Latest Ratios: P/E Ratio -9.1x · EV/EBITDA 11.7x · ROE -19.0%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $1.4B | $917M | $2.6B | $2.9B | $2.0B | $5.5B | — | — |
| Enterprise Value | $1.5B | $1.9B | $1.2B | $3.0B | $3.5B | $2.4B | $5.8B | — | — |
| P/E Ratio → | -9.07 | — | — | 30.00 | — | — | 91.79 | — | — |
| P/S Ratio | 0.79 | 1.10 | 1.00 | 1.62 | 1.77 | 2.39 | 6.28 | — | — |
| P/B Ratio | 3.88 | 5.40 | 3.17 | 4.18 | 6.83 | 12.12 | — | — | — |
| P/FCF | 12.76 | 17.62 | 6.25 | 11.88 | 22.13 | — | — | — | — |
| P/OCF | 10.00 | 13.82 | 5.95 | 11.01 | 20.47 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.50 | 1.36 | 1.91 | 2.16 | 2.80 | 6.64 | — | — |
| EV / EBITDA | 11.70 | 14.65 | — | 11.20 | 42.71 | 1985.93 | 47.26 | — | — |
| EV / EBIT | 18.26 | — | — | 13.61 | 111.57 | — | 47.66 | — | — |
| EV / FCF | — | 24.16 | 8.50 | 14.01 | 27.06 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.2% | 21.2% | 32.5% | 26.4% | 13.0% | 8.0% | 23.2% | 23.3% | 4.0% |
| Operating Margin | 6.6% | 6.6% | -24.8% | 13.6% | -1.1% | -2.9% | 10.9% | 12.9% | -21.0% |
| Net Profit Margin | -4.1% | -4.1% | -26.2% | 8.7% | 0.3% | -5.9% | 6.8% | 6.1% | -20.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.0% | -19.0% | -53.5% | 26.5% | 1.5% | -115.4% | 52.7% | 14.0% | -23.0% |
| ROA | -3.6% | -3.6% | -15.3% | 8.0% | 0.3% | -5.6% | 7.5% | 5.5% | -11.9% |
| ROIC | 9.0% | 9.0% | -20.2% | 15.0% | -1.7% | -4.9% | 43.1% | 26.5% | -12.1% |
| ROCE | 8.2% | 8.2% | -19.2% | 16.4% | -1.7% | -3.9% | 27.2% | 23.6% | -16.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.94 | 2.94 | 2.40 | 1.16 | 1.84 | 4.29 | — | 0.32 | 0.59 |
| Debt / EBITDA | 5.82 | 5.82 | — | 2.63 | 9.40 | 598.56 | 3.49 | 0.88 | — |
| Net Debt / Equity | — | 2.00 | 1.14 | 0.75 | 1.52 | 2.10 | — | -0.70 | 0.43 |
| Net Debt / EBITDA | 3.96 | 3.96 | — | 1.70 | 7.78 | 293.44 | 2.61 | -1.92 | — |
| Debt / FCF | — | 6.54 | 2.25 | 2.13 | 4.93 | — | — | -0.55 | — |
| Interest Coverage | -0.07 | -0.07 | -6.20 | 5.01 | 0.87 | -0.72 | 8.04 | 4.44 | -3.24 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.31 | 2.31 | 2.28 | 2.48 | 1.79 | 3.47 | 1.30 | 1.05 | 1.29 |
| Quick Ratio | 1.91 | 1.91 | 1.82 | 2.00 | 1.29 | 2.64 | 0.89 | 0.80 | 0.88 |
| Cash Ratio | 0.65 | 0.65 | 0.83 | 0.74 | 0.29 | 1.50 | 0.38 | 0.53 | 0.30 |
| Asset Turnover | — | 0.88 | 0.64 | 0.92 | 0.96 | 0.75 | 1.33 | 0.70 | 0.57 |
| Inventory Turnover | 6.73 | 6.73 | 3.08 | 7.17 | 6.11 | 3.82 | 5.65 | 3.36 | 5.06 |
| Days Sales Outstanding | — | 77.19 | 109.94 | 76.90 | 94.67 | 104.82 | 56.82 | 54.58 | 77.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.6% | 0.4% | 10.8% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.3% | — | — | 1.1% | — | — |
| FCF Yield | 7.8% | 5.7% | 16.0% | 8.4% | 4.5% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.6% | 0.4% | 10.8% | — | — |
| Shares Outstanding | — | $153M | $152M | $152M | $150M | $130M | $127M | $127M | $127M |
Project-based revenue volatility
According to current market data, ARRY trades at a forward P/E of 9.79, which appears to discount the company's historical earnings volatility and suggests that investors are pricing the stock based on speculative future margin expansion rather than the current negative trailing twelve-month earnings profile.
The valuation gap between ARRY and peers like Shoals Technologies suggests the market remains skeptical of the company's ability to convert its hardware-heavy revenue into consistent bottom-line growth. Investors should monitor whether the forward P/E multiple is supported by actual backlog conversion or if it reflects an overly optimistic outlook on domestic manufacturing credit realization.
Based on reported financial figures, ARRY's ROIC has struggled to maintain positive momentum, oscillating between a peak of 5.2% in 2025Q2 and a low of -15.0% in 2024Q4, indicating that the company is currently failing to generate returns that exceed its likely cost of capital.
The erratic nature of these returns suggests that the company's capital allocation, particularly regarding international expansion, has yet to yield the expected operational synergies. The persistent decay in ROIC warrants further investigation into whether the current asset base is being utilized effectively or if it remains bloated by underperforming acquisitions.
As reported in recent financial statements, ARRY's cash conversion cycle remains highly inefficient, peaking at 226 days in 2024Q1 and currently sitting at 123 days, which highlights the significant strain that inventory management and receivable collection place on the company's overall operational cash flow.
The high DSO and DIO figures suggest that the company lacks sufficient leverage over its customers and suppliers, forcing it to carry significant working capital on its balance sheet. This inefficiency appears to be a structural drag on liquidity, making the company highly sensitive to any delays in project-based revenue recognition.
According to quarterly filings, ARRY's debt-to-equity ratio has shown extreme volatility, spiking to 2.94 in 2025Q4 before retreating to 0.40 in 2026Q1, which suggests that the company's capital structure is subject to non-linear shifts that may indicate underlying refinancing or balance sheet management challenges.
The erratic interest coverage ratios, which have swung into negative territory multiple times, imply that the company's ability to service its debt is precarious and highly dependent on the timing of project completions. Investors should monitor the long-term liability schedule closely, as the current leverage profile appears inconsistent with a stable industrial manufacturer.
Based on an analysis of the company's financial history, the most commonly misapplied metric for ARRY is GAAP net income, which frequently obscures the underlying operational performance due to non-recurring charges and the lumpy nature of project-based revenue recognition inherent in the utility-scale solar industry.
Analysts should instead focus on adjusted EBITDA or free cash flow, as these metrics better capture the cash-generating capacity of the core tracker business. Relying on net income in this context may lead to an inaccurate assessment of the company's true earning power and its ability to sustain operations through cyclical downturns.
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Quick answers to the most common questions about buying ARRY stock.
Array Technologies, Inc.'s current P/E ratio is -9.1x. The historical average is 60.9x.
Array Technologies, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.0x.
Array Technologies, Inc.'s return on equity (ROE) is -19.0%. The historical average is -14.5%.
Based on historical data, Array Technologies, Inc. is trading at a P/E of -9.1x. Compare with industry peers and growth rates for a complete picture.
Array Technologies, Inc. has 21.2% gross margin and 6.6% operating margin.
Array Technologies, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.