Varex Imaging Corporation (VREX) 10-Year Financial Performance & Capital Metrics

VREX • • Industrial / General

HealthcareMedical DevicesDiagnostic & Imaging EquipmentMedical Imaging Systems

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 -46.5%
EPS (Diluted) -1.70 -45.3%
Gross Margin 34.39% +8.6%
EBITDA Margin -0.07% -100.9%
Operating Margin -3.29% -183.2%
Net Margin -8.28% -40.7%
ROE -13.5% -59.9%
ROIC -2.62% -195.0%
Debt/Equity 0.83 -3.6%
Interest Coverage -0.78 -175.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 80 (top 20%)
✓Trading at only 1.2x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.94%

5Y2.73%

3Y-0.58%

TTM-1.36%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-487.43%

EPS CAGR

10Y-

5Y-

3Y-

TTM-575.03%

ROCE

10Y Avg5.89%

5Y Avg4.79%

3Y Avg2.51%

Latest-2.86%

Peer Comparison

Medical Imaging Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IRMDIRadimed Corporation	1.3B	102.57	68.38	11.71%	26.31%	21.54%	1.35%	0.00
BRKRBruker Corporation	7.52B	49.46	65.08	13.56%	-0.61%	-0.84%	1.81%	1.24
STESTERIS plc	26.33B	268.26	43.27	6.24%	12.07%	9.8%	2.95%	0.33
FONRFONAR Corporation	114.98M	18.64	15.15	1.43%	7.08%	4.62%	6.48%	0.24
HYPRHyperfine, Inc.	100.18M	1.22	-2.18	16.84%	-378.17%	-149.05%		0.01
PACBPacific Biosciences of California, Inc.	709.48M	2.35	-2.20	-23.19%	-325.8%	-13.95%		1.33
IRIXIRIDEX Corporation	23.21M	1.35	-2.50	-6.17%	-10.04%	-108.67%		2.21
MASS908 Devices Inc.	199.79M	5.52	-2.60	18.72%	-7.17%	-3.03%		0.06

