RaySearch Laboratories AB Class B (SE:RAY.B)
:RAY.B
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RaySearch Laboratories AB
(RAY.B)
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Rating:63Neutral
Price Target:
kr201.00
▼(-8.22% Downside)
Action:Reiterated
Date:05/01/26
The score is supported by strong profitability/returns and a positive earnings-call outlook (including an EBIT margin target of at least 25% for 2026 and strengthened capital return policy). It is held back mainly by weak technicals (price below major moving averages with bearish momentum) and a relatively high P/E, with recent revenue growth softness and uneven cash conversion adding fundamental risk.
Positive Factors
High profitability & ROE
Sustained high margins and strong return on equity reflect durable operating leverage from a software-centric oncology offering. This profitability funds R&D, supports regulatory work and shareholder returns, and provides a buffer versus cyclical revenue weakness over coming months.
Negative Factors
Slowing revenue momentum
A recent turn to slightly negative TTM top-line growth signals slowing demand or timing mismatches; for a software vendor that relies on license cycles and conversions, prolonged growth softness could reduce operating leverage, constrain R&D investment cadence and pressure medium-term targets.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability & ROE
Sustained high margins and strong return on equity reflect durable operating leverage from a software-centric oncology offering. This profitability funds R&D, supports regulatory work and shareholder returns, and provides a buffer versus cyclical revenue weakness over coming months.
Read all positive factors
RaySearch Laboratories AB (RAY.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.86B
Dividend Yield1.32%
Average Volume (3M)196.07K
Price to Earnings (P/E)30.8
Beta (1Y)0.69
Revenue Growth2.87%
EPS Growth0.24%
CountrySE
Employees416
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)6.54
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)8.11
Revenue Forecast (FY)kr1.45B
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 primarily makes money by licensing its oncology software to healthcare providers (e.g., hospitals and cancer centers) and earning recurring revenue from ongoing support and maintenance. Key revenue streams typically include: (1) software...
RaySearch Laboratories AB Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 13, 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
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.30B | 1.34B | 1.19B | 1.02B | 843.65M | 641.67M |
| Gross Profit | 1.06B | 951.40M | 1.09B | 915.58M | 748.66M | 591.28M |
| EBITDA | 425.06M | 612.80M | 571.28M | 405.94M | 340.85M | 197.36M |
| Net Income | 224.16M | 227.80M | 203.51M | 81.57M | 23.78M | -47.31M |
Balance Sheet | ||||||
| Total Assets | 2.03B | 1.99B | 2.09B | 1.95B | 1.88B | 1.74B |
| Cash, Cash Equivalents and Short-Term Investments | 439.30M | 407.30M | 462.74M | 343.68M | 160.27M | 102.53M |
| Total Debt | 377.30M | 394.80M | 471.93M | 529.36M | 555.39M | 561.40M |
| Total Liabilities | 984.80M | 1.01B | 1.21B | 1.22B | 1.22B | 1.09B |
| Stockholders Equity | 1.04B | 985.30M | 876.71M | 735.23M | 657.16M | 628.31M |
Cash Flow | ||||||
| Free Cash Flow | 232.33M | 358.90M | 267.69M | 246.60M | 125.28M | -17.06M |
| Operating Cash Flow | 349.08M | 387.00M | 485.23M | 455.93M | 356.78M | 238.16M |
| Investing Cash Flow | -233.55M | -228.10M | -217.54M | -209.33M | -231.50M | -237.63M |
| Financing Cash Flow | -179.67M | -179.60M | -159.78M | -56.35M | -72.49M | -72.23M |
RaySearch Laboratories AB Technical Analysis
Positive
219.00
Price Trends
192.28
Positive
194.09
Positive
217.59
Negative
Market Momentum
-2.96
Negative
56.09
Neutral
67.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:RAY.B, the sentiment is Positive. The current price of 219 is above the 20-day moving average (MA) of 192.96, above the 50-day MA of 192.28, and above the 200-day MA of 217.59, indicating a neutral trend. The MACD of -2.96 indicates Negative momentum. The RSI at 56.09 is Neutral, neither overbought nor oversold. The STOCH value of 67.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | kr8.47B | 31.40 | 15.16% | ― | 18.06% | 10.57% | |
64 Neutral | kr1.21B | 19.50 | 6.93% | ― | -8.92% | -8.33% | |
63 Neutral | kr6.86B | 30.84 | 24.30% | 1.32% | 2.87% | 0.24% | |
59 Neutral | kr1.88B | -17.55 | 167.77% | ― | 29.80% | 25.42% | |
54 Neutral | kr22.89B | 546.38 | 3.08% | 4.25% | -4.32% | -103.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr3.10B | -6.48 | -49.96% | ― | -41.17% | -0.30% |
* Healthcare Sector Average
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RaySearch Laboratories AB Corporate Events
RaySearch Marks First UK Clinical Use of RayCare at Raigmore Hospital
May 18, 2026
RaySearch Laboratories has strengthened its position in oncology software with the first clinical use of its RayCare oncology information system at Raigmore Hospital in Inverness, Scotland. Raigmore, the northernmost radiotherapy center in the UK,...
