What is Array Technologies, Inc.'s debt-to-equity?

Array Technologies, Inc. (ARRY) reported debt-to-equity of 10.5× in Q3 2024.

How has Array Technologies, Inc.'s debt-to-equity changed year-over-year?

Array Technologies, Inc.'s debt-to-equity increased by 244.7% year-over-year, from 3× to 10.5×.

What does debt-to-equity mean?

Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

Array Technologies, Inc. ARRY Debt-to-equity

Debt-to-equity at other companies

Gibraltar IndustriesROCK

1.6×+1.5×

Shoals Technologies Group, Inc.SHLS

0.1×-0.2×

Nextpower Inc. NXT

0×0.0×

SolarEdge TechnologiesSEDG

0.1×-0.6×

Solaris Energy InfrastructureSEI

0.9×0.0×

Enphase EnergyENPH

0.6×-1.0×

Other financials

Income statement

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Revenue$223.4M-26.1%

Gross profit$63.0M-17.6%

Operating income$7.1M-73.9%

Net income$2.0M-88.1%

EPS (diluted)-$0.09-550%

Balance sheet

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Cash & equivalents$202.0M-42.2%

Total debt$763.2M+12.4%

Total equity-$214.4M-119%

Total assets$1.5B+3.5%

Cash flow

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Operating cash flow-$29.4M-125%

CapEx$7.5M+219%

Free cash flow-$36.9M-140%

Valuation

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Market cap$1.18B+49.3%

Enterprise value$1.74B+55.8%

P/S1×+0.2×

Profitability

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Gross margin23.7%-6.3pp

Operating margin-4.1%-1.8pp

Net margin-5.6%-2.4pp

FCF margin4.8%-3.3pp

Returns & leverage

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Return on equity-64.1%—

Current ratio2.3×-0.1×

Where this comes from

Calculated from Array Technologies, Inc.’s reported figures.

total debt/total stockholders equity=10.5×

Based on the most recent quarter.

The official record: Array Technologies, Inc.’s 10-Q, filed November 5, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Array Technologies, Inc.'s debt-to-equity?: Array Technologies, Inc. (ARRY) reported debt-to-equity of 10.5× in Q3 2024.
How has Array Technologies, Inc.'s debt-to-equity changed year-over-year?: Array Technologies, Inc.'s debt-to-equity increased by 244.7% year-over-year, from 3× to 10.5×.
What does debt-to-equity mean?: Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.