Is the business good?
How good a business is ARRY?
Array Technologies, Inc. earns −15% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−15%
Return on invested capital · cost of capital 9.0% · 24 points below what the capital costs: growth destroys value
- Operating margin
- −4.1%
Operating margin · Solar median 4.8% · 12 months to Q1 2026
- Share count, year on year
- +0.11%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 0.87%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | −2.9% |
| FY2022 | −1.1% |
| FY2023 | 14% |
| FY2024 | −25% |
| FY2025 | −2.3% |
Details›
- Gross margin12 months to Q1 2026
- 24%
- Operating margin12 months to Q1 2026
- −4.1%
- Net margin12 months to Q1 2026
- −5.6%
- Free cash flow margin
- 4.8%
- R&D as % of revenue
- 0.87%
- Revenue, trailing twelve months
- $1.21B
- Free cash flow, trailing twelve months
- $58M
- Net income, trailing twelve months
- −$67M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.