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ZYBERNO

Stock Report

Updated Sep 1, 2026

ARRAY TECHNOLOGIES, INC. (ARRY)

Technology • NASDAQ

$4.59

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

16.0/100

POOR BUSINESS

ARRAY TECHNOLOGIES, INC. (ARRY) scores 16/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ARRY quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-34.3%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

28.4%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ARRY valuation analysis · → View full ARRY Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (-5.1%)

Return on Capital (Capital Efficiency):CRITICAL (-30.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

ARRAY TECHNOLOGIES, INC. (ARRY) stock report — Zyberno Score 16/100 (POOR BUSINESS), Margin of Safety -100.0%, -34% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, ARRAY TECHNOLOGIES, INC. (ARRY) trades at $4.59 against an estimated intrinsic value per share of $1.72 — a -100.0% Margin of Safety based on Owner Earnings of $59.28M TTM, projected at -24.7% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -34.3% annually.

Over the trailing twelve months, ARRY generated $59.28M in Owner Earnings. Capital was deployed as follows: $27.13M invested in capital expenditures. Reinvestment rate: -344.5%. Owner Earnings have declined at 24.7% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:4.59

Market Cap:$706.24M

Valuation Multiples (2)

P/S Ratio:0.60x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$1.06B

Ev Ebitda Ratio:40.88x

Pfcf Ratio:12.12x

Price Action & Momentum (3)

12-1 Momentum:

-49.1% (68th pctile)

📈 Click to view full ARRY Momentum analysis →

Momentum Percentile:68 / 100

% of 52-Week High:37.5%

B. Profitability Assessment

Return Metrics (4)

ROA:-5.7%

Roic:

-30.0%

📊 Click to view full ARRY ROIC analysis →

Reinvestment Rate:-344.5%

Fundamental Growth Rate (g):103.5%

Margin Analysis (3)

Operating Margin Ttm:-5.1%

Net Margin Ttm:-7.2%

Ebitda Margin:2.2%

TTM Performance (3)

Gross Margin Ttm:24.3%

Operating Margin Ttm:-5.1%

Net Margin Ttm:-7.2%

Yield Metrics (3)

Earnings Yield:-$21.35

Owner Earnings Yield:$8.39

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.26

📊 Click to view full ARRY Earnings Surprise analysis →

EPS Surprise vs Expected:-73.1%

Latest Earnings Filed:2026-08-05

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-11.3%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-24.6%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-24.8%

Operating Cash Flow Growth Rate (Linear):-21.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-21.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.20x

Quick Ratio:1.81x

Cash Ratio:0.76x

Leverage Analysis (1)

Debt To Ebitda:25.54x

Coverage Ratios (2)

Interest Coverage Ratio:-1.33x

Times Interest Earned:-1.33

Capital Structure (4)

Working Capital:486,024,000.00

Cash And Cash Equivalents:307,302,000.00

Long Term Debt:$657.75M

Net Debt:$357.35M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.19B

Linear Growth: -11.3%

📊 Click to view full ARRY Revenue analysis & methodology →

Cost Of Revenue Ttm:$897.40M

Profitability Breakdown (2)

Gross profit TTM: $287.61M

Linear Growth: -10.9%

📊 Click to view full ARRY Gross Profit analysis & methodology →

Operating income TTM: -$60.78M

Linear Growth: -21.7%

📊 Click to view full ARRY Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$85.90M

Linear Growth: -24.6%

📊 Click to view full ARRY Net Income analysis & methodology →

Income Before Tax:-$73.53M

Ebitda Ttm:26,019,000.00

Operating Expenses (5)

Operating Expenses:348,390,000.00

R And D Expense:13,000,000.00

Sga Expense:214,442,000.00

Income Tax Expense:$32.52M

Interest Expense:21,877,000.00

Expense Ratios (3)

R And D To Revenue Percentage:3.8%

Sga To Revenue Percentage:62.7%

Ebitda Margin:2.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.53B

Current Assets:$891.79M

Ppe Net:68,180,000.00

Goodwill:135,173,000.00

Intangible Assets:$212.47M

Liability Structure (4)

Total Liabilities:1,736,116,000.00

Current Liabilities:405,762,000.00

Long Term Debt:$657.75M

Short Term Debt:$6.91M

Equity & Capital (3)

Equity:-$202.08M

Retained Earnings:-$396.52M

Common Stock:1,000,000,000.00

Working Capital Items (3)

Accounts Receivable:323,439,000.00

Inventory:156,469,000.00

Accounts Payable:161,092,000.00

Special Items (2)

Contract Liabilities:105,103,000.00

Stock Based Compensation:3,941,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $85.42M

Linear Growth: -21.8%

Free cash flow TTM: $58.29M

Linear Growth: -24.8%

📊 Click to view full ARRY Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$7.51M

Capital Expenditures Ttm:27,131,000.00

Financing Activities (3)

Financing Cash Flow:-$7.61M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:86,800,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.98

Eps diluted TTM: -$0.98

Linear Growth: -22.4%

📊 Click to view full ARRY EPS analysis & methodology →

Earnings Per Share Ttm:-$0.56

Revenue & Cash Per Share (3)

Sales Per Share Ttm:7.70

Operating Cash Flow Per Share:$0.66

Fcf Per Share Ttm:0.38

Book Value & Capital (2)

Book Value Per Share:-$1.31

Cash Per Share:2.00

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.78x

Working Capital Turnover Ttm:2.44x

Receivables Management (2)

Receivables Turnover Ttm:3.66x

Days Sales Outstanding Ttm:99.62

Inventory Management (2)

Inventory Turnover Ttm:5.74x

Days Inventory Outstanding Ttm:63.64

Payables & Cash Cycle (2)

Days Payable Outstanding:65.52

Cash Conversion Cycle:97.74

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $59.28M

Linear Growth: -24.7%

📊 Click to view full ARRY Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.39

Owner Earnings Yield:$8.39

Growth Assessment (1)

Owner Earnings Growth Rate:-$24.73

Damodaran Growth Analysis (2)

Reinvestment Rate:-344.5%

Fundamental Growth Rate (g):103.5%

Intrinsic Value Models (1)

Intrinsic Value:

$264.39M

📊 Click to view full ARRY DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full ARRY valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

-34.3%

📊 Click to view full ARRY expected return analysis →

Forward Expected Return (Yield + Growth):

28.4%

📊 Click to view full ARRY expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-11.3%

Net Income Growth Rate (Linear):-24.6%

Operating Income Growth Rate (Linear):-21.7%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-24.8%

Operating Cash Flow Growth Rate (Linear):-21.8%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-10.9%

Book Value Growth Rate (Linear):26.8%

Owner Earnings Growth Rate:-$24.73

C. Company Profile & Context

Corporate Information (6)

Symbol:ARRY

Company Name:ARRAY TECHNOLOGIES, INC.

Sector:Technology

Industry:Semiconductors

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:153.87M

Shares Outstanding Basic:153.87M

Shares Outstanding Diluted:155.69M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 00:35:19 UTC

Data Timestamp:2026-09-01T00:35:19.077109