Viewray, Inc.

Moat Score
Safety Score

Market Cap $1.82K
PE -0
Debt $73.48M
Cash $85.53M
EV -$12.05M
FCF -$116.78M

Earnings

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Sales & Net Margins

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Earnings	-$110.42M
EBIT	-$110.21M
ROE	-200%
ROA	-47%
FCF	-$116.78M
Equity	$55.26M
Growth Stability	1
PE	-0
PB	0
P/FCF	-0
P/S	0
Price/Cash	46.92K
Debt/Equity	1.33
Debt/FCF	-0.63
Net Margins	-128%
Gross Margins	8%
Op. Margins	-104%
Sales Growth YoY	19%
Sales Growth QoQ	-35%
Sales CAGR	32%
Equity CAGR	22%
Earnings Growth YoY	12%

Earnings Growth QoQ	4%
Sales CAGR 5Y	1%
Equity CAGR 5Y	-4%
Earnings CAGR 3Y	25%
Sales CAGR 3Y	25%
Equity CAGR 3Y	-25%
Market Cap	$1.82K
Revenue	$105.86M
Assets	$233.16M
Total Debt	$73.48M
Cash	$85.53M
Shares Outstanding	182.31M
EV	-12.05M
Moat Score	1%
Safety Score	61%
Working Capital	26.8M
Current Ratio	1.16
Gross Profit	$8.52M
Shares Growth 3y	9%
Equity Growth QoQ	-33%
Equity Growth YoY	-63%

Assets & ROA

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Stockholders Equity & ROE

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ViewRay Inc is a radiation therapy and imaging technology company. It designs, manufactures and markets radiation therapy systems that provide real-time imaging during radiation treatment. Its product portfolio encompasses The MRIdian linac system, The MRIdian system, the Monte Carlo treatment planning system, etc. The company holds the license for its combination of MRI and radiation therapy technologies.

SEC Filings

Direct access to Viewray, Inc. (VRAYQ) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2023
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2021
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Viewray, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Viewray, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Viewray, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Viewray, Inc..

Years

Calculation mode

= -$1.2B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$117M	-$117M	-$117M	-$117M	-$117M	-$117M	-$117M	-$117M	-$117M	-$117M	-$117M	-$1.2B
DCF		-$106M	-$97M	-$88M	-$80M	-$73M	-$66M	-$60M	-$54M	-$50M	-$45M	-$450M
Value	-$1.2B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	TTM
Net Margins	-528%	-433%	-228%	-212%	-94%	-137%	-189%	-157%	-105%	-128%
ROA	-	-79%	-91%	-35%	-25%	-34%	-41%	-32%	-39%	-47%
ROE	-	647%	116%	-4K%	-46%	-56%	-83%	-65%	-131%	-200%

Bad Net Margins (-128.07%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	TTM
Debt over FCF	-	-0.66	-1.26	-0.62	-0.44	-0.64	-0.82	-0.9	-0.77	-0.63
Debt over Equity	-0.1	-4.17	-1.01	22.4	0.33	0.26	0.44	0.34	0.89	1.33
Growth Stability	-	-	-	-	-	-	-	-	-	1

Good Debt/FCF ratio (-0.63)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Neutral Debt/Equity ratio (1.33)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	CAGR 5Y
Revenue YoY growth	-	62%	114%	53%	138%	8%	-35%	23%	46%	1%
Earnings YoY growth	-	33%	13%	43%	6%	57%	-10%	2%	-2%	-
Equity YoY growth	-	-95%	527%	-105%	8K%	29%	-40%	30%	-52%	-4%
FCF YoY growth	-	49%	-20%	105%	74%	-31%	-20%	-9%	50%	-