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Side-by-side financial comparison of ACCURAY INC (ARAY) and Bowhead Specialty Holdings Inc. (BOW). Click either name above to swap in a different company.
Bowhead Specialty Holdings Inc. is the larger business by last-quarter revenue ($155.7M vs $102.2M, roughly 1.5× ACCURAY INC). Bowhead Specialty Holdings Inc. runs the higher net margin — 10.3% vs -13.5%, a 23.8% gap on every dollar of revenue. On growth, Bowhead Specialty Holdings Inc. posted the faster year-over-year revenue change (26.9% vs -12.0%).
Accuray is a radiation therapy company that develops, manufactures, and sells radiation therapy systems to deliver treatments including stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT). It is the developer of innovative technologies, the CyberKnife and TomoTherapy platforms, including the Radixact System, the latest generation TomoTherapy platform. The company is headquartered in Sunnyvale, CA, the United States. The platforms are installed in leading healthcare ...
Bowhead Specialty Holdings Inc. is a specialty insurance holding company that offers a diversified portfolio of property and casualty insurance products, focusing on underserved niche market segments primarily across North America. It provides tailored risk management solutions and specialized coverage options for both commercial and individual clients.
ARAY vs BOW — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $102.2M | $155.7M |
| Net Profit | $-13.8M | $16.0M |
| Gross Margin | 23.5% | — |
| Operating Margin | -11.3% | — |
| Net Margin | -13.5% | 10.3% |
| Revenue YoY | -12.0% | 26.9% |
| Net Profit YoY | -642.8% | — |
| EPS (diluted) | $-0.11 | $0.48 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $155.7M | ||
| Q4 25 | $102.2M | $151.7M | ||
| Q3 25 | $93.9M | $143.9M | ||
| Q2 25 | $127.5M | $133.3M | ||
| Q1 25 | $113.2M | $122.7M | ||
| Q4 24 | $116.2M | — | ||
| Q3 24 | $101.5M | $116.8M | ||
| Q2 24 | $134.3M | $98.9M |
| Q1 26 | — | $16.0M | ||
| Q4 25 | $-13.8M | $14.8M | ||
| Q3 25 | $-21.7M | $15.2M | ||
| Q2 25 | $1.1M | $12.3M | ||
| Q1 25 | $-1.3M | $11.4M | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $-4.0M | $12.1M | ||
| Q2 24 | $3.4M | $5.5M |
| Q1 26 | — | — | ||
| Q4 25 | 23.5% | — | ||
| Q3 25 | 28.3% | — | ||
| Q2 25 | 30.6% | — | ||
| Q1 25 | 27.9% | — | ||
| Q4 24 | 36.1% | — | ||
| Q3 24 | 33.9% | — | ||
| Q2 24 | 28.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 11.7% | ||
| Q3 25 | -12.0% | 13.3% | ||
| Q2 25 | 3.3% | 11.9% | ||
| Q1 25 | 0.9% | 11.8% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | -2.1% | 13.5% | ||
| Q2 24 | 5.1% | 7.5% |
| Q1 26 | — | 10.3% | ||
| Q4 25 | -13.5% | 9.8% | ||
| Q3 25 | -23.1% | 10.5% | ||
| Q2 25 | 0.9% | 9.3% | ||
| Q1 25 | -1.1% | 9.3% | ||
| Q4 24 | 2.2% | — | ||
| Q3 24 | -3.9% | 10.4% | ||
| Q2 24 | 2.5% | 5.6% |
| Q1 26 | — | $0.48 | ||
| Q4 25 | $-0.11 | $0.44 | ||
| Q3 25 | $-0.18 | $0.45 | ||
