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VREXVarex Imaging Corporation
$10.29$433M
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VREX logoVarex Imaging Corporation(VREX)Earnings, Financials & Key Ratios

VREX•NASDAQ
$10.29
Price updated Jun 25, 2026
SectorHealthcareIndustryMedical DevicesSub-IndustryImaging, radiation, and oncology devices
AboutVarex Imaging Corporation designs and manufactures X-ray imaging components. The company operates in two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components comprising X-ray tubes, digital detectors, high voltage connectors, image-processing software and workstations, 3D reconstruction and computer-aided diagnostic software, collimators, automatic exposure control devices, generators, heat exchangers, ionization chambers, and buckys. This segment's products are used in a range of applications, including radiographic and fluoroscopic imaging, mammography, computed tomography, radiation therapy, oncology, CT, cardiac, surgery, dental, computer-aided detection, and other diagnostic radiography uses. The Industrial segment designs, manufactures, sells, and services Linatron X-ray accelerators, X-ray tubes, digital detectors, and high voltage connectors for use in security and industrial inspection applications, such as airport security, cargo screening at ports and borders, and nondestructive testing and examination in various applications. Varex Imaging Corporation sells its products through imaging system original equipment manufacturers, independent service companies, and distributors, as well as directly to end-users. The company has operations in North America, South America, Europe, Russia, the Middle East, India, Africa, Asia, and Australia. Varex Imaging Corporation was founded in 2016 and is based in Salt Lake City, Utah.Show more
  • Revenue$845M+4.1%
  • EBITDA-$600K-100.9%
  • Net Income-$70M-47.4%
  • EPS (Diluted)-1.70-45.3%
  • Gross Margin34.39%+8.6%
  • EBITDA Margin-0.07%-100.9%
  • Operating Margin-3.29%-183.2%
  • Net Margin-8.32%-41.5%
  • ROE-13.57%-60.8%

VREX Price & Volume

Varex Imaging Corporation (VREX) stock price & volume — 10-year historical chart

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Persistent Margin Volatility Masks Structural Operational Risks

Investment Thesis • Updated 2026Q2

VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Adequate
Cash Flow:Mixed
Primary Risk:Geopolitical and competitive margin pressure

Key Thesis Takeaways

  • Varex Imaging faces a challenging outlook characterized by inconsistent revenue growth and structural margin compression, as evidenced by operating margins that swung to -39.8% in 2025Q3.
  • While the company maintains a manageable debt-to-equity ratio of 0.78, the erosion of its equity base from $581.2 million in 2024Q3 to $474.2 million in 2026Q2 suggests limited financial flexibility.
  • Investors should monitor the firm's ability to defend its CT tube market share against emerging low-cost competitors, as current earnings volatility and erratic cash conversion cycles complicate the path to sustainable profitability.

Verdict Logic

the company's inability to maintain consistent profitability, highlighted by a -3.8% net margin in 2026Q2, suggests significant execution risk in a competitive medical device landscape.

VREX Growth Metrics

Varex Imaging Corporation (VREX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.94%
5 Years2.73%
3 Years-0.58%
TTM4.05%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM11.46%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM14.62%

Return on Capital

10 Years5.89%
5 Years4.79%
3 Years2.51%
Last Year-2.86%

VREX Recent Earnings

Varex Imaging Corporation (VREX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$0.21-4.5%
$0.22
Rev
$216M-0.4%
$217M
Q1 2026
Feb 10, 2026
Metric
Actual
Est
EPS
$0.19+35.7%
$0.14
Rev
$210M+0.9%
$208M
Q4 2025
Nov 18, 2025
Metric
Actual
Est
EPS
$0.37+105.6%
$0.18
Rev
$229M+11.2%
$206M
Q3 2025
Aug 7, 2025
Metric
Actual
Est
EPS
$0.18+350.0%
$0.04
Rev
$203M-7.4%
$219M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.21vs $0.22-4.5%
$216Mvs $217M-0.4%
Q1 2026Feb 10, 2026
$0.19vs $0.14+35.7%
$210Mvs $208M+0.9%
Q4 2025Nov 18, 2025
$0.37vs $0.18+105.6%
$229Mvs $206M+11.2%
Q3 2025Aug 7, 2025
$0.18vs $0.04+350.0%
$203Mvs $219M-7.4%
Based on last 12 quarters of dataView full earnings history →

Latest VREX News

Recent stock market news and headlines for Varex Imaging Corporation (VREX)

Zacks Investment Research·5 days ago
Wall Street Analysts Think VAREX IMAGING (VREX) Could Surge 61.6%: Read This Before Placing a Bet

The consensus price target hints at a 61.6% upside potential for VAREX IMAGING (VREX). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

Zacks Investment Research·Jun 19, 2026
Is VAREX IMAGING (VREX) Stock Undervalued Right Now?

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Peers Comparison

Key metrics vs top competitors for Varex Imaging Corporation (VREX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
VREX logoVREXVarex Imaging CorporationCurrent
$10.29$433.21M-6.054.14%-8.32%-13.57%—
XRAY logoXRAYDENTSPLY SIRONA Inc.
$10.78$2.16B-3.59-2.98%-17.06%-41.19%—
NNOX logoNNOXNano-X Imaging Ltd.
$0.88$61.2M-0.7615.4%-576.13%-47.09%—
ATEC logoATECAlphatec Holdings, Inc.
$8.83$1.34B-9.2024.95%-21.07%-443.09%—
HOLX logoHOLXHologic, Inc.
$76.01$16.97B30.531.74%13.18%11.01%—
ISRG logoISRGIntuitive Surgical, Inc.
$399.69$141.96B50.7920.51%28.15%16.89%—

Compare VREX vs Peers

Varex Imaging Corporation (VREX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs XRAY

Most directly comparable listed peer for VREX.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare VREX against a more recognizable public peer.

Peer Set

Compare Top 5

vs XRAY, NNOX, ATEC, HOLX

VREX SEC Filings & Documents

Varex Imaging Corporation (VREX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Mar 16, 2026·SEC

Material company update

Feb 13, 2026·SEC

10-K Annual Reports

4
FY 2025

Nov 18, 2025·SEC

FY 2024

Nov 19, 2024·SEC

FY 2023

Nov 16, 2023·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2026

Feb 10, 2026·SEC

FY 2025

Aug 7, 2025·SEC

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VREX Frequently Asked Questions

Varex Imaging Corporation (VREX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Varex Imaging Corporation's revenue?

Varex Imaging Corporation (VREX) reported $857.5M in revenue for fiscal year 2025. This represents a 25% increase from $685.2M in 2014.

How fast is Varex Imaging Corporation growing?

Varex Imaging Corporation (VREX) grew revenue by 4.1% over the past year. Growth has been modest.

Is VREX profitable?

Varex Imaging Corporation (VREX) reported a net loss of $82.7M for fiscal year 2025.

Dividend & Returns
What is VREX's return on equity?

Varex Imaging Corporation (VREX) has a return on equity (ROE) of -13.6%. Negative ROE indicates the company is unprofitable.

What is Varex Imaging Corporation's free cash flow?

Varex Imaging Corporation (VREX) had negative free cash flow of $30.8M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in VREX back in 2014?

Total return calculator · dividends reinvested · 12+ years of data

See returns →