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) Beneish M-score
Accuray Incorporated's Beneish M-score for fiscal 2026 is −3.08; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.08 | (0.54) |
| FY2025 | −2.55 | (0.29) |
| FY2024 | −2.25 | 0.48 |
| FY2023 | −2.74 | (0.34) |
| FY2022 | −2.39 | 0.58 |
| FY2021 | −2.98 | (0.56) |
| FY2020 | −2.42 | (0.67) |
| FY2019 | −1.75 | 1.30 |
| FY2018 | −3.04 | (0.56) |
| FY2017 | −2.49 | 0.82 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.85 | |
| Gross margin index | 1.16 | — | 0.61 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 0.88 | — | 0.78 | |
| Depreciation index | 0.57 | — | 0.07 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.08 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NSPR InspireMD, Inc. compare | −3.6× |
| LFWD Lifeward Ltd. compare | −3.2× |
| ARAY Accuray Incorporated | −3.1× |
| ALUR Allurion Technologies, Inc. compare | −2.9× |
| PMI Flag Ship Acquisition Corp compare | — |
| MODD Modular Medical, Inc. compare | — |
| PAVM PAVmed Inc. compare | — |
| BDMD Baird Medical Investment Holdings Limited compare | — |
| HSCS HeartSciences Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI