Array Technologies, Inc. (ARRY) intrinsic value & 10-year financials
Array Technologies, Inc. (ARRY) has a Graham intrinsic value of $18.60 per share. At $3.43 on Oct 17, 2026, the stock trades 82% below that value. Over the last 9 fiscal years revenue grew 23.6% a year to $1.3B, with an average return on invested capital of 15.1%.
- Graham intrinsic value
- $18.60
- Share price (Oct 17, 2026)
- $3.43
- Price vs Graham value
- 82% below
- Market cap
- $523.2M
- Revenue (FY2025)
- $1.3B
- Revenue growth (9-yr CAGR)
- 23.6%
- ROIC (10-yr avg)
- 15.1%
- Free cash flow (FY2025)
- $79.8M
ARRY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | -$52.2M | -$0.73 | $79.8M | -2.3% | -11.2% |
| FY2024 | $915.8M | -$240.4M | -$1.95 | $146.7M | -24.8% | -47.2% |
| FY2023 | $1.6B | $137.2M | $0.56 | $215.0M | 13.6% | 22.5% |
| FY2022 | $1.6B | $4.4M | -$0.29 | $130.9M | -1.1% | -1.7% |
| FY2021 | $853.3M | -$50.4M | -$0.51 | -$266.5M | -2.9% | -7.8% |
| FY2020 | $872.7M | $59.1M | $0.49 | -$123.5M | 10.9% | 49.9% |
| FY2019 | $647.9M | $39.7M | $0.33 | $384.4M | 12.9% | 101.0% |
| FY2018 | $290.8M | -$60.8M | -$0.51 | -$13.8M | -21.0% | — |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Array Technologies, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Array Technologies, Inc. has earned high returns on invested capital, averaging 15.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Array Technologies, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Array Technologies, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $18.60 per share.