Array Technologies, Inc.

NasdaqGM:ARRY Stock Report

Market Cap: US$907.7m

Array Technologies Valuation

Is ARRY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ARRY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
US$10.84
Fair Value
45.1% undervalued intrinsic discount
23
Number of Analysts

Below Fair Value: ARRY ($5.95) is trading below our estimate of fair value ($10.84)

Significantly Below Fair Value: ARRY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ARRY?

Key metric: As ARRY is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ARRY. This is calculated by dividing ARRY's market cap by their current revenue.
What is ARRY's PS Ratio?
PS Ratio0.9x
SalesUS$1.06b
Market CapUS$907.65m

Price to Sales Ratio vs Peers

How does ARRY's PS Ratio compare to its peers?

The above table shows the PS ratio for ARRY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.6x
PLUG Plug Power
1.3x21.8%US$823.6m
PLPC Preformed Line Products
1.1xn/aUS$670.4m
THR Thermon Group Holdings
2x6.9%US$966.2m
SHLS Shoals Technologies Group
2.2x9.6%US$850.9m
ARRY Array Technologies
0.9x7.9%US$907.7m

Price-To-Sales vs Peers: ARRY is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (1.6x).

Price to Sales Ratio vs Industry

How does ARRY's PS Ratio compare vs other companies in the US Electrical Industry?

21 CompaniesPrice / SalesEstimated GrowthMarket Cap
FLNC Fluence Energy
0.3x19.1%US$598.69m
EAF GrafTech International
0.4x19.5%US$202.49m
BW Babcock & Wilcox Enterprises
0.07x7.8%US$49.01m
TPIC TPI Composites
0.03x5.8%US$41.42m
ARRY 0.9xIndustry Avg. 1.7xNo. of Companies21PS01.63.24.86.48+
21 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ARRY is good value based on its Price-To-Sales Ratio (0.9x) compared to the US Electrical industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is ARRY's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ARRY PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.9x
Fair PS Ratio1x

Price-To-Sales vs Fair Ratio: ARRY is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ARRY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$5.95
US$8.23
+38.4%
26.2%US$13.00US$5.00n/a23
May ’26US$5.15
US$8.01
+55.6%
28.4%US$13.00US$4.50n/a24
Apr ’26US$4.86
US$8.60
+76.9%
23.4%US$13.00US$6.00n/a24
Mar ’26US$5.28
US$9.43
+78.7%
34.2%US$22.00US$6.00n/a23
Feb ’26US$7.33
US$10.10
+37.8%
34.0%US$22.00US$4.50n/a25
Jan ’26US$6.04
US$10.22
+69.2%
32.9%US$22.00US$4.50n/a25
Dec ’25US$6.71
US$10.42
+55.3%
34.4%US$22.00US$4.50n/a25
Nov ’25US$6.70
US$12.00
+79.1%
30.7%US$22.00US$7.00n/a26
Oct ’25US$6.80
US$13.50
+98.5%
31.4%US$23.00US$8.00n/a26
Sep ’25US$6.71
US$13.44
+100.4%
31.0%US$23.00US$8.00n/a27
Aug ’25US$10.29
US$17.83
+73.3%
22.2%US$27.00US$11.00n/a27
Jul ’25US$9.57
US$19.63
+105.1%
26.3%US$36.00US$12.00n/a28
Jun ’25US$14.18
US$19.83
+39.9%
25.9%US$36.00US$12.00n/a27
May ’25US$12.46
US$20.33
+63.1%
26.9%US$36.00US$12.00US$5.1526
Apr ’25US$14.69
US$20.32
+38.3%
27.6%US$36.00US$12.00US$4.8625
Mar ’25US$14.14
US$20.69
+46.3%
27.5%US$36.00US$12.00US$5.2824
Feb ’25US$13.72
US$24.54
+78.9%
26.1%US$36.00US$15.00US$7.3324
Jan ’25US$16.80
US$25.73
+53.1%
21.6%US$36.00US$17.00US$6.0424
Dec ’24US$16.27
US$26.54
+63.1%
19.4%US$38.00US$17.00US$6.7123
Nov ’24US$16.75
US$30.48
+82.0%
17.1%US$38.00US$21.00US$6.7022
Oct ’24US$22.19
US$30.88
+39.2%
17.4%US$38.00US$18.00US$6.8021
Sep ’24US$24.95
US$29.93
+20.0%
18.2%US$38.00US$16.00US$6.7121
Aug ’24US$18.83
US$28.21
+49.8%
16.8%US$37.00US$16.00US$10.2921
Jul ’24US$22.60
US$27.93
+23.6%
16.3%US$37.00US$17.00US$9.5720
Jun ’24US$22.86
US$27.45
+20.1%
15.2%US$35.00US$17.00US$14.1819
May ’24US$19.77
US$27.32
+38.2%
14.9%US$35.00US$17.00US$12.4619
AnalystConsensusTarget
Consensus Narrative from 23 Analysts
US$8.23
Fair Value
27.7% undervalued intrinsic discount
23
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/11 15:15
End of Day Share Price 2025/05/09 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Array Technologies, Inc. is covered by 35 analysts. 25 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christine ChoBarclays
Ameet ThakkarBMO Capital Markets Equity Research
Moses SuttonBNP Paribas Exane