ARRY
Array Technologies, Inc.

Array Technologies, Inc.ARRY

Technology · Solar
5.86USD
+10.57%
Nov 08, 2026
ARRY overview ready
Supplier of utility-scale solar tracker and balance-of-system equipment
ARRAY is a direct utility-scale solar equipment supplier, selling tracker platforms, fixed-tilt and foundation solutions, tracker-control software, and related balance-of-system products to solar developers, EPCs, and operators.
Primary theme is improving
Solar is improving (+15.0pp vs SPY over 21 sessions; 8 of 11 members ahead of SPY).
Price trend is broken
Longer-term context reads early recovery, with a near-term setup of reclaim attempt.
Fair valuation
The price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Dependence on utility-scale solar project development cycles.
Market Nov 6Filing Jun 30Price action Nov 7Research Nov 3

Conviction Level

PriceAction8.9BusinessPerformance5.0BusinessQuality4.0Valuation3.5ThemeMomentum7.0Mixed — Revenue is still falling (-5.6% YoY), but the decline has eased from -26%. Diluted EPS fell 74% year over year to $0.05. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
SolarImproving
vs SPY
+15.0pp
Theme return
+10.0%
Beating SPY
8 of 11
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads early recovery, with a near-term setup of reclaim attempt.
EntryReset + recovery

The stock is still rebuilding below its long-term weekly base, and the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$902.5M
Avg Volume (60D)
8.9M
60 sessions
Revenue Growth YoY
+40.2%
FY2025 vs FY2024
Gross Margin
+24.3%
Trailing twelve months
Operating Margin
-5.1%
Trailing twelve months
Free Cash Flow Yield
+14.9%
Distance from 200DMA
-13.6%
P/E
N/M
EV / Sales
1.1x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Business Performance

Mixed

Revenue is still falling (-5.6% YoY), but the decline has eased from -26%. Diluted EPS fell 74% year over year to $0.05.

Latest reported: Q2 FY2026, ended Jun 30
Revenue growthDecline easing
-5.6%
$342M in Q2 FY2026 · YoY
YoY growth, last 4 quarters
  1. +70%
  2. -18%
  3. -26%
  4. -5.6%
Earnings growthDeclining
-74%
Diluted EPS $0.05 vs $0.19 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginContracting
10.2%
-2.6 pp YoY · gross margin 29.1% (+2.3 pp)

Business Quality

4.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say cheap; own history is the dissenting view. The published stance is held at fair because operating losses behind the low multiple.
Array Technologies, Inc. has a Fair valuation stance because the price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced. It trades at 1.1x revenue, broadly in line with what the business currently supports.

What changed

  • ARRY rose 10.5% in one session
    ARRY closed +10.5% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
ARRAY is a direct utility-scale solar equipment supplier, selling tracker platforms, fixed-tilt and foundation solutions, tracker-control software, and related balance-of-system products to solar developers, EPCs, and operators.
Opportunity
Moderate opportunity
Large-scale solar-project deployment drives demand for single-axis trackers, foundations, controls, and related mechanical and electrical balance-of-system equipment that improve generation yield and project constructability.
Key risk
Dependence on utility-scale solar project development cycles.

Economic classification

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Business & Markets

Technology · Solar
What they do

Array Technologies, Inc. designs, manufactures, and sells solar tracking technology and related balance-of-system products globally, operating through legacy and STI segments.

How it earns

The company generates revenue primarily through transactional sales of solar tracking hardware, software, and related services.

Products & services
DuraTrack HZ V3 single axis tracker
Array STI H250 dual-row tracker system
Array OmniTrack
Array SkyLink control tracker system
SmarTrack software and control product
Customers & end markets
Utility-scale solar developers
Solar project developers and operators
Market position

Leader in utility-scale solar tracker systems with expanded offerings in fixed-tilt, foundations, software, and field services.

Demand drivers
Medium cyclicality

Demand depends on solar project development cycles and capital spending in renewable energy infrastructure.

Peers

Companies validated as economically comparable to ARRY — similar business, revenue model and scale.
PRICE ACTIONVALUATIONTHEME
Nextpower Inc.New Trend — Reclaim AttemptExpensive8.0HighUnavailableNot in RS poolLocked$104.90+5.34%
Shoals Technologies Group, Inc.Early Recovery — Daily ReclaimExpensive8.0HighUnavailableNot in RS poolLocked$10.08+12.06%