Accuray Incorporated (ARAY) 10-Year Financial Performance & Capital Metrics

ARAY • • Industrial / General

HealthcareMedical DevicesOncology & Cancer Treatment DevicesRadiation Therapy Systems

AboutAccuray Incorporated designs, develops, manufactures, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the United States, Canada, Latin America, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, China, and rest of the Asia Pacific region. It offers the CyberKnife System, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of primary and metastatic tumors outside the brain, including tumors on or near the spine and in the breast, kidney, liver, lung, pancreas, and prostate. The company also provides the TomoTherapy System, including the Radixact System, which allows for integrated radiation treatment planning, delivery, and data management, enabling clinicians to deliver ultra-precise treatments to approximately 50 patients per day; iDMS data management system, a fully integrated treatment planning and data management systems; and Accuray precision treatment planning system, a treatment planning and data management systems. In addition, it offers post-contract customer support, installation, training, and other professional services. The company primarily markets its products directly to customers, including hospitals and stand-alone treatment facilities through its sales organization, as well as to customers through sales agents and group purchasing organizations in the United States; and to customers directly and through distributors and sales agents internationally. Accuray Incorporated was incorporated in 1990 and is headquartered in Madison, Wisconsin.Show more

Revenue $459M +2.7%
EBITDA $14M +118.3%
Net Income -$2M +89.8%
EPS (Diluted) -0.02 +90.3%
Gross Margin 32.05% +0.1%
EBITDA Margin 3.05% +112.6%
Operating Margin 1.71% +1414.3%
Net Margin -0.35% +90.0%
ROE -2.52% +92.0%
ROIC 3.04% +1331.7%
Debt/Equity 2.17 -53.5%
Interest Coverage 0.61 +1295.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.1x book value

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Negative free cash flow
✗Weak momentum: RS Rating 9 (bottom 9%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.9%

5Y3.67%

3Y2.17%

TTM1.51%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-16.85%

EPS CAGR

10Y-

5Y-

3Y-

TTM6.24%

ROCE

10Y Avg0.53%

5Y Avg2.86%

3Y Avg1.3%

Latest2.85%

Peer Comparison

Radiation Therapy Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
SRTSSensus Healthcare, Inc.	81.47M	4.96	12.10	71.31%	-8.44%	-5.87%	0.01
CATXPerspective Therapeutics, Inc.	184.36M	2.48	-2.02	-100%	-197.29%	-42.77%	0.01
TLSITriSalus Life Sciences, Inc.	307.28M	6.15	-4.92	58.99%	-98.45%
PROFProfound Medical Corp.	302.68M	8.34	-7.79	41.23%	-272.77%	-130.59%	0.08
DCTHDelcath Systems, Inc.	354.29M	10.21	-11.03	17.02%	1.5%	1.04%	0.02
PTHLPheton Holdings Ltd Class A Ordinary Shares	8.46M	0.90	-17.38	-28.7%	-91.16%	-13.91%	0.04
ARAYAccuray Incorporated	98.61M	0.87	-56.13	2.68%	-4.28%	-31.22%	2.17

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	398.8M	383.41M	404.9M	418.79M	382.93M	396.29M	429.91M	447.61M	446.55M	458.5M
Revenue Growth %	0.05%	-0.04%	0.06%	0.03%	-0.09%	0.03%	0.08%	0.04%	-0%	0.03%
Cost of Goods Sold+	240.09M	242.07M	243.2M	256.13M	233.21M	236.78M	269.95M	293.64M	303.63M	311.54M
COGS % of Revenue	0.6%	0.63%	0.6%	0.61%	0.61%	0.6%	0.63%	0.66%	0.68%	0.68%
Gross Profit+	158.71M	141.34M	161.69M	162.65M	149.72M	159.51M	159.96M	153.96M	142.92M	146.97M
Gross Margin %	0.4%	0.37%	0.4%	0.39%	0.39%	0.4%	0.37%	0.34%	0.32%	0.32%
Gross Profit Growth %	0.09%	-0.11%	0.14%	0.01%	-0.08%	0.07%	0%	-0.04%	-0.07%	0.03%
Operating Expenses+	163.59M	151.16M	165.49M	162.07M	137.18M	137.27M	151.81M	151.58M	142.42M	139.13M
OpEx % of Revenue	0.41%	0.39%	0.41%	0.39%	0.36%	0.35%	0.35%	0.34%	0.32%	0.3%
Selling, General & Admin	106.93M	101.24M	108.24M	105.58M	87.4M	84.54M	94.06M	94.45M	92.69M	91.19M
SG&A % of Revenue	0.27%	0.26%	0.27%	0.25%	0.23%	0.21%	0.22%	0.21%	0.21%	0.2%
Research & Development	56.65M	49.92M	57.25M	56.49M	49.78M	52.73M	57.75M	57.13M	49.73M	47.94M
R&D % of Revenue	0.14%	0.13%	0.14%	0.13%	0.13%	0.13%	0.13%	0.13%	0.11%	0.1%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-4.87M	-9.82M	-3.8M	-9.91M	12.54M	22.23M	8.15M	2.38M	504K	7.84M
Operating Margin %	-0.01%	-0.03%	-0.01%	-0.02%	0.03%	0.06%	0.02%	0.01%	0%	0.02%
Operating Income Growth %	0.75%	-1.02%	0.61%	-1.61%	2.27%	0.77%	-0.63%	-0.71%	-0.79%	14.55%
EBITDA+	13.42M	8.18M	5.93M	583K	20.08M	28.62M	13.66M	6.91M	6.41M	13.99M
EBITDA Margin %	0.03%	0.02%	0.01%	0%	0.05%	0.07%	0.03%	0.02%	0.01%	0.03%
EBITDA Growth %	40.43%	-0.39%	-0.27%	-0.9%	33.44%	0.43%	-0.52%	-0.49%	-0.07%	1.18%
D&A (Non-Cash Add-back)	18.3M	18M	9.73M	10.49M	7.54M	6.39M	5.51M	4.53M	5.91M	6.15M
EBIT	-5.71M	-11.24M	-8.06M	583K	23.77M	12.33M	6.13M	3.84M	-196K	14.09M
Net Interest Income+	-17.46M	-17.3M	-14.96M	-15.08M	-18.08M	-16.89M	-8.13M	-10.63M	-11.62M	-11.76M
Interest Income	0	0	0	0	0	0	0	0	0	1.19M
Interest Expense	17.46M	17.3M	14.96M	15.08M	18.08M	16.89M	8.13M	10.63M	11.62M	12.95M
Other Income/Expense	-18.3M	-18.72M	-19.22M	-14.93M	-6.85M	-26.79M	-10.15M	-9.17M	-12.32M	-6.71M
Pretax Income+	-23.17M	-28.54M	-23.02M	-14.34M	5.69M	-4.56M	-2M	-6.79M	-11.82M	1.13M
Pretax Margin %	-0.06%	-0.07%	-0.06%	-0.03%	0.01%	-0.01%	-0%	-0.02%	-0.03%	0%
Income Tax+	2.34M	1.04M	878K	2.09M	1.86M	1.75M	3.35M	2.49M	3.73M	2.73M
Effective Tax Rate %	1.1%	1.04%	1.04%	1.15%	0.67%	1.38%	2.67%	1.37%	1.32%	-1.4%
Net Income+	-25.5M	-29.58M	-23.9M	-16.43M	3.83M	-6.31M	-5.35M	-9.28M	-15.54M	-1.59M
Net Margin %	-0.06%	-0.08%	-0.06%	-0.04%	0.01%	-0.02%	-0.01%	-0.02%	-0.03%	-0%
Net Income Growth %	0.37%	-0.16%	0.19%	0.31%	1.23%	-2.65%	0.15%	-0.74%	-0.68%	0.9%
Net Income (Continuing)	-25.5M	-29.58M	-23.9M	-16.43M	3.83M	-6.31M	-5.35M	-9.28M	-15.54M	-1.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.32	-0.36	-0.28	-0.19	0.04	-0.07	-0.06	-0.10	-0.16	-0.02
EPS Growth %	0.37%	-0.13%	0.22%	0.32%	1.22%	-2.63%	0.15%	-0.68%	-0.64%	0.9%
EPS (Basic)	-0.32	-0.36	-0.28	-0.19	0.04	-0.07	-0.06	-0.10	-0.16	-0.02
Diluted Shares Outstanding	80.51M	82.5M	84.89M	87.47M	90.62M	92.03M	92.09M	94.88M	98.27M	102.77M
Basic Shares Outstanding	80.51M	82.5M	84.89M	87.47M	89.87M	92.03M	92.09M	94.88M	98.27M	102.77M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	361.68M	309M	284.16M	344.07M	357.49M	352.77M	350.89M	338.03M	323.24M	317.46M
Cash & Short-Term Investments	167.01M	95.99M	83.08M	76.8M	107.58M	116.37M	88.74M	89.4M	68.57M	57.42M
Cash Only	119.77M	72.08M	83.08M	76.8M	107.58M	116.37M	88.74M	89.4M	68.57M	57.42M
Short-Term Investments	47.24M	23.91M	0	0	0	0	0	0	0	0
Accounts Receivable	56.81M	72.79M	65.99M	111.89M	90.6M	85.36M	101.5M	74.78M	98.86M	97.87M
Days Sales Outstanding	52	69.29	59.49	97.52	86.36	78.62	86.18	60.98	80.8	77.91
Inventory	115.99M	105.05M	108.54M	120.82M	134.37M	125.93M	142.25M	145.15M	138.32M	141.02M
Days Inventory Outstanding	176.33	158.4	162.9	172.18	210.31	194.12	192.34	180.42	166.28	165.22
