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Institutional distribution: ownership decreased -1.84% quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $0.24 today, the market must believe free cash flow compounds 15.8%/yr for a decade (off $3M normalized FCF).
2-stage DCF · 0.11B shares · net debt $79M
mean -313.8% · volatility σ 244% · implied rate exceeded in 0/4 yrs
Central path = implied 15.8%/yr growth; shaded band = ±1σ (244%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~9.5% on $137M of debt.
Cash of $57M fully covers short-term debt of $13M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $458.5M 100.0% | $446.6M 100.0% | $447.6M 100.0% | $429.9M 100.0% | $396.3M 100.0% | $382.9M 100.0% | $418.8M 100.0% | $404.9M 100.0% | $383.4M 100.0% | $398.8M 100.0% |
| Cost of Revenue | $311.5M 67.9% | $303.6M 68.0% | $293.6M 65.6% | $270.0M 62.8% | $236.8M 59.7% | $233.2M 60.9% | $256.1M 61.2% | $243.2M 60.1% | $242.1M 63.1% | $240.1M 60.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $113.4M 29.6% | $108.7M 27.2% |
| Cost of Services | — | — | — | — | — | — | — | — | $128.7M 33.6% | $131.4M 33.0% |
| Gross Profit | $147.0M 32.1% | $142.9M 32.0% | $154.0M 34.4% | $160.0M 37.2% | $159.5M 40.3% | $149.7M 39.1% | $162.7M 38.8% | $161.7M 39.9% | $141.3M 36.9% | $158.7M 39.8% |
| Research & Development | $47.9M 10.5% | $49.7M 11.1% | $57.1M 12.8% | $57.8M 13.4% | $52.7M 13.3% | $49.8M 13.0% | $56.5M 13.5% | $57.3M 14.1% | $49.9M 13.0% | $56.7M 14.2% |
| Selling, General & Admin | $47.9M 10.4% | $50.1M 11.2% | $48.3M 10.8% | $44.4M 10.3% | $41.7M 10.5% | $40.1M 10.5% | $49.6M 11.8% | $48.1M 11.9% | $43.8M 11.4% | $50.1M 12.6% |
| Total Operating Expenses | $139.1M 30.3% | $142.4M 31.9% | $151.6M 33.9% | $151.8M 35.3% | $137.3M 34.6% | $137.2M 35.8% | $162.1M 38.7% | $165.5M 40.9% | $151.2M 39.4% | $163.6M 41.0% |
| Operating Income | $7.8M 1.7% | $504K 0.1% | $2.4M 0.5% | $8.1M 1.9% | $22.2M 5.6% | $12.5M 3.3% | $583K 0.1% | -$3.8M -0.9% | -$9.8M -2.6% | -$4.9M -1.2% |
| Interest Expense | $13.0M 2.8% | $11.6M 2.6% | $10.6M 2.4% | $8.1M 1.9% | $16.9M 4.3% | $18.1M 4.7% | $15.1M 3.6% | $15.0M 3.7% | $17.3M 4.5% | $17.5M 4.4% |
| Interest & Investment Income | $1.2M 0.3% | $1.2M 0.3% | — | — | — | — | — | — | — | — |
| Other Income (Expense), net | $559K 0.1% | -$2.5M -0.6% | -$1.1M -0.2% | -$2.3M -0.5% | -$27.7M -7.0% | -$6.7M -1.7% | -$14.9M -3.6% | -$19.2M -4.7% | -$18.7M -4.9% | -$18.3M -4.6% |
| Pretax Income | $1.1M 0.2% | -$11.8M -2.6% | -$6.8M -1.5% | -$2.0M -0.5% | -$4.6M -1.2% | $5.7M 1.5% | -$14.3M -3.4% | -$23.0M -5.7% | -$28.5M -7.4% | -$23.2M -5.8% |
| Income Tax Expense | $2.7M 0.6% | $3.7M 0.8% | $2.5M 0.6% | $3.3M 0.8% | $1.8M 0.4% | $1.9M 0.5% | $2.1M 0.5% | $878K 0.2% | $1.0M 0.3% | $2.3M 0.6% |
| Net Income | -$1.6M -0.3% | -$15.5M -3.5% | -$9.3M -2.1% | -$5.3M -1.2% | -$6.3M -1.6% | $3.8M 1.0% | -$16.4M -3.9% | -$23.9M -5.9% | -$29.6M -7.7% | -$25.5M -6.4% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.02 | $-0.16 | $-0.10 | $-0.06 | $-0.07 | $0.04 | $-0.19 | $-0.28 | — | — |
| EPS (Diluted) | $-0.02 | $-0.16 | $-0.10 | $-0.06 | $-0.07 | $0.04 | $-0.19 | $-0.28 | — | — |
| Weighted Avg Shares (Basic) | 102.8M | 98.3M | 94.9M | 92.1M | 92.0M | 89.9M | 87.5M | 84.9M | — | — |
| Weighted Avg Shares (Diluted) | 102.8M | 98.3M | 94.9M | 92.1M | 92.0M | 90.6M | 87.5M | 84.9M | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 14-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 543.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 60.1 | 61.2 | 60.9 | 59.7 | 62.8 | 65.6 | 68.0 | 67.9 |
| Gross Profit | 39.9 | 38.8 | 39.1 | 40.3 | 37.2 | 34.4 | 32.0 | 32.1 |
| R&D | 14.1 | 13.5 | 13.0 | 13.3 | 13.4 | 12.8 | 11.1 | 10.5 |
| SG&A | 11.9 | 11.8 | 10.5 | 10.5 | 10.3 | 10.8 | 11.2 | 10.4 |
| Operating Income | -0.9 | 0.1 | 3.3 | 5.6 | 1.9 | 0.5 | 0.1 | 1.7 |
| Income Tax | 0.2 | 0.5 | 0.5 | 0.4 | 0.8 | 0.6 | 0.8 | 0.6 |
| Net Income | -5.9 | -3.9 | 1.0 | -1.6 | -1.2 | -2.1 | -3.5 | -0.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ARAY: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| ARAY | $26M | — | 7.5× | 0.1× | 2.7% | 32.1% | -0.3% | -2.0% | -0.7% | 9.8× | 124 |
Peers = companies sharing ARAY's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.