Latest Ratios: P/E Ratio -16.1x · EV/EBITDA 10.6x · ROE -2.5%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30M | $141M | $179M | $367M | $181M | $416M | $184M | $338M | $348M | $392M | $418M |
| Enterprise Value | $149M | $260M | $321M | $483M | $291M | $499M | $298M | $422M | $396M | $484M | $508M |
| P/E Ratio → | -16.07 | — | — | — | — | — | 48.10 | — | — | — | — |
| P/S Ratio | 0.06 | 0.31 | 0.40 | 0.82 | 0.42 | 1.05 | 0.48 | 0.81 | 0.86 | 1.02 | 1.05 |
| P/B Ratio | 0.32 | 1.73 | 3.97 | 6.84 | 3.39 | 6.04 | 2.89 | 6.79 | 7.16 | 8.42 | 7.00 |
| P/FCF | — | — | — | 128.48 | — | 11.49 | — | — | 29.69 | — | 16.40 |
| P/OCF | 10.36 | 49.23 | — | 23.63 | — | 10.80 | — | — | 18.99 | — | 12.46 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.57 | 0.72 | 1.08 | 0.68 | 1.26 | 0.78 | 1.01 | 0.98 | 1.26 | 1.28 |
| EV / EBITDA | 10.62 | 18.57 | 50.09 | 69.88 | 21.32 | 17.43 | 14.85 | 723.05 | 66.73 | 59.23 | 37.88 |
| EV / EBIT | 18.96 | 18.44 | — | 125.61 | 47.54 | 40.46 | 12.54 | 723.05 | — | — | — |
| EV / FCF | — | — | — | 168.94 | — | 13.79 | — | — | 33.79 | — | 19.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.1% | 32.1% | 32.0% | 34.4% | 37.2% | 40.3% | 39.1% | 38.8% | 39.9% | 36.9% | 39.8% |
| Operating Margin | 1.7% | 1.7% | 0.1% | 0.5% | 1.9% | 5.6% | 3.3% | -2.4% | -0.9% | -2.6% | -1.2% |
| Net Profit Margin | -0.3% | -0.3% | -3.5% | -2.1% | -1.2% | -1.6% | 1.0% | -3.9% | -5.9% | -7.7% | -6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.5% | -2.5% | -31.5% | -17.4% | -8.8% | -9.5% | 6.7% | -33.4% | -50.2% | -55.7% | -37.7% |
| ROA | -0.3% | -0.3% | -3.3% | -1.9% | -1.1% | -1.3% | 0.8% | -4.0% | -6.1% | -6.8% | -5.4% |
| ROIC | 3.0% | 3.0% | 0.2% | 1.1% | 3.9% | 10.1% | 6.1% | -6.5% | -2.4% | -5.1% | -2.1% |
| ROCE | 2.8% | 2.8% | 0.2% | 0.9% | 3.0% | 7.5% | 4.5% | -4.4% | -2.3% | -5.2% | -1.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.17 | 2.17 | 4.67 | 3.82 | 3.75 | 2.90 | 3.48 | 3.21 | 2.70 | 3.54 | 3.53 |
| Debt / EBITDA | 12.61 | 12.61 | 32.88 | 29.68 | 14.60 | 6.97 | 11.04 | 274.17 | 22.09 | 20.13 | 15.68 |
| Net Debt / Equity | — | 1.47 | 3.15 | 2.15 | 2.08 | 1.21 | 1.79 | 1.67 | 0.99 | 1.99 | 1.52 |
| Net Debt / EBITDA | 8.50 | 8.50 | 22.18 | 16.74 | 8.11 | 2.90 | 5.68 | 142.45 | 8.09 | 11.31 | 6.75 |
| Debt / FCF | — | — | — | 40.46 | — | 2.29 | — | — | 4.09 | — | 3.56 |
| Interest Coverage | 1.09 | 1.09 | -0.02 | 0.36 | 0.75 | 0.73 | 1.31 | 0.04 | -0.54 | -0.65 | -0.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 1.66 | 1.70 | 1.68 | 1.83 | 1.96 | 1.79 | 1.68 | 1.09 | 1.72 |
| Quick Ratio | 0.92 | 0.92 | 0.95 | 0.97 | 1.00 | 1.18 | 1.22 | 1.16 | 1.04 | 0.72 | 1.17 |
| Cash Ratio | 0.30 | 0.30 | 0.35 | 0.45 | 0.42 | 0.60 | 0.59 | 0.40 | 0.49 | 0.34 | 0.79 |
| Asset Turnover | — | 0.98 | 0.95 | 0.93 | 0.91 | 0.83 | 0.78 | 0.96 | 1.07 | 0.94 | 0.85 |
| Inventory Turnover | 2.21 | 2.21 | 2.20 | 2.02 | 1.90 | 1.88 | 1.74 | 2.12 | 2.24 | 2.30 | 2.07 |
| Days Sales Outstanding | — | 77.91 | 80.80 | 71.18 | 86.18 | 78.62 | 86.36 | 97.52 | 59.49 | 69.29 | 52.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 2.1% | — | — | — | — |
| FCF Yield | — | — | — | 0.8% | — | 8.7% | — | — | 3.4% | — | 6.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.1% | 0.4% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.1% | 0.4% | 0.0% |
| Shares Outstanding | — | $103M | $98M | $95M | $92M | $92M | $91M | $87M | $85M | $82M | $81M |
Liquidity and solvency pressure
According to current market data, Accuray trades at a price-to-sales ratio of 0.08, a valuation level that suggests investors are heavily discounting the company's ability to achieve sustained profitability or scale its installed base effectively compared to broader medical device peers with higher margin profiles.
