Forensic Analysis · Technology / Software · as of Jun 27, 2026
Array Technologies, Inc. (ARRY)
A forensic read on Array Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.0
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-20.6%
ROE
$1.1B
Market cap
Array Technologies, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.0, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3%Return on invested capital.Return on invested capital is -3% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+12.7%Accruals ratio.Net operating assets grew +12.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -24% of net operating assets.
+0.6%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.6%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 20% of free cash flow in FY2025 — about $0.10 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$339MGoodwill impairments.Took $339M of goodwill writedowns across 2 year(s) (FY2024 ($236M), FY2025 ($103M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-4.1%
Free Cash Flow$79.8M
Latest Revenue$1.28B
Revenue Growth YoY+40.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Array Technologies, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ARRY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown