Array Technologies, Inc. (ARRY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-395.5%

-$11.23

vs $3.80 price

Levered DCF

$6.27

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.96

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-12.63×	-3.1×	29.47×	-66.66×	-30.76×	91.79×	117.58×	-75.94×
P/B	5.4×	3.17×	4.15×	6.83×	12.12×	-67.72×	15.17×	17.5×
P/S	1.1×	1×	1.61×	1.77×	2.39×	6.28×	7.14×	15.92×
EV / EBITDA	42.47×	-7.68×	10.92×	26.59×	4,711.99×	38.88×	39.9×	-142.85×
Gross margin	23.2%	32.5%	26.4%	13.0%	8.0%	23.2%	23.3%	4.0%
Operating margin	5.7%	-24.8%	13.6%	-1.1%	-2.9%	10.9%	12.9%	-21.0%
Net margin	-4.1%	-26.2%	8.7%	0.3%	-5.9%	6.8%	6.1%	-20.9%
Current ratio	2.31×	2.28×	2.48×	1.79×	3.47×	1.3×	1.05×	1.29×
Debt / equity	2.94×	2.42×	1.2×	1.82×	4.32×	-5.29×	0.32×	0.59×
Interest coverage	2.7×	-6.52×	4.84×	-0.49×	-0.69×	6.29×	4.44×	-3.21×
Dividend yield	0.0%	0.0%	0.0%	0.6%	0.4%	10.8%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	421.3%	-16.0%	997.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-20.1%	-83.2%	22.5%	1.0%	-30.0%	-73.0%	13.0%	-23.0%
Return on invested capital	6.7%	-21.3%	11.5%	1.3%	-2.2%	19.5%	11.9%	-10.6%
Return on assets	-3.6%	-16.9%	8.0%	0.3%	-4.4%	9.0%	4.3%	-11.9%
Free cash flow yield	5.7%	16.0%	8.5%	4.5%	-13.1%	-2.3%	8.3%	-0.4%
Earnings yield	-3.7%	-26.2%	5.4%	0.2%	-2.5%	1.1%	0.9%	-1.3%
Enterprise value	$1.9B	$1.3B	$3B	$3.5B	$2.4B	$5.8B	$4.4B	$4.7B
Net debt / EBITDA	11.49×	-2.06×	1.74×	4.79×	705.21×	2.14×	-1.92×	-3.44×
Cash conversion cycle (days)	80	127	90	111	158	75	64	111