Accuray Incorp Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Accuray Incorp has an operating margin of 1.7%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 9/100, suggesting thin profitability after operating expenses. This is up from 0.1% the prior year.
Accuray Incorp's revenue grew a modest 2.7% year-over-year to $458.5M. This slow but positive growth earns a score of 36/100.
Accuray Incorp has a moderate D/E ratio of 1.52. This balance of debt and equity financing earns a leverage score of 55/100.
Accuray Incorp's current ratio of 1.65 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.
While Accuray Incorp generated $2.9M in operating cash flow, capex of $4.3M consumed most of it, leaving -$1.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Accuray Incorp scores -0.10, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($62.1M) relative to total liabilities ($389.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Accuray Incorp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Accuray Incorp generates $-1.80 in operating cash flow ($2.9M OCF vs -$1.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Accuray Incorp earns $0.6 in operating income for every $1 of interest expense ($7.8M vs $13.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Accuray Incorp (ARAY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Accuray Incorp generated $458.5M in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.
Accuray Incorp's EBITDA was $14.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 118.3% from the prior year.
Accuray Incorp generated -$1.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 90.9% from the prior year.
Accuray Incorp reported -$1.6M in net income in fiscal year 2025. This represents an increase of 89.8% from the prior year.
Accuray Incorp earned $-0.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 87.5% from the prior year.
Accuray Incorp held $57.4M in cash against $123.8M in long-term debt as of fiscal year 2025.
Accuray Incorp had 113M shares outstanding in fiscal year 2025. This represents an increase of 12.4% from the prior year.
Accuray Incorp's gross margin was 32.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.
Accuray Incorp's operating margin was 1.7% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.
Accuray Incorp's net profit margin was -0.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.1 percentage points from the prior year.
Accuray Incorp invested $47.9M in research and development in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
Accuray Incorp invested $4.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 18.6% from the prior year.
ARAY Income Statement
| Metric | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $93.9M-17.0% | $113.2M-2.5% | $116.2M+14.4% | $101.5M+0.4% | $101.1M-5.7% | $107.2M+3.2% | $103.9M-12.0% | $118.1M |
| Cost of Revenue | $67.4M-17.4% | $81.6M+9.9% | $74.3M+10.7% | $67.1M-6.9% | $72.1M+1.0% | $71.3M+10.8% | $64.4M-18.8% | $79.3M |
| Gross Profit | $26.5M-16.1% | $31.6M-24.5% | $41.9M+21.5% | $34.5M+18.6% | $29.1M-19.0% | $35.9M-9.1% | $39.5M+2.0% | $38.7M |
| R&D Expenses | $11.4M+6.1% | $10.7M-21.5% | $13.6M+12.6% | $12.1M+11.1% | $10.9M-28.6% | $15.3M+9.0% | $14.0M-1.4% | $14.2M |
| SG&A Expenses | $14.5M+35.0% | $10.8M-13.4% | $12.4M-3.1% | $12.8M+3.3% | $12.4M-6.2% | $13.2M+1.5% | $13.0M+17.7% | $11.1M |
| Operating Income | -$11.3M-1180.5% | $1.0M-77.8% | $4.7M+319.0% | -$2.1M+52.9% | -$4.6M-15.1% | -$4.0M-279.1% | $2.2M-4.4% | $2.3M |
