ARAY Financials ACCURAY INC

12 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 30 h ago Overview →

Growth & profitability

Revenue has grown 3.7% per year over the past 5 years.
Operating margin has contracted, at 1.7% in the latest year.

Financial health

Total debt ($149M) exceeds cash ($57M); net debt is $92M.
Total debt has grown slower than revenue (-4.6% vs 3.7% per year).
Operating income covered interest expense 0.6× in the latest year, down from 0.7× 5 years ago.
Total debt is 11× EBITDA.
The company is unprofitable; at its current free-cash-flow burn it has roughly 40.7 years of cash runway.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$459M	-$2M	32.1%	1.7%	-$1M	$149M	$57M
2024	$447M	-$16M	32.0%	0.1%	-$16M	$180M	$69M
2023	$448M	-$9M	34.4%	0.5%	$3M	$183M	$89M
2022	$430M	-$5M	37.2%	1.9%	-$7M	$189M	$89M
2021	$396M	-$6M	40.3%	5.6%	$36M	$178M	$116M
2020	$383M	$4M	39.1%	3.3%	-$5M	$189M	$108M
2019	$419M	-$16M	38.8%	0.1%	-$34M	$160M	$77M
2018	$405M	-$24M	39.9%	-0.9%	$12M	$131M	$83M
2017	$383M	-$30M	36.9%	-2.6%	-$5M	$165M	$72M
2016	$399M	-$26M	39.8%	-1.2%	$23M	$210M	$120M
2015	—	-$40M	—	—	-$25M	$203M	$80M
2014	—	-$35M	—	—	—	$196M	$92M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$105M	-$12M	24.1%	-8.7%	-$6M	$145M	$38M
Dec '25	$102M	-$14M	23.5%	-11.3%	-$19M	$136M	$41M
Sep '25	$94M	-$22M	28.3%	-12.0%	$10M	$153M	$63M
Jun '25	$128M	$1M	30.6%	3.3%	-$11M	$149M	$57M
Mar '25	$113M	-$1M	27.9%	0.9%	$17M	$181M	$78M
Dec '24	$116M	$3M	36.1%	4.1%	$927000	$183M	$63M
Sep '24	$102M	-$4M	33.9%	-2.1%	-$8M	$178M	$59M
Jun '24	$134M	$3M	28.6%	5.1%	$9M	$180M	$69M
Mar '24	$101M	-$6M	28.7%	-4.5%	-$9M	$181M	$60M
Dec '23	$107M	-$10M	33.5%	-3.7%	-$6M	$181M	$73M
Sep '23	$104M	-$3M	38.0%	2.1%	-$10M	$182M	$77M
Jun '23	$118M	-$3M	31.9%	-0.4%	$846000	$183M	$89M
Mar '23	$118M	$599000	32.8%	2.0%	$23M	$184M	$89M
Dec '22	$115M	-$2M	37.4%	2.4%	-$20M	$186M	$68M
Sep '22	$96M	-$5M	35.9%	-2.3%	-$1M	$182M	$81M
Jun '22	$110M	-$3M	39.1%	1.9%	-$6M	$189M	$89M
Mar '22	$96M	-$1M	36.2%	-0.3%	-$23M	$189M	$98M
Dec '21	$116M	$179000	36.7%	3.4%	$32M	$190M	$123M
Sep '21	$107M	-$1M	36.8%	2.2%	-$10M	$201M	$105M
Jun '21	$111M	-$11M	39.4%	3.7%	$5M	$178M	$116M

Valuation over time

How the market has priced ARAY against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-sales ratio has fallen from 0.8× (Mar '23) to 0.1× (Jun '26).

Price / sales (P/S)

P/S

Frequently asked questions

Is ARAY growing its revenue and profit?

Over the past 5 years, ACCURAY INC's revenue has grown 3.7% per year. These are computed facts, not advice.

How much debt does ARAY have?

As of FY2025, ACCURAY INC reported $149M of total debt against $57M of cash; operating income covered interest expense 0.6×.

What is ARAY's profit margin?

In FY2025, gross margin was 32.1%, operating margin 1.7%, and net margin -0.3%.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.