Array Technologies, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Array Technologies, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	291	648	873	853	1,638	1,577	916	1,284
Cost of revenue	279	497	670	785	1,425	1,161	618	986
Gross profit	11.6	151	203	68.3	213	416	298	299
Research and development					4.2	8.5	6.7	9.9
General and administrative	46.9	41.2	55.6	81	151	160	161	199
Operating expenses	72.8	67.4	108	93	231	201	525	328
Operating income	-61.2	83.4	95.2	-24.7	-18.1	214	-227	-29
Interest expense	19	18.8	15.1	35.7	36.7	44.2	34.8	27.3
Other non-operating income	-19.5	-18.8	-17.4	-36.4	13.2	-37	-23.6	-0.22
Pre-tax income	-80.7	64.6	77.8	-61.1	-4.95	177	-251	-29.2
Income tax	-19.9	24.8	18.7	-10.7	-9.38	39.9	-10.2	23
Net income	-60.8	39.7	59.1	-50.4	4.43	137	-240	-52.2
EBITDA	-32.8	111	123	1.21	82.9	253	-191	-2.8
EPS, basic	-0.51	0.33	0.49	-0.51	-0.29	0.57	-1.95	-0.73
EPS, diluted	-0.51	0.33	0.49	-0.51	-0.29	0.56	-1.95	-0.73
Shares, basic (weighted)	120	120	121	130	150	151	152	153
Shares, diluted (weighted)	120	120	122	130	150	152	152	153

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	40.8	310	108	368	134	249	363	244
Receivables		96.3	119	236	421	332	276	272
Inventory		148	118	206	233	162	201	150
Other current assets		13.5	12.4	33.6	39.4	89.1	27.8	21.8
Total current assets		620	375	852	831	832	999	869
Property, plant and equipment		10.7	9.77	10.7	23.2	27.9	26.2	58.2
Lease right-of-use assets				11.2	17.8	22.1	16.4	48.3
Goodwill		69.7	69.7	69.7	416	436	160	135
Intangible assets		224	198	175	386	354	181	239
Other non-current assets		0	3.09	26.4	32.7	40.7	25.3	29.7
Total assets		924	656	1,143	1,706	1,707	1,426	1,452
Accounts payable		130	82.8	92	170	119	172	144
Accrued liabilities					11.5	15.8	13.1	54.3
Deferred revenue		329	150	99.6	179	66.5	120	128
Short-term debt		55.9	4.31	4.3	38.7	21.5	30.7	10.3
Total current liabilities		591	289	245	465	336	438	377
Long-term debt		0	424	711	720	661	647	659
Lease liabilities				5.36	13.9	19.5	15.1	47.3
Other non-current liabilities			0	5.56	14.8	20.4	3.56	9.04
Total liabilities		618	737	975	1,282	1,096	1,137	1,191
Total debt		55.9	428	715	759	682	677	669
Paid-in capital			140	203	383	345	298	227
Retained earnings			-221	-272	-267	-130	-371	-423
Other comprehensive income				0	8.43	44.8	-45.4	-10.5
Shareholders' equity		305	-80.9	-69.2	124	259	-118	-206
Total equity		305	-80.9	-69.2	124	259	-118	-206
Total liabilities and equity		924	656	1,143	1,706	1,707	1,426	1,452

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-60.8	39.7	59.1	-50.4	4.43	137	-240	-52.2
Depreciation and amortization	28.5	27.3	27.5	25.9	101	38.9	36.1	26.2
Stock-based compensation	0	0.8	4.81	13.8	15	14.5	10.3	15.6
Deferred income tax	-20.1	22.3	-2.74	-10.1	-31.6	-8.86	-37.7	3.2
Change in receivables	19.4	-40.7	-23	-117	-77	92.8	41.4	31
Change in inventory	-10.3	-94.6	28.3	-88.2	20.9	66.7	-44.8	52.9
Cash from operations	-11.7	386	-122	-263	141	232	154	102
Capital expenditures	-2.07	-1.7	-1.34	-3.36	-10.6	-17	-7.31	-22
Acquisitions			0	0	-374	0	0	-165
Purchases of investments				-12	0	0
Cash from investing	-6.43	-1.7	-1.34	-15.3	-384	-16.8	-9.57	-188
Stock issued		0	146	121	15.9	0	0
Cash from financing	50.9	-63.9	-129	538	8.44	-102	-11.8	-38.1
Exchange rate effect			0	0	0.74	1.81	-17.5	6
Net change in cash	32.7	320	-253	259	-234	115	115	-118
Free cash flow	-13.8	384	-124	-267	131	215	147	79.8
Interest paid	14.3	11.3	6.94	24.3	23.1	43.9	38.7	16.1
Income taxes paid	0.18	0.44	31.1	13.3	10.7	45.9	28	23.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.3%	Gross profit / revenue.
Operating margin	-5.1%	Operating income / revenue.
EBITDA margin	-2.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.2%	Pre-tax income / revenue.
Net margin	-7.2%	Net income / revenue.
FCF margin	11.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.7%	Cash from operations / revenue.
Return on assets (ROA)	-5.6%	Net income / average total assets.
Return on invested capital (ROIC)	-32.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.1%	Research and development expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	40.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-33.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-45.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.20x	Current assets / current liabilities.
Quick ratio	1.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.76x	(Cash + short-term investments) / current liabilities.
Debt / assets	42.9%	Total debt / total assets.
Liabilities / assets	80.7%	Total liabilities / total assets.
Net debt	$350.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.78x	Operating income / interest expense.
Working capital	$486.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$549.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	17.4x	Revenue / average property, plant and equipment.
Inventory turnover	5.74x	Cost of revenue / average inventory.
Days inventory	64 days	365 x average inventory / cost of revenue.
Receivables turnover	3.66x	Revenue / average receivables.
Days sales outstanding	100 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	98 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	17.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.61	Revenue / diluted weighted shares.
FCF per share	$0.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.05	Cash from operations / diluted weighted shares.
Book value per share	-$1.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.53	Tangible book value / shares outstanding.
Cash per share	$1.97	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$620.7M	Share price x shares outstanding.
Enterprise value	$971.1M	Market cap + total debt - cash - short-term investments.
P/S	0.52x	Market cap / revenue.
P/FCF	4.61x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.81x	Market cap / cash from operations, when positive.
EV/Sales	0.82x	Enterprise value / revenue.
EV/FCF	7.21x	Enterprise value / free cash flow, when both are positive.
FCF yield	21.7%	Free cash flow / market cap.
Earnings yield	-13.8%	Net income / market cap (the inverse of P/E).

What was Array Technologies, Inc.'s revenue in fiscal 2025?

Array Technologies, Inc. reported revenue of $1.28B for fiscal 2025, 40.2% higher than the year before.

Was Array Technologies, Inc. profitable in fiscal 2025?

No. It reported a net loss of $52.2M.

How much free cash flow did Array Technologies, Inc. generate in fiscal 2025?

Cash from operations of $101.8M minus capital expenditures of $22.0M left free cash flow of $79.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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