| Interest Expense | $8.1M+178.6% | $2.9M+0.2% | $2.9M-2.4% | $3.0M+2.5% | $2.9M-1.3% | $2.9M0.0% | $2.9M+7.3% | $2.7M |
| Income Tax | $471K+3.1% | $457K-34.2% | $695K+11.2% | $625K+40.8% | $444K-49.4% | $878K-54.6% | $1.9M+270.1% | $522K |
| Net Income | -$21.7M-1571.4% | -$1.3M-151.1% | $2.5M+164.2% | -$4.0M+37.7% | -$6.3M+34.1% | -$9.6M-224.0% | -$3.0M-595.7% | $599K |
| EPS (Diluted) | $-0.18-1700.0% | $-0.01-150.0% | $0.02+150.0% | $-0.04+33.3% | $-0.06+40.0% | $-0.10-233.3% | $-0.03-400.0% | $0.01 |
ARAY Balance Sheet
| Metric | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $456.8M-5.7% | $484.3M+1.2% | $478.4M+1.1% | $473.1M+2.3% | $462.5M-2.9% | $476.4M-0.1% | $476.8M+0.2% | $475.7M |
| Current Assets | $303.6M-9.0% | $333.5M+2.3% | $325.9M-1.1% | $329.5M+5.0% | $313.9M-5.2% | $331.2M-0.9% | $334.1M-2.6% | $342.9M |
| Cash & Equivalents | $63.3M-18.6% | $77.8M+24.4% | $62.6M+5.7% | $59.2M-2.1% | $60.5M-16.9% | $72.8M-5.4% | $76.9M-13.6% | $89.1M |
| Inventory | $155.5M+6.2% | $146.4M-1.6% | $148.8M-3.9% | $154.9M-2.9% | $159.6M+2.8% | $155.2M+3.5% | $150.0M-0.4% | $150.6M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $57.8M+0.2% | $57.7M+0.1% | $57.6M-0.3% | $57.8M+0.2% | $57.7M-0.2% | $57.8M+0.2% | $57.7M-0.3% | $57.8M |
| Total Liabilities | $394.9M-9.1% | $434.7M+1.0% | $430.5M+0.6% | $427.9M+1.5% | $421.4M-1.7% | $428.7M+0.7% | $425.9M+1.2% | $421.0M |
| Current Liabilities | $194.6M-4.3% | $203.4M+1.0% | $201.5M-0.2% | $201.8M+1.7% | $198.4M-5.2% | $209.3M+3.9% | $201.4M+5.0% | $191.8M |
| Long-Term Debt | $127.3M-23.4% | $166.2M-1.0% | $168.0M+3.4% | $162.5M-2.3% | $166.2M-1.1% | $168.0M-1.0% | $169.8M-1.8% | $172.8M |
| Total Equity | $61.9M+24.8% | $49.6M+3.5% | $47.9M+5.9% | $45.2M+10.1% | $41.1M-13.8% | $47.7M-6.5% | $50.9M-6.9% | $54.7M |
| Retained Earnings | -$541.0M-3.9% | -$520.4M-0.2% | -$519.1M+0.5% | -$521.6M-0.1% | -$521.1M-1.2% | -$514.7M-1.9% | -$505.1M-1.1% | -$499.6M |
ARAY Cash Flow Statement
| Metric | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.2M-32.6% | $18.1M+902.8% | $1.8M+124.7% | -$7.3M+10.0% | -$8.1M-59.1% | -$5.1M+40.7% | -$8.6M-134.9% | $24.6M |
| Capital Expenditures | $1.9M+98.7% | $958K+9.6% | $874K-22.0% | $1.1M+40.9% | $795K-36.3% | $1.2M+14.4% | $1.1M-39.5% | $1.8M |
| Free Cash Flow | $10.3M-39.9% | $17.1M+1745.0% | $927K+111.0% | -$8.4M+5.4% | -$8.9M-40.3% | -$6.3M+34.5% | -$9.7M-142.4% | $22.8M |
| Investing Cash Flow | -$3.8M-57.3% | -$2.4M-54.8% | -$1.6M-40.2% | -$1.1M-40.9% | -$795K+36.3% | -$1.2M-14.4% | -$1.1M+42.5% | -$1.9M |
| Financing Cash Flow | -$475K+76.3% | -$2.0M-134.7% | $5.8M+365.3% | -$2.2M-44.9% | -$1.5M-483.7% | -$257K+82.9% | -$1.5M0.0% | -$1.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ARAY Financial Ratios
| Metric | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.3%+0.3pp | 27.9%-8.1pp | 36.1%+2.1pp | 33.9%+5.2pp | 28.7%-4.7pp | 33.5%-4.5pp | 38.0%+5.2pp | 32.8% |
| Operating Margin | -12.0%-13.0pp | 0.9%-3.1pp | 4.0%+6.2pp | -2.1%+2.4pp | -4.5%-0.8pp | -3.7%-5.8pp | 2.1%+0.2pp | 2.0% |
| Net Margin | -23.1%-21.9pp | -1.1%-3.3pp | 2.2%+6.1pp | -3.9%+2.4pp | -6.3%+2.7pp | -9.0%-6.1pp | -2.9%-3.4pp | 0.5% |
| Return on Equity | N/A | N/A | 5.3% | N/A | N/A | N/A | N/A | 1.1% |
| Return on Assets | -4.8%-4.5pp | -0.3%-0.8pp | 0.5%+1.4pp | -0.8%+0.5pp | -1.4%+0.6pp | -2.0%-1.4pp | -0.6%-0.8pp | 0.1% |
| Current Ratio | 1.56-0.1 | 1.64+0.0 | 1.62-0.0 | 1.63+0.1 | 1.580.0 | 1.58-0.1 | 1.66-0.1 | 1.79 |
