Array Technologies: The Price Is Lagging Solar Peers By Design

Array Technologies is undervalued despite sector tailwinds, offering an attractive entry for long-term clean energy exposure. ARRY’s recent underperformance stems from US market overreliance, questionable acquisitions, and management missteps, yet backlog and book-to-bill ratios are improving. My conservative DCF projects revenue at the lower end of guidance and margins ~550 bps below the company's 2026 guidance, reflecting my cautious stance but still supporting a 'buy' rating. ARRY’s volatility, management quality, and acquisition integration risks warrant moderate position sizing, but the product’s demand outlook is robust.

Array Technologies ( ARRY )--global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic (“PV”) sites.