Other Current Assets	5.78M	16.18M	10.97M	10.72M	3.71M	4.08M	6.83M	17.07M	7.18M	11.21M
Total Non-Current Assets+	107.35M	97.46M	94.57M	94.11M	133.44M	127.33M	121.96M	141.18M	145.39M	152.77M
Property, Plant & Equipment	27.88M	23.06M	23.7M	17.12M	44M	34.85M	29.48M	46.78M	58.55M	61.77M
Fixed Asset Turnover	14.31x	16.63x	17.09x	24.46x	8.70x	11.37x	14.58x	9.57x	7.63x	7.42x
Goodwill	57.85M	57.81M	57.85M	57.77M	57.72M	57.96M	57.84M	57.68M	57.67M	57.8M
Intangible Assets	7.61M	964K	821K	679K	663K	435K	250K	210K	59K	15K
Long-Term Investments	7.6M	7.75M	7.51M	5.43M	13.93M	15.94M	13.88M	15.13M	9.83M	4.61M
Other Non-Current Assets	14.02M	15.62M	12.2M	18.54M	17.14M	18.14M	20.51M	21.38M	18.63M	27.82M
Total Assets+	469.03M	406.46M	378.73M	438.18M	490.93M	480.1M	472.85M	479.21M	468.63M	470.24M
Asset Turnover	0.85x	0.94x	1.07x	0.96x	0.78x	0.83x	0.91x	0.93x	0.95x	0.98x
Asset Growth %	-0%	-0.13%	-0.07%	0.16%	0.12%	-0.02%	-0.02%	0.01%	-0.02%	0%
Total Current Liabilities+	210.21M	284.49M	169.43M	192.18M	182.27M	192.36M	208.86M	198.64M	195.27M	192.58M
Accounts Payable	15.23M	17.49M	19.69M	29.56M	23.13M	19.47M	31.34M	33.74M	50.02M	34.03M
Days Payables Outstanding	23.15	26.37	29.56	42.13	36.2	30.01	42.37	41.94	60.13	39.87
Short-Term Debt	39.9M	113.02M	0	0	0	3.79M	8.56M	5.72M	7.76M	12.73M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	114.17M	104.71M	98.3M	98.73M	17.96M	0	41.19M	4.26M	29.52M	24.28M
Current Ratio	1.72x	1.09x	1.68x	1.79x	1.96x	1.83x	1.68x	1.70x	1.66x	1.65x
Quick Ratio	1.17x	0.72x	1.04x	1.16x	1.22x	1.18x	1.00x	0.97x	0.95x	0.92x
Cash Conversion Cycle	205.18	201.33	192.83	227.57	260.48	242.73	236.14	199.46	186.95	203.26
Total Non-Current Liabilities+	199.16M	75.44M	160.66M	196.13M	245.02M	218.9M	210.8M	226.92M	228.28M	196.49M
Long-Term Debt	170.51M	51.55M	131.08M	159.84M	189.31M	170.01M	171.91M	171.56M	164.4M	123.79M
Capital Lease Obligations	0	0	0	0	24.17M	17.44M	10.45M	23.6M	32.37M	32.48M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	10.98M	10.07M	8.61M	9.65M	7.42M	7.77M	3.75M	4.67M	7.39M	13.66M
Total Liabilities	409.37M	359.93M	330.1M	388.31M	427.29M	411.26M	419.66M	425.56M	423.54M	389.07M
Total Debt+	210.41M	164.57M	131.08M	159.84M	221.7M	199.41M	199.49M	205.04M	210.75M	176.38M
Net Debt	90.64M	92.49M	47.99M	83.05M	114.13M	83.04M	110.75M	115.63M	142.18M	118.96M
Debt / Equity	3.53x	3.54x	2.70x	3.21x	3.48x	2.90x	3.75x	3.82x	4.67x	2.17x
Debt / EBITDA	15.68x	20.13x	22.09x	274.17x	11.04x	6.97x	14.60x	29.68x	32.88x	12.61x
Net Debt / EBITDA	6.75x	11.31x	8.09x	142.45x	5.68x	2.90x	8.11x	16.74x	22.18x	8.50x
Interest Coverage	-0.28x	-0.57x	-0.25x	-0.66x	0.69x	1.32x	1.00x	0.22x	0.04x	0.61x
Total Equity+	59.66M	46.53M	48.63M	49.87M	63.63M	68.84M	53.19M	53.66M	45.08M	81.17M
Equity Growth %	-0.21%	-0.22%	0.05%	0.03%	0.28%	0.08%	-0.23%	0.01%	-0.16%	0.8%
Book Value per Share	0.74	0.56	0.57	0.57	0.70	0.75	0.58	0.57	0.46	0.79
Total Shareholders' Equity	59.66M	46.53M	48.63M	49.87M	63.63M	68.84M	53.19M	53.66M	45.08M	81.17M
Common Stock	81K	84K	86K	89K	91K	91K	94K	97K	100K	113K
Retained Earnings	-420.81M	-450.39M	-474.29M	-485.54M	-481.71M	-488.02M	-492.52M	-502.14M	-517.68M	-519.27M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-960K	-52K	1.09M	-10K	-484K	2.09M	2.41M	422K	-4.22M	-1.84M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	33.54M	-380K	18.33M	-29.64M	-1.47M	38.51M	-2.4M	15.54M	-11.9M	2.86M
Operating CF Margin %	0.08%	-0%	0.05%	-0.07%	-0%	0.1%	-0.01%	0.03%	-0.03%	0.01%
Operating CF Growth %	3%	-1.01%	49.24%	-2.62%	0.95%	27.22%	-1.06%	7.47%	-1.77%	1.24%
Net Income	-25.5M	-29.58M	-23.9M	-16.43M	3.83M	-6.31M	-5.35M	-9.28M	-15.54M	-1.59M
Depreciation & Amortization	18.3M	18.04M	9.73M	10.49M	7.54M	6.39M	5.51M	4.53M	5.91M	6.15M
Stock-Based Compensation	12.64M	13.63M	12.29M	10.6M	8.15M	9.33M	10.6M	10.05M	9.48M	10.2M
Deferred Taxes	-404K	-268K	30K	-86K	353K	-114K	1.78M	456K	1.4M	156K
Other Non-Cash Items	12.54M	10.28M	10.13M	12.5M	538K	21.42M	7.65M	5.16M	8.77M	6.15M
