Company Valuation: Array Technologies, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,119 2,909 2,540 917.7 1,408 708.4 - -
Change - 37.31% -12.67% -63.87% 53.46% -49.7% - -
Enterprise Value (EV) 1 2,472 3,545 3,022 1,232 1,833 1,084 959.4 920.2
Change - 43.38% -14.75% -59.23% 48.77% -40.88% -11.46% -4.09%
P/E -30.8x -66.7x 30x -3.1x -12.6x 23.6x 10.1x 8.71x
PBR 12.1x 23.3x 9.8x -7.77x -6.83x -4.48x -13.4x 10.3x
PEG - 1.5x -0x 0x 0.2x -0x 0x 0.5x
Capitalization / Revenue 2.48x 1.78x 1.61x 1x 1.1x 0.49x 0.44x 0.41x
EV / Revenue 2.9x 2.16x 1.92x 1.35x 1.43x 0.75x 0.59x 0.54x
EV / EBITDA 57.2x 27.5x 10.5x 7.1x 9.77x 4.87x 3.64x 3.15x
EV / EBIT -99.9x -195x 14.1x -5.43x -63.2x 8.07x 5.24x 4.43x
EV / FCF -9.27x 27.1x 14.1x 9.1x 23x 12.1x 6.67x 6.49x
FCF Yield -10.8% 3.69% 7.11% 11% 4.35% 8.26% 15% 15.4%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.51 -0.29 0.56 -1.95 -0.73 0.1951 0.4543 0.5279
Distribution rate - - - - - - - -
Net sales 1 853.3 1,638 1,577 915.8 1,284 1,441 1,614 1,709
EBITDA 1 43.22 128.7 288.1 173.6 187.6 222.4 263.6 291.7
EBIT 1 -24.74 -18.13 214.1 -227 -29 134.3 183.2 207.5
Net income 1 -66.12 -43.62 85.55 -296.1 -112 33.47 81 101
Net Debt 1 353.6 635.7 481.4 314.3 424.6 375.2 251 211.7
Reference price 2 15.690 19.330 16.800 6.040 9.220 4.600 4.600 4.600
Nbr of stocks (in thousands) 135,027 150,491 151,216 151,943 152,748 154,008 - -
Announcement Date 4/5/22 3/21/23 2/27/24 2/27/25 2/25/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.58x0.75x4.87x-.--% 708M
33.71x2.65x17.29x1.35% 146B
13.31x1.73x9.25x1.76% 27.14B
12.17x0.85x10.5x3.98% 12.43B
-12.78x0.53x6.66x-.--% 3.83B
15.52x0.63x9.99x2.76% 3B
14.99x - - 0.77% 2.19B
24.43x - - - 2.13B
-22.53x0.43x-89x-.--% 1.48B
Average 11.38x 1.08x -4.35x 1.33% 22.06B
Weighted average by Cap. 27.64x 2.31x 14.55x 1.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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