Forensic Analysis · Semiconductors · as of Sep 25, 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.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.7
Distress distance
Clean
Earnings quality
3
Forensic signals
-4.1
P / E (ttm)
$594M
Market cap
0.00%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2.7%
FY2025
Return on invested capital.Return on invested capital is -2.7% in the latest fiscal year, against 14.5% in FY2023, having run between -27.3% 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 -26% across FY2023–FY2025, from $1.1B to $841M, so this is a return struck on a smaller base rather than a record of money put to work. FY2025's operating profit carried a $103M goodwill write-off that alone took about 9.6 points off that year's return, so about 9.6 of the 17.2-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 28.4 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.
+0.2%/yr
FY2023–FY2025
Share count.Diluted share count changed 0% over the last 2 years to FY2025 (+0.2%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
$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?