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    Accuray (ARAY)

    Market Price (10/22/2026): $0.1364 | Market Cap: $17.2 MilSector: Health Care | Industry: Life Sciences Tools & Services

    Accuray (ARAY)

    Market Price (10/22/2026): $0.1364
    Market Cap: $17.2 Mil
    Sector: Health Care
    Industry: Life Sciences Tools & Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%

    Megatrend and thematic drivers
    Megatrends include Aging Population & Chronic Disease, Precision Medicine, and Digital Health & Telemedicine. Themes include Oncology Treatments, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -124%, 3Y Excs Rtn is -170%

    Penny stock
    Mkt Price is 0.1

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.3%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 810%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3%, Rev Chg QQuarterly Revenue Change % is -21%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.7%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.8%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -283%

    High stock price volatility
    Vol 12M is 113%

    Key risks
    ARAY key risks include [1] persistent financial distress and unprofitability, Show more.

    0 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%
    1 Megatrend and thematic drivers
    Megatrends include Aging Population & Chronic Disease, Precision Medicine, and Digital Health & Telemedicine. Themes include Oncology Treatments, Show more.
    2 Weak multi-year price returns
    2Y Excs Rtn is -124%, 3Y Excs Rtn is -170%
    3 Penny stock
    Mkt Price is 0.1
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.3%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 810%
    6 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3%, Rev Chg QQuarterly Revenue Change % is -21%
    7 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.7%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.8%
    8 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -283%
    9 High stock price volatility
    Vol 12M is 113%
    10 Key risks
    ARAY key risks include [1] persistent financial distress and unprofitability, Show more.

    ARAY in ETFs

    Weight = ARAY's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 6/30ARAY [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$401.9 Mil—
    FY 2027 Sales$413.0 Mil—
    FY 2028 Sales$422.7 Mil—
    FY 2027 Sales Growth2.7%—
    FY 2028 Sales Growth2.3%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-49.2 Mil—
    FY 2027 Net Income (Non-GAAP)$-29.4 Mil—
    FY 2028 Net Income (Non-GAAP)$-17.2 Mil—
    FY 2028 Net Income Growth—18.6%
    FY 2027 EPS (Non-GAAP)$-0.24—
    FY 2028 EPS (Non-GAAP)$-0.14—
    FY 2028 EPS Growth——
    VALUATION
    FY 2027 P/S0.01.7
    FY 2028 P/S0.0—
    FY 2027 P/E—7.9
    FY 2028 P/E——

    [1] ARAY forward figures are analyst consensus for the next two fiscal years (fiscal year end 6/30). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    ARAYS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.4
    Rev Chg Q-20.9%9.3%
    Rev Chg LTM-12.3%8.3%
    Rev Chg 3Y Avg-3.3%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-3.3%18.5%
    CFO/Rev LTM-1.7%21.8%
    Net Inc Mgn-12.2%13.3%
    VALUATIONVERY LOW
    P/S0.03.1
    P/CFO-2.515.1
    P/FCF-0.919.8
    P/E-0.423.0
    STABILITYPOOR
    Debt/Equity10.440.20
    Cash/Assets0.090.06

    AI Analysis | Feedback

    MetricValueDateSource
    Order Backlog395.7 million USD9302025Link
    Gross Product Orders39.6 million USD9302025Link
    Book-to-Bill Ratio1.19302025Link
    Installed Base Growth2%9302025Link
    Recurring Revenue Percentage60.5%9302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/20/2026

    Accuray (ARAY) stock has lost about 45% since 6/30/2026 because of the following key factors:

    1. Weak Fiscal Q4 2026 Financial Performance.

    Accuray reported its fiscal Q4 2026 (ended June 30, 2026) financial results on August 19, 2026, showing a substantial decline in revenue. The company's quarterly revenue was $100.9 million, a 21% decrease year-over-year. This performance also missed analyst estimates for the quarter by 6.04%. Product revenue, in particular, experienced a sharp decline. For the full fiscal year 2026, total net revenue was $401.9 million, representing a 12% decrease compared to fiscal 2025.

    2. Significant Reduction in Order Backlog.

    The company's order backlog as of June 30, 2026, was $312.5 million, which marked an approximate 27% reduction from the previous fiscal year's fourth quarter-end. This decline in future orders signals potential ongoing challenges in revenue generation and reflects investor concerns about future growth prospects.

    Show more
    Updated on 10/20/2026

    Accuray (ARAY) stock has lost about 45% since 6/30/2026 because of the following key factors:

    1. Weak Fiscal Q4 2026 Financial Performance.

    Accuray reported its fiscal Q4 2026 (ended June 30, 2026) financial results on August 19, 2026, showing a substantial decline in revenue. The company's quarterly revenue was $100.9 million, a 21% decrease year-over-year. This performance also missed analyst estimates for the quarter by 6.04%. Product revenue, in particular, experienced a sharp decline. For the full fiscal year 2026, total net revenue was $401.9 million, representing a 12% decrease compared to fiscal 2025.

    2. Significant Reduction in Order Backlog.

    The company's order backlog as of June 30, 2026, was $312.5 million, which marked an approximate 27% reduction from the previous fiscal year's fourth quarter-end. This decline in future orders signals potential ongoing challenges in revenue generation and reflects investor concerns about future growth prospects.

    3. Absence of Fiscal 2027 Guidance Amid Geopolitical Headwinds and Tariff Impacts.

    Accuray opted not to provide formal revenue or Adjusted EBITDA guidance for fiscal 2027, citing ongoing uncertainties stemming from geopolitical developments, international trade policies, tariff impacts, and volatile market conditions, particularly in regions like China and the Middle East. These factors were noted to have directly impacted product sales.

    4. Deteriorating Analyst Sentiment and Price Target Downgrades.

    Analyst sentiment towards Accuray deteriorated significantly, with Jefferies downgrading ARAY from a "Buy" to a "Hold" rating on May 12, 2026, and drastically cutting its price target from $3.50 to $0.35. This shift in analyst outlook, coupled with other price target reductions, contributed to the negative investor perception and downward pressure on the stock. As of October 14, 2026, the consensus rating for ARAY was "Reduce" or "Hold" among analysts.

