RaySearch Laboratories AB (publ) (RAY-B) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of RaySearch Laboratories AB (publ) stock SEK 203, price SEK 194, upside +4.2%, quality 78 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range kr 39.21 – kr 357.92 · fair‑value band kr 137.70 – kr 263.40 · the kr 194.40 price screens below the kr 202.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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RaySearch Laboratories AB (publ), a medical technology company, provides software solutions for cancer treatment worldwide.
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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.
Stock analysis
RaySearch Laboratories AB (publ) (RAY-B) currently trades at kr 194.40, while our model-based Fair Value estimate is kr 202.62, so the stock looks roughly fairly valued today (gap 4.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 237.49 per share, and 12 of the 24 models we run sit above the kr 194.40 price.
Bear case: the Economic Profit group reads lowest at kr 59.38, and 12 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 137.70 (bear) to kr 263.40 (bull), the price of kr 194.40 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 78/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
RaySearch Laboratories AB (publ) 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.
Key figures
Market cap 6.7B SEK (≈ $671M) Small · P/E ratio 31.2 · P/S ratio 5.24 · EPS (TTM) kr 6.23 · Dividend yield 2.1% · Net margin 16.8% · Return on equity 26.0% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 9% fair-value upside, at 4%, RAY-B screens richer than that median.
Fair Value models
Bearkr 137.70Fair Value kr 202.62Bullkr 263.40
Price kr 194.40 · Upside +4.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.79 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.8%
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.
+16.8%
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.
+15.6%
Start year 2020 (pandemic). Over 10 years: +13.0% a year
Revenue growth 22 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.
+20.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +37.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.2%
Dividend (yield on the price)2.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.35.2% vs 12.5%, picking up
Profit margin 2020 to 2025 ⓘ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.−1% → 24%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Approximate: the rate leans on 2025, which sits 180% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +8.9% a year for the price.
Compare RaySearch Laboratories AB (publ) with another stock
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.Health Information Services · 117 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside+4.2% · Above median
Profitability
Return on equity (12 months)26.0% · Top 25%
Return on assets11.4% · Top 25%
Net margin (12 months)16.8% · Top 25%
Operating margin (12 months)10.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)−10.7% · Bottom 25%
Dividend yield (12 months)2.1% · Below median
Balance sheet
Debt / equity0.51× · Highest 25%
Valuation Multiplesvs Health Information Services 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). "RaySearch Laboratories AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/RAY-B
Frequently asked questions
Is RaySearch Laboratories AB (publ) (RAY-B) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 202.62 versus a price of kr 194.40, about +4% upside (fairly valued).
What is the fair value of RAY-B?
Our model-based fair value for RaySearch Laboratories AB (publ) is kr 202.62 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 194.40.
What is the quality score of RAY-B?
RaySearch Laboratories AB (publ) has a Quality Score of 78/100. 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 RaySearch Laboratories AB (publ) (RAY-B)?
Our model-based price target is the fair value of kr 202.62 (as of Oct 2, 2026) from 24 valuation models. Cautious scenario kr 137.70, optimistic scenario kr 263.40. It is a calculation from audited fundamentals, not an analyst target.
What is the RaySearch Laboratories AB (publ) stock forecast for 2026?
Our models put fair value at kr 202.62, about +4% upside versus a price of kr 194.40 (fairly valued). Cautious scenario kr 137.70, optimistic scenario kr 263.40. The calculation is refreshed regularly with new filings.
What is the revenue of RaySearch Laboratories AB (publ) (RAY-B)?
RaySearch Laboratories AB (publ) reported trailing-twelve-month revenue of about 1.3B SEK (latest available figure, as of Oct 2, 2026).
Does RaySearch Laboratories AB (publ) pay a dividend?
RaySearch Laboratories AB (publ) currently shows a dividend yield of 2.06% relative to its recent price (as of Oct 2, 2026).
What growth is priced into RaySearch Laboratories AB (publ) (RAY-B)?
For today's price to be fair in a discounted-cash-flow model, RaySearch Laboratories AB (publ) would have to grow free cash flow by +11.1 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.6 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of RAY-B use?
Our models discount RaySearch Laboratories AB (publ) at 10.8 %: a base by market capitalisation (small), damped by beta 0.92, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For RaySearch Laboratories AB (publ) that is +11.1 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has RaySearch Laboratories AB (publ) (RAY-B) delivered so far?
Over the past 5 years revenue at RaySearch Laboratories AB (publ) grew +15.6 % a year. The price currently implies +11.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of RaySearch Laboratories AB (publ) (RAY-B) growing?
The median revenue growth in the sector is +5.6 % a year. That is the yardstick for the growth priced into RaySearch Laboratories AB (publ) (+11.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of RaySearch Laboratories AB (publ) (RAY-B)?