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Oct 2025
Sales/Revenue+	620.1M	698.1M	773.4M	780.6M	738.3M	818.1M	859.4M	893.4M	811M	844.6M
Revenue Growth %	-0.02%	0.13%	0.11%	0.01%	-0.05%	0.11%	0.05%	0.04%	-0.09%	0.04%
Cost of Goods Sold+	371.7M	444.6M	519.5M	523.9M	548.1M	546.6M	575.9M	603.1M	554.1M	554.1M
COGS % of Revenue	0.6%	0.64%	0.67%	0.67%	0.74%	0.67%	0.67%	0.68%	0.68%	0.66%
Gross Profit+	248.4M	253.5M	253.9M	256.7M	190.2M	271.5M	283.5M	290.3M	256.9M	290.5M
Gross Margin %	0.4%	0.36%	0.33%	0.33%	0.26%	0.33%	0.33%	0.32%	0.32%	0.34%
Gross Profit Growth %	-0.01%	0.02%	0%	0.01%	-0.26%	0.43%	0.04%	0.02%	-0.12%	0.13%
Operating Expenses+	139.3M	169.8M	209.4M	206.2M	223.9M	197.4M	195.3M	213.2M	224.8M	318.3M
OpEx % of Revenue	0.22%	0.24%	0.27%	0.26%	0.3%	0.24%	0.23%	0.24%	0.28%	0.38%
Selling, General & Admin	85.8M	102.5M	126.4M	128.1M	142.2M	125.5M	118.3M	128.4M	137.8M	133.3M
SG&A % of Revenue	0.14%	0.15%	0.16%	0.16%	0.19%	0.15%	0.14%	0.14%	0.17%	0.16%
Research & Development	53.5M	67.3M	83M	78.1M	78.9M	71.9M	77M	84.8M	87M	91.1M
R&D % of Revenue	0.09%	0.1%	0.11%	0.1%	0.11%	0.09%	0.09%	0.09%	0.11%	0.11%
Other Operating Expenses	-900K	0	0	0	2.8M	0	0	0	0	93.9M
Operating Income+	109.1M	83.7M	44.5M	8.2M	-33.7M	74.1M	88.2M	77.1M	32.1M	-27.8M
Operating Margin %	0.18%	0.12%	0.06%	0.01%	-0.05%	0.09%	0.1%	0.09%	0.04%	-0.03%
Operating Income Growth %	-0.14%	-0.23%	-0.47%	-0.82%	-5.11%	3.2%	0.19%	-0.13%	-0.58%	-1.87%
EBITDA+	124.4M	111.1M	86.7M	47.4M	5.8M	111.4M	121.8M	110.3M	63.2M	-600K
EBITDA Margin %	0.2%	0.16%	0.11%	0.06%	0.01%	0.14%	0.14%	0.12%	0.08%	-0%
EBITDA Growth %	-0.11%	-0.11%	-0.22%	-0.45%	-0.88%	18.21%	0.09%	-0.09%	-0.43%	-1.01%
D&A (Non-Cash Add-back)	15.3M	27.4M	42.2M	39.2M	39.5M	37.3M	33.6M	33.2M	31.1M	27.2M
EBIT	109.1M	87.1M	47.4M	42.6M	-48.2M	67.2M	80.9M	61.5M	31.8M	-23.7M
Net Interest Income+	-1.6M	-12.1M	-21.5M	-21M	-31.3M	-43.3M	-40.6M	-25.6M	-23.8M	-27M
Interest Income	300K	200K	200K	100K	100K	100K	400K	3.7M	7.3M	8.5M
Interest Expense	1.9M	12.3M	21.7M	21.1M	31.4M	43.4M	41M	29.3M	31.1M	35.5M
Other Income/Expense	-4.1M	-8.9M	-18.8M	0	-38.9M	-45.5M	-43.7M	-45.8M	-27.1M	-31.4M
Pretax Income+	105M	74.8M	25.7M	21.5M	-72.6M	28.6M	44.5M	31.3M	5M	-59.2M
Pretax Margin %	0.17%	0.11%	0.03%	0.03%	-0.1%	0.03%	0.05%	0.04%	0.01%	-0.07%
Income Tax+	36M	22.8M	-2.6M	5.7M	-15.2M	10.7M	13.7M	-17.4M	52.2M	10.7M
Effective Tax Rate %	0.65%	0.69%	1.07%	0.72%	0.8%	0.61%	0.68%	1.54%	-9.54%	1.18%
Net Income+	68.5M	51.6M	27.5M	15.5M	-57.9M	17.4M	30.3M	48.2M	-47.7M	-69.9M
Net Margin %	0.11%	0.07%	0.04%	0.02%	-0.08%	0.02%	0.04%	0.05%	-0.06%	-0.08%
Net Income Growth %	-0.14%	-0.25%	-0.47%	-0.44%	-4.74%	1.3%	0.74%	0.59%	-1.99%	-0.47%
Net Income (Continuing)	69M	52M	28.3M	15.8M	-57.4M	17.9M	30.8M	48.7M	-47.2M	-69.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	10.3M	11.2M	13.2M	13.8M	14.1M	13.2M	13.3M	13.3M	14.1M	14M
EPS (Diluted)+	1.78	1.36	0.72	0.40	-1.49	0.43	0.73	1.08	-1.17	-1.70
EPS Growth %	-0.14%	-0.24%	-0.47%	-0.44%	-4.72%	1.29%	0.7%	0.48%	-2.08%	-0.45%
