Accuray Inc Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-330.79M | $-2.78 |
| Liquid Liquidation Value | $-266.21M | $-2.24 |
| Operating Liquidation Value | $-109.59M | $-0.92 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $38.07M |
| Accounts Receivable | $64.57M |
| Inventory | $156.63M |
| Current Liabilities | $205.84M |
| Long-term Debt (?) | $134.02M |
| Op. Lease Liability (?) | $28.99M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 118.9M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $38.07M | $64.57M | $156.63M | $52.80M | $205.84M | $134.02M | $28.99M | N/A |
| 2025-12-31 | $41.30M | $60.96M | $150.96M | $43.52M | $199.44M | $124.78M | $30.18M | N/A |
| 2025-09-30 | $63.34M | $54.38M | $155.50M | $42.40M | $194.61M | $127.32M | $31.48M | N/A |
| 2025-06-30 | $57.42M | $83.19M | $141.02M | $34.03M | $192.58M | $123.79M | $32.48M | N/A |
| 2025-03-31 | $77.82M | $78.19M | $146.44M | $46.32M | $203.43M | $166.21M | $33.35M | N/A |
| 2024-12-31 | $62.58M | $87.28M | $148.83M | $53.99M | $201.45M | $167.95M | $30.46M | N/A |
| 2024-09-30 | $59.21M | $91.79M | $154.88M | $49.81M | $201.81M | $162.47M | $32.48M | N/A |
| 2024-06-30 | $68.57M | $92.00M | $138.32M | $50.02M | $195.27M | $164.40M | $32.37M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-06 | View |
| 2025-12-31 | 10-Q | 2026-02-17 | View |
| 2025-09-30 | 10-Q | 2025-11-05 | View |
| 2025-09-30 | 10-Q/A | 2026-02-17 | View |
| 2025-06-30 | 10-K | 2025-08-28 | View |
| 2025-06-30 | 10-K/A | 2026-02-17 | View |
| 2025-03-31 | 10-Q | 2025-05-02 | View |
| 2024-12-31 | 10-Q | 2025-02-05 | View |
AI Insights
ACCURAY INC (ARAY) presents deeply negative liquidation recovery to equity as of March 31, 2026. MFFAIS data confirms this: cash liquidation value of -$331M, liquid liquidation value of -$266M, and operating liquidation value of -$110M. The asymmetry between haircut assets and face-value liabilities is severe.
Asset side: Total assets of $447.6M are heavily discounted under liquidation. Cash of $38.1M recovers at par. Accounts receivable (current $64.6M gross, allowance $0.9M) recovers ~90-95%, yielding ~$60M. Inventory of $156.6M at 60% haircut recovers ~$94M. PP&E net of $29.0M at 50-70% yields ~$15-20M. Goodwill of $57.9M and capitalized software of $13.5M receive zero recovery. Capitalized contract costs of $5.3M, ROU assets of $28.9M, and equity method investments of $6.3M (China JV) have de minimis or zero recovery in liquidation. Total realistic liquidation asset pool is roughly $220-240M.
Liability side at face value: Total liabilities of $405.9M must be satisfied in full. Key obligations include: Term Loan Facility with $156.5M outstanding (including $7.7M PIK), with $22.7M unamortized discount and $11.6M deferred financing costs that do not reduce the face claim; 2026 Convertible Notes at $18.0M principal due June 1, 2026; current deferred revenue of $78.9M and non-current of $27.0M (obligations that survive wind-down as customer claims); operating lease liability of $37.2M; current liabilities of $205.8M. Substantially all assets are pledged as security under the Credit Facilities, giving secured lenders priority claim in foreclosure. Change-of-control triggers acceleration on both the Credit Facilities and the 2026 Notes. The Penny Warrants (approximately 8.0M shares at $0.01 exercise price) are effectively pre-dilutive equity claims that would be worthless in liquidation.
Relative to the prior period (December 31, 2025, cash balance $41.3M vs. current $38.1M), cash declined $3.2M quarter-over-quarter. Operating cash burn for the nine months ended March 31, 2026 was -$9.4M. Restructuring charges of $15.4M (nine months) and an asset impairment charge of $2.4M in the current period further deteriorated the asset base. Material weaknesses in internal controls persisted through March 31, 2026, and the company received a Nasdaq minimum bid price deficiency notice on February 2, 2026. The filing discusses $9.0M in tariff refund claims submitted through CBP's portal but does not separately XBRL-tag these contingent receivables. Remaining performance obligations of $70.2M (XBRL-tagged) represent future service obligations, not recoverable assets in liquidation.
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