	20.03%	-12.21%
Debt to EBITDA	5.57	2.46	-3.91
Net Debt to EBITDA	4.59	1.56	-1.81
Long-Term Debt to EBITDA	5.28	2.37	-3.72
Debt to NOPAT	-59.89	4.12	-4.27
Net Debt to NOPAT	-49.35	2.62	-1.98
Long-Term Debt to NOPAT	-56.75	3.98	-4.07
Altman Z-Score	2.41	2.97	0.70
Noncontrolling Interest Sharing Ratio	90.70%	62.92%	84.31%
Liquidity Ratios	-	-	-
Current Ratio	1.79	2.48	2.28
Quick Ratio	1.19	1.73	1.46
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-545	171	283
Operating Cash Flow to CapEx	1,332.45%	1,378.96%	830.22%
Free Cash Flow to Firm to Interest Expense	-14.86	3.86	8.13
Operating Cash Flow to Interest Expense	3.86	5.24	4.42
Operating Cash Flow Less CapEx to Interest Expense	3.57	4.86	3.89
Efficiency Ratios	-	-	-
Asset Turnover	1.15	0.92	0.58
Accounts Receivable Turnover	4.98	4.19	3.01
Inventory Turnover	6.49	5.88	3.41
Fixed Asset Turnover	96.71	61.74	33.85
Accounts Payable Turnover	10.86	8.01	4.24
Days Sales Outstanding (DSO)	73.24	87.21	121.16
Days Inventory Outstanding (DIO)	56.21	62.11	107.11
Days Payable Outstanding (DPO)	33.61	45.57	86.17
Cash Conversion Cycle (CCC)	95.83	103.74	142.10
Capital & Investment Metrics	-	-	-
Invested Capital	1,050	1,045	603
Invested Capital Turnover	2.09	1.50	1.11
Increase / (Decrease) in Invested Capital	532	-4.92	-442
Enterprise Value (EV)	3,835	3,326	1,639
Market Capitalization	2,909	2,540	918
Book Value per Share	$0.83	$1.71	($0.78)
Tangible Book Value per Share	($4.51)	($3.51)	($3.03)
Total Capital	1,184	1,294	967
Total Debt	760	684	678
Total Long-Term Debt	720	661	647
Net Debt	626	435	314
Capital Expenditures (CapEx)	11	17	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	272	270	229
Debt-free Net Working Capital (DFNWC)	406	519	593
Net Working Capital (NWC)	366	497	561
Net Nonoperating Expense (NNE)	-17	29	81
Net Nonoperating Obligations (NNO)	626	435	314
Total Depreciation and Amortization (D&A)	108	65	59
Debt-free, Cash-free Net Working Capital to Revenue	16.61%	17.15%	24.97%
Debt-free Net Working Capital to Revenue	24.78%	32.95%	64.73%
Net Working Capital to Revenue	22.35%	31.50%	61.25%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.57	($1.95)
Adjusted Weighted Average Basic Shares Outstanding	0.00	150.94M	151.75M
Adjusted Diluted Earnings per Share	$0.00	$0.56	($1.95)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	152.02M	151.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	151.29M	152.01M
Normalized Net Operating Profit after Tax (NOPAT)	-16	168	71
Normalized NOPAT Margin	-0.97%	10.67%	7.72%
Pre Tax Income Margin	-0.30%	11.24%	-27.36%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.78	4.82	-6.68
NOPAT to Interest Expense	-0.35	3.75	-4.56
EBIT Less CapEx to Interest Expense	0.49	4.44	-7.21
NOPAT Less CapEx to Interest Expense	-0.64	3.37	-5.10
Payout Ratios	-	-	-
Dividend Payout Ratio	421.25%	0.00%	0.00%
Augmented Payout Ratio	421.25%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Array Technologies' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	172.95%	82.86%	25.35%	20.93%	-31.96%	-15.04%	-59.29%	-49.63%	-33.97%	-19.43%
EBITDA Growth	1,887.22%	474.66%	869.80%	808.45%	-32.65%	-6.29%	-62.90%	-53.68%	-305.98%	-397.10%
EBIT Growth	396.23%	193.27%	240.67%	725.86%	-31.91%	52.30%	-81.61%	-61.36%	-433.94%	-600.36%
NOPAT Growth	201.02%	28.31%	238.04%	876.75%	121.89%	360.35%	-85.83%	-58.10%	-403.29%	-481.09%
Net Income Growth	247.47%	76.02%	214.26%	1,397.07%	-43.17%	468.35%	-92.69%	-60.56%	-711.98%	-756.10%
EPS Growth	176.00%	53.85%	144.00%	409.09%	-63.16%	133.33%	-163.64%	-76.47%	-1,557.14%	-2,450.00%
Operating Cash Flow Growth	430.27%	200.12%	191.45%	292.56%	-31.65%	-3.58%	3.68%	-80.74%	-37.26%	-38.73%
