Array Technologies, Inc. (ARRY): A Bull Case Theory

We came crossed a bullish thesis on Array Technologies, Inc. connected r/Valueinvesting by u/c-u-in-da-ballpit. In this article, we volition summarize the bulls’ thesis connected ARRY. Array Technologies, Inc.'s stock was trading astatine $10.00 arsenic of January 13th. ARRY’s trailing and guardant P/E were 63.59 and 10.99 respectively according to Yahoo Finance.

Array Technologies has undergone a melodramatic operational turnaround, evolving from a loss-making concern successful 2024 into a high-growth utility-scale star infrastructure person successful 2025, portion its valuation continues to lag the underlying betterment successful fundamentals. The institution exited 2024 with a $296 cardinal nett nonaccomplishment and level gross of $916 million, yet is present connected way to adjacent 2025 with gross approaching $1.28 cardinal alongside a 74% year-to-date summation successful shipment volumes, intelligibly signaling a crisp inflection successful request and execution.

Management has reinforced this betterment done a disciplined equilibrium expanse reset, issuing caller 2.875% notes to afloat discontinue a $233 cardinal word indebtedness and opportunistically repurchasing $100 cardinal of bequest indebtedness astatine a astir 20% discount. Despite these improvements, the marketplace appears dilatory to admit the net powerfulness of the business. Array trades astatine a guardant P/E of 11.5 and a PEG ratio of conscionable 0.58, adjacent arsenic net are expected to turn astir 33% adjacent year, suggesting a meaningful disconnect betwixt valuation and growth.

The banal besides carries notable method leverage, with abbreviated involvement astatine 26.6% of the interval and organization ownership exceeding 100%. Bears look anchored to a repetition of 2024’s struggles, but existent information tells a antithetic story, including 70% quarterly gross growth, $1.9 cardinal successful caller orders, and a structurally improved indebtedness profile. The writer estimates just worth adjacent $14, implying astir 30% upside.

Strategically, Array benefits from selling star tracking hardware alternatively than panels, meaning little sheet prices tin really stimulate request by reducing full task costs. Its trackers trust connected analyzable engineering, proprietary software, and instrumentality learning optimized for decades of harsh operating conditions, areas wherever low-cost Chinese competitors person struggled to summation inferior trust.

Alongside Nextracker, Array controls astir fractional of the planetary tracker marketplace and is further protected domestically by U.S. manufacturing incentives. While atomic powerfulness whitethorn beryllium a semipermanent solution, star projects with trackers tin beryllium deployed acold faster, making them a applicable near-term reply to rising AI-driven vigor demand, peculiarly successful urban-adjacent regions wherever atomic enlargement faces resistance.