EPS (Basic)	1.79	1.37	0.73	0.41	-1.49	0.44	0.76	1.20	-1.17	-1.70
Diluted Shares Outstanding	38.4M	38M	38.4M	38.6M	38.8M	40.3M	41.6M	50.3M	40.8M	41.4M
Basic Shares Outstanding	38.2M	37.6M	37.9M	38.2M	38.8M	39.3M	39.8M	40.3M	40.8M	41.4M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Oct 2025
Total Current Assets+	359.9M	495.3M	458.1M	440.3M	522M	554.2M	609.9M	658.3M	649.9M	641.8M
Cash & Short-Term Investments	36.5M	83.3M	51.9M	29.9M	100.6M	144.6M	89.4M	193.9M	200.5M	155.1M
Cash Only	36.5M	83.3M	51.9M	29.9M	100.6M	144.6M	89.4M	152.6M	168.7M	145M
Short-Term Investments	0	0	0	0	0	0	0	41.3M	31.8M	10.1M
Accounts Receivable	122.2M	163.6M	154M	141M	123.8M	155.3M	173.3M	164.3M	157.7M	157.4M
Days Sales Outstanding	71.93	85.54	72.68	65.93	61.2	69.29	73.6	67.13	70.97	68.02
Inventory	197.4M	234.5M	235.1M	250.3M	271.9M	224.8M	303.2M	277.5M	264.8M	299.4M
Days Inventory Outstanding	193.84	192.52	165.18	174.38	181.07	150.11	192.17	167.94	174.43	197.22
Other Current Assets	0	0	17.1M	-200K	0	0	2.1M	22.6M	26.9M	29.9M
Total Non-Current Assets+	262.5M	544.8M	530.4M	600.5M	617.5M	593.3M	574.5M	591.3M	567.1M	465.6M
Property, Plant & Equipment	108.9M	148.3M	144.9M	142.3M	172.9M	164.5M	164.5M	172.6M	181.7M	187.2M
Fixed Asset Turnover	5.69x	4.71x	5.34x	5.49x	4.27x	4.97x	5.22x	5.18x	4.46x	4.51x
Goodwill	74.7M	241.9M	243.6M	290.8M	293.1M	292.2M	284.5M	288.5M	291M	198.4M
Intangible Assets	20.7M	91.3M	73.8M	86.3M	67.5M	50.7M	33.6M	22.4M	16.1M	14M
Long-Term Investments	49.3M	52.3M	51M	53.6M	51.3M	49.3M	46.4M	30.4M	26.8M	26.6M
Other Non-Current Assets	3.4M	-18.5M	-6.1M	27.5M	32.2M	32.6M	43.2M	36.1M	46.8M	36.5M
Total Assets+	622.4M	1.04B	988.5M	1.04B	1.14B	1.15B	1.18B	1.25B	1.22B	1.11B
Asset Turnover	1.00x	0.67x	0.78x	0.75x	0.65x	0.71x	0.73x	0.71x	0.67x	0.76x
Asset Growth %	0.07%	0.67%	-0.05%	0.05%	0.09%	0.01%	0.03%	0.06%	-0.03%	-0.09%
Total Current Liabilities+	77.8M	151.8M	152.6M	175.1M	160.6M	166.6M	173.1M	162.8M	195.9M	187.2M
Accounts Payable	41.9M	58.9M	66.3M	58.2M	72.9M	58.8M	78.2M	64.7M	59.1M	69.9M
Days Payables Outstanding	41.14	48.35	46.58	40.55	48.55	39.26	49.56	39.16	38.93	46.04
Short-Term Debt	0	20M	25M	30.7M	2.5M	2.8M	2.1M	5.4M	46.3M	6.3M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.3M	23.2M	19.1M	32.9M	31.7M	37.3M	7.9M	28.6M	40.5M	49.3M
Current Ratio	4.63x	3.26x	3.00x	2.51x	3.25x	3.33x	3.52x	4.04x	3.32x	3.43x
Quick Ratio	2.09x	1.72x	1.46x	1.09x	1.56x	1.98x	1.77x	2.34x	1.97x	1.83x
Cash Conversion Cycle	224.63	229.7	191.28	199.77	193.73	180.14	216.21	195.91	206.47	219.2
Total Non-Current Liabilities+	8.3M	498.1M	396.5M	405.9M	513.1M	484.4M	464.6M	505.8M	471.9M	433.6M
Long-Term Debt	0	463.9M	364.8M	364.4M	452.8M	431.7M	412.3M	441.1M	397.1M	366M
Capital Lease Obligations	0	0	0	0	23.1M	18.7M	18.1M	23.3M	23M	29.6M
Deferred Tax Liabilities	3M	29.5M	23.2M	9M	2.3M	2.2M	500K	0	1.4M	5.5M
Other Non-Current Liabilities	5.3M	4.7M	8.5M	32.5M	34.9M	31.8M	12.3M	19.7M	50.4M	32.5M