Working Capital Changes	15.97M	-12.49M	10.04M	-46.72M	-21.88M	7.8M	-22.6M	4.62M	-21.92M	-18.2M
Change in Receivables	22.95M	-15.73M	7.22M	-46.16M	19.03M	5.24M	-12.52M	18.49M	-15.83M	13.36M
Change in Inventory	-10.5M	7.67M	-8.69M	-14.16M	-23.18M	1.69M	-22.86M	-6.86M	-4M	-9.11M
Change in Payables	2.4M	2.19M	2M	9.46M	-6.77M	-3.98M	11.68M	2.85M	17.36M	-18.67M
Cash from Investing+	8.26M	17.82M	17.77M	-4.31M	-3.73M	-2.4M	-4.72M	-12.68M	-3.6M	-8.52M
Capital Expenditures	-8.07M	-5.36M	-6.61M	-4.31M	-3.56M	-2.32M	-4.72M	-12.61M	-3.6M	-4.27M
CapEx % of Revenue	0.02%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	16.33M	-333K	-333K	0	-170K	-389K	0	-67K	0	-4.25M
Cash from Financing+	-757K	-54.54M	-27.45M	28.47M	26.7M	-28.8M	-15.37M	-2.11M	-3.95M	-4.25M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.83M	2.37M	4.1M	3.93M	2.24M	3.03M	-258K	-447K	-198K	-13.38M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	25.47M	-5.74M	11.72M	-33.95M	-5.2M	36.19M	-7.12M	2.86M	-15.51M	-5.66M
FCF Margin %	0.06%	-0.01%	0.03%	-0.08%	-0.01%	0.09%	-0.02%	0.01%	-0.03%	-0.01%
FCF Growth %	1.94%	-1.23%	3.04%	-3.9%	0.85%	7.96%	-1.2%	1.4%	-6.43%	0.63%
FCF per Share	0.32	-0.07	0.14	-0.39	-0.06	0.39	-0.08	0.03	-0.16	-0.06
FCF Conversion (FCF/Net Income)	-1.32x	0.01x	-0.77x	1.80x	-0.38x	-6.10x	0.45x	-1.67x	0.77x	-1.80x
Interest Paid	10.34M	9.93M	9.19M	9.76M	12.33M	11.89M	7.46M	9.85M	10.52M	9.74M
Taxes Paid	1.03M	4.46M	1.46M	2.19M	2.81M	1.87M	1.4M	2.15M	1.75M	3.87M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-37.66%	-55.71%	-50.23%	-33.36%	6.74%	-9.53%	-8.76%	-17.37%	-31.49%	-2.52%
Return on Invested Capital (ROIC)	-2.09%	-5.09%	-2.42%	-6.47%	6.05%	10.12%	3.87%	1.07%	0.21%	3.04%
Gross Margin	39.8%	36.86%	39.93%	38.84%	39.1%	40.25%	37.21%	34.4%	32.01%	32.05%
Net Margin	-6.4%	-7.71%	-5.9%	-3.92%	1%	-1.59%	-1.24%	-2.07%	-3.48%	-0.35%
Debt / Equity	3.53x	3.54x	2.70x	3.21x	3.48x	2.90x	3.75x	3.82x	4.67x	2.17x
Interest Coverage	-0.28x	-0.57x	-0.25x	-0.66x	0.69x	1.32x	1.00x	0.22x	0.04x	0.61x
FCF Conversion	-1.32x	0.01x	-0.77x	1.80x	-0.38x	-6.10x	0.45x	-1.67x	0.77x	-1.80x
Revenue Growth	5%	-3.86%	5.6%	3.43%	-8.56%	3.49%	8.48%	4.12%	-0.24%	2.68%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	286.94M	313.38M	263.18M	278.75M	342M	233.19M	234.16M	237.58M
Product Growth	-	-	-	9.21%	-16.02%	5.91%	22.69%	-31.82%	0.42%	1.46%
Service	-	-	361.16M	361.54M	352.95M	354.32M	357.86M	214.41M	212.39M	220.93M
Service Growth	-	-	-	0.11%	-2.38%	0.39%	1.00%	-40.08%	-0.94%	4.02%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Europe India Middle East And Africa	-	-	-	149.09M	119.99M	121.57M	134.64M	155.88M	168.61M	144.26M
Europe India Middle East And Africa Growth	-	-	-	-	-19.52%	1.32%	10.75%	15.77%	8.17%	-14.44%
CHINA	-	-	-	-	-	79.78M	86.94M	75.76M	103.41M	124.47M
CHINA Growth	-	-	-	-	-	-	8.97%	-12.85%	36.50%	20.37%
Americas	159.52M	151.44M	145.69M	135.68M	128.56M	105.88M	126M	122.33M	90.16M	88.77M
Americas Growth	-	-5.06%	-3.80%	-6.87%	-5.25%	-17.64%	19.01%	-2.91%	-26.30%	-1.54%
JAPAN	-	-	66.25M	70.21M	72.69M	62.64M	53.38M	61.96M	55.68M	53.62M
JAPAN Growth	-	-	-	5.98%	3.52%	-13.83%	-14.78%	16.09%	-10.14%	-3.70%
Asia Pacific	-	-	72.92M	63.79M	-	-	-	-	-	47.38M
Asia Pacific Growth	-	-	-	-12.52%	-	-	-	-	-	-
Asia Pacific Excluding China	-	-	-	-	-	-	-	-	28.69M	-
Asia Pacific Excluding China Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific Excluding Japan And China	-	-	-	-	-	26.43M	28.95M	31.67M	-	-
Asia Pacific Excluding Japan And China Growth	-	-	-	-	-	-	9.57%	9.37%	-	-
Asia Excluding Japan And India	62.89M	59.28M	-	-	61.69M	-	-	-	-	-
Asia Excluding Japan And India Growth	-	-5.74%	-	-	-	-	-	-	-	-
Europe Middle East India And Africa	138.88M	104.03M	120.03M	-	-	-	-	-	-	-
Europe Middle East India And Africa Growth	-	-25.09%	15.39%	-	-	-	-	-	-	-
J	37.52M	68.67M	-	-	-	-	-	-	-	-
J Growth	-	83.03%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Accuray Incorporated (ARAY) reported $450.9M in revenue for fiscal year 2025. This represents a 10% increase from $409.2M in 2012.