Free Cash Flow Firm Growth	-695.92%	-91.15%	110.32%	103.57%	91.64%	105.73%	41.85%	833.91%	579.11%	1,002.41%
Invested Capital Growth	145.43%	102.85%	-4.58%	3.97%	7.73%	-0.47%	-11.06%	-18.30%	-29.68%	-42.30%
Revenue Q/Q Growth	22.66%	-21.93%	-6.29%	34.76%	-30.98%	-2.52%	-55.09%	66.73%	-9.52%	18.94%
EBITDA Q/Q Growth	594.35%	-45.07%	37.91%	72.73%	-48.52%	-23.58%	-45.26%	115.67%	-328.92%	-10.23%
EBIT Q/Q Growth	480.16%	-67.55%	149.19%	103.60%	-58.64%	-27.42%	-69.79%	327.77%	-457.43%	-8.74%
NOPAT Q/Q Growth	247.87%	-172.78%	468.93%	95.64%	-57.76%	-14.61%	-79.90%	478.38%	-405.79%	-7.29%
Net Income Q/Q Growth	909.00%	-112.92%	664.37%	119.89%	-64.55%	-16.26%	-88.74%	1,086.97%	-650.06%	10.22%
EPS Q/Q Growth	272.73%	-163.16%	191.67%	209.09%	-79.41%	-42.86%	-275.00%	214.29%	-1,375.00%	7.84%
Operating Cash Flow Q/Q Growth	1,082.35%	-6.98%	-52.99%	-55.17%	248.68%	31.23%	-49.46%	-91.67%	1,035.58%	28.15%
Free Cash Flow Firm Q/Q Growth	17.86%	11.67%	116.69%	-70.48%	-292.11%	160.50%	313.74%	94.35%	-1.45%	39.20%
Invested Capital Q/Q Growth	-8.02%	-0.91%	6.04%	7.58%	-4.69%	-8.46%	-5.24%	-1.18%	-17.97%	-24.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.87%	17.31%	25.89%	28.83%	24.93%	24.66%	35.91%	33.61%	33.84%	28.46%
EBITDA Margin	16.62%	11.69%	17.20%	22.05%	16.45%	12.89%	15.68%	20.28%	-51.30%	-47.54%
Operating Margin	3.34%	4.07%	12.60%	18.96%	11.47%	8.85%	5.48%	15.48%	-57.33%	-51.72%
EBIT Margin	11.40%	4.74%	12.60%	19.03%	11.40%	8.49%	5.69%	14.60%	-57.67%	-52.73%
Profit (Net Income) Margin	7.89%	-1.31%	7.87%	12.83%	6.59%	5.66%	1.41%	10.05%	-61.08%	-46.11%
Tax Burden Percent	80.26%	-61.43%	78.07%	75.32%	76.16%	86.52%	62.41%	76.69%	102.80%	84.57%
Interest Burden Percent	86.28%	44.88%	79.98%	89.54%	75.88%	77.07%	39.74%	89.74%	103.03%	103.39%
Effective Tax Rate	19.74%	161.43%	21.93%	24.68%	23.84%	13.48%	37.59%	23.31%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.23%	-5.22%	14.78%	21.89%	12.99%	11.52%	4.40%	12.01%	-40.54%	-40.23%
ROIC Less NNEP Spread (ROIC-NNEP)	11.20%	-4.24%	13.70%	20.83%	11.78%	10.23%	3.78%	11.07%	-51.67%	-47.50%
Return on Net Nonoperating Assets (RNNOA)	17.02%	-6.98%	20.65%	29.63%	15.07%	10.50%	3.35%	9.16%	-41.94%	-39.57%
Return on Equity (ROE)	22.25%	-12.20%	35.43%	51.52%	28.06%	22.02%	7.75%	21.18%	-82.48%	-79.79%
Cash Return on Invested Capital (CROIC)	-89.32%	-69.54%	9.52%	6.80%	5.10%	16.30%	24.51%	28.68%	30.93%	34.36%
Operating Return on Assets (OROA)	13.49%	5.45%	12.30%	18.93%	10.79%	7.84%	4.50%	9.18%	-33.90%	-30.83%
Return on Assets (ROA)	9.34%	-1.50%	7.68%	12.76%	6.24%	5.23%	1.12%	6.31%	-35.91%	-26.96%
Return on Common Equity (ROCE)	2.60%	-1.13%	12.30%	18.66%	9.89%	8.16%	3.05%	8.67%	-26.35%	-12.52%
Return on Equity Simple (ROE_SIMPLE)	-19.76%	0.00%	28.94%	45.29%	40.45%	0.00%	47.47%	35.16%	-146.00%	0.00%
Net Operating Profit after Tax (NOPAT)	14	-10	37	72	31	26	5.25	30	-93	-100
NOPAT Margin	2.68%	-2.50%	9.83%	14.28%	8.74%	7.65%	3.42%	11.87%	-40.13%	-36.20%
Net Nonoperating Expense Percent (NNEP)	-5.97%	-0.98%	1.08%	1.06%	1.22%	1.28%	0.62%	0.95%	11.13%	7.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.14%	-	-	-	2.77%	-	-	-	-17.78%
Cost of Revenue to Revenue	85.13%	82.69%	74.11%	71.17%	75.07%	75.34%	64.09%	66.39%	66.16%	71.54%
SG&A Expenses to Revenue	7.51%	9.38%	10.12%	7.93%	10.68%	12.80%	24.63%	14.46%	17.35%	16.59%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.53%	13.24%	13.29%	9.88%	13.46%	15.81%	30.43%	18.12%	91.18%	80.17%
Earnings before Interest and Taxes (EBIT)	59	19	47	97	40	29	8.73	37	-133	-145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	86	47	65	112	58	44	24	52	-119	-131
