ARAY
Accuray Incorporated
ARAY's outlook is improving, though it still trails on the overall score.
LLY
Eli Lilly and Company
LLY has the edge over ARAY overall, supported by stronger fundamentals and lower modeled downside.
ARAY Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Weak |
ARAY's revenue, profitability, cash flow and balance sheet are all currently under pressure.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
ARAY PE Valuation
ARAY has no meaningful PE right now: it lost money over the past year.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
ARAY Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ARAY's losses to shrink, with revenue holding steady.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
LLY has the edge over ARAY on the outlook, with more favorable revenue expectations.
ARAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$6.00 | +$0.40 |
| Q2 2026 | -$16.00 | -$15.20 |
| Q1 2026 | -$14.80 | -$14.80 |
| Q4 2025 | -$11.60 | -$9.60 |
| Q3 2025 | -$6.40 | +$0.40 |
| Q2 2025 | -$0.80 | +$5.60 |
| Q1 2025 | $0.00 | +$8.80 |
| Q4 2024 | -$2.00 | +$4.00 |
ARAY lost $6.00 per share over the past year, about the same as its loss the year before.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over ARAY on earnings quality, reporting a profit while its opponent remains loss making.
ARAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $86.5M | -7.9% |
| Q2 2026 | $100.9M | -21% |
| Q1 2026 | $104.8M | -7.4% |
| Q4 2025 | $102.2M | -12% |
| Q3 2025 | $93.9M | -7.5% |
| Q2 2025 | $127.5M | -5% |
| Q1 2025 | $113.2M | +12% |
| Q4 2024 | $116.2M | +8.3% |
ARAY's revenue has slid since its 2024 peak: $87M last quarter, down 7.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -42% | -30 points |
| Q2 2026 | 5.5% | +2.1 points |
| Q1 2026 | -8.7% | -9.6 points |
| Q4 2025 | -11% | -15 points |
| Q3 2025 | -12% | -9.9 points |
| Q2 2025 | 3.3% | -1.8 points |
| Q1 2025 | 0.9% | +5.4 points |
| Q4 2024 | 4% | +7.8 points |
ARAY's operating margin was −42% last quarter, down 30 points from the same quarter a year ago, near the bottom of its range since 2019.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over ARAY on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over ARAY on profitability, with a higher operating margin.
ARAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$3.9M | -138% |
| Q2 2026 | $2M | +$13M |
| Q1 2026 | -$6.1M | -136% |
| Q4 2025 | -$19M | -2151% |
| Q3 2025 | $10.3M | +$18.7M |
| Q2 2025 | -$11M | -217% |
| Q1 2025 | $17.1M | +$26M |
| Q4 2024 | $927K | +$7.3M |
ARAY's free cash flow was −$27M over the past year, against $17M the year before.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over ARAY on cash generation, producing positive trailing cash flow while its opponent burns cash.
ARAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +14% | +416K shares |
| 1 year | +35% | +911K shares |
| 3 years | +43% | +1M shares |
| 5 years | +50% | +1.2M shares |
| Available history | +54% | +1.2M shares |
ARAY has 3M diluted shares, up 35% from a year ago.
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has the edge over ARAY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
ARAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | 17.8x | High |
| Q2 2025 | 6.6x | High |
| Q1 2025 | 6.3x | High |
| Q4 2024 | 11.1x | High |
| Q3 2024 | 52.6x | High |
| Q2 2024 | 17.4x | High |
| Q4 2023 | 21.3x | High |
| Q3 2023 | 9.3x | High |
ARAY's net debt is about 18 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago.
ARAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 26.4 | Oversold |
| Stochastic | 3.2 | Oversold |
ARAY's weekly RSI is 26 (oversold) and its Stochastic is 3 (oversold).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
ARAY PE vs Healthcare Sector
| Metric | ARAY | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
ARAY has no meaningful PE right now: it lost money over the past year.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% premium to the Healthcare sector's median of 26x.
ARAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.69 | 54% below |
| 20 week MA | $8.94 | 66% below |
| 50 week MA | $16.9 | 82% below |
| 100 week MA | $40.9 | 92% below |
| 200 week MA | $72.4 | 96% below |
ARAY is in a downtrend: it's below all five of its weekly moving averages, and 96% below its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY has the edge over ARAY on trend strength, trading above more of its moving averages.
ARAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $112.8 | $177.2 | +57% |
| 2021 | $177.2 | $195.6 | +10% |
| 2022 | $195.6 | $79.2 | -60% |
| 2023 | $79.2 | $113.2 | +43% |
| 2024 | $113.2 | $73.2 | -35% |
| 2025 | $73.2 | $33.0 | -55% |
| 2026 YTD | $33.0 | $3.08 | -91% |
ARAY has finished lower in three of the last six years. It's down 91% so far in 2026.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has the edge over ARAY on returns for 2026, with the stronger performance.