Accuray Incorporated — Earnings Quality Grade F
ARAY · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change -9 days YoY
AR growth -9.6% vs revenue growth 2.7%
Revenue 2.7%, CFFO 124.0%. Cash follows revenue
Expense Quality
Inventory 1.9% vs COGS 2.6%. Normal
CapEx growth 136.7% is >2x revenue growth 2.7%
SG&A/Gross Profit = 62.0%. Normal
Gross margin 32.1%, change +0.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -0.9%. Low accruals
Cash $0.1B covers only 33% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 71% of equity. Over 50%
Debt/EBITDA = 8.7x (>4x). Interest coverage = 0.6x (<2x). Financial stress
Other assets grew 133.5% vs revenue 2.7%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.54 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25