Array Technologies, Inc. — Earnings Quality Grade F
ARRY · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 77 days, change -33 days YoY
AR growth -1.5% vs revenue growth 40.2%
Revenue grew 40.2% but CFFO declined -33.9%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory -25.1% vs COGS 59.4%. Normal
CapEx growth 18.2% vs revenue 40.2%. Normal
SG&A/Gross Profit = 66.5%. Normal
Gross margin swung -9.3pp (32.5% → 23.2%)
Cash Flow Quality
CFFO/NI = -1.95. Below 1.0
FCF $0.1B, FCF/NI = -1.53
Accruals ratio = -10.6%. Low accruals
Cash $0.2B covers only 32% of debt $0.8B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 144% of equity. Over 50%
Debt/EBITDA = 16.9x (>4x). Financial stress
Other assets 17.4% vs revenue 40.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 9% YoY. Normal
Manipulation Score
M-Score = -2.45 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25