RaySearch Laboratories AB (RAY-B) Fair Value & Analysis
Healthcare · SE · Market cap 6.1B SEK (≈ $636M) · ISIN SE0000135485
What is RaySearch Laboratories AB really worth?
A strong business, currently priced close to our fair value of kr 164.75.
As of Aug 21, 2026, the fair value of RaySearch Laboratories AB is kr 164.75 per share against a price of kr 177.10, so the fair value sits 7% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Aug 21, 2026
From 24 valuation models · updated 15 days ago
Share price +2.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (kr 123.56 to kr 245.28) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range kr 39.21 – kr 357.92 · fair‑value band kr 123.56 – kr 245.28 · the kr 177.10 price screens above the kr 164.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.
Analysis
RaySearch Laboratories AB (RAY-B) currently trades at kr 177.10, while our model-based Fair Value estimate is kr 164.75, implying the stock looks roughly 7.5% fairly valued today. The Quality Score stands at 78/100 (high quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of kr 250.95 per share, and 13 of the 24 models we run sit above the kr 177.10 price. Bear case: the Asset-Based group reads lowest at kr 21.70, and 11 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, RaySearch Laboratories AB generated revenue of 1.3B SEK at a net margin of 17.2%. Revenue declined 12.3% year over year. It earns a return on equity of 22.8%. The balance sheet holds a net cash position of 12.5M SEK. Fundamentals as of Aug 21, 2026
Our scenario range runs from kr 123.56 (bear case) to kr 245.28 (bull case); at kr 177.10, 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. The share trades about 52% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −68% fair-value upside, at −7%, RAY-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 1.73 per share, which is 1.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models (kr 250.95) versus Asset-Based (kr 21.70). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 77 · Market factors (momentum, volatility) 24
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
RaySearch Laboratories AB (publ), a medical technology company, provides software solutions for cancer treatment worldwide.
Full company description
RaySearch Laboratories AB (publ), a medical technology company, provides software solutions for cancer treatment worldwide. It offers RayStation, a treatment planning system for cancer centers; RayCare, an oncology information system for clinics; RayIntelligence, cloud-based oncology analytics system that cancer centers can use to gather, structure and analyze data; and RayCommand, a treatment control system designed to link the treatment machine and the treatment planning and oncology information systems. It also provides µ-RayStation* (Micro-RayStation), a software platform for planning and evaluation in small animal irradiation research; RayPlan, a treatment planning system; DrugLog, which verifies the identity and concentration of compounded injectables before administered to a patient; RayMigrate, allows users to convert Pinnacle patient data to RayStation format and/or to DICOM format; Machine Learning; and Liver Ablation Solutions. The company was founded in 2000 and is headquartered in Stockholm, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
RaySearch Laboratories AB reported revenue of 1.3B SEK in FY2025 versus 642M SEK in FY2021, a compound +20.3%/yr. Reported net income was 228M SEK in FY2025.
of which total revenue +12.7 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Health Information Services · 128 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 Health Information Services median · lower = cheaper
Strength profile in five axes (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.
Similar stocks
10 more Health Information Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Veeva Systems Inc VEEV | $282.13 | $91.49 | −68% |
| Pro Medicus Limited PME | A$183.71 | A$23.74 | −87% |
| BrightSpring Health Services, Inc BTSG | $59.68 | $21.31 | −64% |
| HealthEquity, Inc HQY | $104.27 | $56.63 | −46% |
| Hinge Health, Inc HNGE | $86.32 | $24.03 | −72% |
| 10x Genomics, Inc TXG | $55.63 | $17.18 | −69% |
| Waystar Holding WAY | $25.76 | $12.86 | −50% |
| XtalPi Holdings 2228 | HK$8.19 | HK$1.04 | −87% |
| Doximity, Inc DOCS | $24.74 | $25.91 | +5% |
| Privia Health Group PRVA | $21.07 | $5.26 | −75% |
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