MeritValue

ACCURAY INC

ARAYdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

ACCURAY INC earns about 0% on invested capital, but has diluted owners by 33% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$429.9M1$447.6M1$446.6M2$458.5M3$401.9M3
Net income−$5.35M4−$9.28M4−$15.5M5−$1.59M6−$49.2M6
Operating cash flow−$2.4M7$15.5M7−$11.9M8$2.86M9−$6.98M9
Capital expenditure$4.72M10$12.6M10$3.6M11$4.27M12$5.86M12
Free cash flow (derived)−$7.12M7$2.93M7−$15.5M8−$1.41M9−$12.8M9
Total debt$369.5M13$360.3M14$352.1M15$285.8M16$295.7M16
Cash & equivalents$88.7M17$89.4M18$68.6M19$57.4M20$40.6M20
Diluted shares92.1M94.9M98.3M102.8M122.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$3.4
your share of equity
Profit it earned you last year
−$4.01
Free cash flow it threw off
−$1.05
Debt you’d be carrying
$24.12

10 shares is a claim on $3.4 of net worth that earned you −$4.01 and generated −$1.05 of cash last year, against $24.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY22 1%FY23 1%FY24 -0%FY25 2%FY26 -4%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+33% shares · 5y

Share count is up 33% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 20% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0000950170-24-108118 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2024-06-30 · accession 0001437749-26-004219 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-06-30 · accession 0001437749-26-029098 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0000950170-24-108118 (NetIncomeLoss)
  5. 10-K/A · period ending 2024-06-30 · accession 0001437749-26-004219 (NetIncomeLoss)
  6. 10-K · period ending 2025-06-30 · accession 0001437749-26-029098 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0000950170-24-108118 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2024-06-30 · accession 0001437749-26-004219 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-06-30 · accession 0001437749-26-029098 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0000950170-24-108118 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2024-06-30 · accession 0001437749-26-004219 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-06-30 · accession 0001437749-26-029098 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0000950170-23-047052 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-06-30 · accession 0000950170-24-108118 (LongTermDebtNoncurrent)
  15. 10-K/A · period ending 2024-06-30 · accession 0001437749-26-004219 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-06-30 · accession 0001437749-26-029098 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-06-30 · accession 0000950170-23-047052 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0000950170-24-108118 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2024-06-30 · accession 0001437749-26-004219 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-06-30 · accession 0001437749-26-029098 (CashAndCashEquivalentsAtCarryingValue)