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	40.32	23.41	15.91	11.86	12.04	9.80	9.75	7.79	15.55	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.71	1.78	1.92	1.89	2.05	1.61	1.67	1.41	1.02	1.00
Price to Earnings (P/E)	0.00	0.00	297.94	42.27	53.83	29.70	39.51	93.64	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.34%	2.37%	1.86%	3.37%	2.53%	1.07%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.29	3.65	3.78	3.61	3.69	3.18	3.04	2.39	2.17	2.72
Enterprise Value to Revenue (EV/Rev)	2.40	2.34	2.45	2.40	2.58	2.11	2.23	2.12	1.77	1.79
Enterprise Value to EBITDA (EV/EBITDA)	45.37	28.10	20.05	13.96	14.98	11.95	12.68	13.15	1,411.01	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	134.27	38.31	19.47	20.76	15.61	17.29	20.31	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	76.31	34.38	30.53	20.05	22.37	25.15	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	27.10	17.71	16.08	17.91	14.34	12.90	10.76	9.15	10.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	38.72	54.08	75.11	19.48	11.69	7.48	5.79	5.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.21	1.79	1.43	1.21	1.13	1.12	1.14	1.18	1.48	2.35
Long-Term Debt to Equity	2.08	1.70	1.36	1.15	1.07	1.08	1.10	1.13	1.42	2.24
Financial Leverage	1.52	1.65	1.51	1.42	1.28	1.03	0.89	0.83	0.81	0.83
Leverage Ratio	4.15	4.81	3.86	3.73	3.58	3.30	3.07	2.94	3.11	3.48
Compound Leverage Factor	3.58	2.16	3.09	3.34	2.72	2.54	1.22	2.64	3.21	3.60
Debt to Total Capital	68.87%	64.20%	58.82%	54.78%	53.16%	52.83%	53.37%	54.13%	59.74%	70.14%
Short-Term Debt to Total Capital	4.25%	3.37%	2.87%	2.90%	3.08%	1.77%	1.91%	2.47%	2.64%	3.30%
Long-Term Debt to Total Capital	64.62%	60.84%	55.96%	51.88%	50.07%	51.06%	51.46%	51.66%	57.10%	66.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	25.63%	25.30%	24.74%	23.99%	25.68%	27.14%	28.54%	30.01%	34.58%	42.07%
Common Equity to Total Capital	5.51%	10.50%	16.44%	21.23%	21.16%	20.03%	18.09%	15.86%	5.68%	-12.21%
Debt to EBITDA	10.05	5.57	3.54	2.40	2.49	2.46	2.87	3.84	549.63	-3.91
Net Debt to EBITDA	9.23	4.59	2.83	1.89	1.87	1.56	1.66	2.25	280.29	-1.81
Long-Term Debt to EBITDA	9.43	5.28	3.37	2.27	2.34	2.37	2.77	3.67	525.38	-3.72
Debt to NOPAT	-20.26	-59.89	13.47	5.90	5.07	4.12	5.06	7.35	-17.80	-4.27
Net Debt to NOPAT	-18.61	-49.35	10.78	4.66	3.81	2.62	2.93	4.31	-9.08	-1.98
Long-Term Debt to NOPAT	-19.01	-56.75	12.81	5.59	4.77	3.98	4.88	7.02	-17.01	-4.07
Altman Z-Score	2.14	2.40	2.67	2.97	2.92	2.61	2.41	1.90	1.08	0.90
Noncontrolling Interest Sharing Ratio	88.33%	90.70%	65.29%	63.79%	64.77%	62.92%	60.68%	59.07%	68.05%	84.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.70	1.79	1.84	2.09	2.16	2.48	2.73	2.51	2.41	2.28
Quick Ratio	1.07	1.19	1.20	1.51	1.50	1.73	1.82	1.75	1.64	1.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-614	-543	91	27	-51	31	128	250	246	342
Operating Cash Flow to CapEx	3,749.09%	2,480.78%	1,179.91%	370.69%	3,268.74%	1,748.81%	1,990.86%	188.25%	4,168.37%	442.46%
Free Cash Flow to Firm to Interest Expense	-69.55	-42.06	8.44	2.31	-3.93	3.51	14.37	28.98	29.77	38.02
Operating Cash Flow to Interest Expense	11.87	7.56	4.27	1.77	5.48	10.61	5.31	0.46	5.44	6.39
Operating Cash Flow Less CapEx to Interest Expense	11.55	7.25	3.91	1.30	5.31	10.00	5.05	0.22	5.31	4.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.18	1.15	0.98	0.99	0.95	0.92	0.79	0.63	0.59	0.58
Accounts Receivable Turnover	4.39	4.98	4.25	3.77	3.59	4.19	4.20	2.71	2.77	3.01
Inventory Turnover	5.94	6.49	5.17	5.26	5.09	5.88	4.52	4.23	3.30	3.41
Fixed Asset Turnover	96.30	96.71	80.19	74.33	66.08	61.74	51.50	38.40	34.37	33.85