The negative P/E ratio and lack of forward earnings multiples indicate that the market is currently pricing the equity based on survival rather than growth potential. This valuation gap relative to larger, profitable peers suggests that the market views the company's current business model as structurally challenged rather than temporarily undervalued.
As reported in financial statements, Accuray's ROIC has trended into negative territory, reaching -1.4% in 2026Q3, which highlights a persistent inability to generate returns on invested capital that exceed the company's cost of capital, a trend that has worsened over the last ten quarters.
The consistent decline in ROIC suggests that the company's investments in R&D and market expansion are not yielding the expected operational efficiencies. Investors should monitor whether this decay is a result of excessive capital intensity or simply an inability to maintain pricing power in a competitive radiotherapy landscape.
Based on the provided figures, the cash conversion cycle has remained elevated at 173 days in 2026Q3, driven primarily by high inventory days of 174, which suggests significant inefficiencies in managing the supply chain and converting hardware installations into realized cash flow for the business.
The high inventory turnover period relative to industry standards implies that capital is being trapped in unsold systems or components for extended durations. This inefficiency exacerbates the company's liquidity constraints, as cash remains tied up in the balance sheet rather than being recycled into operational growth.
According to recent SEC filings, Accuray's debt-to-equity ratio of 1.16 in 2026Q3, while improved from previous peaks, continues to signal a reliance on external financing that leaves the company with limited room to maneuver during periods of operational volatility or unexpected capital expenditure requirements.
The negative interest coverage ratio suggests that the company is currently unable to service its debt obligations through operating income alone. This reliance on debt in a loss-making environment warrants further investigation into the company's long-term solvency and potential need for future dilutive capital raises.
Investors frequently misapply the price-to-sales ratio to Accuray, which obscures the underlying reality that a significant portion of revenue is tied to low-margin hardware sales rather than high-margin recurring service contracts, leading to an overestimation of the company's true earnings power and long-term value.
Using P/S as a primary valuation tool ignores the critical distinction between the company's hardware-heavy revenue mix and the more profitable service-based models of its competitors. A more appropriate metric would be an adjusted EV/Service-Gross-Profit, which would better capture the value of the recurring maintenance tail that the market often overlooks.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying ARAY stock.
Accuray Incorporated's current P/E ratio is -16.1x. The historical average is 90.1x.
Accuray Incorporated's current EV/EBITDA is 10.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.6x.
Accuray Incorporated's return on equity (ROE) is -2.5%. The historical average is -23.7%.
Based on historical data, Accuray Incorporated is trading at a P/E of -16.1x. Compare with industry peers and growth rates for a complete picture.
Accuray Incorporated has 32.1% gross margin and 1.7% operating margin.
Accuray Incorporated's Debt/EBITDA ratio is 12.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.