Array Technologies, Inc. (ARRY) Stock

Array Technologies, Inc. (ARRY) is a Technology stock trading at $4.69 (as of 2026-08-20), with a market capitalization of $722.30M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Array Technologies, Inc. designs, manufactures, and supplies solar tracking systems and related products, including the DuraTrack HZ v3 single-axis tracker and SmarTrack software that uses machine learning to determine optimal solar array positioning in real time. It sells these products in the United States and internationally.

Understand Array Technologies, Inc.: how it makes money

Array Technologies manufactures and supplies solar tracking systems, and related products including real-time software (SmarTrack) and solar development and installation offerings, selling these to solar project stakeholders and generating revenue as trackers and installation work are delivered and completed.

The profit engine is backlog conversion, the company emphasizes order book and remaining performance obligations, and revenue depends on delivering projects and performance commitments scheduled for future periods.

Revenue by segment (latest quarter)
Solar Dev+Inst	$0.1B
Solar Trackers	$0.1B

Business quality (Weak): Strong visibility signals from order book metrics, but earnings power looks tight (low operating margin) and the business still needs continued order intake and clean execution against performance obligations.

Bull case

Backlog provides near-term execution visibility: The company reports Remaining Performance Obligations of 0.65 USD_B and an Ending Order Book Value of 2.2 USD_B, indicating work and commitments positioned beyond the current period.
Demand signals look supportive: Orders Received are 0.43 USD_B and the Book-to-Bill Ratio is 2.0, which suggests new order intake is strong relative to revenue for the measured period.
Customer and geographic concentration signals: Tier 1 Customer Share of Activity is 80.0 percent, Order Book with Tier One Customers is 50.0 percent, and Domestic Share of Order Book is 95.0 percent, which may indicate a focused customer and demand base.

Bear case

Earnings power appears limited: For 2026-03-31, operating margin is 3.2 percent, meaning the company has less cushion if costs, execution, or pricing pressures rise.
Execution risk tied to future delivery schedules: The company reports Order Book Scheduled to Deliver in Future Period of 1.75 USD_B and Remaining Performance Obligations of 0.65 USD_B, so delays or underperformance could pressure revenue timing and profitability.
Software plus hardware complexity may affect reporting and conversion: The metric set distinguishes multiple order book views (including STI) and multiple revenue-related candidates, which can make it harder for investors to track how specific product lines convert backlog into profit.

Valuation — source: SEC EDGAR (first-party)
Price	$4.69
Market Cap	$722.30M
Price / Sales	0.61
FCF Yield	18.7%
DCF Value (model)	$26.56
DCF Upside vs Price	466.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.28B
Net Margin	-4.1%
Return on Equity	42.5%
Debt / Equity	-3.25
Current Ratio	2.20
Revenue Growth (YoY)	-5.6%
EPS Growth (YoY)	-73.7%
FCF Growth (YoY)	205.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.08 (distress)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Electronic Equipment)	39.4

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($211.02M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Technology
Industry	Electronic Equipment
CEO	Kevin G. Hostetler
Employees	1,021
Country	US
IPO Date	2020-10-15

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.