| Q2 25 | $0.01 | $0.36 | ||
| Q1 25 | $-0.01 | $0.34 | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $-0.04 | $0.36 | ||
| Q2 24 | $0.03 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.3M | $97.2M |
| Total DebtLower is stronger | $135.9M | — |
| Stockholders' EquityBook value | $53.4M | $457.9M |
| Total Assets | $448.0M | $2.5B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $97.2M | ||
| Q4 25 | $41.3M | $193.5M | ||
| Q3 25 | $63.3M | $197.9M | ||
| Q2 25 | $57.4M | $114.8M | ||
| Q1 25 | $77.8M | $88.0M | ||
| Q4 24 | $62.6M | — | ||
| Q3 24 | $59.2M | $132.9M | ||
| Q2 24 | $68.6M | $180.3M |
| Q1 26 | — | — | ||
| Q4 25 | $135.9M | $146.4M | ||
| Q3 25 | $140.2M | — | ||
| Q2 25 | $136.5M | — | ||
| Q1 25 | $173.8M | — | ||
| Q4 24 | $175.5M | — | ||
| Q3 24 | $170.2M | — | ||
| Q2 24 | $172.2M | — |
| Q1 26 | — | $457.9M | ||
| Q4 25 | $53.4M | $448.3M | ||
| Q3 25 | $61.9M | $430.2M | ||
| Q2 25 | $81.2M | $407.2M | ||
| Q1 25 | $49.6M | $391.0M | ||
| Q4 24 | $47.9M | — | ||
| Q3 24 | $45.2M | $364.7M | ||
| Q2 24 | $45.1M | $339.9M |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $448.0M | $2.4B | ||
| Q3 25 | $456.8M | $2.1B | ||
| Q2 25 | $470.2M | $1.9B | ||
| Q1 25 | $484.3M | $1.8B | ||
| Q4 24 | $478.4M | — | ||
| Q3 24 | $473.1M | $1.5B | ||
| Q2 24 | $468.6M | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 0.33× | ||
| Q3 25 | 2.27× | — | ||
| Q2 25 | 1.68× | — | ||
| Q1 25 | 3.50× | — | ||
| Q4 24 | 3.66× | — | ||
| Q3 24 | 3.76× | — | ||
| Q2 24 | 3.82× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.0M | — |
| Free Cash FlowOCF − Capex | $-19.0M | — |
| FCF MarginFCF / Revenue | -18.6% | — |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-16.0M | $331.6M | ||
| Q3 25 | $12.2M | $114.7M | ||
| Q2 25 | $-9.7M | $109.0M | ||
| Q1 25 | $18.1M | $47.7M | ||
| Q4 24 | $1.8M | — | ||
| Q3 24 | $-7.3M | $119.4M | ||
| Q2 24 | $9.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-19.0M | $326.0M | ||
| Q3 25 | $10.3M | $113.5M | ||
| Q2 25 | $-11.0M | $107.4M | ||
| Q1 25 | $17.1M | $46.5M | ||
| Q4 24 | $927.0K | — | ||
| Q3 24 | $-8.4M | $118.4M | ||
| Q2 24 | $9.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | -18.6% | 214.9% | ||
| Q3 25 | 10.9% | 78.8% | ||
| Q2 25 | -8.6% | 80.6% | ||
| Q1 25 | 15.1% | 37.9% | ||
| Q4 24 | 0.8% | — | ||
| Q3 24 | -8.3% | 101.4% | ||
| Q2 24 | 7.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 3.7% | ||
| Q3 25 | 2.0% | 0.9% | ||
| Q2 25 | 1.0% | 1.2% | ||
| Q1 25 | 0.8% | 1.0% | ||
| Q4 24 | 0.8% | — | ||
| Q3 24 | 1.1% | 0.9% | ||
| Q2 24 | 0.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 22.34× | ||
| Q3 25 | — | 7.56× | ||
| Q2 25 | -8.64× | 8.83× | ||
| Q1 25 | — | 4.18× | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | — | 9.88× | ||
| Q2 24 | 2.92× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARAY
| Services | $57.2M | 56% |
| Products | $45.0M | 44% |
BOW
Segment breakdown not available.
