MeritValue

Array Technologies, Inc.

ARRYdata completeness 100%8 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$853.3M1$1.64B2$1.58B3$915.8M3$1.28B3
Net income−$50.4M4$4.43M5$137.2M6−$240.4M6−$52.2M6
Operating cash flow−$263.2M7$141.5M8$232M9$154M9$101.8M9
Capital expenditure$3.36M10$10.6M11$17M12$7.31M12$22M12
Free cash flow (derived)−$266.5M7$130.9M8$215M9$146.7M9$79.8M9
Total debt$715.4M13$759M14$682.4M15$677.3M16$669M16
Cash & equivalents$367.7M17$133.9M18$249.1M19$363M20$244.4M20
Diluted shares130.0M149.8M152.0M151.8M152.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000066%
of the whole company
Your share of last year’s profit
−$3.42
Your share of its debt
$43.86
Your share of free cash flow
$5.23
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$16.2
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$146.7M
DCF · Growth Exit 5Y
$14.71
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$146.7M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $14.71

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001820721-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001820721-25-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001820721-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001820721-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001820721-25-000023 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001820721-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001820721-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001820721-25-000023 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001820721-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001820721-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001820721-25-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001820721-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001820721-23-000079 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001820721-24-000011 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001820721-25-000023 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001820721-26-000008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001820721-23-000079 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001820721-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001820721-25-000023 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001820721-26-000008 (CashAndCashEquivalentsAtCarryingValue)