ACCURAY INC(ARAY)Stock Analysis
AI analysis on 2,800+ stocks →Deep AI analysis on 2,800+ stocks →13F Pro Quality Score
Rank #2,632 of 2,879 stocks
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
ARAY Stock Analysis & AI Quality Score
AI stock analysis and institutional research for ACCURAY INC (ARAY), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores ARAY at 22.7/100 on a 32-signal composite quality model, placing it at rank #2,632 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include balance sheet strength (13.9) and profitability (15.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 39.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q3 2026), ACCURAY INC reports quarterly revenue of $104.8M, net income of $-11.8M, an operating margin of -8.7%. Top institutional holders of ARAY by reported 13-F value include Chicago Capital Management,, ABSOLUTE INVESTMENT ADVISERS,, CAPSTONE INVESTMENT ADVISORS,, based on the most recent SEC filings. ARAY trades on the Nasdaq exchange and files with the SEC under CIK 1138723. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ARAY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for ACCURAY INC directly from SEC EDGAR. ACCURAY INC's 13F Pro composite quality score has ranged between 8 and 44 since 2021, currently 22.7 — a declining long-term trajectory across 56 quarterly and live scoring snapshots.
Revenue
Q3 2026
$104.8M
Net Income
Q3 2026
$-11.8M
Free Cash Flow
Q3 2026
$-6.1M
Operating Margin
Q3 2026
-8.7%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+4.1% YoYNet Income
-73.6% YoYOperating Income
-70.8% YoYEPS (Diluted)
-66.7% YoYTotal Assets
+1.3% YoYTotal Debt
-4.5% YoYOp. Cash Flow
+747.5% YoY| Metric | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $447.6M +4.1% | $429.9M +8.5% | $396.3M +3.5% | $382.9M -8.6% | $418.8M +3.4% | $404.9M |
| Net Income | $-9.3M -73.6% | $-5.3M +15.3% | $-6.3M -264.9% | $3.8M +123.3% | $-16.4M +31.3% | $-23.9M |
| Operating Income | $2.4M -70.8% | $8.1M -63.4% | $22.2M +77.3% | $12.5M +2050.8% | $583.0K +115.4% | $-3.8M |
| EPS (Diluted) | $-0.10 -66.7% | $-0.06 +14.3% | $-0.07 -275.0% | $0.04 +121.1% | $-0.19 +32.1% | $-0.28 |
| Total Assets | $479.2M +1.3% | $472.8M -1.5% | $480.1M -2.2% | $490.9M +12.0% | $438.2M +15.7% | $378.7M |
| Total Debt | $188.7M -4.5% | $197.6M +8.9% | $181.4M -4.2% | $189.3M +18.4% | $159.8M +21.9% | $131.1M |
| Operating Cash Flow | $15.5M +747.5% | $-2.4M -106.2% | $38.5M +2721.6% | $-1.5M +95.0% | $-29.6M -261.7% | $18.3M |
AI Insight: ARAY Financial Trends
Revenue stalled at $105M in Q1 2026 — back to Q3 2024 levels — while operating losses deepened and equity eroded to a multi-period low of $42M.
• Revenue declined from a $128M peak in Q2 2025 to $105M in Q1 2026, reversing prior growth momentum.
• Operating income swung from $4M in Q2 2025 to -$11M and -$12M in Q3–Q4 2025, with -$9M in Q1 2026.
• Total debt declined from $191M in Q4 2024 to $147M in Q4 2025, a meaningful $44M reduction over four quarters.
• Equity contracted sharply from $81M in Q2 2025 to $42M in Q1 2026, reflecting sustained net losses.
⚠ Operating cash flow was negative in three of the last four quarters; persistent outflows threaten the deleveraging trend.
⚠ Total debt ticked up to $156M in Q1 2026 from $147M in Q4 2025 — first sequential increase in five quarters.
⚠ Equity at $42M against $156M debt signals thin solvency cushion; further losses could pressure covenant compliance.
AI Insight: ARAY Ratio Trends
ACCURAY's profitability collapsed after a Q4 2024 anomaly, with ROIC running at -18.4% and operating margin at -8.7% in Q1 2026.
• Operating margin swung from +11.2% in Q4 2024 to -12.0% in Q3 2025 and remains deeply negative at -8.7% in Q1 2026.
• ROIC deteriorated sharply from +23.3% in Q4 2024 to -18.4% in Q1 2026, wiping out the prior quarter's gains.
• D/E ratio improved from 4.11 in Q3 2024 to 2.00 in Q2 2025 but has since crept back up to 3.75 in Q1 2026.
• ROE plunged to -113.2% in Q1 2026, reflecting sustained net losses amplified by an eroded equity base.
⚠ Q4 2024's +16.4% NPM and +169.2% ROE appear one-off; underlying profitability has never sustainably recovered.
⚠ D/E rebounding to 3.75 in Q1 2026 after touching 2.00 in Q2 2025 — rising leverage alongside losses is a key risk.
⚠ Modest sequential improvement in operating margin from -12.0% to -8.7% over two quarters warrants monitoring for a genuine recovery.
Get alerted when ARAY's score changes
Free account: watchlist tracking, the daily AI brief, and the AI screener.
Available Research
13F Pro tracks comprehensive data for ACCURAY INC including:
Top Institutional Holders of ARAY
Chicago Capital Management, LLC
$6.3M6,500 shABSOLUTE INVESTMENT ADVISERS, LLC
$4.5M4,700,000 shCAPSTONE INVESTMENT ADVISORS, LLC
$4.3M4,500,000 shTCW GROUP INC
$4.1M15,467,952 shBlackRock, Inc.
$3.3M8,458,409 shNeuberger Berman Group LLC
$2.3M5,855,064 shARMISTICE CAPITAL, LLC
$2.2M5,636,000 shPALISADE CAPITAL MANAGEMENT, LP
$2.1M2,176,000 shWEBER CAPITAL MANAGEMENT LLC /ADV
$2.0M5,055,294 shVANGUARD CAPITAL MANAGEMENT LLC
$1.7M4,430,392 sh
| Fund | Value | Shares |
|---|---|---|
| Chicago Capital Management, LLC | $6.3M | 6,500 |
| ABSOLUTE INVESTMENT ADVISERS, LLC | $4.5M | 4,700,000 |
| CAPSTONE INVESTMENT ADVISORS, LLC | $4.3M | 4,500,000 |
| TCW GROUP INC | $4.1M | 15,467,952 |
| BlackRock, Inc. | $3.3M | 8,458,409 |
| Neuberger Berman Group LLC | $2.3M | 5,855,064 |
| ARMISTICE CAPITAL, LLC | $2.2M | 5,636,000 |
| PALISADE CAPITAL MANAGEMENT, LP | $2.1M | 2,176,000 |
| WEBER CAPITAL MANAGEMENT LLC /ADV | $2.0M | 5,055,294 |
| VANGUARD CAPITAL MANAGEMENT LLC | $1.7M | 4,430,392 |
More Healthcare Companies
View all Healthcare →Put ARAY on your watchlist
Track score changes the day ACCURAY INC files with the SEC, follow the hedge funds that own it, screen 2,800+ AI-scored stocks, and get the daily brief — free.
Free tier includes 13F data, economic indicators, and market overview. Pro starts at $6.67/mo (billed annually).
Popular Research
Is ARAY a good stock to buy?
13F Pro's AI-powered analysis of ACCURAY INC (ARAY) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for ARAY are available on the ARAY stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own ARAY?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling ARAY. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of ACCURAY INC's investment landscape.