Accuray

ARAY on Nasdaq. Market value $36m.

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Why it could be worth it

Nothing stands out yet.

Read the warning sign in its own filings

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Who owns it

None of the long-term investors we follow own it. 111 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • Since 29 July 2026
    What they said

    The disclosure in Item 4 is supplemented by adding the following: Reference is made to the disclosure set forth in Items 3, 5, and 6 of this Amendment No. 3, which is incorporated herein by reference. The purpose of the issuance of the July Penny Warrants was to incentivize the…

    Read the filing
  • at least 4.6%−0.5 pts
    (filed with 1 related holder)
    Since 31 July 2026
  • Aevum Pension Fund
    Passive investor
    Sold down below 5%
    Since 30 September 2024
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $153,546 of shares on the open market.

  • MAYER STEVEN F
    Director
    Bought
    Date
    20 February 2026
    Shares
    54,875
    Price
    $0.56
    Value
    $30,730
  • MAYER STEVEN F
    Director
    Bought
    Date
    19 February 2026
    Shares
    69,000
    Price
    $0.53
    Value
    $36,570
  • MAYER STEVEN F
    Director
    Bought
    Date
    18 February 2026
    Shares
    126,125
    Price
    $0.53
    Value
    $66,846
  • La Neve Stephen R.
    CEO, Director
    Bought
    Date
    19 November 2025
    Shares
    20,000
    Price
    $0.97
    Value
    $19,400

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

2 serious warning signs in Accuray’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Aug 2026, and no later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.

    “Based on this evaluation, management concluded that as of June 30, 2026 our internal control over financial reporting was not effective due to the material weakness described below that was not remediated as of the Evaluation Date.”
    Show the full paragraph
    Based on this evaluation, management concluded that as of June 30, 2026 our internal control over financial reporting was not effective due to the material weakness described below that was not remediated as of the Evaluation Date. The effectiveness of our internal control over financial reporting as of June 30, 2026 has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report included herein.

    From the 10-K filed 27 August 2026, Item 9A. Controls and Procedures. Read it in the filing

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 9 Feb 2026: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 9 February 2026: Previously issued accounts should no longer be relied on. Open the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.