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    Stock Movement Drivers

    Fundamental Drivers

    The -46.9% change in ARAY stock from 6/30/2026 to 10/21/2026 was primarily driven by a -42.4% change in the company's P/S Multiple.
    (LTM values as of)630202610212026Change
    Stock Price ($)0.260.14-46.9%
    Change Contribution By: 
    Total Revenues ($ Mil)429402-6.2%
    P/S Multiple0.10.0-42.4%
    Shares Outstanding (Mil)124126-1.6%
    Cumulative Contribution-46.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/21/2026
    ReturnCorrelation
    ARAY-46.9% 
    Market (SPY)3.5%21.9%
    Sector (XLV)12.8%-5.3%

    Fundamental Drivers

    The -64.7% change in ARAY stock from 3/31/2026 to 10/21/2026 was primarily driven by a -59.9% change in the company's P/S Multiple.
    (LTM values as of)331202610212026Change
    Stock Price ($)0.390.14-64.7%
    Change Contribution By: 
    Total Revenues ($ Mil)437402-8.0%
    P/S Multiple0.10.0-59.9%
    Shares Outstanding (Mil)121126-4.3%
    Cumulative Contribution-64.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/21/2026
    ReturnCorrelation
    ARAY-64.7% 
    Market (SPY)19.2%24.6%
    Sector (XLV)22.6%-9.7%

    Fundamental Drivers

    The -91.8% change in ARAY stock from 9/30/2025 to 10/21/2026 was primarily driven by a -88.9% change in the company's P/S Multiple.
    (LTM values as of)930202510212026Change
    Stock Price ($)1.670.14-91.8%
    Change Contribution By: 
    Total Revenues ($ Mil)459402-12.3%
    P/S Multiple0.40.0-88.9%
    Shares Outstanding (Mil)107126-15.6%
    Cumulative Contribution-91.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/21/2026
    ReturnCorrelation
    ARAY-91.8% 
    Market (SPY)17.0%28.4%
    Sector (XLV)30.2%2.0%

    Fundamental Drivers

    The -95.0% change in ARAY stock from 9/30/2023 to 10/21/2026 was primarily driven by a -92.6% change in the company's P/S Multiple.
    (LTM values as of)930202310212026Change
    Stock Price ($)2.720.14-95.0%
    Change Contribution By: 
    Total Revenues ($ Mil)448402-10.2%
    P/S Multiple0.60.0-92.6%
    Shares Outstanding (Mil)96126-24.1%
    Cumulative Contribution-95.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/21/2026
    ReturnCorrelation
    ARAY-95.0% 
    Market (SPY)87.1%31.6%
    Sector (XLV)45.6%16.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ARAY Return14%-56%35%-30%-58%-83%-97%
    Peers Return7%-17%30%22%5%-21%18%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    ARAY Win Rate33%33%67%42%25%30% 
    Peers Win Rate43%48%50%62%55%40% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    ARAY Max Drawdown-41%-63%-43%-52%-70%-84% 
    Peers Max Drawdown-32%-37%-30%-25%-27%-44% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: CATX, ISRG, SYK, MDT, BSX. See ARAY Returns vs. Peers.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/21/2026 (YTD)

    How Low Can It Go

    EventARAYS&P 500
    2024 Yen Carry Trade Unwind
      % Loss-16.6%-7.8%
      % Gain to Breakeven19.9%8.5%
      Time to Breakeven3 days18 days
    2023 SVB Regional Banking Crisis
      % Loss-15.1%-6.7%
      % Gain to Breakeven17.8%7.1%
      Time to Breakeven2 days31 days
    2020 COVID-19 Crash
      % Loss-60.5%-33.7%
      % Gain to Breakeven153.3%50.9%
      Time to Breakeven232 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-22.8%-19.2%
      % Gain to Breakeven29.6%23.8%
      Time to Breakeven30 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-19.5%-12.2%
      % Gain to Breakeven24.2%13.9%
      Time to Breakeven68 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-57.5%-17.9%
      % Gain to Breakeven135.5%21.8%
      Time to Breakeven793 days123 days

    Compare to CATX, ISRG, SYK, MDT, BSX

    In The Past

    Accuray's stock fell -16.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.9% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventARAYS&P 500
    2020 COVID-19 Crash
      % Loss-60.5%-33.7%
      % Gain to Breakeven153.3%50.9%
      Time to Breakeven232 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-22.8%-19.2%
      % Gain to Breakeven29.6%23.8%
      Time to Breakeven30 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-57.5%-17.9%
      % Gain to Breakeven135.5%21.8%
      Time to Breakeven793 days123 days
    Summer 2007 Credit Crunch
      % Loss-36.6%-8.6%
      % Gain to Breakeven57.7%9.5%
      Time to Breakeven68 days47 days

    Compare to CATX, ISRG, SYK, MDT, BSX

    In The Past

    Accuray's stock fell -16.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.9% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Accuray (ARAY)

    Accuray Incorporated (ARAY) is a medical device company specializing in the design, development, manufacturing, and sale of advanced radiosurgery and radiation therapy systems. These sophisticated systems are primarily used for the precise treatment of various types of tumors and cancers throughout the body, offering innovative solutions for oncology departments worldwide.

    The company's core product offerings include the CyberKnife System, a robotic platform for stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) that targets tumors in areas like the prostate, lung, brain, and liver with high accuracy. Additionally, Accuray provides the TomoTherapy System, which includes the Radixact System, an integrated radiation therapy solution designed to treat a wide spectrum of cancer types. Beyond equipment sales, Accuray also offers essential post-contract services such as installation, training, and ongoing customer support to ensure optimal system performance.

