RAY-B Stock Analysis: RaySearch Laboratories | ST
Health Information Services | ST, Sweden | Market Cap: 5.767m SEK | 12M Return: -15.6% | SE0000135485 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 25.3M
EPS Trend: 86.5%
Qual. Beats: 0
Rev. Trend: 93.2%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 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 Stockholm-based medical technology company founded in 2000 that develops software solutions for cancer treatment, serving cancer centers and clinics worldwide. Its product portfolio centers on radiation therapy and oncology informatics, including the RayStation treatment planning system, the RayCare oncology information system, the RayIntelligence cloud-based analytics platform, and the RayCommand treatment control system that links planning, information, and delivery systems.
The company also offers specialized tools such as µ-RayStation for small animal irradiation research, RayPlan for treatment planning, DrugLog for verification of compounded injectable drugs, and RayMigrate for converting patient data from competing systems (e.g., Pinnacle) into RayStation or DICOM formats. Additional offerings include machine learning applications and liver ablation solutions.
RaySearch operates in the health care technology segment, specifically within radiation oncology software, an industry where vendors typically supply mission-critical planning and workflow tools to hospitals and cancer centers, often with regulatory clearances (such as FDA and CE marking) and recurring service and license revenue streams. The companys revenue model is anchored in software licenses, maintenance agreements, and hardware-related sales tied to treatment machine integrations, with exposure to capital spending cycles at cancer treatment facilities globally.
- RayStation licensing deals drive recurring revenue from cancer centers
- RayCare oncology platform adoption accelerates installed base growth
- Competition from Varian and Elekta pressures treatment planning market share
| Net Income: 213.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.19 > 0.02 and ΔFCF/TA 10.37 > 1.0 |
| NWC/Revenue: 14.14% < 20% (prev 21.52%; Δ -7.38% < -1%) |
| CFO/TA 0.23 > 3% & CFO 411.8m > Net Income 213.0m |
| Net Debt (146.1m) to EBITDA (480.3m): 0.30 < 3 |
| Current Ratio: 1.29 > 1.5 & < 3 |
| Outstanding Shares: last quarter (34.2m) vs 12m ago 0.14% < -2% |
| Gross Margin: 76.22% > 18% (prev 91.46%; Δ -15.24% > 0.5%) |
| Asset Turnover: 66.76% > 50% (prev 62.97%; Δ 3.79% > 0%) |
| Interest Coverage Ratio: 24.91 > 6 (EBIT TTM 194.3m / Interest Expense TTM 7.80m) |
| A: 0.10 (Total Current Assets 802.3m - Total Current Liabilities 622.7m) / Total Assets 1.82b |
| B: 0.54 (Retained Earnings 982.0m / Total Assets 1.82b) |
| C: 0.10 (EBIT TTM 194.3m / Avg Total Assets 1.90b) |
| D: 0.77 (Book Value of Equity 788.4m / Total Liabilities 1.03b) |
| Altman-Z'' = 3.90 = AA |
| DSRI: 1.09 (Receivables 549.5m/498.2m, Revenue 1.27b/1.25b) |
| GMI: 1.20 (GM 91.46% / 76.22%) |
| AQI: 1.15 (AQ_t 0.33 / AQ_t-1 0.29) |
| SGI: 1.01 (Revenue 1.27b / 1.25b) |
| TATA: -0.11 (NI 213.0m - CFO 411.8m) / TA 1.82b) |
| Beneish M = -2.69 (Cap -4..+1) = A |
As of October 16, 2026, the stock is trading at SEK 194.30 with a total of 73,204 shares traded. Over the past week, the price has changed by +4.86%, over one month by +11.80%, over three months by -12.95% and over the past year by -15.57%.
Current recommended Stop Loss: 186.80 (which is 3.9% or 1.2 ATR below the current price).
RaySearch Laboratories has no consensus analysts rating.
P/E Trailing = 31.4634
P/E Forward = 31.1526
P/S = 4.5414
P/B = 6.5286
P/EG = 25.6489
Revenue TTM = 1.27b SEK
EBIT TTM = 194.3m SEK
EBITDA TTM = 480.3m SEK
Long Term Debt = 317.3m SEK (from longTermDebtTotal, last fiscal year)
Short Term Debt = 78.9m SEK (from shortTermDebt, last quarter)
Debt = 359.2m SEK (from shortLongTermDebtTotal, last quarter) (leases 359.2m already included)
Net Debt = 146.1m SEK (calculated: Debt 359.2m - CCE 213.1m)
Enterprise Value = 5.91b SEK (5.77b + Debt 359.2m - CCE 213.1m)
Interest Coverage Ratio = 24.91 (Ebit TTM 194.3m / Interest Expense TTM 7.80m)
EV/FCF = 17.34x (Enterprise Value 5.91b / FCF TTM 341.1m)
FCF Yield = 5.77% (FCF TTM 341.1m / Enterprise Value 5.91b)
FCF Margin = 26.85% (FCF TTM 341.1m / Revenue TTM 1.27b)
Net Margin = 16.77% (Net Income TTM 213.0m / Revenue TTM 1.27b)
Gross Margin = 76.22% ((Revenue TTM 1.27b - Cost of Revenue TTM 302.1m) / Revenue TTM)
Gross Margin QoQ = 68.01% (prev 68.14%)
Tobins Q-Ratio = 3.25 (Enterprise Value 5.91b / Total Assets 1.82b)
Interest Expense / Debt = 2.17% (Interest Expense 7.80m / Debt 359.2m)
Taxrate = 21.48% (58.3m / 271.4m)
NOPAT = 152.6m (EBIT 194.3m * (1 - 21.48%))
Current Ratio = 1.29 (Total Current Assets 802.3m / Total Current Liabilities 622.7m)
Debt / Equity = 0.46 (Debt 359.2m / totalStockholderEquity, last quarter 788.4m)
Debt / EBITDA = 0.30 (Net Debt 146.1m / EBITDA 480.3m)
Debt / FCF = 0.43 (Net Debt 146.1m / FCF TTM 341.1m)
Total Stockholder Equity = 933.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 11.19% (Net Income 213.0m / Total Assets 1.82b)
RoE = 22.81% (Net Income TTM 213.0m / Total Stockholder Equity 933.9m)
RoCE = 15.53% (EBIT 194.3m / Capital Employed (Equity 933.9m + L.T.Debt 317.3m))
RoIC = 12.61% (NOPAT 152.6m / Invested Capital 1.21b)
WACC = 9.01% (E(5.77b)/V(6.13b) * Re(9.47%) + D(359.2m)/V(6.13b) * Rd(2.17%) * (1-Tc(0.21)))
Discount Rate = 9.47% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -35.13 | Cagr: -0.07%
[DCF] Terminal Value 75.85% ; FCFF base≈271.6m ; Y1≈311.3m ; Y5≈458.2m
[DCF] Fair Price = 202.2 (EV 6.17b - Net Debt 146.1m = Equity 6.03b / Shares 29.8m; r=9.01% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 86.53 | EPS CAGR: 52.71% | SUE: -0.08 | # QB: 0
Revenue Correlation: 93.22 | Revenue CAGR: 11.27% | SUE: 0.01 | # QB: 0
EPS current Quarter (2026-09-30): EPS=2.51 | Chg30d=-14.33% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=6.55 | Chg30d=-5.35% | Revisions=-25% | GrowthEPS=-1.5% | GrowthRev=+2.8%
EPS next Year (2027-12-31): EPS=8.20 | Chg30d=-5.53% | Revisions=-25% | GrowthEPS=+25.2% | GrowthRev=+16.8%