RAY-B Stock Analysis: RaySearch Laboratories | ST
Health Information Services | ST, Sweden | Market Cap: 7.771m SEK | 12M Return: -37% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 24.5M
EPS Trend: 91.7%
Rev. Trend: 97.4%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
RaySearch Laboratories AB (publ) is a Swedish medical technology company headquartered in Stockholm that develops software solutions for cancer treatment worldwide. Founded in 2000, its flagship product, RayStation, is a treatment planning system used by cancer centers, complemented by RayCare (oncology information system), RayIntelligence (cloud-based oncology analytics), and RayCommand (treatment control system). The company also offers specialized tools including µ-RayStation for small animal irradiation research, RayPlan, DrugLog for verifying compounded injectables, RayMigrate for patient data conversion, machine learning capabilities, and liver ablation solutions.
The company operates within the Health Care Technology sub-industry, supplying mission-critical software to radiation oncology clinics rather than hardware or pharmaceuticals. Its subscription-and-licensing business model targets hospitals and cancer centers globally, giving it exposure to the growing demand for data-driven, precision radiotherapy as cancer incidence rises worldwide.
- RayStation and RayCare license sales drive recurring software revenue
- FDA clearances accelerate RayCommand and RayCare US commercialization
- Competition from Varian and Elekta pressures oncology software market share
| Net Income: 224.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA -0.49 > 1.0 |
| NWC/Revenue: 34.25% < 20% (prev 27.06%; Δ 7.18% < -1%) |
| CFO/TA 0.17 > 3% & CFO 349.1m > Net Income 224.2m |
| Net Debt (-62.0m) to EBITDA (425.1m): -0.15 < 3 |
| Current Ratio: 1.79 > 1.5 & < 3 |
| Outstanding Shares: last quarter (34.3m) vs 12m ago -0.00% < -2% |
| Gross Margin: 81.36% > 18% (prev 91.88%; Δ -10.52% > 0.5%) |
| Asset Turnover: 63.77% > 50% (prev 61.52%; Δ 2.25% > 0%) |
| Interest Coverage Ratio: 23.30 > 6 (EBIT TTM 181.8m / Interest Expense TTM 7.80m) |
| A: 0.22 (Total Current Assets 1.01b - Total Current Liabilities 563.2m) / Total Assets 2.03b |
| B: 0.48 (Retained Earnings 982.0m / Total Assets 2.03b) |
| C: 0.09 (EBIT TTM 181.8m / Avg Total Assets 2.04b) |
| D: 1.06 (Book Value of Equity 1.04b / Total Liabilities 984.8m) |
| Altman-Z'' = 4.73 = AA |
| DSRI: 1.07 (Receivables 521.1m/472.4m, Revenue 1.30b/1.27b) |
| GMI: 1.13 (GM 91.88% / 81.36%) |
| AQI: 1.05 (AQ_t 0.29 / AQ_t-1 0.28) |
| SGI: 1.03 (Revenue 1.30b / 1.27b) |
| TATA: -0.06 (NI 224.2m - CFO 349.1m) / TA 2.03b) |
| Beneish M = -2.81 (Cap -4..+1) = A |
As of July 17, 2026, the stock is trading at SEK 223.20 with a total of 172,919 shares traded. Over the past week, the price has changed by -2.02%, over one month by +3.81%, over three months by +3.70% and over the past year by -36.95%.
Current recommended Stop Loss: 207.30 (which is 7.1% or 1.9 ATR below the current price).
RaySearch Laboratories has no consensus analysts rating.
P/E Trailing = 35.0459
P/E Forward = 31.1526
P/S = 5.9617
P/B = 7.5563
P/EG = 25.6489
Revenue TTM = 1.30b SEK
EBIT TTM = 181.8m SEK
EBITDA TTM = 425.1m SEK
Long Term Debt = 317.3m SEK (from longTermDebtTotal, last fiscal year)
Short Term Debt = 78.5m SEK (from shortTermDebt, last quarter)
Debt = 377.3m SEK (from shortLongTermDebtTotal, last quarter) (leases 377.3m already included)
Net Debt = -62.0m SEK (calculated: Debt 377.3m - CCE 439.3m)
Enterprise Value = 7.71b SEK (7.77b + Debt 377.3m - CCE 439.3m)
Interest Coverage Ratio = 23.30 (Ebit TTM 181.8m / Interest Expense TTM 7.80m)
EV/FCF = 33.18x (Enterprise Value 7.71b / FCF TTM 232.3m)
FCF Yield = 3.01% (FCF TTM 232.3m / Enterprise Value 7.71b)
FCF Margin = 17.83% (FCF TTM 232.3m / Revenue TTM 1.30b)
Net Margin = 17.21% (Net Income TTM 224.2m / Revenue TTM 1.30b)
Gross Margin = 81.36% ((Revenue TTM 1.30b - Cost of Revenue TTM 242.9m) / Revenue TTM)
Gross Margin QoQ = 68.14% (prev 70.51%)
Tobins Q-Ratio = 3.80 (Enterprise Value 7.71b / Total Assets 2.03b)
Interest Expense / Debt = 2.07% (Interest Expense 7.80m / Debt 377.3m)
Taxrate = 21.25% (60.5m / 284.8m)
NOPAT = 143.1m (EBIT 181.8m * (1 - 21.25%))
Current Ratio = 1.79 (Total Current Assets 1.01b / Total Current Liabilities 563.2m)
Debt / Equity = 0.36 (Debt 377.3m / totalStockholderEquity, last quarter 1.04b)
Debt / EBITDA = -0.15 (Net Debt -62.0m / EBITDA 425.1m)
Debt / FCF = -0.27 (Net Debt -62.0m / FCF TTM 232.3m)
Total Stockholder Equity = 949.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 10.97% (Net Income 224.2m / Total Assets 2.03b)
RoE = 23.62% (Net Income TTM 224.2m / Total Stockholder Equity 949.1m)
RoCE = 14.35% (EBIT 181.8m / Capital Employed (Equity 949.1m + L.T.Debt 317.3m))
RoIC = 9.69% (NOPAT 143.1m / Invested Capital 1.48b)
WACC = 9.33% (E(7.77b)/V(8.15b) * Re(9.70%) + D(377.3m)/V(8.15b) * Rd(2.07%) * (1-Tc(0.21)))
Discount Rate = 9.70% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -18.62 | Cagr: 0.0%
[DCF] Terminal Value 71.22% ; FCFF base≈237.8m ; Y1≈227.6m ; Y5≈219.2m
[DCF] Fair Price = 99.29 (EV 2.96b - Net Debt -62.0m = Equity 3.02b / Shares 30.4m; r=9.33% [WACC]; 5y FCF grow -5.58% → 2.50% )
EPS Correlation: 91.68 | EPS CAGR: 72.29% | SUE: N/A | # QB: 0
Revenue Correlation: 97.44 | Revenue CAGR: 13.74% | SUE: -0.36 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.92 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS next Quarter (2026-09-30): EPS=1.95 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=8.27 | Chg30d=+9.68% | Revisions=+25% | GrowthEPS=+24.4% | GrowthRev=+5.8%
EPS next Year (2027-12-31): EPS=10.14 | Chg30d=+5.74% | Revisions=+25% | GrowthEPS=+22.6% | GrowthRev=+13.8%