Array Technologies, Inc.

Consumer Discretionary
Miscellaneous manufacturing industries
www.arraytechinc.com

Earnings Score
Moat Score
Safety Score

Market Cap $927.59M
PE -6
Debt $721.04M
Cash $332.37M
EV $1.32B
FCF $179.40M

Earnings

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Sales & Net Margins

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Earnings	-$145.07M
EBIT	-$54.44M
ROE	-225%
ROA	-3%
FCF	$179.40M
Equity	$64.49M
Growth Stability	-521%
PE	-6.39
PEG	0.67
PB	14.38
P/FCF	5.17
P/S	0.94
Price/Cash	0.36
Debt/Equity	11.18
Debt/FCF	4.02
Net Margins	-24%
Gross Margins	31%
Op. Margins	-6%
Earnings CAGR	-7%
Sales Growth YoY	-34%
Sales Growth QoQ	-10%
Sales CAGR	16%
FCF CAGR	8%
Equity CAGR	-8%
Earnings Stability	-0.6
Earnings Growth YoY	-2K%
Earnings Growth QoQ	-1K%

Earnings CAGR 5Y	-10%
Sales CAGR 5Y	16%
FCF CAGR 5Y	11%
Equity CAGR 5Y	-3%
Earnings CAGR 3Y	7%
Sales CAGR 3Y	7%
FCF CAGR 3Y	6%
Equity CAGR 3Y	32%
Market Cap	$927.59M
Revenue	$982.19M
Assets	$1.56B
Total Debt	$721.04M
Cash	$332.37M
Shares Outstanding	151.69M
EV	1.32B
Earnings Score	6%
Moat Score	4%
Safety Score	39%
Final Score	16%
Working Capital	527.39M
Current Ratio	2.41
Gross Profit	$303.59M
Shares Growth 3y	3%
Equity Growth QoQ	-68%
Equity Growth YoY	-77%

Assets & ROA

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Stockholders Equity & ROE

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Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers referred to as a single-axis tracker that move solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Its operations are in the United States, Australia, and Rest of the World with the United States deriving the majority of the revenue.

SEC Filings

Direct access to Array Technologies, Inc. (ARRY) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Array Technologies, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Array Technologies, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -7%

Stability -60%

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Array Technologies, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Array Technologies, Inc..

Years

Calculation mode

= $3.1B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$179M	$194M	$210M	$226M	$245M	$264M	$286M	$309M	$334M	$361M	$390M	$3.9B
DCF		$176M	$173M	$170M	$167M	$164M	$161M	$158M	$156M	$153M	$150M	$1.5B
Value	$3.1B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-21%	6%	7%	-8%	-3%	5%	-24%
ROA	-	-	15%	-2%	-0%	13%	-3%
ROE	-	-	-73%	96%	-35%	33%	-225%

Bad Net Margins (-24.17%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-3.76	-2.68	6.33	3.37	4.02
Debt over Equity	-	0.51	-5.74	-10.34	6.66	2.79	11.18
Growth Stability	-	-	-	-521%	-400%	-	-521%

Bad Debt/FCF ratio (4.02)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (11.18)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-521%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	123%	35%	-2%	92%	-4%	16%
Earnings YoY growth	-	-165%	49%	-212%	-34%	-296%	-10%
Equity YoY growth	-	15%	-127%	-14%	-280%	109%	-3%
FCF YoY growth	-	-3K%	-132%	116%	-149%	64%	11%