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Accuray Incorporated (ARAY)


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Upturn Advisory Summary
10/17/2025: ARAY (1-star) has a low Upturn Star Rating. Not recommended to BUY.
1 Year Target Price $4.75
1 Year Target Price $4.75
3 | Strong Buy |
1 | Buy |
0 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -64.27% | Avg. Invested days 29 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 190.50M USD | Price to earnings Ratio - | 1Y Target Price 4.75 |
Price to earnings Ratio - | 1Y Target Price 4.75 | ||
Volume (30-day avg) 4 | Beta 1.32 | 52 Weeks Range 1.14 - 2.95 | Updated Date 10/18/2025 |
52 Weeks Range 1.14 - 2.95 | Updated Date 10/18/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.02 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -0.35% | Operating Margin (TTM) 3.73% |
Management Effectiveness
Return on Assets (TTM) 1.04% | Return on Equity (TTM) -2.52% |
Valuation
Trailing PE - | Forward PE 94.34 | Enterprise Value 304948836 | Price to Sales(TTM) 0.42 |
Enterprise Value 304948836 | Price to Sales(TTM) 0.42 | ||
Enterprise Value to Revenue 0.67 | Enterprise Value to EBITDA 15.07 | Shares Outstanding 112719901 | Shares Floating 109222466 |
Shares Outstanding 112719901 | Shares Floating 109222466 | ||
Percent Insiders 3.01 | Percent Institutions 71.51 |
Upturn AI SWOT
Accuray Incorporated

Company Overview
History and Background
Accuray Incorporated (ARAY) was founded in 1990 and is headquartered in Sunnyvale, California. The company pioneers radiation oncology systems for the treatment of tumors.
Core Business Areas
- Radiation Therapy Systems: Designs, develops, and sells radiation therapy systems, primarily the CyberKnife and TomoTherapy platforms.
- Treatment Planning Systems: Provides software solutions for treatment planning, dose calculation, and image fusion.
- Services: Offers a range of services including installation, training, maintenance, and support for its systems.
Leadership and Structure
Suzanne Winter serves as the President and CEO. The company has a board of directors overseeing its strategic direction and operations, with teams dedicated to R&D, Sales, Marketing, and Operations.
Top Products and Market Share
Key Offerings
- CyberKnife System: A robotic radiosurgery system delivering precise radiation to tumors throughout the body. Market share data is difficult to pinpoint precisely due to varied methodologies in calculating this amongst different market analyst. Competitors include Varian Medical Systems (Siemens Healthineers) and Elekta. Number of users are tracked via systems installed which is around 350+ worldwide.
- TomoTherapy System: A radiation therapy system integrating imaging and treatment delivery for personalized cancer treatment. Competitors include Varian Medical Systems (Siemens Healthineers) and Elekta. This system has over 750+ systems installed worldwide.
- Precision Treatment Planning System: Software used by both Cyberknife and TomoTherapy for comprehensive treatment planning, dose calculation, and adaptive therapy. No significant market share data available.
Market Dynamics
Industry Overview
The radiation oncology market is growing, driven by an aging population, increasing cancer incidence, and technological advancements. Demand is also being driven by the trend toward personalized treatment.
Positioning
Accuray is positioned as an innovator in radiation oncology, particularly in robotic radiosurgery and personalized treatments. Its competitive advantage lies in its technological capabilities and unique product offerings.
Total Addressable Market (TAM)
The global radiotherapy market is expected to reach USD 10.9 billion by 2029. Accuray's positioning within this TAM is focused on precision radiotherapy solutions and is working on solutions such as the CyberKnife and TomoTherapy platforms.
Upturn SWOT Analysis
Strengths
- Innovative technology (CyberKnife, TomoTherapy)
- Strong brand reputation in niche areas
- Focus on precision and personalized treatment
- Established installed base
Weaknesses
- Smaller market share compared to larger competitors
- High system costs
- Dependence on capital equipment sales
- Profitability challenges
Opportunities
- Expanding into emerging markets
- Developing new applications for existing technologies
- Partnerships with hospitals and research institutions
- Technological advancements (AI, machine learning)
Threats
- Intense competition from larger players (Varian, Elekta)
- Technological obsolescence
- Reimbursement pressures
- Economic downturns affecting hospital capital budgets
Competitors and Market Share
Key Competitors
- SIEMENS (SIE.DE)
- ELEKTA (EKTAY)
Competitive Landscape
Accuray offers specialized technology but faces stiff competition from larger, more diversified players. Accuray needs to continue focus and innovation to maintain and grow share.
Growth Trajectory and Initiatives
Historical Growth: Accuray's revenue growth has been inconsistent. Growth is dependent on new system sales and upgrades to its base.
Future Projections: Analyst estimates suggest moderate revenue growth and improvements in profitability. Revenue growth is expected to be in the single digits, while profitability is dependent on cost management and increased sales.
Recent Initiatives: Focus on product innovation (e.g., CyberKnife S7), strategic partnerships, and expansion into emerging markets.
Summary
Accuray is a company with innovative technology in a growing market, but it faces strong competition and profitability challenges. Its CyberKnife and TomoTherapy systems offer unique advantages. Accuray needs to focus on sales execution and cost management to achieve sustained growth and improved financial performance. Competition will be heavy from larger organizations with more resources, but focus on precision and customization is a unique differentiator.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company filings, analyst reports, industry publications
Disclaimers:
This analysis is for informational purposes only and does not constitute financial advice. Market data and estimates are subject to change. Past performance is not indicative of future results.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Accuray Incorporated
Exchange NASDAQ | Headquaters Madison, WI, United States | ||
IPO Launch date 2007-02-08 | President, CEO & Director Ms. Suzanne Winter M.B.A. | ||
Sector Healthcare | Industry Medical Devices | Full time employees 990 | Website https://www.accuray.com |
Full time employees 990 | Website https://www.accuray.com |
Accuray Incorporated engages in the design, development, manufacture, and sale of radiosurgery and radiation therapy systems for the treatment of tumors in the United States, Canada, Latin America, Asia, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, and China. The company offers the CyberKnife platform, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of primary and metastatic tumors outside the brain, including tumors on or near the spine and in the breast, kidney, liver, lung, pancreas, and prostate. It also provides the TomoTherapy platform, including the Radixact System, which allows for integrated radiation treatment planning, delivery, and data management, enabling clinicians to deliver ultra-precise treatments to approximately 50 patients per day; iDMS data management system, a fully integrated treatment planning and data management systems; and Accuray precision treatment planning system, a treatment planning and data management systems. In addition, the company offers post-contract customer support, installation, training, and other professional services. It primarily markets its products directly to customers, including hospitals and stand-alone treatment facilities through its sales organization, as well as to customers through sales agents and group purchasing organizations in the United States; and to customers directly and through distributors and sales agents internationally. Accuray Incorporated was incorporated in 1990 and is headquartered in Madison, Wisconsin.

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