The free-cash-flow yield on the price is 5.39 %: that much free cash flow RaySearch Laboratories AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of RaySearch Laboratories AB (publ) (RAY-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RaySearch Laboratories AB (publ) it is kr 202.62 per share (as of Oct 2, 2026), against a price of kr 194.40. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is RaySearch Laboratories AB (publ) stock overvalued or undervalued in 2026?
As of Oct 2, 2026, RAY-B trades below its calculated fair value: price kr 194.40, fair value kr 202.62, a gap of about +4% (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 RAY-B?
No. The price is what the market pays today (kr 194.40); the fair value is what the company's own numbers justify (kr 202.62). For RaySearch Laboratories AB (publ) the two are kr 8.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is RaySearch Laboratories AB (publ) worth?
The market values RaySearch Laboratories AB (publ) at about 6.7B SEK (market capitalisation, as of Oct 2, 2026). Per share that is kr 194.40; our models calculate a fair value of kr 202.62 per share.
What do the bullish and bearish scenarios say about RAY-B?
Our models span a range for RaySearch Laboratories AB (publ): cautious scenario kr 137.70, base kr 202.62, optimistic kr 263.40 per share (as of Oct 2, 2026, price kr 194.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RAY-B?
RaySearch Laboratories AB (publ) trades at a price-to-earnings ratio of 31.2 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 202.62 is built from several models across several years. Other multiples: PEG 25.6, P/B 6.8, P/S 5.2, EV/EBITDA 19.6.
What is the PEG ratio of RAY-B?
The PEG ratio of RaySearch Laboratories AB (publ) is 25.65 (P/E divided by earnings growth, as of Oct 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of RaySearch Laboratories AB (publ) (RAY-B)?
Balance-sheet figures for RaySearch Laboratories AB (publ) (as of Oct 2, 2026): return on equity 26.0%, debt of 0.51 per unit of equity. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is RAY-B from its 52-week high?
RaySearch Laboratories AB (publ) trades at kr 194.40, about 23% below its 52-week high of kr 251.18 and 18% above the low of kr 164.40 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of kr 202.62 is for.
Which stocks are comparable to RaySearch Laboratories AB (publ)?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, Inc, 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 RaySearch Laboratories AB (publ) stock attractive at the current price?
The data as of Oct 2, 2026: price kr 194.40, calculated fair value kr 202.62 (+4%), Quality Score 78/100, from 24 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 RAY-B calculated?
We run RaySearch Laboratories AB (publ) through 24 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 kr 202.62, 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 13.9 % above its aggregate fair value. RaySearch Laboratories AB (publ) currently trades 4 % 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 RaySearch Laboratories AB (publ) (RAY-B)?
The closing price on Oct 20, 2026 was kr 194.40. Our model-based fair value is kr 202.62, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RaySearch Laboratories AB (publ) right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 137.70 to kr 263.40) leaves room in how you read the outcome.
Where does the earnings growth of RaySearch Laboratories AB (publ) (RAY-B) come from?
Earnings per share at RaySearch Laboratories AB (publ) grew +6.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.7 %, EBIT margin −4.9 %, tax rate +0.2 %, residual (interest, one-offs) −0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of RaySearch Laboratories AB (publ)
How large is the market capitalisation of RaySearch Laboratories AB (publ) (RAY-B)?
The market capitalisation of RaySearch Laboratories AB (publ) is 6.7B SEK (≈ $671M). 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 RaySearch Laboratories AB (publ) (RAY-B)?
The price-to-sales ratio of RaySearch Laboratories AB (publ) is 5.24 (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 RaySearch Laboratories AB (publ) (RAY-B)?
Earnings per share at RaySearch Laboratories AB (publ) are kr 6.23 (price ÷ EPS = P/E 31.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of RaySearch Laboratories AB (publ) (RAY-B)?
The dividend yield of RaySearch Laboratories AB (publ) is 2.1% (payout 64.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of RaySearch Laboratories AB (publ) (RAY-B)?
The net margin of RaySearch Laboratories AB (publ) is 16.8% (last twelve months). 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 RaySearch Laboratories AB (publ) (RAY-B)?
The return on equity (ROE) of RaySearch Laboratories AB (publ) is 26.0% (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 RaySearch Laboratories AB (publ) (RAY-B)?
On an EBIT basis the return on assets of RaySearch Laboratories AB (publ) is 6.7% (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 RaySearch Laboratories AB (publ) (RAY-B)?
The operating margin of RaySearch Laboratories AB (publ) is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at RaySearch Laboratories AB (publ) (RAY-B)?
Revenue at RaySearch Laboratories AB (publ) is growing −10.7% versus a year earlier (3y avg +16.8%). 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 RaySearch Laboratories AB (publ) (RAY-B)?
Earnings per share at RaySearch Laboratories AB (publ) are growing −36.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does RaySearch Laboratories AB (publ) (RAY-B) hold?
RaySearch Laboratories AB (publ) holds more cash than debt, 12.5M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 2, 2026