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Accuray Incorporated (ARAY) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Accuray Incorporated stock $3.67, price $3.19, upside +15.0%, quality 19 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US

AI Accuray Incorporated logo Thin data Nov 11, 2026

Accuray Incorporated

ARAY · US
Fairly valued, weak quality

The stock costs 13% less than our calculation considers fair.

Fair value $3.67 · Fairly valued
Revenue last quarter 21% below a year ago.
Quality 19/100
Weak Growth (revenue 5y +0.3 %/yr in USD)
Loss-making · -12.2% net margin (TTM) · excl. goodwill write-downs -3.4%
High debt
Negative free cash flow
Trails peers (3/10)
Narrow moat 17/100
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$235.20 $3.19 Fair Value $3.67 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range $3.19 – $235.20 · fair‑value band $2.76 – $4.59 · the $3.19 price screens below the $3.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 11, 2026.

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Company profile

Accuray Incorporated engages in the design, development, manufacture, and sale of radiosurgery and radiation therapy systems for the treatment of tumors in the United States, Canada, Latin America, Asia, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, and China.

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The company offers the CyberKnife platform, 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.

It also provides the TomoTherapy platform, 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, the company offers post-contract customer support, installation, training, and other professional services.

It 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.

Stock analysis

Accuray Incorporated (ARAY) currently trades at $3.19, while our estimate is $3.67, so the stock looks roughly fairly valued today (gap 13.1%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $2.76 (bear) to $4.59 (bull), the price of $3.19 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 19/100 (below-average quality), in the Healthcare sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Accuray Incorporated reported revenue of $402M in FY2026 versus $430M in FY2022, a compound −1.7%/yr. Reported net income was −$49.2M in FY2026.

Key figures

Market cap $11.5M Micro · P/S ratio 0.03 · EPS (TTM) $−4.93 · Net margin −12.2% · Return on equity −80.1% · Return on assets (EBIT) −0.4% (5-year average) · Operating margin 6.2% · Revenue (TTM) $402M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 17 out of 100 (medium confidence).

What moves the price

The share trades about 93% below its 52-week high and at its 52-week low.

For context, the median of 10 Healthcare peers we cover trades at 8% fair-value upside, at 15%, ARAY screens cheaper than that median.

Fair Value

Bear $2.76 Fair Value $3.67 Bull $4.59
Price $3.19 · Upside +15.0%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 19/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 22
How much profit the company makes from its sales and capital
Quality Growth 5
Are margins and returns getting better?
Cashflow 5
Do the profits arrive as real cash?
Financial strength 8
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 16
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

  • BuySteven F MayerDirector2× since Feb 18, 2026: 250,000 shares, avg. $0.5366$134,146Feb 20, 2026
  • BuyStephen R. La NeveCEO, Director20,000 shares at $0.9700$19,400Nov 19, 2025

Plus 3 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−12.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
Start year 2021 (pandemic). Over 10 years: +0.1% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
3.3% (2020) → −6.6% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Devices · 402 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 19 · Bottom 25%
Fair Value upside +15.0% · Top 25%
Profitability
Return on assets −11.1% · Below median
Net margin (12 months) −12.2% · Below median
Operating margin (12 months) 6.2% · Above median
Growth and dividend
Revenue growth (quarter YoY) −20.9% · Bottom 25%
Balance sheet
Debt / equity 3.51× · Highest 25%

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 0.27× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 0.03× · Cheapest 25%
PEG 29.49× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)53 · sector 17
FUTURE (revenue growth)0 · sector 44
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 34

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥178.92 ¥202.57 +13% vs ARAY
DexCom, Inc DXCM $79.92 $89.18 +12% vs ARAY
Stryker Corporation SYK $324.29 $358.30 +10% vs ARAY
STERIS plc STE $257.12 $279.53 +9% vs ARAY
Boston Scientific Corporation BSX $44.70 $48.42 +8% vs ARAY
GE HealthCare Technologies Inc GEHC $83.65 $69.92 −16% vs ARAY
Edwards Lifesciences Corporation EW $104.01 $81.94 −21% vs ARAY
Abbott Laboratories, ABT $110.46 $75.28 −32% vs ARAY
Medtronic plc MDT $101.59 $65.61 −35% vs ARAY
Koninklijke Philips N.V PHIA €27.06 €15.23 −44% vs ARAY

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Accuray Incorporated: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Accuray Incorporated Fair Value". https://www.fairvalue-calculator.com/stock/ARAY

Frequently asked questions

Is Accuray Incorporated (ARAY) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is $3.67 versus a price of $3.19, about +15% upside (fairly valued).
What is the fair value of ARAY?
Our estimate for Accuray Incorporated is $3.67 (as of Nov 11, 2026), built from audited fundamentals. The current price: $3.19.
What is the quality score of ARAY?
Accuray Incorporated has a Quality Score of 19/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Accuray Incorporated (ARAY)?
Our calculated price target is the estimate of $3.67 (as of Nov 11, 2026). Cautious scenario $2.76, optimistic scenario $4.59. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Accuray Incorporated stock forecast for 2026?
Our estimate puts fair value at $3.67, about +15% upside versus a price of $3.19 (fairly valued). Cautious scenario $2.76, optimistic scenario $4.59. The calculation is refreshed regularly with new filings.
What is the revenue of Accuray Incorporated (ARAY)?
Accuray Incorporated reported trailing-twelve-month revenue of about $402M (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Accuray Incorporated (ARAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Accuray Incorporated it is $3.67 per share (as of Nov 11, 2026), against a price of $3.19.
Is Accuray Incorporated stock overvalued or undervalued in 2026?
As of Nov 11, 2026, ARAY trades below its calculated fair value: price $3.19, fair value $3.67, a gap of about +15% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ARAY?
No. The price is what the market pays today ($3.19); the fair value is what the company's own numbers justify ($3.67). For Accuray Incorporated the two are $0.4800 per share apart. That gap is exactly why we show both numbers side by side.
How much is Accuray Incorporated worth?
The market values Accuray Incorporated at about $11.5M (market capitalisation, as of Nov 11, 2026). Per share that is $3.19; our models calculate a fair value of $3.67 per share.
What do the bullish and bearish scenarios say about ARAY?
Our models span a range for Accuray Incorporated: cautious scenario $2.76, base $3.67, optimistic $4.59 per share (as of Nov 11, 2026, price $3.19). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ARAY?
The PEG ratio of Accuray Incorporated is 29.49 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Accuray Incorporated (ARAY)?
Balance-sheet figures for Accuray Incorporated (as of Nov 11, 2026): return on equity −80.1%, debt of 3.51 per unit of equity. They feed the Quality Score of 19/100, which measures business quality independently of the share price.
How far is ARAY from its 52-week high?
Accuray Incorporated trades at $3.19, about 93% below its 52-week high of $47.20 and at the low of $3.19 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $3.67 is for.
Which stocks are comparable to Accuray Incorporated?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Accuray Incorporated stock attractive at the current price?
The data as of Nov 11, 2026: price $3.19, calculated fair value $3.67 (+15%), Quality Score 19/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Accuray Incorporated currently trades 13% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Accuray Incorporated (ARAY)?
The closing price on Nov 10, 2026 was $3.19. Our estimate is $3.67, about +15% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Accuray Incorporated right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Accuray Incorporated

How large is the market capitalisation of Accuray Incorporated (ARAY)?
The market capitalisation of Accuray Incorporated is $11.5M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Accuray Incorporated (ARAY)?
The price-to-sales ratio of Accuray Incorporated is 0.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Accuray Incorporated (ARAY)?
Earnings per share at Accuray Incorporated are $−4.93. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Accuray Incorporated (ARAY)?
The net margin of Accuray Incorporated is −12.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Accuray Incorporated (ARAY)?
The return on equity (ROE) of Accuray Incorporated is −80.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Accuray Incorporated (ARAY)?
On an EBIT basis the return on assets of Accuray Incorporated is −0.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Accuray Incorporated (ARAY)?
The operating margin of Accuray Incorporated is 6.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Accuray Incorporated (ARAY)?
Revenue at Accuray Incorporated is growing −20.9% versus a year earlier (3y avg −3.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Accuray Incorporated (ARAY)?
Earnings per share at Accuray Incorporated are growing −96.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Accuray Incorporated (ARAY) generate?
The free cash flow of Accuray Incorporated is −$12.8M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Accuray Incorporated (ARAY) carry?
The net debt of Accuray Incorporated is $143M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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