    Accuray primarily serves healthcare providers, specifically hospitals and stand-alone cancer treatment facilities. The company operates globally, with a significant presence across the Americas, Europe, the Middle East, India, Africa, Japan, and the broader Asia Pacific region. Sales are conducted through a direct sales force, as well as via sales agents, distributors, and group purchasing organizations to reach its diverse international customer base.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Accuray:

    • Accuray is like Intuitive Surgical, but for robotic cancer radiation therapy systems instead of general robotic surgery.
    • Imagine a highly specialized GE Healthcare or Siemens Healthineers, focusing solely on advanced systems for treating cancer with radiation.

    AI Analysis | Feedback

    • CyberKnife System: A robotic system used for stereotactic radiosurgery and stereotactic body radiation therapy to treat various types of cancer and tumors.
    • TomoTherapy System (including Radixact System): An integrated radiation therapy system designed for the treatment of a wide range of cancer types.
    • Professional Services: Includes post-contract customer support, installation, and training for their radiosurgery and radiation therapy systems.

    AI Analysis | Feedback

    Accuray (ARAY) primarily sells its radiosurgery and radiation therapy systems to the following categories of customers:

    • Hospitals
    • Stand-alone treatment facilities

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Steve La Neve, Chief Executive Officer

    Steve La Neve was appointed Chief Executive Officer of Accuray in October 2025, bringing over 40 years of international medical technology experience to the role. Prior to Accuray, he served as President of the Trauma and Joint Reconstruction business unit of Globus Medical Inc. and as CEO of Bone Biologics Corporation. He also held the position of Global President of Becton Dickinson Preanalytical Systems. Earlier in his career, Mr. La Neve was Global Sector President for Medtronic's Spine and Biologics Division and President & CEO of ETEX Corporation, where he successfully led the sale of the business.

    Ali Pervaiz, Senior Vice President, Chief Financial Officer

    Ali Pervaiz was appointed Senior Vice President and Chief Financial Officer of Accuray in May 2022. He joined Accuray in August 2020 as Vice President, Global Commercial Operations. Mr. Pervaiz has an 18-year career in the medical technology industry, with over 15 years spent at GE Healthcare in senior financial and operating leadership roles. His previous roles at GE Healthcare included Chief Financial Officer for two business units: the US Imaging Equipment and US Life Support Solutions businesses. He began his finance career in GE's Corporate Audit Staff program.

    Sandeep Chalke, Senior Vice President, Chief Commercial Officer

    Sandeep Chalke serves as Accuray's Senior Vice President, Chief Commercial Officer. In this role, he is responsible for the company's commercial operations.

    Leonel Peralta, Senior Vice President, Chief Operations Officer

    Leonel Peralta is the Senior Vice President, Chief Operations Officer at Accuray.

    Seth Blacksburg M.D., MBA, Senior Vice President, Chief Medical Officer

    Seth Blacksburg holds the position of Senior Vice President, Chief Medical Officer at Accuray.

    AI Analysis | Feedback

    Accuray (ARAY) faces several key business risks, primarily revolving around its financial stability, the impact of global trade policies, and challenges in market acceptance and sales within a competitive landscape. Here are the key risks to the business: 1. **Financial Health and High Indebtedness:** Accuray operates with substantial outstanding indebtedness and faces challenges in maintaining compliance with financial covenants related to its debt. Despite a comprehensive refinancing in mid-2025, the company's leverage remains high compared to the industry standard. The company has also struggled with consistent profitability, reporting a GAAP net loss for fiscal year 2025, and has experienced weakened gross margins, driving its adjusted EBITDA into negative territory. There is also a risk that its capital resources may be insufficient, potentially necessitating further equity or debt financing. 2. **Global Trade Tensions and Tariffs:** The company's global footprint makes it highly susceptible to international trade policies, particularly the ongoing U.S.-China trade tensions and associated tariffs. Enhanced international tariffs have significantly impacted Accuray's product shipments to China, a key market, and the uncertainty surrounding mitigation strategies poses a material near-term headwind to revenue growth and margin stability. 3. **Market Acceptance, Intense Competition, and Declining Orders/Backlog:** Accuray operates in a complex and highly competitive global market for radiosurgery and radiation therapy systems, which influences its ability to achieve widespread market acceptance for its products. The company has experienced notable declines in gross product orders and a consistent erosion of its order backlog over several consecutive quarters. This is exacerbated by factors such as high interest rates, which are reportedly squeezing hospital capital budgets and slowing down new orders for medical equipment.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Accuray (ARAY) operates in the radiation oncology market, with its main products being the CyberKnife System and the TomoTherapy System, which includes the Radixact System. The addressable markets for these products are substantial and projected to grow.

    CyberKnife System

    The global CyberKnife market was estimated at USD 637.4 million in 2024 and is projected to reach USD 1,788.0 million by 2030, demonstrating a compound annual growth rate (CAGR) of 17.6% from 2025 to 2030. North America held the largest share of the global CyberKnife market, accounting for 41.5% of the revenue in 2024. Specifically, the U.S. CyberKnife market generated USD 259.8 million in revenue in 2024 and is expected to grow to USD 699.6 million by 2030, with a CAGR of 16.8% from 2025 to 2030.

    TomoTherapy System (including Radixact System)

    The global market for Helical Tomotherapy Systems, which includes Accuray's TomoTherapy and Radixact Systems, was valued at approximately USD 175 million in 2025. This market is forecast to reach USD 422 million by 2032, exhibiting a CAGR of 13.6% during the period of 2026-2032. Another estimate for the global Helical Tomotherapy market projects it to reach USD 367 million by 2031, growing at a CAGR of 13.3% from 2025 to 2031.

