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RaySearch Labs Valuation Multiples

Discover revenue and EBITDA valuation multiples for RaySearch Labs and similar public comparables like Echo IQ, CurveBeam AI, and Doctor Care Anywhere.

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

Sweden
Employees

416

Financials

LTM Revenue $129M

LTM EBITDA $60.0M

EV

$1.1B

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RaySearch Labs Financials

RaySearch Labs has a last 12-month revenue (LTM) of $129M and a last 12-month EBITDA of $60.0M.

In the most recent fiscal year, RaySearch Labs achieved revenue of $123M and an EBITDA of $58.9M.

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

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RaySearch Labs P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $129M XXX $123M XXX XXX XXX
Gross Profit $119M XXX $113M XXX XXX XXX
Gross Margin 92% XXX 92% XXX XXX XXX
EBITDA $60.0M XXX $58.9M XXX XXX XXX
EBITDA Margin 46% XXX 48% XXX XXX XXX
EBIT $29.3M XXX $25.9M XXX XXX XXX
EBIT Margin 23% XXX 21% XXX XXX XXX
Net Profit $22.8M XXX $21.0M XXX XXX XXX
Net Margin 18% XXX 17% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

RaySearch Labs Stock Performance

As of May 30, 2025, RaySearch Labs's stock price is SEK 305 (or $32).

RaySearch Labs has current market cap of SEK 10.5B (or $1.1B), and EV of SEK 10.4B (or $1.1B).

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RaySearch Labs Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.1B $1.1B XXX XXX XXX XXX $0.65

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RaySearch Labs Valuation Multiples

As of May 30, 2025, RaySearch Labs has market cap of $1.1B and EV of $1.1B.

RaySearch Labs's trades at 8.7x EV/Revenue multiple, and 18.2x EV/EBITDA.

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 47.4x.

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RaySearch Labs Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $1.1B XXX $1.1B XXX XXX XXX
EV (current) $1.1B XXX $1.1B XXX XXX XXX
EV/Revenue 8.3x XXX 8.7x XXX XXX XXX
EV/EBITDA 17.9x XXX 18.2x XXX XXX XXX
EV/EBIT 36.7x XXX 41.4x XXX XXX XXX
EV/Gross Profit 9.0x XXX n/a XXX XXX XXX
P/E 47.4x XXX 51.5x XXX XXX XXX
EV/FCF 45.3x XXX 38.9x XXX XXX XXX

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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 53% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

RaySearch Labs's rule of X is 79% (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 13% XXX XXX XXX
EBITDA Margin 46% XXX 48% XXX XXX XXX
EBITDA Growth 12% XXX 23% XXX XXX XXX
Rule of 40 53% XXX 61% XXX XXX XXX
Bessemer Rule of X XXX XXX 79% 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

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RaySearch Labs Public Comps

See public comps and valuation multiples for Healthcare Software and Medical Imaging & Diagnostics comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Benevolent AI XXX XXX XXX XXX XXX XXX
Alcidion Group XXX XXX XXX XXX XXX XXX
CurveBeam AI XXX XXX XXX XXX XXX XXX
Doctor Care Anywhere XXX XXX XXX XXX XXX XXX
Echo IQ XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

RaySearch Labs M&A and Investment Activity

RaySearch Labs acquired  XXX companies to date.

Last acquisition by RaySearch Labs was  XXXXXXXX, XXXXX XXXXX XXXXXX . RaySearch Labs acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by RaySearch Labs

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About RaySearch Labs

When was RaySearch Labs founded? RaySearch Labs was founded in 2000.
Where is RaySearch Labs headquartered? RaySearch Labs is headquartered in Sweden.
How many employees does RaySearch Labs have? As of today, RaySearch Labs has 416 employees.
Who is the CEO of RaySearch Labs? RaySearch Labs's CEO is Mr. Johan Lof.
Is RaySearch Labs publicy listed? Yes, RaySearch Labs is a public company listed on STO.
What is the stock symbol of RaySearch Labs? RaySearch Labs trades under RAY B ticker.
When did RaySearch Labs go public? RaySearch Labs went public in 1991.
Who are competitors of RaySearch Labs? Similar companies to RaySearch Labs include e.g. Benevolent AI, Alcidion Group, CurveBeam AI, Doctor Care Anywhere.
What is the current market cap of RaySearch Labs? RaySearch Labs's current market cap is $1.1B
What is the current revenue of RaySearch Labs? RaySearch Labs's last 12 months revenue is $129M.
What is the current revenue growth of RaySearch Labs? RaySearch Labs revenue growth (NTM/LTM) is 13%.
What is the current EV/Revenue multiple of RaySearch Labs? Current revenue multiple of RaySearch Labs is 8.3x.
Is RaySearch Labs profitable? Yes, RaySearch Labs is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of RaySearch Labs? RaySearch Labs's last 12 months EBITDA is $60.0M.
What is RaySearch Labs's EBITDA margin? RaySearch Labs's last 12 months EBITDA margin is 46%.
What is the current EV/EBITDA multiple of RaySearch Labs? Current EBITDA multiple of RaySearch Labs is 17.9x.
What is the current FCF of RaySearch Labs? RaySearch Labs's last 12 months FCF is $23.7M.
What is RaySearch Labs's FCF margin? RaySearch Labs's last 12 months FCF margin is 18%.
What is the current EV/FCF multiple of RaySearch Labs? Current FCF multiple of RaySearch Labs is 45.3x.

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