Accuray Inc. (ARAY) intrinsic value & 10-year financials
Accuray Inc. (ARAY) has a Graham intrinsic value of $0.40 per share. At $0.16 on Oct 17, 2026, the stock trades 60% below that value. Over the last 10 fiscal years revenue grew 1.6% a year to $458.5M, with an average return on invested capital of 1.6%.
- Graham intrinsic value
- $0.40
- Share price (Oct 17, 2026)
- $0.16
- Price vs Graham value
- 60% below
- Market cap
- $16.0M
- Revenue (FY2025)
- $458.5M
- Revenue growth (10-yr CAGR)
- 1.6%
- ROIC (10-yr avg)
- 1.6%
- Free cash flow (FY2025)
- -$1.4M
ARAY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $458.5M | -$1.6M | -$0.02 | -$1.4M | 1.7% | 2.1% |
| FY2024 | $446.6M | -$15.5M | -$0.16 | -$15.5M | 0.1% | 0.3% |
| FY2023 | $447.6M | -$9.3M | -$0.10 | $2.9M | 0.5% | 1.5% |
| FY2022 | $429.9M | -$5.3M | -$0.06 | -$7.1M | 1.9% | 5.4% |
| FY2021 | $396.3M | -$6.3M | -$0.07 | $36.2M | 5.6% | 14.2% |
| FY2020 | $382.9M | $3.8M | $0.04 | -$5.0M | 3.3% | 5.6% |
| FY2019 | $418.8M | -$16.4M | -$0.19 | -$34.0M | 0.1% | 0.5% |
| FY2018 | $404.9M | -$23.9M | -$0.28 | $12.1M | -0.9% | -3.2% |
| FY2017 | $383.4M | -$29.6M | — | -$5.4M | -2.6% | -6.8% |
| FY2016 | $398.8M | -$25.5M | — | $22.9M | -1.2% | -3.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ACCURAY INC has demonstrated mature, steady growth, with revenue compounding at 1.6% annually over the past decade.
ACCURAY INC has historically struggled to out-earn its cost of capital, averaging just 1.6% ROIC.
ACCURAY INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ACCURAY INC is modeled at 1.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.40 per share.