    AI Analysis | Feedback

    Accuray (ARAY) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives:
    1. Geographic Expansion, particularly in China and the broader Asia Pacific region: Accuray is prioritizing fast-growing emerging markets like China, India, and other parts of the Asia Pacific, where linear accelerator density remains below global benchmarks. A significant driver is the company's joint venture in China, which has begun manufacturing and selling systems like the Tomo C, following NMPA approval for its Radixact SynC and CyberKnife S7 Systems in January 2025. This expansion aims to capture multi-year capacity growth through provincial tenders associated with initiatives like "Healthy China 2030."
    2. Product Innovation and Upgrades: The company is focused on enhancing its product portfolio through the launch of new offerings and upgrades to existing platforms. This includes the introduction of new products, such as the Stellar product launched at ASTRO, which emphasizes adaptive radiotherapy and precision care. Accuray also aims to drive higher average selling prices (ASPs) by focusing on upgrades to its Radixact systems, including features like kV imaging, ClearRT, and Synchrony, as well as replacements for its CyberKnife S7 systems. These innovations are geared towards improving treatment accuracy, throughput, and aligning with demand for AI-enabled workflows and hypofractionation.
    3. Expansion of High-Margin Service Revenue: Accuray is committed to increasing its recurring service revenue by diversifying its offerings and expanding its global installed base. The company's strategy includes implementing higher pricing and reducing the cost of service, shifting towards a comprehensive solutions-oriented approach to enhance customer uptime and system performance. This focus on service portfolio expansion is expected to generate a more stable and predictable income stream, with service revenue already showing year-over-year growth.

    AI Analysis | Feedback

    Accuray (ARAY) has made several capital allocation decisions over the last three to five years, primarily focusing on managing its capital structure through share issuances and investments, while also undertaking capital expenditures for its operations.

    Share Repurchases

    • Accuray has not had any significant share repurchases or authorized buyback programs in the last 3-5 years.

    Share Issuance

    • In June 2025, Accuray completed an exchange of approximately $82.0 million in convertible senior notes due 2026 for 8,881,579 shares of common stock, alongside an approximate cash payment of $68.6 million.
    • As of June 30, 2025, approximately 4.82 million shares were available for issuance under the company's 2016 Equity Incentive Plan.
    • In February 2026, Accuray announced plans for a registered offering of up to 7 million shares of its common stock by selling stockholders.
    • In December 2025, Accuray issued unregistered warrants for common shares to induce lenders, with exercise prices ranging from $0.01 to $1.50 per share, expiring in December 2032.

    Inbound Investments

    • In September 2025, Vanguard Group Inc. acquired 106,087 shares of Accuray Inc. at $1.67 per share, increasing its total holdings to 5,476,677 shares, reflecting a strategic interest in the medical devices sector.

    Outbound Investments

    • No significant outbound strategic investments or acquisitions by Accuray have been reported within the last 3-5 years.

    Capital Expenditures

    • Capital expenditures for the second quarter of fiscal year 2026 (ended December 31, 2025) totaled approximately -$1.904 million.
    • Accuray's management notes that hospital capital expenditure globally remains robust, indicating a favorable environment for equipment purchases or leases.

    Better Bets vs. Accuray (ARAY)

    SECTOR: Health Care

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    NUWE (3.1% | 0.0x)
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    Higher Rev Chg LTM (Value for ARAY: -12.3%)

    LLY (49.6%)
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    JNJ (8.1%)
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    UNH (6.5%)
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    MRK (4.6%)
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    Higher Rev Chg 3Y Avg (Value for ARAY: -3.3%)

    LLY (39.4%)
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    UNH (8.9%)
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    JNJ (6.0%)
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    ABBV (4.9%)
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    MRK (4.5%)
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    Higher Op Mgn LTM (Value for ARAY: -3.3%)

    LLY (49.7%)
    Eli Lilly
    ABBV (33.9%)
    AbbVie
    JNJ (26.8%)
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    MRK (10.5%)
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    UNH (4.8%)
    UnitedHealth Group

    Higher CFO/Rev LTM (Value for ARAY: -1.7%)

    LLY (35.3%)
    Eli Lilly
    ABBV (30.3%)
    AbbVie
    MRK (30.0%)
    Merck
    JNJ (28.2%)
    Johnson & Johnson
    UNH (6.0%)
    UnitedHealth Group

    Higher FCF/Rev LTM (Value for ARAY: -4.8%)

    ABBV (28.3%)
    AbbVie
    MRK (24.1%)
    Merck
    JNJ (22.7%)
    Johnson & Johnson
    LLY (17.0%)
    Eli Lilly
    UNH (5.2%)
    UnitedHealth Group

    Higher Total Yield (Value for ARAY: -278.1%)

    UNH (5.9%)
    UnitedHealth Group
    JNJ (5.4%)
    Johnson & Johnson
    ABBV (3.6%)
    AbbVie
    MRK (3.1%)
    Merck
    LLY (2.9%)
    Eli Lilly

    All Other Sectors

    Higher Rev Chg 3Y Avg | Lower P/S (Values for ARAY: -3.3% | 0.0x)

    NOW (22.5% | 0.0x)
    ServiceNow
    SLQT (17.8% | 0.0x)
    SelectQuote
    SPWH (-2.5% | 0.0x)
    Sportsman's Warehouse
    TEAD (9.4% | 0.0x)
    Teads
    CNTY (8.7% | 0.0x)
    Century Casinos

    Higher Rev Chg LTM (Value for ARAY: -12.3%)

    NVDA (83.4%)
    NVIDIA
    GOOGL (20.1%)
    Alphabet
    MSFT (17.8%)
    Microsoft
    AMZN (15.8%)
    Amazon.com
    AAPL (14.2%)
    Apple

    Higher Rev Chg 3Y Avg (Value for ARAY: -3.3%)

    NVDA (116.5%)
    NVIDIA
    MSFT (16.1%)
    Microsoft
    GOOGL (15.5%)
    Alphabet
    AMZN (13.0%)
    Amazon.com
    AAPL (6.9%)
    Apple

    Higher Op Mgn LTM (Value for ARAY: -3.3%)

    NVDA (65.2%)
    NVIDIA
    MSFT (46.8%)
    Microsoft
    AAPL (33.2%)
    Apple
    GOOGL (33.1%)
    Alphabet
    AMZN (12.1%)
    Amazon.com

