STI Acquisition
10-K - Mar 3, 2025
On January 11, 2022, the Company completed the STI Acquisition pursuant to the purchase agreement, dated November 10, 2021, by and among Amixa Capital, S.L. and Aurica Trackers, S.L., each a compan...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Array Technologies, Inc.
ARRYActiveCIK 1820721 · Renewables, RNG & Sustainability Infrastructure
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, ARRY filings, SEC EDGAR
$1,318
Market cap ($MM)
$1,224
Enterprise value ($MM)
$1,205
Revenue · LTM ($MM)
$19
EBITDA · LTM ($MM)
2%
EBITDA margin
1.0x
EV / revenue
NM
EV / EBITDA
25.0x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01ARRY is a scaled public consolidator in Renewables & RNG, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is AMRC, NEE, CWEN, BEP, BEPC, ORA.
Balance sheet & capacity
Indicative capacity read: 25.0x net debt / EBITDA with EBITDA of $18.6MM.
$201
Cash & equiv. ($MM)
$666
Total debt ($MM)
$466
Net debt ($MM)
25.0x
Net debt / EBITDA
Valuation
Where it trades against its peer set
ARRY versus the scaled public Renewables, RNG & Sustainability Infrastructure comparables.
Indexed share-price performance
ARRY versus available Renewables, RNG & Sustainability Infrastructure peers and SPY.
-48%
ARRY
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Array Technologies, Inc. | ARRY | $1,205 | $19 | 2% | $1,318 | $1,224 | 1.0x | NM | 25.0x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
ARRY's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
6
Active years
2
Named deals
2
Avg / active year
3.0
Acq. cash outflow ($MM)
N/A
Banker read
- 01ARRY reads as a programmatic acquirer: 6 disclosed acquisitions across 2 active years, or 3.0 per active year. The chart shows activity in 2 of the last 2 visible years.
- 02In the last three years, the file shows 2 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
- 03Spend changes the read: $539MM of disclosed spend is concentrated in lumpy years, with FY22 the largest year at $374MM. Recent spend is the visible baseline.
Annual acquisitions + disclosed spend
count spend named deal
ARRY count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
2 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY22
1 disclosed acquisitions in the peak visible year.
Recent spend
$539MM
sets the visible baseline vs prior three; peak FY22 at $374MM.
Named evidence
2 rows
33% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 11, 2022 | STI | Renewables, RNG, circularity, and sustainability infrastructure | $611 | On January 11, 2022, the Company completed the STI Acquisition pursuant to the purchase agreement, dated November 10, 2021, by and among Amixa Capital, S.L. and Aurica Trackers,... | 10-K† |
| Aug 14, 2025 | APA | Renewables, RNG, circularity, and sustainability infrastructure | $185 | On August 14, 2025 (the “Closing Date”), the Company, through its indirect wholly owned subsidiary STINorland USA, Inc., a California corporation (“Buyer”), completed the APA Ac... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 4 SEC-backed facts across 2 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
0
Named deal filings
2
Recent SEC filings
0
Evidence clips
2
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+-
No filing source clears this category.
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.2 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 25, 2026 | 10-K | APA | Named deals | SEC filing |
| Mar 3, 2025 | 10-K | STI | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.2 rows+-
Medium
APA Acquisition
10-K - Feb 25, 2026
On August 14, 2025 (the “Closing Date”), the Company, through its indirect wholly owned subsidiary STINorland USA, Inc., a California corporation (“Buyer”), completed the APA Acquisition, pursuant ...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.