ARAY Fundamental Analysis - ACCURAY INC

Fundamental Rating

We assign a fundamental rating of 3 out of 10 to ARAY. ARAY was compared to 190 industry peers in the Health Care Equipment & Supplies industry. While ARAY is still in line with the averages on profitability rating, there are concerns on its financial health. ARAY is valied quite expensively at the moment, while it does show a decent growth rate.

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1. Profitability

1.1 Basic Checks

ARAY had negative earnings in the past year.

ARAY had a positive operating cash flow in the past year.

ARAY had negative earnings in each of the past 5 years.

In multiple years ARAY reported negative operating cash flow during the last 5 years.

1.2 Ratios

The Return On Assets of ARAY (0.14%) is better than 71.58% of its industry peers.

ARAY's Return On Equity of 1.36% is fine compared to the rest of the industry. ARAY outperforms 72.63% of its industry peers.

The Return On Invested Capital of ARAY (2.93%) is better than 71.58% of its industry peers.

Measured over the past 3 years, the Average Return On Invested Capital for ARAY is significantly below the industry average of 8.46%.

The 3 year average ROIC (1.28%) for ARAY is below the current ROIC(2.93%), indicating increased profibility in the last year.

		Industry Rank	Sector Rank
ROA	0.14%
ROE	1.36%
ROIC	2.93%

ROA(3y)-1.87%

ROA(5y)-1.61%

ROE(3y)-17.92%

ROE(5y)-14.58%

ROIC(3y)1.28%

ROIC(5y)2.47%

1.3 Margins

ARAY has a better Profit Margin (0.14%) than 72.11% of its industry peers.

The Operating Margin of ARAY (2.24%) is better than 67.37% of its industry peers.

ARAY's Operating Margin has declined in the last couple of years.

ARAY's Gross Margin of 31.48% is on the low side compared to the rest of the industry. ARAY is outperformed by 75.26% of its industry peers.

ARAY's Gross Margin has declined in the last couple of years.

		Industry Rank	Sector Rank
OM	2.24%
PM (TTM)	0.14%
GM	31.48%

OM growth 3Y-3.19%

OM growth 5Y-12.13%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-4.86%

GM growth 5Y-3.89%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), ARAY is destroying value.

Compared to 1 year ago, ARAY has more shares outstanding

The number of shares outstanding for ARAY has been increased compared to 5 years ago.

ARAY has a better debt/assets ratio than last year.

2.2 Solvency

Based on the Altman-Z score of 0.07, we must say that ARAY is in the distress zone and has some risk of bankruptcy.

With a Altman-Z score value of 0.07, ARAY perfoms like the industry average, outperforming 47.89% of the companies in the same industry.

The Debt to FCF ratio of ARAY is 9.13, which is on the high side as it means it would take ARAY, 9.13 years of fcf income to pay off all of its debts.

ARAY has a better Debt to FCF ratio (9.13) than 74.74% of its industry peers.

A Debt/Equity ratio of 3.35 is on the high side and indicates that ARAY has dependencies on debt financing.

ARAY's Debt to Equity ratio of 3.35 is on the low side compared to the rest of the industry. ARAY is outperformed by 87.37% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	3.35
Debt/FCF	9.13
Altman-Z	0.07

ROIC/WACC0.43

WACC6.77%

2.3 Liquidity

ARAY has a Current Ratio of 1.64. This is a normal value and indicates that ARAY is financially healthy and should not expect problems in meeting its short term obligations.

The Current ratio of ARAY (1.64) is worse than 72.11% of its industry peers.

ARAY has a Quick Ratio of 1.64. This is a bad value and indicates that ARAY is not financially healthy enough and could expect problems in meeting its short term obligations.

The Quick ratio of ARAY (0.92) is worse than 81.05% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.64
Quick Ratio	0.92

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 81.88% over the past year.

Looking at the last year, ARAY shows a small growth in Revenue. The Revenue has grown by 2.68% in the last year.

Measured over the past years, ARAY shows a small growth in Revenue. The Revenue has been growing by 3.67% on average per year.

EPS 1Y (TTM)81.88%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-96.67%

Revenue 1Y (TTM)2.68%

Revenue growth 3Y2.17%

Revenue growth 5Y3.67%

Sales Q2Q%-5.02%

3.2 Future

ARAY is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 53.35% yearly.

The Revenue is expected to grow by 4.26% on average over the next years.

EPS Next Y-5.52%

EPS Next 2Y53.35%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year4.62%

Revenue Next 2Y4.26%

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

ARAY reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.

Also next year ARAY is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ARAY indicates a somewhat cheap valuation: ARAY is cheaper than 80.00% of the companies listed in the same industry.

ARAY's Price/Free Cash Flow ratio is rather cheap when compared to the industry. ARAY is cheaper than 97.37% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	8.23
EV/EBITDA	15.32

4.3 Compensation for Growth

ARAY's earnings are expected to grow with 53.35% in the coming years. This may justify a more expensive valuation.

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2Y53.35%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

No dividends for ARAY!.