Accuray Incorporated (ARAY) grew revenue by 2.7% over the past year. Growth has been modest.

Accuray Incorporated (ARAY) reported a net loss of $19.3M for fiscal year 2025.

Dividend & Returns

Accuray Incorporated (ARAY) has a return on equity (ROE) of -2.5%. Negative ROE indicates the company is unprofitable.

Accuray Incorporated (ARAY) generated $11.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Accuray Incorporated (ARAY) 10-Year Financial Performance & Capital Metrics

ARAY • • Industrial / General

HealthcareMedical DevicesOncology & Cancer Treatment DevicesRadiation Therapy Systems

Revenue $459M +2.7%
EBITDA $14M +118.3%
Net Income -$2M +89.8%
EPS (Diluted) -0.02 +90.3%
Gross Margin 32.05% +0.1%
EBITDA Margin 3.05% +112.6%
Operating Margin 1.71% +1414.3%
Net Margin -0.35% +90.0%
ROE -2.52% +92.0%
ROIC 3.04% +1331.7%
Debt/Equity 2.17 -53.5%
Interest Coverage 0.61 +1295.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.1x book value

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Negative free cash flow
✗Weak momentum: RS Rating 9 (bottom 9%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y1.9%

5Y3.67%

3Y2.17%

TTM1.51%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-16.85%

EPS CAGR

10Y-

5Y-

3Y-

TTM6.24%

ROCE

10Y Avg0.53%

5Y Avg2.86%

3Y Avg1.3%

Latest2.85%

Peer Comparison

Radiation Therapy Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
SRTSSensus Healthcare, Inc.	81.47M	4.96	12.10	71.31%	-8.44%	-5.87%	0.01
CATXPerspective Therapeutics, Inc.	184.36M	2.48	-2.02	-100%	-197.29%	-42.77%	0.01
TLSITriSalus Life Sciences, Inc.	307.28M	6.15	-4.92	58.99%	-98.45%
PROFProfound Medical Corp.	302.68M	8.34	-7.79	41.23%	-272.77%	-130.59%	0.08
DCTHDelcath Systems, Inc.	354.29M	10.21	-11.03	17.02%	1.5%	1.04%	0.02
PTHLPheton Holdings Ltd Class A Ordinary Shares	8.46M	0.90	-17.38	-28.7%	-91.16%	-13.91%	0.04
ARAYAccuray Incorporated	98.61M	0.87	-56.13	2.68%	-4.28%	-31.22%	2.17

