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RaySearch Laboratories AB
(RAY.B)
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Rating:68Neutral
Price Target:
kr210.00
â–²(20.48% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by strong financial performance (high margins and robust free cash flow) and a constructive but mixed earnings outlook supported by rising order intake and a sizable backlog, despite a weak recent quarter and execution risk to meet the 2026 margin target. Technicals are neutral-to-weak (below key longer-term moving averages with negative MACD), and valuation is somewhat elevated (P/E ~31) with only partial support from a ~2.1% dividend yield.
Positive Factors
Strong profitability and cash generation
High gross and operating margins, combined with robust free cash flow, indicate a scalable software model with strong cash conversion. This provides resources for product development, global expansion and resilience through periods of uneven license demand.
Negative Factors
Weak recent license growth and execution risk
The decline in license revenue and profitability shows that deal timing and execution remain material risks. Management requires double-digit sales growth in the second half to reach its 2026 margin target, leaving limited room for further delays.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash generation
High gross and operating margins, combined with robust free cash flow, indicate a scalable software model with strong cash conversion. This provides resources for product development, global expansion and resilience through periods of uneven license demand.
Read all positive factors
RaySearch Laboratories AB (RAY.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.19B
Dividend Yield2.13%
Average Volume (3M)196.07K
Price to Earnings (P/E)30.3
Beta (1Y)0.71
Revenue Growth1.42%
EPS Growth10.40%
CountrySE
Employees464
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)6.21
Shares Outstanding30,799,536
10 Day Avg. Volume162,420
30 Day Avg. Volume196,069
Financial Highlights & Ratios
PEG Ratio2.87
Price to Book (P/B)7.93
Price to Sales (P/S)5.81
P/FCF Ratio21.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)7.63
Revenue Forecast (FY)kr1.41B
RaySearch Laboratories AB Business Overview & Revenue Model
Company Description
RaySearch Laboratories AB (publ) is a global medical technology company dedicated to developing cutting-edge software solutions for cancer treatment. Its principal offering, RayStation, is a sophisticated treatment planning system that supports a ...
How the Company Makes Money
RaySearch primarily makes money by licensing its oncology software to hospitals and cancer centers and charging for ongoing maintenance and support. Key revenue streams typically include: (1) initial software license revenue for core products such...
RaySearch Laboratories AB Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Neutral
The call reported a clearly disappointing Q2 with meaningful declines in license and hardware sales (license -18%, hardware -38%, net sales -11%) and a compressed EBIT margin (10%). However, several positive indicators offset the weakness: order intake grew 23%, backlog remains robust at SEK 1.691 billion (SEK 670 million expected to convert within 12 months), LTM organic growth was 9% with a 22% LTM EBIT margin, notable strategic wins (Dana-Farber and other U.S. orders recovered in early Q3), clinical milestones (online adaptive treatments on TrueBeam), product releases and strengthened proton expertise, improved cash flow (Q2 free cash flow SEK 50 million) and active share repurchases. Management believes a strong H2 can restore the year’s financial trajectory but execution risk remains. Overall, the positive backlog, early Q3 order recoveries and recurring revenue stability balance the quarter’s operational weaknesses and timing risks.Positive Updates
Order Intake and Backlog Growth
Order intake increased by 23% in Q2; book-to-bill was 1.1. Order backlog at end-June was SEK 1.691 billion, of which SEK 670 million is expected to convert to net sales in the next 12 months.
Negative Updates
Quarterly Revenue and Profit Decline
Net sales decreased 11% year-over-year to SEK 272 million in Q2 (from SEK 305 million). Organic growth was negative 8%. Operating profit (EBIT) fell to SEK 28 million with an operating margin of 10%, down from SEK 36 million and 12% a year earlier.
Read all updates
Q2-2026 Updates
Positive
Negative
Order Intake and Backlog Growth
Order intake increased by 23% in Q2; book-to-bill was 1.1. Order backlog at end-June was SEK 1.691 billion, of which SEK 670 million is expected to convert to net sales in the next 12 months.
Read all positive updates
Company Guidance
Management reiterated an unchanged operating margin target of at least 25% for 2026 and said it expects a strong H2 with recovery of orders slipped from Q2 (management said the Q2 slips should be recovered in Q3 and noted 9 RayStation orders in July worth ~USD 5m). Key numbers referenced alongside that guidance: Q2 net sales SEK 272m (down 11%, organic -8%), Q2 EBIT SEK 28m (10% margin) and recurring support revenue SEK 133m (49% of Q2 revenue); last 12 months net sales SEK 1.27bn (organic growth 9%) with EBIT SEK 277m (22% margin) and recurring support 41% of revenue. Order intake was up 23%, book-to-bill 1.1, order backlog SEK 1.691bn (SEK 670m expected to convert to sales in the next 12 months), free cash flow in Q2 SEK 50m, cash SEK 213m, advances from customers SEK 390m, share repurchases SEK 200m (995,558 shares, 2.9% of registered shares), and a new rolling credit facility of SEK 225m; management said achieving the margin target will require significant sales growth (aiming for double‑digit growth).RaySearch Laboratories AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.27B | 1.34B | 1.19B | 1.02B | 843.65M | 641.67M |
| Gross Profit | 968.20M | 951.40M | 1.09B | 915.58M | 748.66M | 591.28M |
| EBITDA | 480.30M | 612.80M | 571.28M | 405.94M | 340.85M | 197.36M |
| Net Income | 213.00M | 227.80M | 203.51M | 81.57M | 23.78M | -47.31M |
Balance Sheet | ||||||
| Total Assets | 1.82B | 1.99B | 2.09B | 1.95B | 1.88B | 1.74B |
| Cash, Cash Equivalents and Short-Term Investments | 213.10M | 407.30M | 462.74M | 343.68M | 160.27M | 102.53M |
| Total Debt | 359.20M | 394.80M | 471.93M | 529.36M | 555.39M | 561.40M |
| Total Liabilities | 1.03B | 1.01B | 1.21B | 1.22B | 1.22B | 1.09B |
| Stockholders Equity | 788.40M | 985.30M | 876.71M | 735.23M | 657.16M | 628.31M |
Cash Flow | ||||||
| Free Cash Flow | 341.10M | 358.90M | 267.69M | 246.60M | 125.28M | -17.06M |
| Operating Cash Flow | 411.80M | 387.00M | 485.23M | 455.93M | 356.78M | 238.16M |
| Investing Cash Flow | -244.00M | -228.10M | -217.54M | -209.33M | -231.50M | -237.63M |
| Financing Cash Flow | -356.40M | -179.60M | -159.78M | -56.35M | -72.49M | -72.23M |
RaySearch Laboratories AB Technical Analysis
Negative
174.30
Price Trends
196.45
Negative
200.40
Negative
200.96
Negative
Market Momentum
-2.71
Negative
43.09
Neutral
8.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:RAY.B, the sentiment is Negative. The current price of 174.3 is below the 20-day moving average (MA) of 183.35, below the 50-day MA of 196.45, and below the 200-day MA of 200.96, indicating a bearish trend. The MACD of -2.71 indicates Negative momentum. The RSI at 43.09 is Neutral, neither overbought nor oversold. The STOCH value of 8.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:RAY.B.
RaySearch Laboratories AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr1.19B | 23.69 | 14.08% | 0.26% | -0.27% | 93.40% | |
75 Outperform | kr53.54B | 96.66 | 28.52% | 0.41% | 9.32% | 0.07% | |
73 Outperform | kr2.66B | 28.14 | ― | ― | 8.40% | 0.74% | |
68 Neutral | kr6.19B | 30.26 | 23.62% | 2.35% | 1.42% | 10.40% | |
60 Neutral | kr1.33B | -264.44 | -2.58% | ― | 34.05% | -144.96% | |
60 Neutral | kr381.10M | -77.93 | -3.61% | ― | 15.87% | 92.43% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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RaySearch Laboratories AB Corporate Events
RaySearch Balances Weaker Q2 Earnings With Strong Orders and Strategic Investments
Aug 13, 2026
RaySearch Laboratories reported a mixed second quarter, with order intake rising 23 percent to SEK 296 million while net sales fell 11 percent and operating profit dropped 23 percent, pressured mainly by delayed U.S. orders. Despite lower earnings...
RaySearch wins USD 5 million in new U.S. RayStation orders
Aug 10, 2026
RaySearch Laboratories has secured nine new orders for its RayStation treatment planning system from U.S. customers at the start of the third quarter, with a combined value of about USD 5 million, most of which will be recognized as revenue in the...
RaySearch expands UNC proton therapy planning with advanced RayStation deployment
Aug 7, 2026
RaySearch Laboratories AB has secured an order from the University of North Carolina School of Medicine for additional RayStation licenses, expanding the U.S. institution’s long-standing use of the treatment planning system. The new deployme...
RaySearch to Present Q2 2026 Interim Report via Live Webcast
Aug 3, 2026
RaySearch Laboratories will publish its interim report for the second quarter of 2026 on August 13 at 7:30 CEST, followed by an English-language webcast presentation at 11:00 a.m. CEO and founder Johan Löf and CFO Nina Grönberg will pres...
RaySearch Highlights Integrated Radiotherapy Automation and Analytics at AAPM 2026
Jul 17, 2026
RaySearch Laboratories will showcase the latest versions of its radiotherapy software suite at the AAPM 2026 meeting in Vancouver, emphasizing automation, speed, and analytics across oncology workflows. At booth #1401, visitors can explore RayStat...
RaySearch flags weaker Q2 on delayed U.S. deals but holds 2026 margin target
Jul 16, 2026
RaySearch Laboratories reported preliminary second-quarter 2026 figures showing net sales declining to SEK 272 million from SEK 305 million and operating profit easing to SEK 28 million from SEK 36 million, with organic growth down 8 percent. The ...
RaySearch boosts oncology workflows with RayCare v2026 release
Jul 7, 2026
RaySearch has launched RayCare v2026, the latest version of its oncology information system, introducing enhanced workflow visualization, improved interoperability and stronger data security to support more integrated cancer care. The update adds ...
Yonsei Cancer Center Deepens Partnership With RaySearch Through Expanded RayStation Order
Jul 3, 2026
RaySearch Laboratories AB has received an additional order from Yonsei Cancer Center in South Korea for more RayStation treatment planning licenses and modules, deepening the center’s use of RaySearch software across advanced radiation thera...
RaySearch Unveils RayStation v2026 to Advance Complex Cancer Treatment Planning
Jul 1, 2026
RaySearch Laboratories has launched RayStation v2026, a new version of its radiotherapy treatment planning system that enhances support for reirradiation, integrated quality assurance, and automation. The update aims to help clinics handle more co...
RaySearch launches RayIntelligence v2026 to boost oncology analytics
Jun 29, 2026
RaySearch Laboratories has launched RayIntelligence v2026, an upgraded version of its oncology analytics platform that integrates more deeply with the company’s RayStation and RayCare systems. The solution is designed to help cancer centers ...
RaySearch launches share buyback program to adjust capital structure
Jun 26, 2026
RaySearch Laboratories AB has announced that its board will use an existing mandate from the 2026 Annual General Meeting to repurchase Class B shares, aiming to optimize the company’s capital structure and enhance shareholder value. The buyb...
RaySearch wins first Vietnamese order as Tam Anh adopts RayStation for proton therapy
Jun 18, 2026
RaySearch Laboratories has secured its first order in Vietnam, with Tam Anh General Hospital selecting the RayStation treatment planning system to support the country’s introduction of advanced proton therapy. The deployment, integrated with...
RaySearch Launches Share Buyback to Support Long-Term Incentive Program
Jun 16, 2026
RaySearch Laboratories’ board has decided to use its authorization from the 2026 Annual General Meeting to repurchase up to 380,000 Class B shares on Nasdaq Stockholm. The buyback is intended to secure share delivery for participants in the ...
RaySearch sharpens particle therapy software focus with new reirradiation tools
Jun 5, 2026
RaySearch Laboratories will spotlight new advances in particle therapy at the PTCOG 64 conference in Deauville, focusing on enhanced reirradiation planning capabilities in the next RayStation release. The software will better combine prior and cur...
RaySearch Taps Proton Therapy Pioneer Antony Lomax to Drive Particle Strategy
May 21, 2026
RaySearch Laboratories has appointed Professor Antony Lomax, a leading pioneer in proton therapy, as Clinical Ambassador Particle Therapy to support its strategic development in particle therapy and emerging treatment technologies. He will join th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.