Accuray Incorporated (ARAY) Financial Ratios
21 years of historical data (2005–2025) · Healthcare · Medical - Devices
EV/EBITDA
↑
11.46
↓-68% vs avg
5yr avg: 35.46
30Y Low14.8·High83.4
P/FCF
↑
N/A
—
5yr avg: 69.99
30Y Low11.5·High156.3
P/B Ratio
↓
0.44
↓-90% vs avg
5yr avg: 4.40
30Y Low1.7·High8.4
ROE
↑
-2.5%
↓+82% vs avg
5yr avg: -13.9%
30Y Low-66%·High7%
Debt/EBITDA
↑
12.61
↓-35% vs avg
5yr avg: 19.35
30Y Low7.0·High32.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ARAY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Accuray Incorporated currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $41M | $141M | $179M | $367M | $181M | $416M | $184M | $338M | $348M | $392M | $418M |
| Enterprise Value | $160M | $260M | $321M | $483M | $291M | $499M | $298M | $422M | $396M | $484M | $508M |
| P/E Ratio → | -22.45 | — | — | — | — | — | 48.10 | — | — | — | — |
| P/S Ratio | 0.09 | 0.31 | 0.40 | 0.82 | 0.42 | 1.05 | 0.48 | 0.81 | 0.86 | 1.02 | 1.05 |
| P/B Ratio | 0.44 | 1.73 | 3.97 | 6.84 | 3.39 | 6.04 | 2.89 | 6.79 | 7.16 | 8.42 | 7.00 |
| P/FCF | — | — | — | 128.48 | — | 11.49 | — | — | 29.69 | — | 16.40 |
| P/OCF | 14.47 | 49.23 | — | 23.63 | — | 10.80 | — | — | 18.99 | — | 12.46 |
P/E links to full P/E history page with 30-year chart
ARAY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Accuray Incorporated's enterprise value stands at 11.5x EBITDA, 68% below its 5-year average of 35.5x. The Healthcare sector median is 14.2x, placing the stock at a 19% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.57 | 0.72 | 1.08 | 0.68 | 1.26 | 0.78 | 1.01 | 0.98 | 1.26 | 1.28 |
| EV / EBITDA | 11.46 | 18.57 | 50.09 | 69.88 | 21.32 | 17.43 | 14.85 | 723.05 | 66.73 | 59.23 | 37.88 |
| EV / EBIT | 20.46 | 18.44 | — | 125.61 | 47.54 | 40.46 | 12.54 | 723.05 | — | — | — |
| EV / FCF | — | — | — | 168.94 | — | 13.79 | — | — | 33.79 | — | 19.96 |
ARAY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Accuray Incorporated earns an operating margin of 1.7%. Operating margins have expanded from 0.5% to 1.7% over the past 3 years, signaling improving operational efficiency. A negative ROE of -2.5% indicates the company is currently destroying shareholder equity. ROIC of 3.0% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.1% | 32.1% | 32.0% | 34.4% | 37.2% | 40.3% | 39.1% | 38.8% | 39.9% | 36.9% | 39.8% |
| Operating Margin | 1.7% | 1.7% | 0.1% | 0.5% | 1.9% | 5.6% | 3.3% | -2.4% | -0.9% | -2.6% | -1.2% |
| Net Profit Margin | -0.3% | -0.3% | -3.5% | -2.1% | -1.2% | -1.6% | 1.0% | -3.9% | -5.9% | -7.7% | -6.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.5% | -2.5% | -31.5% | -17.4% | -8.8% | -9.5% | 6.7% | -33.4% | -50.2% | -55.7% | -37.7% |
| ROA | -0.3% | -0.3% | -3.3% | -1.9% | -1.1% | -1.3% | 0.8% | -4.0% | -6.1% | -6.8% | -5.4% |
| ROIC | 3.0% | 3.0% | 0.2% | 1.1% | 3.9% | 10.1% | 6.1% | -6.5% | -2.4% | -5.1% | -2.1% |
| ROCE | 2.8% | 2.8% | 0.2% | 0.9% | 3.0% | 7.5% | 4.5% | -4.4% | -2.3% | -5.2% | -1.7% |
ARAY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Accuray Incorporated carries a Debt/EBITDA ratio of 12.6x, which is highly leveraged (292% above the sector average of 3.2x). Net debt stands at $119M ($176M total debt minus $57M cash). Interest coverage of just 1.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.17 | 2.17 | 4.67 | 3.82 | 3.75 | 2.90 | 3.48 | 3.21 | 2.70 | 3.54 | 3.53 |
| Debt / EBITDA | 12.61 | 12.61 | 32.88 | 29.68 | 14.60 | 6.97 | 11.04 | 274.17 | 22.09 | 20.13 | 15.68 |
| Net Debt / Equity | — | 1.47 | 3.15 | 2.15 | 2.08 | 1.21 | 1.79 | 1.67 | 0.99 | 1.99 | 1.52 |