    Higher CFO/Rev LTM (Value for ARAY: -1.7%)

    MSFT (55.1%)
    Microsoft
    NVDA (44.3%)
    NVIDIA
    GOOGL (41.6%)
    Alphabet
    AAPL (31.4%)
    Apple
    AMZN (20.8%)
    Amazon.com

    Higher FCF/Rev LTM (Value for ARAY: -4.8%)

    NVDA (41.9%)
    NVIDIA
    AAPL (29.3%)
    Apple
    MSFT (20.2%)
    Microsoft
    GOOGL (11.9%)
    Alphabet
    AMZN (-1.5%)
    Amazon.com

    Higher Total Yield (Value for ARAY: -278.1%)

    GOOGL (6.3%)
    Alphabet
    AMZN (4.8%)
    Amazon.com
    MSFT (4.0%)
    Microsoft
    NVDA (3.7%)
    NVIDIA
    AAPL (2.9%)
    Apple

    Best Bets in Health Care

    What You Pay

    P/EBIT (Value for ARAY: -1.2x)

    VEEV (50.3x)
    Veeva Systems
    DOCS (31.6x)
    Doximity
    HALO (24.3x)
    Halozyme Therapeutics
    HRMY (8.7x)
    Harmony Biosciences
    NBIX (17.4x)
    Neurocrine Biosciences
    PBH (8.1x)
    Prestige Consumer Healthcare
    ADMA (11.2x)
    ADMA Biologics
    LGND (25.9x)
    Ligand Pharmaceuticals
    GMED (15.8x)
    Globus Medical
    INCY (11.5x)
    Incyte

    P/E (Value for ARAY: -0.4x)

    VEEV (51.3x)
    Veeva Systems
    DOCS (36.7x)
    Doximity
    HALO (35.4x)
    Halozyme Therapeutics
    HRMY (12.2x)
    Harmony Biosciences
    NBIX (20.2x)
    Neurocrine Biosciences
    PBH (13.2x)
    Prestige Consumer Healthcare
    ADMA (14.9x)
    ADMA Biologics
    LGND (32.0x)
    Ligand Pharmaceuticals
    GMED (19.8x)
    Globus Medical
    INCY (14.1x)
    Incyte
    What You Get

    Rev Chg 3Y Avg (Value for ARAY: -3.3%)

    VEEV (15.7%)
    Veeva Systems
    DOCS (14.5%)
    Doximity
    HALO (29.7%)
    Halozyme Therapeutics
    HRMY (24.5%)
    Harmony Biosciences
    NBIX (26.5%)
    Neurocrine Biosciences
    PBH (-0.7%)
    Prestige Consumer Healthcare
    ADMA (36.8%)
    ADMA Biologics
    LGND (23.2%)
    Ligand Pharmaceuticals
    GMED (47.0%)
    Globus Medical
    INCY (18.5%)
    Incyte

    Rev Chg LTM (Value for ARAY: -12.3%)

    VEEV (16.5%)
    Veeva Systems
    DOCS (11.2%)
    Doximity
    HALO (41.2%)
    Halozyme Therapeutics
    HRMY (24.3%)
    Harmony Biosciences
    NBIX (34.4%)
    Neurocrine Biosciences
    PBH (-1.4%)
    Prestige Consumer Healthcare
    ADMA (8.0%)
    ADMA Biologics
    LGND (54.9%)
    Ligand Pharmaceuticals
    GMED (19.7%)
    Globus Medical
    INCY (26.9%)
    Incyte

    Rev Chg Q (Value for ARAY: -20.9%)

    VEEV (17.6%)
    Veeva Systems
    DOCS (7.3%)
    Doximity
    HALO (47.7%)
    Halozyme Therapeutics
    HRMY (30.3%)
    Harmony Biosciences
    NBIX (39.5%)
    Neurocrine Biosciences
    PBH (6.5%)
    Prestige Consumer Healthcare
    ADMA (2.0%)
    ADMA Biologics
    LGND (33.7%)
    Ligand Pharmaceuticals
    GMED (5.9%)
    Globus Medical
    INCY (37.7%)
    Incyte

    FCF/Rev 3Y Avg (Value for ARAY: -3.2%)

    VEEV (44.1%)
    Veeva Systems
    DOCS (42.3%)
    Doximity
    HALO (41.3%)
    Halozyme Therapeutics
    HRMY (34.3%)
    Harmony Biosciences
    NBIX (23.4%)
    Neurocrine Biosciences
    PBH (22.4%)
    Prestige Consumer Healthcare
    ADMA (18.8%)
    ADMA Biologics
    LGND (18.5%)
    Ligand Pharmaceuticals
    GMED (17.0%)
    Globus Medical
    INCY (16.5%)
    Incyte
    [1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
    [2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

