Accuray Incorporated
ARAY Healthcare Medical Devices
Accuray Incorporated’s revenue for fiscal 2026 (year ended June 2026) was $401.9 million, down 12.3% from fiscal 2025. In the quarter to June 2026, revenue fell 20.9%, EPS fell 300.0%, free cash flow grew 117.8% and total debt rose 18.2%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Accuray Incorporated (ARAY) Altman Z-score
Accuray Incorporated's Altman Z-score for fiscal 2026 is −0.78, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −0.78 | (0.80) |
| FY2025 | 0.02 | 0.03 |
| FY2024 | −0.01 | (0.36) |
| FY2023 | 0.35 | 0.22 |
| FY2022 | 0.13 | (0.44) |
| FY2021 | 0.56 | 0.39 |
| FY2020 | 0.18 | (0.17) |
| FY2019 | 0.35 | 0.07 |
| FY2018 | 0.28 | 0.24 |
| FY2017 | 0.04 | (0.52) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | (1.28) | — | −1.79 | |
| EBIT / total assets | (0.06) | — | −0.20 | |
| Market value of equity / total liabilities | 0.08 | — | 0.05 | |
| Sales / total assets | 0.91 | — | 0.91 | |
| Altman Z-score | Distress zone | −0.78 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.04 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ARAY Accuray Incorporated | −0.8× |
| NSPR InspireMD, Inc. compare | −2.6× |
| PMI Flag Ship Acquisition Corp compare | −4.4× |
| PAVM PAVmed Inc. compare | −11.4× |
| LFWD Lifeward Ltd. compare | −18.8× |
| HSCS HeartSciences Inc. compare | −27.9× |
| ALUR Allurion Technologies, Inc. compare | −29.6× |
| MODD Modular Medical, Inc. compare | — |
| BDMD Baird Medical Investment Holdings Limited compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets