Array Technologies, Inc. Financial Ratios — ARRY Stock

Profitability	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	5.55	7.48	-5.6	0.31	8.04
Return on Capital (%)	- -	40.6	46.32	- -	- -	19.56
Return on Invested Capital (%)	- -	12.55	24.3	- -	- -	13.2
Gross Margin (%)	3.97	23.27	23.24	8	12.99	26.36
EBITDA Margin (%)	-11.55	17.19	17.09	0.46	4.79	17.25
Operating Margin (%)	-21.33	12.97	13.94	-2.58	-1.38	13.77
Incremental Operating Margin (%)	- -	40.91	16.73	- -	- -	-393.03
Pretax Margin (%)	-27.75	9.97	8.91	-7.16	-0.3	11.24
Profit Margin (%)	-20.9	6.13	6.77	-5.91	0.27	8.71
Net Income to Common Margin (%)	-20.9	6.13	6.77	-7.75	-2.66	5.43
Effective Tax Rate (%)	- -	38.46	24.05	- -	- -	22.53
Dvd Payout Ratio (%)	- -	- -	- -	11.59	67.36	-60.42
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -

Credit	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	155	98	428	721	770	730
ST Debt	59	98	4	10	49	70
LT Debt	96	- -	424	711	720	661
Total Debt/EBITDA	-4.62	0.88	2.87	184.89	9.81	2.69
Net Debt/EBITDA	-3.4	-1.91	2.14	89.13	7.97	1.59
Total Debt/EBIT	-2.5	1.16	3.52	-32.72	-33.99	3.36
Net Debt/EBIT	-1.84	-2.53	2.63	-15.77	-27.61	2
EBITDA to Interest Expense	-1.76	5.92	9.86	0.11	2.14	6.15
EBITDA-CapEx/Interest Expense	-2.1	5.83	9.77	0.02	1.85	5.76
EBIT to Interest Expense	-3.26	4.47	8.04	-0.62	-0.62	4.91
Interest Expense	19	19	15	36	37	44
Common Equity/Total Assets	- -	- -	-33.74	-23.78	-15.67	-7.62
Long-Term Debt/Equity (%)	36.25	- -	- -	422.6	169.95	108.26
Long-Term Debt/Capital (%)	61.85	- -	204.9	103.51	89.84	69.45
Long-Term Debt/Total Assets (%)	18.8	- -	64.63	62.21	42.22	38.73
Total Debt/Equity (%)	58.62	32.03	-529.4	428.67	181.57	119.65
Total Debt/Capital (%)	100	100	206.99	104.99	95.98	76.76
Total Debt/Total Assets (%)	30.41	10.58	65.28	63.1	45.11	42.8
Net Debt to Equity	43.18	-69.64	-395.36	206.64	147.49	70.98
Net Debt/Capital (%)	100	100	324.81	108.89	93.59	61.68
EBITDA	-34	111	149	4	78	272
EBITDA-CapEx	-40	110	148	1	68	255
Operating Income (Loss)	-62	84	122	-22	-23	217

Liquidity	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.3	0.53	0.38	1.5	0.29	0.74
Current Ratio	1.29	1.05	1.3	3.47	1.79	2.48
Quick Ratio	0.77	0.69	0.85	2.5	1.2	1.73
CFO/Avg Current Liab	- -	1.06	-0.28	-0.98	0.4	0.58
Common Equity/Total Assets	- -	- -	-33.74	-23.78	-15.67	-7.62
Long-Term Debt/Equity (%)	36.25	- -	- -	422.6	169.95	108.26
Long-Term Debt/Capital (%)	61.85	- -	204.9	103.51	89.84	69.45
Long-Term Debt/Total Assets (%)	18.8	- -	64.63	62.21	42.22	38.73
Total Debt/Equity (%)	58.62	32.03	-529.4	428.67	181.57	119.65
Total Debt/Capital (%)	100	100	206.99	104.99	95.98	76.76
Total Debt/Total Assets (%)	30.41	10.58	65.28	63.1	45.11	42.8
CFO/Total Liabilities	-4.78	62.43	-16.58	-27	11.04	21.16
CFO/CapEx	-1.82	227.5	-91.33	-78.4	13.32	13.65
Altman's Z-Score	0.7	1.52	7.02	2.51	3.16	4.33

Working Capital	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	8.77	8.12	4.81	4.98	4.19
Days Sales Outstanding	- -	41.63	44.95	75.86	73.24	87.21
Inventory Turnover	- -	4.89	5.03	4.84	6.49	5.88
Days Inventory Outstanding	- -	74.59	72.6	75.35	56.21	62.11
Accounts Payable Turnover	- -	7.13	5.81	9.86	11.07	7.52
Accounts Payable Turnover Days	- -	51.2	62.85	37.03	32.98	48.55
Cash Conversion Cycle	- -	65.02	54.71	114.18	96.47	100.76
Inventory to Cash Days	- -	-32.96	-27.65	0.51	17.04	25.1
Inventories	55	148	118	206	233	162
Raw Materials	7	63	39	85	67	87
Work In Process	- -	- -	- -	- -	- -	- -
Finished Goods	52	90	86	128	167	75
Other Inventory	- -	- -	- -	- -	8	- -

Enterprise Value	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	5,240	2,039	2,896	2,536
- Cash & Cash Equivalents	41	310	108	368	134	249
+ Preferred Equity and Hybrid Capital	- -	- -	- -	237	300	351
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -
+ Total Debt	155	98	428	721	770	730
Enterprise Value	114	-213	5,560	2,631	3,831	3,368
Total Capital	155	98	207	687	802	952
Total Debt/Capital (%)	100	100	206.99	104.99	95.98	76.76
Total Debt / EV	1.36	-0.46	0.08	0.27	0.2	0.22
EV/Sales	0.39	- -	6.37	3.08	2.34	2.14
EV/EBITDA	- -	- -	37.28	674.32	48.86	12.39
EV/EBIT	- -	- -	45.7	- -	- -	15.52
EV/Cash Flow to Firm	43.72	- -	- -	- -	35.26	12.65
EV/Free Cash Flow to Firm	12.63	- -	- -	- -	32.12	11.89
Diluted Market Cap	- -	- -	5,242	2,039	2,896	2,554
Diluted Enterprise Value	114	-213	5,562	2,631	3,831	3,387
EV per Share	0.9	- -	45.77	20.24	25.57	22.32
TTM Sales	291	648	873	853	1,638	1,577
TTM EBITDA	-34	111	149	4	78	272
TTM Operating Income	-62	84	122	-22	-23	217
TTM Cash Flow to Firm	3	398	-111	-234	109	266
TTM Free Cash Flow to Firm	9	399	-109	-230	119	283

Multiples	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	88.71	- -	- -	29.64
Price/Earnings Average	- -	- -	82.91	-47.42	-49.43	35.65
Price/Earnings High	- -	- -	104.85	-107.69	-83.25	47
Price/Earnings Low	- -	- -	59.73	-25.01	-18.72	23.54
Price/Book Value	- -	- -	-23.67	-7.5	-10.83	-19.49
Price/Book Value Average	- -	- -	-22.12	-11.54	-8.07	-23.44
Price/Book Value High	- -	- -	-27.98	-26.2	-13.59	-30.91
Price/Book Value Low	- -	- -	-15.94	-6.08	-3.05	-15.48
Price/Tangible Book Value	- -	- -	-15.02	-6.5	-4.27	-4.81
Price/Tangible Book Value Average	- -	- -	-14.04	-9.99	-3.18	-5.79
Price/Tangible Book Value High	- -	- -	-17.75	-22.7	-5.35	-7.63
Price/Tangible Book Value Low	- -	- -	-10.11	-5.27	-1.2	-3.82
Price/Sales	- -	- -	6	2.39	1.77	1.61
Price/Sales Average	- -	- -	5.61	3.67	1.32	1.93
Price/Sales High	- -	- -	7.1	8.34	2.22	2.55
Price/Sales Low	- -	- -	4.04	1.94	0.5	1.28
Price/Cash Flow	- -	- -	-42.88	-7.75	20.47	10.93
Price/Cash Flow Average	- -	- -	-40.08	-11.91	15.24	13.15
Price/Cash Flow High	- -	- -	-50.68	-27.05	25.67	17.34
Price/Cash Flow Low	- -	- -	-28.87	-6.28	5.77	8.68
Price/Free Cash Flow	- -	- -	-43.37	-7.85	19.04	10.26
Price/Free Cash Flow Average	- -	- -	-40.54	-12.07	14.18	12.34
Price/Free Cash Flow High	- -	- -	-51.26	-27.4	23.87	16.27
Price/Free Cash Flow Low	- -	- -	-29.21	-6.36	5.37	8.15
EV/Sales	0.39	- -	6.37	3.08	2.34	2.14
EV/Sales Average	0.39	- -	5.98	4.37	1.89	2.46
EV/Sales High	0.39	- -	7.46	9.04	2.79	3.08
EV/Sales Low	0.39	- -	4.41	2.63	1.07	1.81
EV/EBITDA	- -	- -	37.28	674.32	48.86	12.39
EV/EBITDA Average	-3.4	-1.91	34.99	955.16	39.42	14.28
EV/EBITDA High	-3.4	-1.91	43.68	1,976.82	58.24	17.85
EV/EBITDA Low	-3.4	-1.91	25.81	575.35	22.34	10.47
EV/EBIT	- -	- -	45.7	- -	- -	15.52
EV/EBIT Average	-1.84	-2.53	42.89	-169.02	-136.55	17.88
EV/EBIT High	-1.84	-2.53	53.54	-349.81	-201.72	22.36
EV/EBIT Low	-1.84	-2.53	31.63	-101.81	-77.38	13.11
Last Price	- -	- -	43.14	15.69	19.33	16.8
High Price	- -	- -	50.99	54.78	24.24	26.64
Low Price	- -	- -	29.05	12.72	5.45	13.34
Enterprise Value	114	-213	5,560	2,631	3,831	3,368
Enterprise Value Average	114	-213	5,218	3,726	3,091	3,882
Enterprise Value High	114	-213	6,513	7,712	4,567	4,854
Enterprise Value Low	114	-213	3,848	2,244	1,752	2,846

Per Share Data Items	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	127	127	127	135	151	151
Diluted Weighted Avg Shares	127	120	122	130	150	152
Basic Weighted Avg Shares	127	120	121	130	150	151
Revenue per Share	2.29	5.4	7.18	6.56	10.93	10.44
EBITDA per Share	-0.26	0.93	1.23	0.03	0.52	1.8
Operating Income per Share	-0.49	0.7	1	-0.17	-0.15	1.44
Basic EPS, GAAP	-0.48	0.33	0.49	-0.51	-0.29	0.57
Basic EPS from Cont Ops	-0.48	0.33	0.49	-0.39	0.03	0.91
Diluted EPS, GAAP	-0.48	0.33	0.49	-0.51	-0.29	0.56
Diluted EPS from Cont Ops	-0.48	0.33	0.49	-0.39	0.03	0.9
Dividend per Share	- -	- -	- -	0.06	0.12	- -
Cash Flow per Share	-0.09	3.22	-1.01	-2.02	0.94	1.54
Free Cash Flow per Basic Share	-0.14	3.2	-1.02	-2.05	0.87	1.42
Cash & Equivalents per Share	0.32	2.59	0.89	2.83	0.89	1.65
Book Value per Share	- -	- -	-1.82	-2.09	-1.78	-0.86
Tangible Book Value per Share	-0.43	0.1	-2.87	-2.41	-4.53	-3.49

Array Technologies, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples

Per Share Data Items