    Peer Outperformance in Life Sciences Tools & Services

    ARAY has trailed 83% of its 108 Life Sciences Tools & Services peers over 5Y. Among the peers that beat it are CRL, ILMN and BIO. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Life Sciences Tools & Services constituents that ARAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    7%
    of 125 industry peers · -91.5% return
    3Y
    12%
    of 115 industry peers · -95.0% return
    5Y
    17%
    of 108 industry peers · -96.6% return
    Life Sciences Tools & Services peers with revenue growth within 4pp of ARAY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    ARAY Accuray -3.3% -0.4x -91.5%-95.0%-96.6% —
    CRL Charles River Laboratories International -1.4% -69.5x 83.2%86.0%-17.3% +79pp
    ILMN Illumina 0.3% 51.8x 185.8%143.3%-29.3% +67pp
    BIO Bio-Rad Laboratories -2.1% 43.4x 8.8%16.0%-52.6% +44pp
    AVTR Avantor -2.9% -20.2x 10.6%-16.0%-55.5% +41pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is ARAY's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 16.9%54.7%100.0% CAH 481% · MCK 402% · COR 192%
    Health Care Services 20 15.9%40.3%9.3% HIMS 245% · RDNT 125% · DGX 81%
    Health Care Facilities 24 7.1%15.7%4.4% THC 282% · NHC 281% · ENSG 138%
    Managed Health Care 8 36.1%-0.9%2.5% OSCR 99% · HQY 49% · ELV 9%
    Health Care Equipment 50 -5.8%3.4%-12.7% UFPT 364% · GKOS 286% · TMDX 157%
    Pharmaceuticals 61 -11.9%1.9%-34.2% LQDA 945% · KNSA 627% · CORT 518%
    Health Care Supplies 11 15.5%-6.5%-40.2% LNTH 334% · HAE 63% · MMSI 29%
    Life Sciences Tools & Services ← 109 -11.9%-9.2%-66.5% NTRA 268% · MEDP 256% · IRTC 61%
    Biotechnology 364 -24.5%-24.7%-80.9% DNTH 1113% · ELVN 1062% · ADMA 810%
    Health Care Technology 22 -28.0%-64.5%-82.8% VEEV -1% · DOCS -51%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Accuray Earnings Notes12/16/2025
    2Would You Still Hold Accuray Stock If It Fell Another 30%?10/17/2025
    3Day 5 of Loss Streak for Accuray Stock with -27% Return (vs. -44% YTD) [11/18/2024]11/18/2024
    4Accuray vs. S&P500 Correlation10/03/2024
    5Accuray Price Volatility09/24/2024
    6Better Bet Than ARAY Stock: Pay Less Than Accuray To Get More From S&P 500 Stocks TJX, MAR, NXPI, PXD 11/07/2023
    7Better Bet Than ARAY Stock: Pay Less Than Accuray To Get More From Stocks VRNT, WSC, BYD, HOG, AVT 11/06/2023
    8Better Bet Than ARAY Stock: Pay Less Than Accuray To Get More From S&P 500 Stocks TJX, NXPI, MAR, PXD 10/04/2023
    9Better Bet Than ARAY Stock: Pay Less Than Accuray To Get More From Stocks VRNT, WSC, HOG, BYD, AVT 10/04/2023
    10Better Bet Than ARAY Stock: Pay Less Than Accuray To Get More From Industry Peer MMSI 08/09/2023
    Title
    0ARTICLES

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    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    FMCFMC0.6-37.8%-63.0%
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    MYPSPLAYSTUDIOS0.5683.1%453.7%
    KODKodiak Sciences5.5159.5%213.7%
    BRZEBraze5.179.0%33.2%
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    PCRXPacira BioSciences1.447.1%40.4%
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    HPKHighPeak Energy1.444.5%137.6%
    DXCDXC Technology2.540.9%5.1%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva8.5-84.2%-80.9%
    GLASGlass House Brands0.2-70.9%-73.7%
    EMATEvolution Metals & Technologies0.9-61.8%-93.3%
    EOSEEos Energy Enterprises0.6-58.6%-85.3%
    SHAZSharonAI0.5-55.7%-69.7%
    NUAINew Era Energy & Digital0.3-52.4%13.3%
    CIFRCipher Digital3.7-52.2%-38.1%
    FMCFMC0.6-52.0%-63.0%
    XNDUXanadu Quantum Technologies0.9-50.9%-75.3%
    BRUNBoost Run0.5-50.8%-59.9%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    ARAYCATXISRGSYKMDTBSXMedian
    NameAccuray Perspect.Intuitiv.Stryker MedtronicBoston S. 
    Mkt Price0.142.29426.90299.6093.1244.8068.96
    Mkt Cap0.00.3151.2114.9119.265.990.4
    Rev LTM402011,03425,83737,54120,99616,015
    Op Inc LTM-13-1253,4515,6157,1474,4093,930
    FCF LTM-19-1213,2234,7026,1321,8062,514
    FCF 3Y Avg-13-871,8793,8435,5272,2242,051
    CFO LTM-7-933,7065,5258,0354,5294,118
    CFO 3Y Avg-5-572,7324,5697,3603,8153,274

    Growth & Margins

    ARAYCATXISRGSYKMDTBSXMedian
    NameAccuray Perspect.Intuitiv.Stryker MedtronicBoston S. 
    Rev Chg LTM-12.3%-20.7%8.5%9.8%13.5%9.8%
    Rev Chg 3Y Avg-3.3%-18.4%9.9%6.0%16.2%9.9%
    Rev Chg Q-20.9%-18.5%9.4%13.7%7.5%9.4%
    QoQ Delta Rev Chg LTM-6.2%-4.3%2.2%3.2%1.8%2.2%
    Op Inc Chg LTM-266.9%-46.6%31.0%20.4%7.5%30.1%14.0%
    Op Inc Chg 3Y Avg369.9%-70.2%28.8%16.4%6.3%25.7%21.0%
    Op Mgn LTM-3.3%-31.3%21.7%19.0%21.0%21.0%
    Op Mgn 3Y Avg-0.5%-28.6%20.4%18.5%19.1%19.1%
    QoQ Delta Op Mgn LTM0.3%-0.8%1.5%0.3%1.1%0.8%
    CFO/Rev LTM-1.7%-33.6%21.4%21.4%21.6%21.4%
    CFO/Rev 3Y Avg-1.3%-28.8%19.1%21.2%20.7%20.7%
    FCF/Rev LTM-4.8%-29.2%18.2%16.3%8.6%16.3%
    FCF/Rev 3Y Avg-3.2%-18.9%16.1%15.9%12.3%15.9%

    Valuation

    ARAYCATXISRGSYKMDTBSXMedian
    NameAccuray Perspect.Intuitiv.Stryker MedtronicBoston S. 
    Mkt Cap0.00.3151.2114.9119.265.990.4
    P/S0.0-13.74.43.23.13.2
    P/Op Inc-1.4-2.243.820.516.714.915.8
    P/EBIT-1.2-2.443.819.916.315.615.9
    P/E-0.4-2.448.230.822.817.920.4
    P/CFO-2.5-3.040.820.814.814.514.7
    Total Yield-278.1%-42.0%2.1%4.4%7.5%5.6%3.2%
    Dividend Yield0.0%0.0%0.0%1.2%3.1%0.0%0.0%
    FCF Yield 3Y Avg-22.8%-28.1%1.2%2.9%5.3%2.1%1.7%
    D/E10.40.00.00.10.20.20.2
    Net D/E8.1-0.8-0.00.10.20.20.1