RaySearch Highlights Online Adaptive Radiotherapy Breakthrough at ESTRO 2026
May 13, 2026
RaySearch Laboratories will showcase its latest radiotherapy software innovations, including RayStation, RayCare, and RayIntelligence, at the ESTRO 2026 congress in Stockholm. The company will host live product demonstrations, scientific presentat...
RaySearch hits milestone with first online adaptive treatment on Varian TrueBeam
May 12, 2026
RaySearch Laboratories’ long-time partner Iridium Network in Belgium has delivered the first online adaptive radiation treatment using RaySearch’s RayStation and RayCare systems on a widely deployed Varian TrueBeam linear accelerator. ...
RaySearch AGM Approves Dividend, LTI 2026 and Share Buyback Mandate
May 7, 2026
RaySearch Laboratories’ 2026 Annual General Meeting in Stockholm re-elected board members Carl Filip Bergendal, Johan Löf, Britta Wallgren and Hans Wigzell, with Wigzell continuing as chairman, and approved Deloitte as auditor for anoth...
RaySearch Holds Margin Strength Amid Q1 Slowdown and Sets Higher 2028 Profit Target
Apr 29, 2026
RaySearch Laboratories AB, a Swedish medtech firm focused on radiation therapy planning and oncology information systems, markets its RayStation and RayCare software to cancer clinics worldwide. The company targets both established and emerging pr...
RaySearch Wins First French RayCare Deal With Hartmann Cancer Center
Apr 27, 2026
RaySearch Laboratories has secured its first French sale of the RayCare oncology information system as Institut de Radiothérapie et de Radiochirurgie Hartmann near Paris replaces its existing planning and information platforms with RayStation...
RaySearch to Present First-Quarter 2026 Results in Live Webcast
Apr 22, 2026
RaySearch Laboratories will publish its interim report for the first quarter of 2026 on April 29 at 7:30 a.m. CEST and will host a live webcast presentation at 11:00 a.m. the same day, where founder and CEO Johan Löf and CFO Nina Grönber...
RaySearch Board Member Resigns as Shareholders Back Streamlined, Stable Board
Apr 19, 2026
RaySearch Laboratories announced that board member Günther Mårder has resigned from the board with immediate effect for personal reasons, prompting a revision of shareholder proposals ahead of the company’s annual general meeting o...
RaySearch Wins First RayCare Order in China at Leading Shanghai Proton Center
Apr 17, 2026
RaySearch Laboratories has secured its first order for the RayCare oncology information system in China, alongside its RayStation treatment planning system, from the Shanghai Proton and Heavy Ion Center. The deal expands an existing relationship w...
RaySearch Publishes 2025 Annual and Sustainability Report
Apr 15, 2026
RaySearch Laboratories has released its 2025 annual report, detailing the audited financial statements, directors’ report, and a statutory sustainability report prepared under the earlier Swedish Annual Accounts Act, as the company is not ye...
RaySearch Calls 2026 AGM, Expands Postal Voting Options for Shareholders
Apr 2, 2026
RaySearch Laboratories has convened its shareholders to the 2026 Annual General Meeting, which will be held on May 7 at the company’s headquarters in Stockholm. The company is also enabling shareholders to participate via postal voting, refl...
RaySearch enables first RayStation cancer treatment in Ukraine amid wider donation push
Mar 19, 2026
RaySearch Laboratories has marked a significant milestone in Eastern Europe as the first patient in Ukraine was treated using its RayStation treatment planning system at the Poltava Regional Cancer Clinic. The clinic, a major oncology center in ce...
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.