Accuray Incorporated (ARAY) Fair Value & Analysis

Healthcare · US · Market cap $40.8M

Below-average quality, screening 128% undervalued on our models.

What matters now

• The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain.
• The model range is unusually wide ($0.2300 to $0.6500). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range $0.2250 – $5.88 · fair‑value band $0.2300 – $0.6500 · the $0.2850 price screens below the $0.6500 fair value. Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

Accuray Incorporated (ARAY) currently trades at $0.2850, while our model-based Fair Value estimate is $0.6500, implying the stock looks roughly 128.1% undervalued today. The Quality Score stands at 34/100 (below-average quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Accuray Incorporated generated revenue of $429M at a net margin of -10.8%. Revenue declined 7.4% year over year. Net debt stands at $119M. Fundamentals as of Jul 24, 2026

Our scenario range runs from $0.2300 (bear case) to $0.6500 (bull case); at $0.2850, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Healthcare peers we cover trades at -22% fair-value upside, at 128%, ARAY screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples ($0.5600) versus Dividend Discount ($0.0200). Highest evidence: Gordon GGM (70).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Accuray Incorporated reported revenue of $459M in FY2025 versus $396M in FY2021, a compound +3.7%/yr. Reported net income was −$1.6M in FY2025.

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Peer Group

Medical Devices · 352 stocks

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.

Valuation Multiples vs Medical Devices median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.