    Returns

    ARAYCATXISRGSYKMDTBSXMedian
    NameAccuray Perspect.Intuitiv.Stryker MedtronicBoston S. 
    1M Rtn-43.0%-22.9%6.3%9.6%2.3%2.5%2.4%
    3M Rtn-43.4%-22.9%25.3%-2.8%14.6%4.3%0.7%
    6M Rtn-70.7%-51.4%-11.7%-8.5%13.8%-30.9%-21.3%
    12M Rtn-91.5%-26.4%-7.7%-20.2%0.4%-55.2%-23.3%
    3Y Rtn-95.0%-22.8%59.9%16.2%41.3%-10.5%2.8%
    1M Excs Rtn-39.2%-21.3%7.5%10.6%4.8%1.1%2.9%
    3M Excs Rtn-46.0%-25.7%25.2%-9.2%11.1%-0.6%-4.9%
    6M Excs Rtn-78.0%-58.7%-19.0%-15.9%6.5%-38.3%-28.7%
    12M Excs Rtn-105.6%-41.9%-20.6%-34.4%-13.4%-69.2%-38.1%
    3Y Excs Rtn-170.3%-90.9%-19.2%-58.8%-32.0%-86.2%-72.5%

    Financials

    $ Mil | FY: 6/302026Q42026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q1
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/27/20265/6/20262/17/202611/5/20258/28/20255/2/20252/5/202511/6/20249/19/20245/8/20242/7/202411/7/2023
    Key Financials Quarterly            
    Total Revenue10110510294128113116102134101107104
    Ebitda9-1-3-1184818-1-43
    Operating Income6-3-5-11415-27-5-42
    Net Income-2-12-14-221-13-43-6-10-3
    EPS-0.02-0.09-0.11-0.180.01-0.010.03-0.040.03-0.06-0.10-0.03
    Key Financials TTM            
    Total Revenue TTM402429437451459465453444447431447455
    Ebitda TTM-6-8-3820211646-0613
    Operating Income TTM-13-15-12-18105-41-707
    Net Income TTM-49-46-36-19-21-4-17-16-21-15-7
    Growth Rates Quarterly            
    Total Revenue Growth-20.9%-7.4%-12.0%-7.5%-5.0%12.0%8.3%-2.3%13.5%-14.3%-6.6%7.7%
    EBITDA Growth16.7%-122.4%-143.6%-1153.1%-4.4%356.5%278.4%-65.2%289.1%-128.6%-243.9%287.8%
    Operating Income Growth48.1%-343.4%-216.7%-426.4%-37.9%123.0%218.7%-197.1%1591.7%-297.0%-246.5%201.4%
    Net Income Growth-272.8%-810.2%-642.8%-448.3%-66.8%79.5%126.4%-33.2%232.5%-1158.8%-413.4%45.5%
    Margins Quarterly            
    EBITDA Margin9.1%-0.8%-3.3%-12.2%6.2%3.2%6.6%1.1%6.2%-1.4%-4.0%3.0%
    Operating Income Margin6.2%-2.4%-5.4%-12.0%3.3%0.9%4.1%-2.1%5.1%-4.5%-3.7%2.1%
    Net Income Margin-1.9%-11.3%-13.5%-23.1%0.9%-1.1%2.2%-3.9%2.5%-6.3%-9.0%-2.9%
    Cash & Debt            
    Total Cash413841635778635969607377
    Total Debt184182174179176214213209211207202205
    Net Debt / (Cash)143144133116119137151150142147129128
    Cash Flows Quarterly            
    FCF from Operations2-6-1612-10182-710-8-5-9
    Cash Flows TTM            
    FCF from Operations TTM-7-19522322-4-11-12-13207
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC3.3%-1.4%-3.0%-6.3%1.3%0.6%2.1%-1.2%3.4%-2.6%-2.3%1.3%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-1.7%-2.0%-1.6%-0.2%1.1%0.3%0.7%-0.5%0.1%-1.0%0.0%1.0%

    Segment Financials

    Revenue by Segment
    $ Mil20262025202420232022
    Services229221212214215
    Products173238234233215
    Total402459447448430


    Price Behavior

    Price Behavior
    Market Price$0.14 
    Market Cap ($ Bil)0.0 
    First Trading Date02/08/2007 
    Distance from 52W High-91.5% 
       50 Days200 Days
    DMA Price$0.25$0.39
    DMA Trenddowndown
    Distance from DMA-44.5%-65.3%
     3M1YR
    Volatility128.6%113.3%
    Downside Capture374.37492.14
    Upside Capture67.35134.12
    Correlation (S&P 500)24.2%28.8%
    ARAY Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta-0.190.952.262.562.431.85
    Up Beta3.367.288.893.873.641.69
    Down Beta-19.61-11.43-3.22-0.610.451.42
    Up Capture180%51%145%284%191%364%
    Bmk +ve Days6162766132424
    Stock +ve Days8162555102318
    Down Capture170%58%126%282%187%113%
    Bmk -ve Days16263760120328
    Stock -ve Days14263971143384

