RaySearch Laboratories AB Class B (SE:RAY.B)
:RAY.B
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RaySearch Laboratories AB
(RAY.B)
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Rating:66Neutral
Price Target:
kr200.00
▼(-8.68% Downside)
Action:DowngradedDate:02/18/26
The score is primarily supported by improving fundamentals (growth, profitability, and strong free cash flow) and a positive earnings-call outlook with margin guidance and enhanced shareholder returns. It is held back by weak technicals (price below key moving averages and negative MACD) and a valuation that is not cheap at ~28x earnings, alongside financial watch-outs like the 2025 gross-margin step-down and rising leverage.
Positive Factors
Recurring Revenue Base
A ~39% recurring support revenue share materially improves revenue predictability and reduces reliance on one-off license timing. This durable stream supports steady cash generation, planning visibility, margin stability and underpins the company’s upgraded dividend policy and medium-term investment capacity.
Negative Factors
RayCare Adoption Lag / Regulatory Timing
Very limited RayCare orders and dependence on regulatory clears (EU online adaptive, US 510(k), chemo module timing) mean expansion of a strategic platform is delayed. Slower regulatory rollout will constrain revenue diversification and the anticipated RayCare ramp for multiple quarters to years.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Base
A ~39% recurring support revenue share materially improves revenue predictability and reduces reliance on one-off license timing. This durable stream supports steady cash generation, planning visibility, margin stability and underpins the company’s upgraded dividend policy and medium-term investment capacity.
Read all positive factors
RaySearch Laboratories AB (RAY.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.82B
Dividend Yield1.32%
Average Volume (3M)196.07K
Price to Earnings (P/E)34.3
Beta (1Y)0.64
Revenue Growth10.48%
EPS Growth25.19%
CountrySE
Employees416
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)2.00
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)7.88
Revenue Forecast (FY)kr1.43B
RaySearch Laboratories AB Business Overview & Revenue Model
Company Description
RaySearch Laboratories AB (publ), a medical technology company, develops software solutions for cancer treatment worldwide. It develops and markets RayStation, a treatment planning system for treatment activities, such as automated planning, adapt...
How the Company Makes Money
RaySearch Laboratories generates revenue primarily through the sale of its software products and services, particularly the RayStation treatment planning system. The company employs a subscription model for software licensing, where healthcare fac...
RaySearch Laboratories AB Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive operational and commercial picture: record revenues, strong organic growth, improving profitability and cash position, significant clinical milestones and substantial AI adoption/use cases. Key negatives are material currency headwinds, a book-to-bill ratio below 1 and slower-than-desired traction for RayCare (partly tied to regulatory timing). Management expects margin improvement (target at least 25% for 2026) and a RayCare ramp in coming years, and has strengthened shareholder returns with a higher dividend and a 50% payout policy.Positive Updates
Record Q4 and Full-Year Net Sales
Q4 net sales SEK 375 million, +16% YoY (all-time high). Full-year 2025 net sales SEK 1.344 billion, +13% YoY; organic growth +19%.
Negative Updates
Material Currency Headwinds and FX Losses
Strong Swedish krona negatively impacted reported growth and margins. Q4 currency revaluation reduced EBIT by just above SEK 10 million; full-year currency losses amounted to SEK 37 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Q4 and Full-Year Net Sales
Q4 net sales SEK 375 million, +16% YoY (all-time high). Full-year 2025 net sales SEK 1.344 billion, +13% YoY; organic growth +19%.
