ARAY
Accuray Incorporated
ARAY offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO 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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ARAY PE Valuation
ARAY has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
ARAY Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ARAY's losses to shrink, with revenue holding steady.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over ARAY on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO 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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO 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.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over ARAY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
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.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO 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.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over ARAY on returns for 2026, with the stronger performance.