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
Distress distance
2
Forensic signals
40.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Array Technologies, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.0, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.1%
FY2025
Return on invested capital.Return on invested capital is -3.1% in the latest fiscal year, against 14.5% in FY2023, having run between -19.9% and 14.5% across FY2023–FY2025 with no direction held. After-tax operating profit was $166M in FY2023 and ($23M) in FY2025, with operating income at 13.6% of revenue in FY2023, -24.8% in FY2024 and -2.3% in FY2025. The capital base behind it came down -35% across FY2023–FY2025, from $1.1B to $748M, so this return is struck on a smaller base than it started on. Across FY2024–FY2025, $194M went into capital expenditure and acquisitions against $68M of total depreciation and amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2025's operating profit carried a $103M goodwill write-off that alone took about 10.8 points off that year's return, so about 10.8 of the 17.6-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $236M goodwill write-off that alone took about 20.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
$339M
FY2024–FY2025
Goodwill impairments.Took $339M of goodwill writedowns across 2 years (FY2024 ($236M), FY2025 ($103M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$1.28B
Revenue Growth YoY+40.2%
Revenue CAGR (2yr)-9.7%
Net Margin-4.1%
Free Cash Flow$79.8M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Array Technologies, Inc.'s actual 10-K/10-Q/8-K filings?