Accounts Payable Turnover	9.25	10.86	7.36	6.71	6.66	8.01	6.67	5.24	4.23	4.24
Days Sales Outstanding (DSO)	83.09	73.24	85.79	96.76	101.77	87.21	86.85	134.58	131.88	121.16
Days Inventory Outstanding (DIO)	61.40	56.21	70.65	69.41	71.72	62.11	80.69	86.21	110.72	107.11
Days Payable Outstanding (DPO)	39.46	33.61	49.58	54.36	54.79	45.57	54.74	69.69	86.31	86.17
Cash Conversion Cycle (CCC)	105.03	95.83	106.86	111.81	118.70	103.74	112.79	151.10	156.30	142.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,060	1,050	1,114	1,198	1,142	1,045	990	979	803	603
Invested Capital Turnover	1.95	2.09	1.50	1.53	1.49	1.50	1.29	1.01	1.01	1.11
Increase / (Decrease) in Invested Capital	628	532	-53	46	82	-4.92	-123	-219	-339	-442
Enterprise Value (EV)	3,490	3,835	4,205	4,320	4,216	3,326	3,014	2,336	1,741	1,639
Market Capitalization	2,492	2,909	3,299	3,409	3,352	2,540	2,255	1,557	1,003	918
Book Value per Share	$0.41	$0.83	$1.38	$1.91	$1.84	$1.71	$1.53	$1.32	$0.42	($0.78)
Tangible Book Value per Share	($4.54)	($4.51)	($3.98)	($3.51)	($3.32)	($3.51)	($3.52)	($3.36)	($3.21)	($3.03)
Total Capital	1,122	1,184	1,261	1,354	1,316	1,294	1,278	1,261	1,135	967
Total Debt	773	760	742	742	699	684	682	683	678	678
Total Long-Term Debt	725	720	706	702	659	661	658	652	648	647
Net Debt	710	626	594	586	525	435	394	400	346	314
Capital Expenditures (CapEx)	2.80	3.93	3.88	5.54	2.19	5.37	2.39	2.10	1.08	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	344	272	284	357	329	270	228	260	225	229
Debt-free Net Working Capital (DFNWC)	406	406	432	513	503	519	515	542	557	593
Net Working Capital (NWC)	359	366	396	473	463	497	491	511	527	561
Net Nonoperating Expense (NNE)	-27	-4.79	7.42	7.32	7.52	6.80	3.09	4.67	48	27
Net Nonoperating Obligations (NNO)	710	626	594	586	525	435	394	400	346	314
Total Depreciation and Amortization (D&A)	27	28	17	15	18	15	15	15	15	14
Debt-free, Cash-free Net Working Capital to Revenue	23.61%	16.61%	16.60%	19.79%	20.11%	17.15%	16.81%	23.63%	22.90%	24.97%
Debt-free Net Working Capital to Revenue	27.92%	24.78%	25.22%	28.45%	30.74%	32.95%	38.07%	49.26%	56.74%	64.73%
Net Working Capital to Revenue	24.65%	22.35%	23.11%	26.27%	28.26%	31.50%	36.27%	46.44%	53.70%	61.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.19	($0.12)	$0.09	$0.34	$0.07	$0.05	($0.07)	$0.08	($1.02)	($0.94)
Adjusted Weighted Average Basic Shares Outstanding	150.32M	149.82M	150.61M	150.92M	151.07M	150.94M	151.35M	151.80M	151.92M	151.75M
Adjusted Diluted Earnings per Share	$0.19	($0.12)	$0.09	$0.34	$0.07	$0.04	($0.07)	$0.08	($1.02)	($0.94)
Adjusted Weighted Average Diluted Shares Outstanding	151.38M	149.82M	151.80M	152.13M	152.32M	152.02M	151.35M	152.21M	151.92M	151.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	150.49M	150.77M	150.85M	151.07M	151.22M	151.29M	151.77M	151.93M	151.94M	152.01M
Normalized Net Operating Profit after Tax (NOPAT)	13	12	38	73	31	27	4.79	31	21	-99
Normalized NOPAT Margin	2.59%	3.10%	10.11%	14.38%	8.78%	7.84%	3.12%	12.03%	8.86%	-36.10%
Pre Tax Income Margin	9.83%	2.13%	10.07%	17.04%	8.65%	6.54%	2.26%	13.10%	-59.42%	-54.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.65	1.48	4.42	8.35	3.06	3.27	0.98	4.33	-16.15	-16.11
NOPAT to Interest Expense	1.56	-0.78	3.45	6.26	2.34	2.95	0.59	3.53	-11.24	-11.06
EBIT Less CapEx to Interest Expense	6.33	1.17	4.06	7.87	2.89	2.67	0.71	4.09	-16.28	-17.56
NOPAT Less CapEx to Interest Expense	1.25	-1.08	3.09	5.78	2.18	2.35	0.32	3.28	-11.37	-12.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-218.70%	421.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-218.70%	421.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Array Technologies' Financials

When does Array Technologies's financial year end?

According to the most recent income statement we have on file, Array Technologies' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Array Technologies' net income changed over the last 2 years?

Array Technologies' net income appears to be on an upward trend, with a most recent value of -$240.39 million in 2024, falling from $4.43 million in 2022. The previous period was $137.24 million in 2023.

What is Array Technologies's operating income?

Array Technologies's total operating income in 2024 was -$227.01 million, based on the following breakdown:

Total Gross Profit: $297.68 million
Total Operating Expenses: $524.68 million

How has Array Technologies revenue changed over the last 2 years?

Over the last 2 years, Array Technologies' total revenue changed from $1.64 billion in 2022 to $915.81 million in 2024, a change of -44.1%.

How much debt does Array Technologies have?

Array Technologies' total liabilities were at $1.14 billion at the end of 2024, a 3.7% increase from 2023, and a 11.3% decrease since 2022.

How much cash does Array Technologies have?

In the past 2 years, Array Technologies' cash and equivalents has ranged from $133.90 million in 2022 to $362.99 million in 2024, and is currently $362.99 million as of their latest financial filing in 2024.

How has Array Technologies' book value per share changed over the last 2 years?

Over the last 2 years, Array Technologies' book value per share changed from 0.83 in 2022 to -0.78 in 2024, a change of -194.1%.

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This page (NASDAQ:ARRY) was last updated on 4/15/2025 by MarketBeat.com Staff

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Array Technologies (ARRY) Financials

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Array Technologies (ARRY) Financials

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