| Debt-to-Equity | 2.06-1.3 | 3.35-0.2 | 3.51-0.1 | 3.59-0.5 | 4.05+0.5 | 3.53+0.2 | 3.33+0.2 | 3.16 |
| FCF Margin | 10.9%-4.2pp | 15.1%+14.3pp | 0.8%+9.1pp | -8.3%+0.5pp | -8.8%-2.9pp | -5.9%+3.4pp | -9.3%-28.6pp | 19.3% |
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Frequently Asked Questions
What is Accuray Incorp's annual revenue?
Accuray Incorp (ARAY) reported $458.5M in total revenue for fiscal year 2025. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Accuray Incorp's revenue growing?
Accuray Incorp (ARAY) revenue grew by 2.7% year-over-year, from $446.6M to $458.5M in fiscal year 2025.
Is Accuray Incorp profitable?
No, Accuray Incorp (ARAY) reported a net income of -$1.6M in fiscal year 2025, with a net profit margin of -0.4%.
What is Accuray Incorp's earnings per share (EPS)?
Accuray Incorp (ARAY) reported diluted earnings per share of $-0.02 for fiscal year 2025. This represents a 87.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Accuray Incorp's EBITDA?
Accuray Incorp (ARAY) had EBITDA of $14.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Accuray Incorp have?
As of fiscal year 2025, Accuray Incorp (ARAY) had $57.4M in cash and equivalents against $123.8M in long-term debt.
What is Accuray Incorp's gross margin?
Accuray Incorp (ARAY) had a gross margin of 32.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Accuray Incorp's operating margin?
Accuray Incorp (ARAY) had an operating margin of 1.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Accuray Incorp's net profit margin?
Accuray Incorp (ARAY) had a net profit margin of -0.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Accuray Incorp's free cash flow?
Accuray Incorp (ARAY) generated -$1.4M in free cash flow during fiscal year 2025. This represents a 90.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Accuray Incorp's operating cash flow?
Accuray Incorp (ARAY) generated $2.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Accuray Incorp's total assets?
Accuray Incorp (ARAY) had $470.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Accuray Incorp's capital expenditures?
Accuray Incorp (ARAY) invested $4.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Accuray Incorp spend on research and development?
Accuray Incorp (ARAY) invested $47.9M in research and development during fiscal year 2025.
How many shares does Accuray Incorp have outstanding?
Accuray Incorp (ARAY) had 113M shares outstanding as of fiscal year 2025.
What is Accuray Incorp's current ratio?
Accuray Incorp (ARAY) had a current ratio of 1.65 as of fiscal year 2025, which is generally considered healthy.
What is Accuray Incorp's debt-to-equity ratio?
Accuray Incorp (ARAY) had a debt-to-equity ratio of 1.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Accuray Incorp's return on assets (ROA)?
Accuray Incorp (ARAY) had a return on assets of -0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Accuray Incorp's Altman Z-Score?
Accuray Incorp (ARAY) has an Altman Z-Score of -0.10, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Accuray Incorp's Piotroski F-Score?
Accuray Incorp (ARAY) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Accuray Incorp's earnings high quality?
Accuray Incorp (ARAY) has an earnings quality ratio of -1.80x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Accuray Incorp cover its interest payments?
Accuray Incorp (ARAY) has an interest coverage ratio of 0.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Accuray Incorp?
Accuray Incorp (ARAY) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.