Accuray Incorporated (ARAY) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Accuray Incorporated $0.65, price $0.23, upside +188.3%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $0.2250 – $5.88 · fair‑value band $0.2300 – $0.6500 · the $0.2255 price screens below the $0.6500 fair value. Dashed = 300-day average. As of Sep 23, 2026.
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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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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.
Stock analysis
Accuray Incorporated (ARAY) currently trades at $0.2255, while our model-based Fair Value estimate is $0.6500, implying the stock looks roughly 65.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $0.5600 per share, and 4 of the 4 models we run sit above the $0.2255 price.
Bear case: the Asset-Based group reads lowest at $0.4600, and 0 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.2300 (bear) to $0.6500 (bull), the price of $0.2255 sits below 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 34/100 (below-average quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $40.8M · P/S ratio 0.10 · EPS (TTM) $−0.3800 · Net margin −0.3% · Return on equity −101% · Return on assets (EBIT) 1.7% · Operating margin −2.4% · Revenue (TTM) $429M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 88% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at 188%, ARAY screens cheaper than that median.
Fair Value models
Bear $0.2300Fair Value $0.6500Bull $0.6500
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
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.12/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.7%
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.
+2.2%
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.
+3.7%
Start year 2020 (pandemic). Over 10 years: +1.9% a year
Revenue growth 23 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.
+14.8%
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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) → 1.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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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 · 365 stocks
Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside+188% · Top 25%
Profitability
Return on assets−2% · Below median
Net margin (TTM)−11% · Below median
Operating margin (TTM)−2% · Below median
Growth and dividend
Revenue growth−7% · Bottom 25%
Balance sheet
Debt / equity1.53× · Highest 25%
Valuation Multiplesvs Medical Devices median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 23, 2026, our model estimates a fair value of $0.6500 versus a price of $0.2255, about +188% upside (undervalued).
What is the fair value of ARAY?
Our model-based fair value for Accuray Incorporated is $0.6500 (as of Sep 23, 2026), built from audited fundamentals. The current price: $0.2255.
What is the quality score of ARAY?
Accuray Incorporated has a Quality Score of 34/100. 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 model-based price target is the fair value of $0.6500 (as of Sep 23, 2026) from 4 valuation models. Cautious scenario $0.2300, optimistic scenario $0.6500. It is a calculation from audited fundamentals, not an analyst target.
What is the Accuray Incorporated stock forecast for 2026?
Our models put fair value at $0.6500, about +188% upside versus a price of $0.2255 (undervalued). Cautious scenario $0.2300, optimistic scenario $0.6500. 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 $429M (latest available figure, as of Sep 23, 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 $0.6500 per share (as of Sep 23, 2026), against a price of $0.2255. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Accuray Incorporated stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ARAY trades below its calculated fair value: price $0.2255, fair value $0.6500, a gap of about +188% (undervalued). 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 ($0.2255); the fair value is what the company's own numbers justify ($0.6500). For Accuray Incorporated the two are $0.4245 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 $40.8M (market capitalisation, as of Sep 23, 2026). Per share that is $0.2255; our models calculate a fair value of $0.6500 per share.
What do the bullish and bearish scenarios say about ARAY?
Our models span a range for Accuray Incorporated: cautious scenario $0.2300, base $0.6500, optimistic $0.6500 per share (as of Sep 23, 2026, price $0.2255). 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 Sep 23, 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 Sep 23, 2026): return on equity −101.1%, debt of 1.53 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is ARAY from its 52-week high?
Accuray Incorporated trades at $0.2255, about 88% below its 52-week high of $1.85 and at the low of $0.2250 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $0.6500 is for.
Which stocks are comparable to Accuray Incorporated?
From the same area (Healthcare) we also value Abbott Laboratories,, Stryker Corporation, Medtronic plc, 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 Sep 23, 2026: price $0.2255, calculated fair value $0.6500 (+188%), Quality Score 34/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ARAY calculated?
We run Accuray Incorporated through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.6500, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Accuray Incorporated currently trades 188 % 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 Sep 23, 2026 was $0.2255. Our model-based fair value is $0.6500, about +188% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Accuray Incorporated right 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. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Accuray Incorporated
How large is the market capitalisation of Accuray Incorporated (ARAY)?
The market capitalisation of Accuray Incorporated is $40.8M. 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 0.10 (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 $−0.3800. 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 −0.3% (fiscal year 2025). 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 −101% (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 1.7% (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 −2.4% (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 −7.4% versus a year earlier (3y avg +2.2%). 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 −$5.7M (fiscal year 2025). 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 $119M (fiscal year 2025). 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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Thin data
Sep 23, 2026