Start here if you're new
what it is
Array sells solar farm hardware that moves panels with the sun so projects produce more electricity from the same land.
how it gets paid
Last year Array Technologies made $1.3B in revenue. single-axis tracker systems was the main engine at $845M, or 65% of sales.
why it's growing
Revenue grew 40.2% last year. The key number was 26.4% gross margin because this business needs margin repair more than it needs another revenue headline.
what just happened
Latest Revenue hit $1.1B, while gross margin came in at 26.4%.
At a glance
C++ balance sheet — some cracks in the foundation
20/100 earnings predictability — expect surprises
trailing p/e — not meaningful on negative FY2024 GAAP EPS
3.8% return on capital — nothing to write home about
-$0.24 fy2024 eps est
xvary composite: 48/100 — below average
What they do
Array sells solar farm hardware that moves panels with the sun so projects produce more electricity from the same land.
Array wins when project developers care about output per acre and installed cost. Its tracker systems can generate up to 25% more energy than fixed-tilt systems, so your customer gets more power without buying more land. Its design lets one motor drive multiple rows, which cuts parts and labor in a business where small cost gaps win bids.
How they make money
$1.3B
annual revenue · their business grew +40.2% last year
single-axis tracker systems
$845M
steel supports and structures
$208M
motors and driveline components
$104M
controllers and electronics
$78M
service, spares, and other
$65M
The products that matter
solar tracker hardware
DuraTrack HZ v3
$2.2B order backlog
it's the core platform behind the record $2.2B backlog. if that backlog slips or converts at weak margins, the whole recovery story weakens with it.
core platform
tracker control software
SmarTrack
up to 6% more output
the pitch is simple: software that can lift energy output by up to 6%. in a market that keeps pushing hardware pricing down, extra yield is one of the few ways you can still defend price.
efficiency sell
Key numbers
n/m
trailing p/e
With FY2024 GAAP EPS around -$0.24, a positive trailing P/E from data feeds is usually period-mix noise—use forward estimates and cash flow, not a vanity multiple.
-2.3%
operating margin
Jargon → operating margin → profit left after running the business → so what: a negative print means operations were underwater before interest and taxes in that window—margin repair is the story.
$658M
long-term debt
Jargon → long-term debt → money that still has to be repaid later → so what: debt equals 38% of capital, which leaves less room for mistakes in a cyclical equipment business.
5/100
price stability
Jargon → price stability → how steady the stock tends to trade → so what: a 5 out of 100 score says this stock behaves more like a ride than a utility.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $658M (38% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for ARRY right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest Revenue hit $1.1B, while gross margin came in at 26.4%.
That quarter showed scale can still show up in the income statement. The problem is the yearly picture still looks rough, with 2024 EPS at -$0.24 and operating margin at -2.3%.
$1.1B
revenue
$0.32
eps
26.4%
gross margin
the number that mattered
The key number was 26.4% gross margin because this business needs margin repair more than it needs another revenue headline.
source: company earnings report, 2026
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What could go wrong
the #1 risk is gross margin compression on utility-scale solar tracker contracts.
high
gross margin compression
gross margin fell to 23.2% from 32.5%. on a $1.3B revenue base, that crushes profit even if shipment volume holds up.
a 9.3-point drop on $1.3B in revenue means about $121M less gross profit. that's the whole story in one line.
med
backlog conversion risk
the 2026 outlook of $1.4B–$1.5B depends on converting a $2.2B backlog into shipped revenue. delays, cancellations, or project timing moves would hit the rebound case directly.
this risk sits under the full guided revenue recovery. if conversion slips, the stock loses the demand argument first.
med
balance sheet pressure
long-term debt is $658M, or 38% of capital, and the balance sheet grade is C++. that is not distress math. it is still enough debt to make mistakes expensive.
you have less room for a slow recovery than a stronger balance sheet would give you.
if adjusted gross margin fails to recover toward the 26%–28% target, the rebound case weakens fast because the company already has the orders and still is not showing the economics you need.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
adjusted gross margin back toward 26%–28%
this is the target management gave you. if the business cannot climb from 23.2% back into that range, the market will stop treating backlog as good news.
trend
$2.2B backlog turning into shipped revenue
the backlog already made the promise. now it has to become revenue without another margin give-back. same order book. very different outcome.
calendar
2026 full-year results
watch for revenue inside the guided $1.4B–$1.5B range. then look one line lower at margin. if those two numbers split apart, you know what failed.
risk
another drop in contract economics
a second leg down after the fall from 32.5% to 23.2% would tell you this is not a temporary clean-up job. it would tell you pricing power was never there.
Analyst rankings
earnings predictability
20 / 100
that's a low score. in human-speak, quarterly numbers are hard to trust and estimate misses should not shock you.
source: institutional data
Institutional activity
institutional ownership data for ARRY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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