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ACCURAY INC (ARAY) Stock Fundamental Analysis

USA - NASDAQ:ARAY - US0043971052 - Common Stock

1.565 USD
-0.05 (-2.8%)
Last: 10/22/2025, 2:32:36 PM
Fundamental Rating

2

Overall ARAY gets a fundamental rating of 2 out of 10. We evaluated ARAY against 190 industry peers in the Health Care Equipment & Supplies industry. Both the profitability and financial health of ARAY have multiple concerns. While showing a medium growth rate, ARAY is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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3

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.
ARAY Yearly Net Income VS EBIT VS OCF VS FCFARAY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20M -20M -40M

1.2 Ratios

The Return On Assets of ARAY (-0.34%) is better than 71.58% of its industry peers.
ARAY has a better Return On Equity (-1.96%) than 71.05% of its industry peers.
Looking at the Return On Invested Capital, with a value of 2.23%, ARAY is in the better half of the industry, outperforming 70.00% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for ARAY is significantly below the industry average of 8.88%.
The last Return On Invested Capital (2.23%) for ARAY is above the 3 year average (1.27%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA -0.34%
ROE -1.96%
ROIC 2.23%
ROA(3y)-1.87%
ROA(5y)-1.61%
ROE(3y)-17.92%
ROE(5y)-14.58%
ROIC(3y)1.27%
ROIC(5y)2.46%
ARAY Yearly ROA, ROE, ROICARAY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -20 -40 -60

1.3 Margins

ARAY has a better Operating Margin (1.71%) than 67.37% of its industry peers.
ARAY's Operating Margin has declined in the last couple of years.
The Gross Margin of ARAY (32.05%) is worse than 74.74% of its industry peers.
ARAY's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 1.71%
PM (TTM) N/A
GM 32.05%
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%
ARAY Yearly Profit, Operating, Gross MarginsARAY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20 30 40

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1

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
ARAY has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, ARAY has an improved debt to assets ratio.
ARAY Yearly Shares OutstandingARAY Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
ARAY Yearly Total Debt VS Total AssetsARAY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

2.2 Solvency

ARAY has an Altman-Z score of 0.08. This is a bad value and indicates that ARAY is not financially healthy and even has some risk of bankruptcy.
ARAY has a Altman-Z score (0.08) which is in line with its industry peers.
A Debt/Equity ratio of 1.53 is on the high side and indicates that ARAY has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 1.53, ARAY is doing worse than 81.05% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.53
Debt/FCF N/A
Altman-Z 0.08
ROIC/WACC0.32
WACC6.96%
ARAY Yearly LT Debt VS Equity VS FCFARAY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50M 100M 150M

2.3 Liquidity

A Current Ratio of 1.65 indicates that ARAY should not have too much problems paying its short term obligations.
The Current ratio of ARAY (1.65) is worse than 71.05% of its industry peers.
A Quick Ratio of 0.92 indicates that ARAY may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.92, ARAY is doing worse than 81.05% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.65
Quick Ratio 0.92
ARAY Yearly Current Assets VS Current LiabilitesARAY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M

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4

3. Growth

3.1 Past

ARAY shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 81.88%, which is quite impressive.
The Revenue has been growing slightly by 2.68% in the past year.
ARAY shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.67% yearly.
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.
ARAY is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.27% yearly.
EPS Next Y-5.52%
EPS Next 2Y53.35%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.49%
Revenue Next 2Y4.27%
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.
ARAY Yearly Revenue VS EstimatesARAY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M 400M 500M
ARAY Yearly EPS VS EstimatesARAY Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 -0.1 -0.2 -0.3 -0.4 -0.5

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1

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 RankSector Rank
PE N/A
Fwd PE N/A
ARAY Price Earnings VS Forward Price EarningsARAY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 40 -40 60

4.2 Price Multiples

ARAY's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. ARAY is cheaper than 77.37% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 18.63
ARAY Per share dataARAY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2 3 4

4.3 Compensation for Growth

A more expensive valuation may be justified as ARAY's earnings are expected to grow with 53.35% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y53.35%
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

ARAY does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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ACCURAY INC

NASDAQ:ARAY (10/22/2025, 2:32:36 PM)

1.565

-0.05 (-2.8%)

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)10-29 2025-10-29
Inst Owners71.34%
Inst Owner Change0.49%
Ins Owners1.77%
Ins Owner Change-0.06%
Market Cap176.41M
Revenue(TTM)458.50M
Net Income(TTM)-1591000
Analysts86
Price Target5.61 (258.47%)
Short Float %2.78%
Short Ratio3.97
Dividend
Industry RankSector 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)1
Avg EPS beat(2)-7%
Min EPS beat(2)-94.4%
Max EPS beat(2)80.39%
EPS beat(4)3
Avg EPS beat(4)47.43%
Min EPS beat(4)-94.4%
Max EPS beat(4)178.43%
EPS beat(8)5
Avg EPS beat(8)-28.6%
EPS beat(12)7
Avg EPS beat(12)-48.32%
EPS beat(16)10
Avg EPS beat(16)-30.88%
Revenue beat(2)2
Avg Revenue beat(2)5.19%
Min Revenue beat(2)1.02%
Max Revenue beat(2)9.35%
Revenue beat(4)4
Avg Revenue beat(4)3.91%
Min Revenue beat(4)1.02%
Max Revenue beat(4)9.35%
Revenue beat(8)6
Avg Revenue beat(8)1.77%
Revenue beat(12)8
Avg Revenue beat(12)1.22%
Revenue beat(16)11
Avg Revenue beat(16)2.28%
PT rev (1m)0%
PT rev (3m)29.41%
EPS NQ rev (1m)10%
EPS NQ rev (3m)20%
EPS NY rev (1m)0%
EPS NY rev (3m)72.09%
Revenue NQ rev (1m)-0.96%
Revenue NQ rev (3m)-6.6%
Revenue NY rev (1m)-0.13%
Revenue NY rev (3m)4.4%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.38
P/FCF N/A
P/OCF 61.68
P/B 2.17
P/tB 22.79
EV/EBITDA 18.63
EPS(TTM)-0.03
EYN/A
EPS(NY)-0.03
Fwd EYN/A
FCF(TTM)-0.01
FCFYN/A
OCF(TTM)0.03
OCFY1.62%
SpS4.07
BVpS0.72
TBVpS0.07
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -0.34%
ROE -1.96%
ROCE 2.82%
ROIC 2.23%
ROICexc 2.81%
ROICexgc 4.22%
OM 1.71%
PM (TTM) N/A
GM 32.05%
FCFM N/A
ROA(3y)-1.87%
ROA(5y)-1.61%
ROE(3y)-17.92%
ROE(5y)-14.58%
ROIC(3y)1.27%
ROIC(5y)2.46%
ROICexc(3y)1.67%
ROICexc(5y)3.78%
ROICexgc(3y)2.44%
ROICexgc(5y)5.66%
ROCE(3y)1.6%
ROCE(5y)3.12%
ROICexgc growth 3Y-8.27%
ROICexgc growth 5Y-9.44%
ROICexc growth 3Y-8.35%
ROICexc growth 5Y-10.56%
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 Turnover0.98
Health
Industry RankSector Rank
Debt/Equity 1.53
Debt/FCF N/A
Debt/EBITDA 8.85
Cap/Depr 69.46%
Cap/Sales 0.93%
Interest Coverage 0.81
Cash Conversion 20.44%
Profit Quality N/A
Current Ratio 1.65
Quick Ratio 0.92
Altman-Z 0.08
F-Score6
WACC6.96%
ROIC/WACC0.32
Cap/Depr(3y)136.79%
Cap/Depr(5y)106.47%
Cap/Sales(3y)1.52%
Cap/Sales(5y)1.25%
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 Year4.49%
Revenue Next 2Y4.27%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y153.61%
EBIT growth 3Y-1.09%
EBIT growth 5Y-8.91%
EBIT Next Year308.76%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y90.89%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y124.03%
OCF growth 3YN/A
OCF growth 5YN/A