Array Technologies - Public Comps and Valuation Multiples

Array Technologies Overview

About Array Technologies

Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's segments include: the Array legacy operating segment (Array Legacy Operations) and the STI Operations operating segment (STI Operations). It derives maximum revenue from the Array legacy operating segment. Its product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers referred to as a single-axis tracker that move solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Geographically, the company's operations are in the United States, Australia, Spain, Brazil and Rest of the World with the United States deriving the majority of the revenue.

Founded

2018

HQ

Employees

1.0K+

Website

arraytechinc.com

Sectors

Energy Equipment
Solar
EnergyTech
Industry 4.0
DeepTech
ClimateTech

Financials

LTM Revenue $1.1B

LTM EBITDA $190M

EV

$2.3B

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Array Technologies Financials

As of September 2025, Array Technologies reported last 12-month revenue of $1.1B and EBITDA of $190M.

In the same period, Array Technologies generated $334M in LTM gross profit and -$26.3M in net income.

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Array Technologies P&L

In the most recent fiscal year, Array Technologies reported revenue of $916M and EBITDA of -$163M.

Array Technologies expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.1B	XXX	$916M	XXX	XXX	XXX
Gross Profit	$334M	XXX	$298M	XXX	XXX	XXX
Gross Margin	29%	XXX	33%	XXX	XXX	XXX
EBITDA	$190M	XXX	-$163M	XXX	XXX	XXX
EBITDA Margin	17%	XXX	-18%	XXX	XXX	XXX
EBIT	$61.3M	XXX	$101M	XXX	XXX	XXX
EBIT Margin	5%	XXX	11%	XXX	XXX	XXX
Net Profit	-$26.3M	XXX	-$240M	XXX	XXX	XXX
Net Margin	-2%	XXX	-26%	XXX	XXX	XXX
Net Debt	XXX	XXX	$314M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Array Technologies including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.1B. EBITDA for the last twelve months was $190M. In the most recent fiscal year, Array Technologies achieved $916M in revenue and -$163M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.1B	Analyst estimates available to subscribers	$916M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$334M	Analyst estimates available to subscribers	$298M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	29.2% gross margin	Analyst estimates available to subscribers	32.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$190M	Analyst estimates available to subscribers	-$163M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	16.6% EBITDA margin	Analyst estimates available to subscribers	-17.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$61.3M	Analyst estimates available to subscribers	$101M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	5.4% EBIT margin	Analyst estimates available to subscribers	11.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$26.3M	Analyst estimates available to subscribers	-$240M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-2.3% net profit margin	Analyst estimates available to subscribers	-26.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$314M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Array Technologies

This financial data table provides comprehensive performance metrics for Array Technologies, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Array Technologies generated $1.1B in revenue over the last twelve months.
The company achieved $190M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $334M.
Net income over the last twelve months reached -$26.3M.

Fiscal Year Performance

In the most recent fiscal year, Array Technologies reported $916M in total revenue.
Fiscal year EBITDA was -$163M.
The company maintained a gross profit margin of 32.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was -17.8%.
Net profit margin reached -26.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Array Technologies. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Array Technologies Stock Performance

Array Technologies has current market cap of $1.6B, and EV of $2.3B.

Market Cap Evolution

Array Technologies Stock Data

As of October 16, 2025, Array Technologies's stock price is $10.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.3B	$1.6B	XXX	XXX	XXX	XXX	$0.66

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Array Technologies Valuation Multiples

Array Technologies's trades at 2.5x EV/Revenue multiple, and -14.3x EV/EBITDA.

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Array Technologies Financial Valuation Multiples

As of October 16, 2025, Array Technologies has market cap of $1.6B and EV of $2.3B.

Equity research analysts estimate Array Technologies's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Array Technologies has a P/E ratio of -59.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.6B	XXX	$1.6B	XXX	XXX	XXX
EV (current)	$2.3B	XXX	$2.3B	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	2.5x	XXX	XXX	XXX
EV/EBITDA	12.2x	XXX	-14.3x	XXX	XXX	XXX
EV/EBIT	37.9x	XXX	23.0x	XXX	XXX	XXX
EV/Gross Profit	6.9x	XXX	n/a	XXX	XXX	XXX
P/E	-59.6x	XXX	-6.5x	XXX	XXX	XXX
EV/FCF	20.6x	XXX	17.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Array Technologies Margins & Growth Rates

Array Technologies's last 12 month revenue growth is 17%

Array Technologies's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.2M for the same period.

Array Technologies's rule of 40 is 35% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Array Technologies's rule of X is 59% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Array Technologies Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	17%	XXX	23%	XXX	XXX	XXX
EBITDA Margin	17%	XXX	-18%	XXX	XXX	XXX
EBITDA Growth	28%	XXX	-16%	XXX	XXX	XXX
Rule of 40	35%	XXX	-1%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	59%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	21%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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