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	398.8M	383.41M	404.9M	418.79M	382.93M	396.29M	429.91M	447.61M	446.55M	458.5M
Revenue Growth %	0.05%	-0.04%	0.06%	0.03%	-0.09%	0.03%	0.08%	0.04%	-0%	0.03%
Cost of Goods Sold+	240.09M	242.07M	243.2M	256.13M	233.21M	236.78M	269.95M	293.64M	303.63M	311.54M
COGS % of Revenue	0.6%	0.63%	0.6%	0.61%	0.61%	0.6%	0.63%	0.66%	0.68%	0.68%
Gross Profit+	158.71M	141.34M	161.69M	162.65M	149.72M	159.51M	159.96M	153.96M	142.92M	146.97M
Gross Margin %	0.4%	0.37%	0.4%	0.39%	0.39%	0.4%	0.37%	0.34%	0.32%	0.32%
Gross Profit Growth %	0.09%	-0.11%	0.14%	0.01%	-0.08%	0.07%	0%	-0.04%	-0.07%	0.03%
Operating Expenses+	163.59M	151.16M	165.49M	162.07M	137.18M	137.27M	151.81M	151.58M	142.42M	139.13M
OpEx % of Revenue	0.41%	0.39%	0.41%	0.39%	0.36%	0.35%	0.35%	0.34%	0.32%	0.3%
Selling, General & Admin	106.93M	101.24M	108.24M	105.58M	87.4M	84.54M	94.06M	94.45M	92.69M	91.19M
SG&A % of Revenue	0.27%	0.26%	0.27%	0.25%	0.23%	0.21%	0.22%	0.21%	0.21%	0.2%
Research & Development	56.65M	49.92M	57.25M	56.49M	49.78M	52.73M	57.75M	57.13M	49.73M	47.94M
R&D % of Revenue	0.14%	0.13%	0.14%	0.13%	0.13%	0.13%	0.13%	0.13%	0.11%	0.1%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-4.87M	-9.82M	-3.8M	-9.91M	12.54M	22.23M	8.15M	2.38M	504K	7.84M
Operating Margin %	-0.01%	-0.03%	-0.01%	-0.02%	0.03%	0.06%	0.02%	0.01%	0%	0.02%
Operating Income Growth %	0.75%	-1.02%	0.61%	-1.61%	2.27%	0.77%	-0.63%	-0.71%	-0.79%	14.55%
EBITDA+	13.42M	8.18M	5.93M	583K	20.08M	28.62M	13.66M	6.91M	6.41M	13.99M
EBITDA Margin %	0.03%	0.02%	0.01%	0%	0.05%	0.07%	0.03%	0.02%	0.01%	0.03%
EBITDA Growth %	40.43%	-0.39%	-0.27%	-0.9%	33.44%	0.43%	-0.52%	-0.49%	-0.07%	1.18%
D&A (Non-Cash Add-back)	18.3M	18M	9.73M	10.49M	7.54M	6.39M	5.51M	4.53M	5.91M	6.15M
EBIT	-5.71M	-11.24M	-8.06M	583K	23.77M	12.33M	6.13M	3.84M	-196K	14.09M
Net Interest Income+	-17.46M	-17.3M	-14.96M	-15.08M	-18.08M	-16.89M	-8.13M	-10.63M	-11.62M	-11.76M
Interest Income	0	0	0	0	0	0	0	0	0	1.19M
Interest Expense	17.46M	17.3M	14.96M	15.08M	18.08M	16.89M	8.13M	10.63M	11.62M	12.95M
Other Income/Expense	-18.3M	-18.72M	-19.22M	-14.93M	-6.85M	-26.79M	-10.15M	-9.17M	-12.32M	-6.71M
Pretax Income+	-23.17M	-28.54M	-23.02M	-14.34M	5.69M	-4.56M	-2M	-6.79M	-11.82M	1.13M
Pretax Margin %	-0.06%	-0.07%	-0.06%	-0.03%	0.01%	-0.01%	-0%	-0.02%	-0.03%	0%
Income Tax+	2.34M	1.04M	878K	2.09M	1.86M	1.75M	3.35M	2.49M	3.73M	2.73M
Effective Tax Rate %	1.1%	1.04%	1.04%	1.15%	0.67%	1.38%	2.67%	1.37%	1.32%	-1.4%
Net Income+	-25.5M	-29.58M	-23.9M	-16.43M	3.83M	-6.31M	-5.35M	-9.28M	-15.54M	-1.59M
Net Margin %	-0.06%	-0.08%	-0.06%	-0.04%	0.01%	-0.02%	-0.01%	-0.02%	-0.03%	-0%
Net Income Growth %	0.37%	-0.16%	0.19%	0.31%	1.23%	-2.65%	0.15%	-0.74%	-0.68%	0.9%
Net Income (Continuing)	-25.5M	-29.58M	-23.9M	-16.43M	3.83M	-6.31M	-5.35M	-9.28M	-15.54M	-1.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.32	-0.36	-0.28	-0.19	0.04	-0.07	-0.06	-0.10	-0.16	-0.02
EPS Growth %	0.37%	-0.13%	0.22%	0.32%	1.22%	-2.63%	0.15%	-0.68%	-0.64%	0.9%
EPS (Basic)	-0.32	-0.36	-0.28	-0.19	0.04	-0.07	-0.06	-0.10	-0.16	-0.02
Diluted Shares Outstanding	80.51M	82.5M	84.89M	87.47M	90.62M	92.03M	92.09M	94.88M	98.27M	102.77M
Basic Shares Outstanding	80.51M	82.5M	84.89M	87.47M	89.87M	92.03M	92.09M	94.88M	98.27M	102.77M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	361.68M	309M	284.16M	344.07M	357.49M	352.77M	350.89M	338.03M	323.24M	317.46M
Cash & Short-Term Investments	167.01M	95.99M	83.08M	76.8M	107.58M	116.37M	88.74M	89.4M	68.57M	57.42M
Cash Only	119.77M	72.08M	83.08M	76.8M	107.58M	116.37M	88.74M	89.4M	68.57M	57.42M
Short-Term Investments	47.24M	23.91M	0	0	0	0	0	0	0	0
Accounts Receivable	56.81M	72.79M	65.99M	111.89M	90.6M	85.36M	101.5M	74.78M	98.86M	97.87M
Days Sales Outstanding	52	69.29	59.49	97.52	86.36	78.62	86.18	60.98	80.8	77.91
Inventory	115.99M	105.05M	108.54M	120.82M	134.37M	125.93M	142.25M	145.15M	138.32M	141.02M
Days Inventory Outstanding	176.33	158.4	162.9	172.18	210.31	194.12	192.34	180.42	166.28	165.22
Other Current Assets	5.78M	16.18M	10.97M	10.72M	3.71M	4.08M	6.83M	17.07M	7.18M	11.21M
Total Non-Current Assets+	107.35M	97.46M	94.57M	94.11M	133.44M	127.33M	121.96M	141.18M	145.39M	152.77M
