RaySearch Laboratories AB (RAY-B) Fair Value & Analysis
Healthcare · SE · Market cap 6.1B SEK
Fair value as of: Jul 17, 2026
From 24 valuation models · updated 4 days ago
Fair value updated Jul 17, 2026, revised from kr 162.72 to kr 164.75 (+1.2%) since Jun 24, 2026. Share price −14.5% over the past month.
Price vs Fair Value (12 months)
12‑month range kr 164.91 – kr 357.92 · fair‑value band kr 123.56 – kr 245.28 · the kr 177.90 price screens above the kr 164.75 fair value. As of Jul 17, 2026.
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RaySearch Laboratories AB (RAY-B) currently trades at kr 177.90, while our model-based Fair Value estimate is kr 164.75, implying the stock looks roughly 7.4% fairly valued today. We read business quality at 61/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: 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 Jul 17, 2026
Our scenario range runs from kr 123.56 (bear case) to kr 245.28 (bull case); at kr 177.90, the current price sits within that range. The share trades about 51% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -37% fair-value upside, at -7%, RAY-B screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 17, 2026. TTM = trailing twelve months.
About the company
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 …
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
RaySearch Laboratories AB reported revenue of kr 1.3B in FY2025 versus kr 642M in FY2021, a compound +20.3%/yr. Reported net income was kr 228M in FY2025.
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Similar stocks
10 more Health Information Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Veeva Systems Inc VEEV | $172.61 | $104.16 | -40% |
| Pro Medicus Limited PME | A$165.64 | A$28.02 | -83% |
| BrightSpring Health Services, Inc BTSG | $60.59 | $23.87 | -61% |
| HealthEquity, Inc HQY | $89.72 | $54.47 | -39% |
| Hinge Health, Inc HNGE | $62.98 | $78.43 | +25% |
| M3, Inc MTHRY | $5.20 | $5.32 | +2% |
| 10x Genomics, Inc TXG | $32.94 | $22.67 | -31% |
| Waystar Holding WAY | $18.80 | $14.86 | -21% |
| Ping An Healthcare and Technology Company PANHF | $0.9000 | $0.5700 | -37% |
| XtalPi Holdings 2228 | HK$7.48 | HK$1.03 | -86% |
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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.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.