ARRYArray Technologies, Inc.

Semiconductors & Related Devices

Revenue: $1.3B; 40% YoY
Operating margin: -2.3%; 91% YoY
EBITDA: −$3M; 99% YoY
Market cap: $522M
Employees: 1,200; $1M revenue each
Net debt / EBITDA: —; $433M net debt
AI in 10-K: 3.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentYes
61% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.2 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$522M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$853M	$1.6B	$1.6B	$916M	$1.3B	40%
Operating income	−$25M	−$18M	$214M	−$227M	−$29M	87%
Net income	−$50M	$4M	$137M	−$240M	−$52M	78%
Operating cash flow	−$263M	$141M	$232M	$154M	$102M	34%
Capex	$3M	$11M	$17M	$7M	$22M	201%
Stock-based comp	$14M	$15M	$15M	$10M	$16M	50%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 1, 2022	Blackstone Holdings II L.P.	SC 13D/A	4.2%	Passive
Jan 11, 2022	Blackstone Holdings II L.P.	SC 13D/A	20.5%	Passive
Aug 20, 2021	Blackstone Holdings II L.P.	SC 13D	5.3%	Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	21	16
FY2024	—	—	14	24
FY2023	—	—	39	56
FY2022	—	—	45	121
FY2021	—	—	36	97