Property, Plant & Equipment	27.88M	23.06M	23.7M	17.12M	44M	34.85M	29.48M	46.78M	58.55M	61.77M
Fixed Asset Turnover	14.31x	16.63x	17.09x	24.46x	8.70x	11.37x	14.58x	9.57x	7.63x	7.42x
Goodwill	57.85M	57.81M	57.85M	57.77M	57.72M	57.96M	57.84M	57.68M	57.67M	57.8M
Intangible Assets	7.61M	964K	821K	679K	663K	435K	250K	210K	59K	15K
Long-Term Investments	7.6M	7.75M	7.51M	5.43M	13.93M	15.94M	13.88M	15.13M	9.83M	4.61M
Other Non-Current Assets	14.02M	15.62M	12.2M	18.54M	17.14M	18.14M	20.51M	21.38M	18.63M	27.82M
Total Assets+	469.03M	406.46M	378.73M	438.18M	490.93M	480.1M	472.85M	479.21M	468.63M	470.24M
Asset Turnover	0.85x	0.94x	1.07x	0.96x	0.78x	0.83x	0.91x	0.93x	0.95x	0.98x
Asset Growth %	-0%	-0.13%	-0.07%	0.16%	0.12%	-0.02%	-0.02%	0.01%	-0.02%	0%
Total Current Liabilities+	210.21M	284.49M	169.43M	192.18M	182.27M	192.36M	208.86M	198.64M	195.27M	192.58M
Accounts Payable	15.23M	17.49M	19.69M	29.56M	23.13M	19.47M	31.34M	33.74M	50.02M	34.03M
Days Payables Outstanding	23.15	26.37	29.56	42.13	36.2	30.01	42.37	41.94	60.13	39.87
Short-Term Debt	39.9M	113.02M	0	0	0	3.79M	8.56M	5.72M	7.76M	12.73M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	114.17M	104.71M	98.3M	98.73M	17.96M	0	41.19M	4.26M	29.52M	24.28M
Current Ratio	1.72x	1.09x	1.68x	1.79x	1.96x	1.83x	1.68x	1.70x	1.66x	1.65x
Quick Ratio	1.17x	0.72x	1.04x	1.16x	1.22x	1.18x	1.00x	0.97x	0.95x	0.92x
Cash Conversion Cycle	205.18	201.33	192.83	227.57	260.48	242.73	236.14	199.46	186.95	203.26
Total Non-Current Liabilities+	199.16M	75.44M	160.66M	196.13M	245.02M	218.9M	210.8M	226.92M	228.28M	196.49M
Long-Term Debt	170.51M	51.55M	131.08M	159.84M	189.31M	170.01M	171.91M	171.56M	164.4M	123.79M
Capital Lease Obligations	0	0	0	0	24.17M	17.44M	10.45M	23.6M	32.37M	32.48M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	10.98M	10.07M	8.61M	9.65M	7.42M	7.77M	3.75M	4.67M	7.39M	13.66M
Total Liabilities	409.37M	359.93M	330.1M	388.31M	427.29M	411.26M	419.66M	425.56M	423.54M	389.07M
Total Debt+	210.41M	164.57M	131.08M	159.84M	221.7M	199.41M	199.49M	205.04M	210.75M	176.38M
Net Debt	90.64M	92.49M	47.99M	83.05M	114.13M	83.04M	110.75M	115.63M	142.18M	118.96M
Debt / Equity	3.53x	3.54x	2.70x	3.21x	3.48x	2.90x	3.75x	3.82x	4.67x	2.17x
Debt / EBITDA	15.68x	20.13x	22.09x	274.17x	11.04x	6.97x	14.60x	29.68x	32.88x	12.61x
Net Debt / EBITDA	6.75x	11.31x	8.09x	142.45x	5.68x	2.90x	8.11x	16.74x	22.18x	8.50x
Interest Coverage	-0.28x	-0.57x	-0.25x	-0.66x	0.69x	1.32x	1.00x	0.22x	0.04x	0.61x
Total Equity+	59.66M	46.53M	48.63M	49.87M	63.63M	68.84M	53.19M	53.66M	45.08M	81.17M
Equity Growth %	-0.21%	-0.22%	0.05%	0.03%	0.28%	0.08%	-0.23%	0.01%	-0.16%	0.8%
Book Value per Share	0.74	0.56	0.57	0.57	0.70	0.75	0.58	0.57	0.46	0.79
Total Shareholders' Equity	59.66M	46.53M	48.63M	49.87M	63.63M	68.84M	53.19M	53.66M	45.08M	81.17M
Common Stock	81K	84K	86K	89K	91K	91K	94K	97K	100K	113K
Retained Earnings	-420.81M	-450.39M	-474.29M	-485.54M	-481.71M	-488.02M	-492.52M	-502.14M	-517.68M	-519.27M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-960K	-52K	1.09M	-10K	-484K	2.09M	2.41M	422K	-4.22M	-1.84M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	33.54M	-380K	18.33M	-29.64M	-1.47M	38.51M	-2.4M	15.54M	-11.9M	2.86M
Operating CF Margin %	0.08%	-0%	0.05%	-0.07%	-0%	0.1%	-0.01%	0.03%	-0.03%	0.01%
Operating CF Growth %	3%	-1.01%	49.24%	-2.62%	0.95%	27.22%	-1.06%	7.47%	-1.77%	1.24%
Net Income	-25.5M	-29.58M	-23.9M	-16.43M	3.83M	-6.31M	-5.35M	-9.28M	-15.54M	-1.59M
Depreciation & Amortization	18.3M	18.04M	9.73M	10.49M	7.54M	6.39M	5.51M	4.53M	5.91M	6.15M
Stock-Based Compensation	12.64M	13.63M	12.29M	10.6M	8.15M	9.33M	10.6M	10.05M	9.48M	10.2M
Deferred Taxes	-404K	-268K	30K	-86K	353K	-114K	1.78M	456K	1.4M	156K
Other Non-Cash Items	12.54M	10.28M	10.13M	12.5M	538K	21.42M	7.65M	5.16M	8.77M	6.15M
Working Capital Changes	15.97M	-12.49M	10.04M	-46.72M	-21.88M	7.8M	-22.6M	4.62M	-21.92M	-18.2M
Change in Receivables	22.95M	-15.73M	7.22M	-46.16M	19.03M	5.24M	-12.52M	18.49M	-15.83M	13.36M
Change in Inventory	-10.5M	7.67M	-8.69M	-14.16M	-23.18M	1.69M	-22.86M	-6.86M	-4M	-9.11M
Change in Payables	2.4M	2.19M	2M	9.46M	-6.77M	-3.98M	11.68M	2.85M	17.36M	-18.67M
Cash from Investing+	8.26M	17.82M	17.77M	-4.31M	-3.73M	-2.4M	-4.72M	-12.68M	-3.6M	-8.52M
Capital Expenditures	-8.07M	-5.36M	-6.61M	-4.31M	-3.56M	-2.32M	-4.72M	-12.61M	-3.6M	-4.27M
CapEx % of Revenue	0.02%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	16.33M	-333K	-333K	0	-170K	-389K	0	-67K	0	-4.25M
Cash from Financing+	-757K	-54.54M	-27.45M	28.47M	26.7M	-28.8M	-15.37M	-2.11M	-3.95M	-4.25M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.83M	2.37M	4.1M	3.93M	2.24M	3.03M	-258K	-447K	-198K	-13.38M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	25.47M	-5.74M	11.72M	-33.95M	-5.2M	36.19M	-7.12M	2.86M	-15.51M	-5.66M
FCF Margin %	0.06%	-0.01%	0.03%	-0.08%	-0.01%	0.09%	-0.02%	0.01%	-0.03%	-0.01%
FCF Growth %	1.94%	-1.23%	3.04%	-3.9%	0.85%	7.96%	-1.2%	1.4%	-6.43%	0.63%
FCF per Share	0.32	-0.07	0.14	-0.39	-0.06	0.39	-0.08	0.03	-0.16	-0.06
FCF Conversion (FCF/Net Income)	-1.32x	0.01x	-0.77x	1.80x	-0.38x	-6.10x	0.45x	-1.67x	0.77x	-1.80x
Interest Paid	10.34M	9.93M	9.19M	9.76M	12.33M	11.89M	7.46M	9.85M	10.52M	9.74M
Taxes Paid	1.03M	4.46M	1.46M	2.19M	2.81M	1.87M	1.4M	2.15M	1.75M	3.87M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-37.66%	-55.71%	-50.23%	-33.36%	6.74%	-9.53%	-8.76%	-17.37%	-31.49%	-2.52%
Return on Invested Capital (ROIC)	-2.09%	-5.09%	-2.42%	-6.47%	6.05%	10.12%	3.87%	1.07%	0.21%	3.04%
Gross Margin	39.8%	36.86%	39.93%	38.84%	39.1%	40.25%	37.21%	34.4%	32.01%	32.05%
Net Margin	-6.4%	-7.71%	-5.9%	-3.92%	1%	-1.59%	-1.24%	-2.07%	-3.48%	-0.35%
Debt / Equity	3.53x	3.54x	2.70x	3.21x	3.48x	2.90x	3.75x	3.82x	4.67x	2.17x
Interest Coverage	-0.28x	-0.57x	-0.25x	-0.66x	0.69x	1.32x	1.00x	0.22x	0.04x	0.61x
FCF Conversion	-1.32x	0.01x	-0.77x	1.80x	-0.38x	-6.10x	0.45x	-1.67x	0.77x	-1.80x
Revenue Growth	5%	-3.86%	5.6%	3.43%	-8.56%	3.49%	8.48%	4.12%	-0.24%	2.68%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	286.94M	313.38M	263.18M	278.75M	342M	233.19M	234.16M	237.58M
Product Growth	-	-	-	9.21%	-16.02%	5.91%	22.69%	-31.82%	0.42%	1.46%
Service	-	-	361.16M	361.54M	352.95M	354.32M	357.86M	214.41M	212.39M	220.93M
Service Growth	-	-	-	0.11%	-2.38%	0.39%	1.00%	-40.08%	-0.94%	4.02%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Europe India Middle East And Africa	-	-	-	149.09M	119.99M	121.57M	134.64M	155.88M	168.61M	144.26M
Europe India Middle East And Africa Growth	-	-	-	-	-19.52%	1.32%	10.75%	15.77%	8.17%	-14.44%
CHINA	-	-	-	-	-	79.78M	86.94M	75.76M	103.41M	124.47M
CHINA Growth	-	-	-	-	-	-	8.97%	-12.85%	36.50%	20.37%
Americas	159.52M	151.44M	145.69M	135.68M	128.56M	105.88M	126M	122.33M	90.16M	88.77M
Americas Growth	-	-5.06%	-3.80%	-6.87%	-5.25%	-17.64%	19.01%	-2.91%	-26.30%	-1.54%
JAPAN	-	-	66.25M	70.21M	72.69M	62.64M	53.38M	61.96M	55.68M	53.62M
JAPAN Growth	-	-	-	5.98%	3.52%	-13.83%	-14.78%	16.09%	-10.14%	-3.70%
Asia Pacific	-	-	72.92M	63.79M	-	-	-	-	-	47.38M
Asia Pacific Growth	-	-	-	-12.52%	-	-	-	-	-	-
Asia Pacific Excluding China	-	-	-	-	-	-	-	-	28.69M	-
Asia Pacific Excluding China Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific Excluding Japan And China	-	-	-	-	-	26.43M	28.95M	31.67M	-	-
Asia Pacific Excluding Japan And China Growth	-	-	-	-	-	-	9.57%	9.37%	-	-
Asia Excluding Japan And India	62.89M	59.28M	-	-	61.69M	-	-	-	-	-
Asia Excluding Japan And India Growth	-	-5.74%	-	-	-	-	-	-	-	-
Europe Middle East India And Africa	138.88M	104.03M	120.03M	-	-	-	-	-	-	-
Europe Middle East India And Africa Growth	-	-25.09%	15.39%	-	-	-	-	-	-	-
J	37.52M	68.67M	-	-	-	-	-	-	-	-
J Growth	-	83.03%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Accuray Incorporated (ARAY) reported $450.9M in revenue for fiscal year 2025. This represents a 10% increase from $409.2M in 2012.

Accuray Incorporated (ARAY) grew revenue by 2.7% over the past year. Growth has been modest.

Accuray Incorporated (ARAY) reported a net loss of $19.3M for fiscal year 2025.

Dividend & Returns

Accuray Incorporated (ARAY) has a return on equity (ROE) of -2.5%. Negative ROE indicates the company is unprofitable.

Accuray Incorporated (ARAY) generated $11.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.