		Industry Rank	Sector Rank
Dividend Yield	N/A

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ACCURAY INC

NASDAQ:ARAY (8/29/2025, 8:06:43 PM)

After market: 1.52 0 (0%)

1.52

-0.04 (-2.56%)

Chartmill FA Rating

GICS SectorHealth Care

GICS IndustryGroupHealth Care Equipment & Services

GICS IndustryHealth Care Equipment & Supplies

Earnings (Last)08-13 2025-08-13/amc

Earnings (Next)11-04 2025-11-04

Inst Owners63.02%

Inst Owner Change27.08%

Ins Owners1.94%

Ins Owner Change-0.06%

Market Cap156.58M

Analysts86

Price Target5.61 (269.08%)

Short Float %2.42%

Short Ratio2.49

Dividend

		Industry Rank	Sector Rank
Dividend Yield	N/A

Yearly DividendN/A

Dividend Growth(5Y)N/A

DPN/A

Div Incr Years0

Div Non Decr Years0

Ex-DateN/A

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)129.41%

Min EPS beat(2)80.39%

Max EPS beat(2)178.43%

EPS beat(4)4

Avg EPS beat(4)72.77%

Min EPS beat(4)6.95%

Max EPS beat(4)178.43%

EPS beat(8)5

Avg EPS beat(8)-66.07%

EPS beat(12)8

Avg EPS beat(12)-37.55%

EPS beat(16)11

Avg EPS beat(16)-21.51%

Revenue beat(2)2

Avg Revenue beat(2)6.28%

Min Revenue beat(2)3.2%

Max Revenue beat(2)9.35%

Revenue beat(4)4

Avg Revenue beat(4)5.74%

Min Revenue beat(4)2.05%

Max Revenue beat(4)9.35%

Revenue beat(8)5

Avg Revenue beat(8)1.04%

Revenue beat(12)8

Avg Revenue beat(12)1.33%

Revenue beat(16)11

Avg Revenue beat(16)2.63%

PT rev (1m)29.41%

PT rev (3m)4.76%

EPS NQ rev (1m)0%

EPS NQ rev (3m)333.33%

EPS NY rev (1m)72.09%

EPS NY rev (3m)-220%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)0%

Revenue NY rev (1m)4.53%

Revenue NY rev (3m)4.53%

Valuation

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A
P/S	0.34
P/FCF	8.23
P/OCF	6.97
P/B	3.16
P/tB	N/A
EV/EBITDA	15.32

EPS(TTM)-0.03

EYN/A

EPS(NY)-0.03

Fwd EYN/A

FCF(TTM)0.18

FCFY12.16%

OCF(TTM)0.22

OCFY14.34%

SpS4.52

BVpS0.48

TBVpS-0.22

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	0.14%
ROE	1.36%
ROCE	3.71%
ROIC	2.93%
ROICexc	4.06%
ROICexgc	6.27%
OM	2.24%
PM (TTM)	0.14%
GM	31.48%
FCFM	4.09%

ROA(3y)-1.87%

ROA(5y)-1.61%

ROE(3y)-17.92%

ROE(5y)-14.58%

ROIC(3y)1.28%

ROIC(5y)2.47%

ROICexc(3y)1.68%

ROICexc(5y)3.79%

ROICexgc(3y)2.32%

ROICexgc(5y)5.59%

ROCE(3y)1.61%

ROCE(5y)3.13%

ROICexcg growth 3Y-10.78%

ROICexcg growth 5Y-10.94%

ROICexc growth 3Y-7.95%

ROICexc growth 5Y-10.33%

OM growth 3Y-3.19%

OM growth 5Y-12.13%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-4.86%

GM growth 5Y-3.89%

F-Score6

Asset Turnover0.96

Health

		Industry Rank	Sector Rank
Debt/Equity	3.35
Debt/FCF	9.13
Debt/EBITDA	10.08
Cap/Depr	56.4%
Cap/Sales	0.73%
Interest Coverage	250
Cash Conversion	136.22%
Profit Quality	2828.08%
Current Ratio	1.64
Quick Ratio	0.92
Altman-Z	0.07

F-Score6

WACC6.77%

ROIC/WACC0.43

Cap/Depr(3y)N/A

Cap/Depr(5y)N/A

Cap/Sales(3y)N/A

Cap/Sales(5y)N/A

Profit Quality(3y)N/A

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)81.88%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-96.67%

EPS Next Y-5.52%

EPS Next 2Y53.35%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)2.68%

Revenue growth 3Y2.17%

Revenue growth 5Y3.67%

Sales Q2Q%-5.02%

Revenue Next Year4.62%

Revenue Next 2Y4.26%

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y346.62%

EBIT growth 3Y-1.09%

EBIT growth 5Y-8.91%

EBIT Next Year166.39%

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y179.07%

FCF growth 3YN/A

FCF growth 5YN/A

OCF growth 1Y273.95%

OCF growth 3YN/A

OCF growth 5YN/A

ACCURAY INC (ARAY) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

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5. Dividend

5.1 Amount

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