RAY-B Stock Analysis: RaySearch Laboratories | ST
Health Information Services | ST, Sweden | Market Cap: 5.281m SEK | 12M Return: -28.7% | SE0000135485 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 24.0M
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 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: 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 September 27, 2026, the stock is trading at SEK 174.30 with a total of 271,197 shares traded. Over the past week, the price has changed by -1.64%, over one month by -4.07%, over three months by -15.39% and over the past year by -28.66%.
Current recommended Stop Loss: 166.80 (which is 4.3% or 1.2 ATR below the current price).
RaySearch Laboratories has no consensus analysts rating.
P/E Trailing = 28.3974
P/E Forward = 31.1526
P/S = 4.1588
P/B = 6.6722
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 = 5.43b SEK (5.28b + Debt 359.2m - CCE 213.1m)
Interest Coverage Ratio = 24.91 (Ebit TTM 194.3m / Interest Expense TTM 7.80m)
EV/FCF = 15.91x (Enterprise Value 5.43b / FCF TTM 341.1m)
FCF Yield = 6.28% (FCF TTM 341.1m / Enterprise Value 5.43b)
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 = 2.99 (Enterprise Value 5.43b / 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 = 9.25% (E(5.28b)/V(5.64b) * Re(9.76%) + D(359.2m)/V(5.64b) * Rd(2.17%) * (1-Tc(0.21)))
Discount Rate = 9.76% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -35.13 | Cagr: -0.07%
[DCF] Terminal Value 75.12% ; FCFF base≈271.6m ; Y1≈311.3m ; Y5≈458.2m
[DCF] Fair Price = 194.9 (EV 5.95b - Net Debt 146.1m = Equity 5.81b / Shares 29.8m; r=9.25% [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=2.93 | Chg30d=+50.26% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=6.92 | Chg30d=-7.36% | Revisions=-25% | GrowthEPS=+4.1% | GrowthRev=+3.9%
EPS next Year (2027-12-31): EPS=8.68 | Chg30d=-7.17% | Revisions=-25% | GrowthEPS=+25.4% | GrowthRev=+16.8%