Read all positive updates
Company Guidance
The company guided to an EBIT margin of at least 25% in 2026 and said it will publish a new 3‑year medium‑term financial target during 2026; the Board proposes a SEK 4.00/share dividend for 2025 (up from SEK 3.00) and a new dividend policy from 2026 to distribute 50% of profit after tax. For context, Q4 net sales were SEK 375m (+16%, organic +28%) and FY2025 net sales SEK 1,344m (+13%, organic +19%); Q4 operating profit was SEK 92m (24% EBIT margin; currency‑adjusted 27%) and FY operating profit SEK 292m (22% margin; adjusted to SEK 353m/26% excluding SEK 37m currency losses and SEK 23m non‑recurring costs). Recurring support revenue was SEK 139m (37%) in Q4 and SEK 524m (39%) for the year; order intake grew +8% in Q4 and +17% for the year, backlog stood at SEK 1,528m with a book‑to‑bill of 0.9, Q4 cash flow was SEK 91m and year‑end cash SEK 407m with no debt. Management also highlighted a cash‑flow focus for 2026, plans to explore share buybacks, expectations of RayCare ramp‑up (4 orders in 2025) and regulatory timing for new modules (EU online adaptive in spring; US 510(k) pending for liver ablation; chemotherapy clearance around 2027).RaySearch Laboratories AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.34B | 1.19B | 1.02B | 843.65M | 641.67M |
| Gross Profit | 951.40M | 1.09B | 915.58M | 748.66M | 591.28M |
| EBITDA | 612.80M | 571.28M | 405.94M | 340.85M | 197.36M |
| Net Income | 227.80M | 203.51M | 81.57M | 23.78M | -47.31M |
Balance Sheet | |||||
| Total Assets | 1.99B | 2.09B | 1.95B | 1.88B | 1.74B |
| Cash, Cash Equivalents and Short-Term Investments | 407.30M | 462.74M | 343.68M | 160.27M | 102.53M |
| Total Debt | 394.80M | 471.93M | 529.36M | 555.39M | 561.40M |
| Total Liabilities | 1.01B | 1.21B | 1.22B | 1.22B | 1.09B |
| Stockholders Equity | 985.30M | 876.71M | 735.23M | 657.16M | 628.31M |
Cash Flow | |||||
| Free Cash Flow | 358.90M | 267.69M | 246.60M | 125.28M | -17.06M |
| Operating Cash Flow | 387.00M | 485.23M | 455.93M | 356.78M | 238.16M |
| Investing Cash Flow | -228.10M | -217.54M | -209.33M | -231.50M | -237.63M |
| Financing Cash Flow | -179.60M | -159.78M | -56.35M | -72.49M | -72.23M |
RaySearch Laboratories AB Technical Analysis
Neutral
219.00
Price Trends
187.90
Positive
205.39
Negative
243.16
Negative
Market Momentum
0.38
Negative
53.12
Neutral
79.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:RAY.B, the sentiment is Neutral. The current price of 219 is above the 20-day moving average (MA) of 188.93, above the 50-day MA of 187.90, and below the 200-day MA of 243.16, indicating a neutral trend. The MACD of 0.38 indicates Negative momentum. The RSI at 53.12 is Neutral, neither overbought nor oversold. The STOCH value of 79.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | kr6.82B | 34.29 | 24.30% | 1.32% | 10.48% | 25.19% | |
64 Neutral | kr7.38B | 37.43 | 15.16% | ― | 11.30% | -14.49% | |
59 Neutral | kr2.25B | 9.60 | 167.77% | ― | 2687.51% | ― | |
55 Neutral | kr881.32M | 103.06 | 6.93% | ― | -5.80% | -65.99% | |
54 Neutral | kr20.98B | 546.38 | 3.08% | 4.25% | -0.90% | -70.95% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr2.82B | -5.68 | -49.96% | ― | -91.85% | -6.65% |
* Healthcare Sector Average
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RaySearch Laboratories AB Corporate Events
RaySearch Delivers Record 2025 Results and Raises Dividend as Global Cancer Centers Expand Adoption
Feb 12, 2026
RaySearch Laboratories AB, a specialist in radiation therapy planning and oncology software, continued to deepen its presence at major cancer centers in Europe and the U.S. during 2025. New agreements included expanded proton therapy use at Greate...
RaySearch and Royal Marsden Expand Online Adaptive Radiotherapy to Standard Elekta Linacs
Feb 4, 2026
The Royal Marsden NHS Foundation Trust has successfully delivered its first online adaptive radiotherapy treatment on a widely available Elekta C‑arm linear accelerator using RaySearch’s RayStation software, marking a shift from relian...
RaySearch Sets Date for 2025 Year-End Report and Investor Webcast
Jan 28, 2026
RaySearch Laboratories has announced that it will publish its 2025 year-end report on February 12, 2026, followed by an English-language webcast presentation and QA led by founder and CEO Johan Löf and CFO Nina Grönberg. The event, aimed...
RaySearch Adjusts Voting Structure After Major Class A to B Share Conversion
Dec 30, 2025
RaySearch Laboratories has reported a change in its share capital structure following the conversion of 2,171,738 Class A shares into an equal number of Class B shares during December. After the conversion, the company’s total number of shar...
RaySearch Hires Former Siemens Healthineers Executive to Lead New Strategy Unit
Dec 18, 2025
RaySearch Laboratories has created a new Corporate Development Strategy department and appointed Jenna Styan, previously a senior executive at Siemens Healthineers (Varian), to lead it as Director from 1 April 2026 and join the group management t...
RaySearch Expands RayStation Use at Greater Poland Cancer Center
Dec 9, 2025
RaySearch Laboratories AB has announced that the Greater Poland Cancer Center (WCO) has expanded its use of the RayStation treatment planning system to include advanced proton therapy. This expansion will allow WCO to integrate photon and proton w...
RaySearch Laboratories Unveils Cutting-Edge Innovations at RSNA 2025
Nov 28, 2025
RaySearch Laboratories AB is set to showcase its latest innovations at RSNA 2025, focusing on advancements in ablation, diagnostic radiology, and radiation oncology. The company will introduce new technologies like an image-guided liver ablation m...
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.
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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.