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ARAY
    ARAY-92.0%113.3%-1.68-
    Sector ETF (XLV)25.3%16.2%1.191.9%
    Equity (SPY)16.2%12.7%0.9028.6%
    Gold (GLD)-6.0%29.0%-0.223.2%
    Commodities (DBC)50.2%20.7%1.85-5.5%
    Real Estate (VNQ)3.1%13.8%-0.038.6%
    Bitcoin (BTCUSD)-25.3%43.4%-0.5514.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ARAY
    ARAY-48.5%79.0%-0.50-
    Sector ETF (XLV)9.0%15.3%0.3921.0%
    Equity (SPY)13.6%17.1%0.6134.4%
    Gold (GLD)17.7%18.9%0.764.9%
    Commodities (DBC)9.5%19.5%0.371.8%
    Real Estate (VNQ)1.1%18.9%-0.0525.5%
    Bitcoin (BTCUSD)7.6%51.7%0.3315.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ARAY
    ARAY-30.8%69.9%-0.23-
    Sector ETF (XLV)11.6%16.7%0.5723.4%
    Equity (SPY)15.5%17.9%0.7333.2%
    Gold (GLD)12.2%16.4%0.613.4%
    Commodities (DBC)8.2%18.1%0.378.6%
    Real Estate (VNQ)5.2%20.7%0.2125.2%
    Bitcoin (BTCUSD)62.6%66.2%1.0213.8%

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    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity7.4 Mil
    Short Interest: % Change Since 915202649.6%
    Average Daily Volume35.2 Mil
    Days-to-Cover Short Interest1
    Basic Shares Quantity126.4 Mil
    Short % of Basic Shares5.8%

    Returns Analyses

    Earnings Returns History

    Updated 10/13/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/19/2026-0.8%-10.3%-20.8%
    5/6/2026-38.6%-36.7%-28.3%
    2/4/2026-20.7%-32.3%-35.2%
    11/5/2025-15.9%-18.6%-31.8%
    8/13/2025-2.0%1.3%5.4%
    4/30/2025-12.9%-12.3%-1.3%
    2/5/20258.0%-10.4%-25.3%
    11/6/20243.0%-10.8%-1.0%
    ...
    SUMMARY STATS   
    # Positive1098
    # Negative141516
    Median Positive7.3%13.6%16.0%
    Median Negative-10.2%-12.3%-19.2%
    Max Positive51.7%74.1%59.9%
    Max Negative-38.6%-36.7%-35.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/19/2026-0.8%-10.3%-20.8%
    5/6/2026-38.6%-36.7%-28.3%
    2/4/2026-20.7%-32.3%-35.2%
    11/5/2025-15.9%-18.6%-31.8%
    8/13/2025-2.0%1.3%5.4%
    4/30/2025-12.9%-12.3%-1.3%
    2/5/20258.0%-10.4%-25.3%
    11/6/20243.0%-10.8%-1.0%
    8/14/202451.7%74.1%53.1%
    5/1/2024-29.0%-23.0%-18.4%
    1/31/2024-1.2%-4.6%0.8%
    11/7/2023-2.6%-1.8%-2.9%
    8/9/2023-12.5%-19.2%-26.9%
    4/26/202317.4%31.5%32.6%
    2/1/202317.6%27.3%22.9%
    11/2/20225.2%7.3%6.2%
    8/10/202221.1%33.9%9.2%
    4/27/2022-6.3%-15.2%-31.1%
    1/26/2022-15.2%-9.1%-12.5%
    11/3/20216.5%5.6%-12.0%
    8/11/2021-2.3%-11.1%-7.8%
    4/27/2021-7.9%-14.8%-19.9%
    1/27/20213.3%2.0%-4.0%
    10/29/20204.3%13.6%59.9%
    SUMMARY STATS   
    # Positive1098
    # Negative141516
    Median Positive7.3%13.6%16.0%
    Median Negative-10.2%-12.3%-19.2%
    Max Positive51.7%74.1%59.9%
    Max Negative-38.6%-36.7%-35.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/27/202610-K
    03/31/202605/06/202610-Q
    12/31/202502/17/202610-Q
    09/30/202511/05/202510-Q
    06/30/202508/28/202510-K
    03/31/202505/02/202510-Q
    12/31/202402/05/202510-Q
    09/30/202411/06/202410-Q
    06/30/202409/19/202410-K
    03/31/202405/08/202410-Q
    12/31/202302/07/202410-Q
    09/30/202311/07/202310-Q
    06/30/202309/07/202310-K
    03/31/202305/08/202310-Q
    12/31/202202/02/202310-Q
    09/30/202211/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/27/202610-K
    03/31/202605/06/202610-Q
    12/31/202502/17/202610-Q
    09/30/202511/05/202510-Q
    06/30/202508/28/202510-K
    03/31/202505/02/202510-Q
    12/31/202402/05/202510-Q
    09/30/202411/06/202410-Q
    06/30/202409/19/202410-K
    03/31/202405/08/202410-Q
    12/31/202302/07/202410-Q
    09/30/202311/07/202310-Q
    06/30/202309/07/202310-K
    03/31/202305/08/202310-Q
    12/31/202202/02/202310-Q
    09/30/202211/03/202210-Q
    06/30/202208/17/202210-K
    03/31/202204/29/202210-Q
    12/31/202101/28/202210-Q
    09/30/202111/04/202110-Q
    06/30/202108/17/202110-K
    03/31/202104/30/202110-Q
    12/31/202002/01/202110-Q
    09/30/202011/04/202010-Q
    06/30/202008/25/202010-K
    03/31/202005/08/202010-Q
    12/31/201902/04/202010-Q
    09/30/201911/06/201910-Q

    Insider Activity

    Updated 9/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Mayer, Steven FDirectBuy22320260.5654,87530,878869,720Form
    2Mayer, Steven FDirectBuy22020260.5369,00036,598790,691Form
    3Mayer, Steven FDirectBuy22020260.53126,12567,199757,506Form
    4La, Neve Stephen RCEODirectBuy111920250.9720,00019,41019,410Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Mayer, Steven FDirectBuy22320260.5654,87530,878869,720Form
    2Mayer, Steven FDirectBuy22020260.5369,00036,598790,691Form
    3Mayer, Steven FDirectBuy22020260.53126,12567,199757,506Form
    4La, Neve Stephen RCEODirectBuy111920250.9720,00019,41019,410Form

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    Core Cache Last Updated: 10/21/2026