| Net Debt / EBITDA | 8.50 | 8.50 | 22.18 | 16.74 | 8.11 | 2.90 | 5.68 | 142.45 | 8.09 | 11.31 | 6.75 |
| Debt / FCF | — | — | — | 40.46 | — | 2.29 | — | — | 4.09 | — | 3.56 |
| Interest Coverage | 1.09 | 1.09 | -0.02 | 0.36 | 0.75 | 0.73 | 1.31 | 0.04 | -0.54 | -0.65 | -0.33 |
ARAY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.65x means Accuray Incorporated can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.92x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.70x to 1.65x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 1.66 | 1.70 | 1.68 | 1.83 | 1.96 | 1.79 | 1.68 | 1.09 | 1.72 |
| Quick Ratio | 0.92 | 0.92 | 0.95 | 0.97 | 1.00 | 1.18 | 1.22 | 1.16 | 1.04 | 0.72 | 1.17 |
| Cash Ratio | 0.30 | 0.30 | 0.35 | 0.45 | 0.42 | 0.60 | 0.59 | 0.40 | 0.49 | 0.34 | 0.79 |
| Asset Turnover | — | 0.98 | 0.95 | 0.93 | 0.91 | 0.83 | 0.78 | 0.96 | 1.07 | 0.94 | 0.85 |
| Inventory Turnover | 2.21 | 2.21 | 2.20 | 2.02 | 1.90 | 1.88 | 1.74 | 2.12 | 2.24 | 2.30 | 2.07 |
| Days Sales Outstanding | — | 77.91 | 80.80 | 71.18 | 86.18 | 78.62 | 86.36 | 97.52 | 59.49 | 69.29 | 52.00 |
ARAY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Accuray Incorporated does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 2.1% | — | — | — | — |
| FCF Yield | — | — | — | 0.8% | — | 8.7% | — | — | 3.4% | — | 6.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.1% | 0.4% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.1% | 0.4% | 0.0% |
| Shares Outstanding | — | $103M | $98M | $95M | $92M | $92M | $91M | $87M | $85M | $82M | $81M |
Peer Comparison
Compare ARAY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ARAYYou | $41M | -22.4 | 11.5 | — | 32.1% | 1.7% | -2.5% | 3.0% | 12.6 |
 ISRG | $144B | 51.7 | 39.0 | 58.0 | 66.0% | 29.3% | 16.6% | 15.0% | 0.1 |
 NVCR | $2B | -11.7 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 ABT | $154B | 11.6 | 16.1 | 24.2 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 BSX | $67B | 23.3 | 20.8 | 18.4 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 MDT | $102B | 22.0 | 14.5 | 19.6 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 SYK | $118B | 36.6 | 21.2 | 27.5 | 64.0% | 19.5% | 15.1% | 11.4% | 2.4 |
 GKOS | $8B | -39.8 | — | — | 77.5% | -17.1% | -26.4% | -9.2% | — |
 GEHC | $28B | 13.5 | 10.0 | 18.6 | 40.0% | 13.4% | 21.6% | 13.3% | 3.0 |
 PHG | $25B | 25.2 | 10.8 | 24.9 | 45.2% | 8.0% | 7.8% | 6.4% | 3.2 |
 RMD | $27B | 19.8 | 14.1 | 16.5 | 59.4% | 32.7% | 25.9% | 22.8% | 0.4 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 21 years · Updated daily
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ARAY — Frequently Asked Questions
Quick answers to the most common questions about buying ARAY stock.
What is Accuray Incorporated's P/E ratio?
Accuray Incorporated's current P/E ratio is -22.4x. The historical average is 90.1x.
What is Accuray Incorporated's EV/EBITDA?
Accuray Incorporated's current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.6x.
What is Accuray Incorporated's ROE?
Accuray Incorporated's return on equity (ROE) is -2.5%. The historical average is -23.7%.
Is ARAY stock overvalued?
Based on historical data, Accuray Incorporated is trading at a P/E of -22.4x. Compare with industry peers and growth rates for a complete picture.
What are Accuray Incorporated's profit margins?
Accuray Incorporated has 32.1% gross margin and 1.7% operating margin.
How much debt does Accuray Incorporated have?
Accuray Incorporated's Debt/EBITDA ratio is 12.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.