RaySearch Labs - Public Comps and Valuation Multiples

RaySearch Labs Overview

About RaySearch Labs

RaySearch Laboratories AB is a Sweden-based medical technology company. The company develops advanced software solutions for improved cancer treatment. The company develops and markets the RayStation* treatment planning system and RayCare* oncology information system to clinics all over the world and distributes products through licensing agreements with medical technology companies. Its geographic segments consist of Sweden, North America, Asia Pacific, Europe and the rest of the world.

Founded

2000

HQ

Employees

416

Website

raysearchlabs.com

Sectors

Healthcare Software
Medical Imaging & Diagnostics
B2B SaaS
Vertical SaaS
HealthTech

Financials

LTM Revenue $134M

LTM EBITDA $57.7M

EV

$823M

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RaySearch Labs Financials

As of September 2025, RaySearch Labs reported last 12-month revenue of $134M and EBITDA of $57.7M.

In the same period, RaySearch Labs generated $123M in LTM gross profit and $21.0M in net income.

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RaySearch Labs P&L

In the most recent fiscal year, RaySearch Labs reported revenue of $125M and EBITDA of $60.1M.

RaySearch Labs expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$134M	XXX	$125M	XXX	XXX	XXX
Gross Profit	$123M	XXX	$115M	XXX	XXX	XXX
Gross Margin	92%	XXX	92%	XXX	XXX	XXX
EBITDA	$57.7M	XXX	$60.1M	XXX	XXX	XXX
EBITDA Margin	43%	XXX	48%	XXX	XXX	XXX
EBIT	$27.2M	XXX	$26.5M	XXX	XXX	XXX
EBIT Margin	20%	XXX	21%	XXX	XXX	XXX
Net Profit	$21.0M	XXX	$21.4M	XXX	XXX	XXX
Net Margin	16%	XXX	17%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for RaySearch Labs including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $134M. EBITDA for the last twelve months was $57.7M. In the most recent fiscal year, RaySearch Labs achieved $125M in revenue and $60.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$134M	Analyst estimates available to subscribers	$125M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$123M	Analyst estimates available to subscribers	$115M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	91.6% gross margin	Analyst estimates available to subscribers	91.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$57.7M	Analyst estimates available to subscribers	$60.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	43.0% EBITDA margin	Analyst estimates available to subscribers	47.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$27.2M	Analyst estimates available to subscribers	$26.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	20.3% EBIT margin	Analyst estimates available to subscribers	21.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$21.0M	Analyst estimates available to subscribers	$21.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	15.7% net profit margin	Analyst estimates available to subscribers	17.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for RaySearch Labs

This financial data table provides comprehensive performance metrics for RaySearch Labs, a company based in Sweden. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

RaySearch Labs generated $134M in revenue over the last twelve months.
The company achieved $57.7M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $123M.
Net income over the last twelve months reached $21.0M.

Fiscal Year Performance

In the most recent fiscal year, RaySearch Labs reported $125M in total revenue.
Fiscal year EBITDA was $60.1M.
The company maintained a gross profit margin of 91.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 47.9%.
Net profit margin reached 17.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for RaySearch Labs. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

RaySearch Labs Stock Performance

RaySearch Labs has current market cap of SEK 7.8B (or $820M), and EV of SEK 7.8B (or $823M).

Market Cap Evolution

RaySearch Labs Stock Data

As of October 17, 2025, RaySearch Labs's stock price is SEK 227 (or $24).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$823M	$820M	XXX	XXX	XXX	XXX	$0.60

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RaySearch Labs Valuation Multiples

RaySearch Labs's trades at 6.6x EV/Revenue multiple, and 13.7x EV/EBITDA.

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RaySearch Labs Financial Valuation Multiples

As of October 17, 2025, RaySearch Labs has market cap of $820M and EV of $823M.

Equity research analysts estimate RaySearch Labs's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

RaySearch Labs has a P/E ratio of 39.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$820M	XXX	$820M	XXX	XXX	XXX
EV (current)	$823M	XXX	$823M	XXX	XXX	XXX
EV/Revenue	6.1x	XXX	6.6x	XXX	XXX	XXX
EV/EBITDA	14.3x	XXX	13.7x	XXX	XXX	XXX
EV/EBIT	30.2x	XXX	31.1x	XXX	XXX	XXX
EV/Gross Profit	6.7x	XXX	n/a	XXX	XXX	XXX
P/E	39.0x	XXX	38.3x	XXX	XXX	XXX
EV/FCF	43.7x	XXX	29.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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RaySearch Labs Margins & Growth Rates

RaySearch Labs's last 12 month revenue growth is 13%

RaySearch Labs's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

RaySearch Labs's rule of 40 is 52% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

RaySearch Labs's rule of X is 75% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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RaySearch Labs Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	13%	XXX	11%	XXX	XXX	XXX
EBITDA Margin	43%	XXX	48%	XXX	XXX	XXX
EBITDA Growth	16%	XXX	16%	XXX	XXX	XXX
Rule of 40	52%	XXX	61%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	75%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	27%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	23%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	71%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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