Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsDebt/equity is shown as not meaningful rather than as a negative leverage ratio.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Shareholders' equity was non-positive
Debt/equity is shown as not meaningful rather than as a negative leverage ratio.
Why this surfaced
Same-period reported shareholders' equity was zero or negative; review the balance sheet and capital structure. Period end 2025-12-31.
- 1 filing risk check flagged
Flagged areas: Solvency & liquidity.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +40.2% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +22.5 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Free cash flow was positive
Latest reported free cash flow was $80M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Solvency & liquidity
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Array Legacy Operations Segment$1.07B83.4%+61.8% yoy
- STI Operations Segment$214M16.6%-15.9% yoy
Members sum to the consolidated $1.28B for this period.
- United States$1.04B81.1%+61.8% yoy
- Spain$141M11.0%+68.4% yoy
- Brazil$60.7M4.7%-55.1% yoy
- Australia$23.8M1.9%+173.1% yoy
- Countries Not Mentioned Above$17.2M1.3%-61.5% yoy
Members sum to the consolidated $1.28B for this period.
- Array Legacy Operations Segment$217M97.3%+2.0% yoy
- STI Operations Segment$6.03M2.7%-93.2% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,096 US-listed filers · 815 in Technology| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $1.3B | 59thof 3,301 middle third | 62ndof 777 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 40.2% | 88thof 3,135 top third | 88thof 742 top third |
Gross margin gross profit ÷ revenue | 23.3% | 25thof 1,603 bottom third | 17thof 554 bottom third |
Operating margin operating income ÷ revenue | -2.3% | 39thof 2,819 middle third | 39thof 751 middle third |
Net margin net income ÷ revenue | -4.1% | 36thof 3,263 middle third | 37thof 769 middle third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 6.2% | 55thof 2,679 middle third | 42ndof 701 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 1.2% | 63rdof 2,895 middle third | 76thof 728 top third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 77 days | 21stof 2,398 bottom third | 29thof 711 bottom third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 4.1× | 33rdof 1,547 bottom third | 20thof 338 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -10.7% | 79thof 3,193 top third | 67thof 639 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 16.4% | 31stof 2,719 bottom third | 31stof 558 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 63 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Net income NetIncomeLoss | quarter 2021-06-30 | -$17K 10-Q 2021-08-12 | -$5.52M 10-Q/A 2022-11-08 | -32352.9% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-06-30 | $5.71M 10-Q 2021-08-12 | -$574K 10-Q/A 2022-11-08 | -110.1% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-06-30 | -$6.84M 10-Q 2022-08-09 | -$13.3M 10-Q 2023-08-08 | -94.8% | first · latest · 4 filings carry it |
| Net income NetIncomeLoss | quarter 2022-06-30 | -$2.78M 10-Q 2022-08-09 | -$5.02M 10-Q 2023-08-08 | -80.9% | first · latest · 4 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-09-30 | $61.8M 10-Q 2022-11-09 | $111M 10-Q 2023-11-07 | +80.3% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2021-09-30 | $7.28M 10-Q 2021-11-12 | $1.46M 10-Q 2022-11-09 | -79.9% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-06-30 | $66.3M 10-Q 2022-08-09 | $110M 10-Q 2023-11-07 | +66.5% | first · latest · 6 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2021-12-31 | $23.9M 10-K 2022-04-06 | $9.37M 10-K 2024-02-28 | -60.8% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2021-03-31 | $2.89M 10-Q 2021-05-11 | $4.58M 10-Q 2022-05-10 | +58.5% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-03-31 | $108M 10-Q 2022-05-10 | $170M 10-Q 2023-08-08 | +57.0% | first · latest · 6 filings carry it |
| Gross profit GrossProfit | quarter 2021-09-30 | $9.28M 10-Q 2021-11-12 | $5.9M 10-Q 2022-11-09 | -36.5% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | quarter 2023-06-30 | $12.8M 10-Q 2023-08-08 | $9.21M 10-Q 2024-08-08 | -28.3% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2023-03-31 | $14.2M 10-Q 2023-05-10 | $10.6M 10-Q 2024-05-09 | -25.6% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2023-03-31 | $207M 10-Q 2023-05-10 | $158M 10-Q 2024-08-08 | -23.8% | first · latest · 4 filings carry it |
| Gross profit GrossProfit | quarter 2021-06-30 | $26.8M 10-Q 2021-08-12 | $20.5M 10-Q/A 2022-11-08 | -23.4% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-09-30 | -$16.1M 10-Q 2021-11-12 | -$19.5M 10-Q 2022-11-09 | -21.0% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | -$32.2M 10-Q 2022-05-10 | -$38.3M 10-Q 2023-05-10 | -19.2% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-03-31 | $13.1M 10-Q 2021-05-11 | $15.4M 10-Q 2022-05-10 | +17.7% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2023-09-30 | $278M 10-Q 2023-11-07 | $229M 10-Q 2024-11-07 | -17.7% | first · latest |
| Net income NetIncomeLoss | quarter 2022-03-31 | -$22.1M 10-Q 2022-05-10 | -$25.9M 10-Q 2023-05-10 | -17.6% | first · latest · 3 filings carry it |
| Gross profit GrossProfit | fiscal year 2021-12-31 | $82.9M 10-K 2022-04-06 | $68.3M 10-K 2024-02-28 | -17.6% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2023-06-30 | $287M 10-Q 2023-08-08 | $238M 10-Q 2024-11-07 | -17.1% | first · latest · 4 filings carry it |
| Goodwill Goodwill | balance at 2022-03-31 | $380M 10-Q 2022-05-10 | $442M 10-K 2023-03-22 | +16.4% | first · latest |
| Gross profit GrossProfit | quarter 2022-06-30 | $47.4M 10-Q 2022-08-09 | $39.9M 10-Q 2023-08-08 | -15.7% | first · latest · 4 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2022-12-31 | $99.1M 10-K 2023-03-22 | $84.6M 10-K 2025-03-03 | -14.7% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2023-03-31 | $26.1M 10-Q 2023-05-10 | $29.6M 10-Q 2024-05-09 | +13.4% | first · latest |
| Interest expense InterestExpense | quarter 2023-03-31 | $9.5M 10-Q 2023-05-10 | $10.7M 10-Q 2024-05-09 | +13.0% | first · latest |
| Goodwill Goodwill | balance at 2022-09-30 | $360M 10-Q 2022-11-09 | $401M 10-K 2023-03-22 | +11.6% | first · latest |
| Goodwill Goodwill | balance at 2022-06-30 | $379M 10-Q 2022-08-09 | $418M 10-K 2023-03-22 | +10.3% | first · latest · 3 filings carry it |
| Interest expense InterestExpense | fiscal year 2022-12-31 | $33.5M 10-K 2023-03-22 | $36.7M 10-K 2024-02-28 | +9.5% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for ARRY yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.