Total Liabilities	86.1M	649.9M	549.1M	581M	673.7M	651M	637.7M	668.6M	667.8M	620.8M
Total Debt+	0	483.9M	389.8M	395.1M	484.5M	459.4M	436.4M	469.8M	470.4M	401.9M
Net Debt	-36.5M	400.6M	337.9M	365.2M	383.9M	314.8M	347M	317.2M	301.7M	256.9M
Debt / Equity	-	1.24x	0.89x	0.86x	1.04x	0.93x	0.80x	0.81x	0.86x	0.83x
Debt / EBITDA	-	4.36x	4.50x	8.34x	83.53x	4.12x	3.58x	4.26x	7.44x	-
Net Debt / EBITDA	-0.29x	3.61x	3.90x	7.70x	66.19x	2.83x	2.85x	2.88x	4.77x	-
Interest Coverage	57.42x	6.80x	2.05x	0.39x	-1.07x	1.71x	2.15x	2.63x	1.03x	-0.78x
Total Equity+	536.3M	390.2M	439.4M	459.8M	465.8M	496.5M	546.7M	581M	549.2M	486.6M
Equity Growth %	0.08%	-0.27%	0.13%	0.05%	0.01%	0.07%	0.1%	0.06%	-0.05%	-0.11%
Book Value per Share	13.97	10.27	11.44	11.91	12.01	12.32	13.14	11.55	13.46	11.75
Total Shareholders' Equity	526M	379M	426.2M	446M	451.7M	483.3M	533.4M	567.7M	535.1M	472.6M
Common Stock	526M	400K	400K	400K	400K	400K	400K	400K	400K	400K
Retained Earnings	526M	35.1M	62.4M	75.5M	16.9M	33.5M	63.8M	118.1M	70.4M	-5.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	800K	5.8M	-1.7M	800K	0	100K	-1.2M	-2.9M	-5.2M
Minority Interest	10.3M	11.2M	13.2M	13.8M	14.1M	13.2M	13.3M	13.3M	14.1M	14M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Oct 2025
Cash from Operations+	74.2M	74.6M	85.3M	71.9M	13.2M	92.6M	16.9M	108.4M	47.3M	41.7M
Operating CF Margin %	0.12%	0.11%	0.11%	0.09%	0.02%	0.11%	0.02%	0.12%	0.06%	0.05%
Operating CF Growth %	-0.13%	0.01%	0.14%	-0.16%	-0.82%	6.02%	-0.82%	5.41%	-0.56%	-0.12%
Net Income	69M	52M	28.3M	15.8M	-57.4M	17.9M	30.8M	48.7M	-47.2M	-69.9M
Depreciation & Amortization	15.3M	27.4M	42.2M	39.2M	39.5M	37.3M	33.6M	33.2M	31.1M	27.2M
Stock-Based Compensation	9.5M	8.4M	10M	11.7M	13.4M	13.9M	14M	13.5M	15.3M	15M
Deferred Taxes	4.2M	-8.9M	-7.7M	-12.9M	-3.1M	-3M	600K	-39.5M	37M	-500K
Other Non-Cash Items	2.4M	2.3M	6.5M	13.4M	34.7M	18.3M	25.9M	29.2M	9.1M	101.3M
Working Capital Changes	-26.2M	-6.6M	6M	4.7M	-13.9M	8.2M	-88M	23.3M	2M	-31.4M
Change in Receivables	-4.6M	-23.1M	9M	14.8M	17.7M	-32.9M	-18.1M	9.8M	6.7M	100K
Change in Inventory	-23.5M	-4.2M	-2.4M	-11.1M	-42.7M	42.8M	-85M	20.2M	6.6M	-39.9M
Change in Payables	-1.9M	4.9M	5.2M	-9M	14.3M	-13.6M	19.7M	-15M	-3.2M	6.2M
Cash from Investing+	-21.6M	-292M	-25.2M	-93.2M	-26.9M	-16.2M	-48.4M	-44.9M	-27.5M	10.3M
Capital Expenditures	-28.9M	-20.2M	-20.4M	-19.8M	-23.5M	-15.1M	-21.3M	-20.7M	-26.9M	-22.9M
CapEx % of Revenue	0.05%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-100K	0	0	0	0	300K	-1.9M	4.4M	-1.1M	-800K
Cash from Financing+	-36.8M	0	-90.4M	-100K	83.6M	-32.3M	-23.8M	-200K	-3.3M	-75.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-36.8M	-494M	5.6M	1.5M	-26.3M	-700K	5.6M	2.2M	-1.7M	-900K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.3M	55M	64.9M	52.1M	-10.3M	77.5M	-4.4M	87.7M	20.4M	18.8M
FCF Margin %	0.07%	0.08%	0.08%	0.07%	-0.01%	0.09%	-0.01%	0.1%	0.03%	0.02%
FCF Growth %	-0.11%	0.21%	0.18%	-0.2%	-1.2%	8.52%	-1.06%	20.93%	-0.77%	-0.08%
FCF per Share	1.18	1.45	1.69	1.35	-0.27	1.92	-0.11	1.74	0.50	0.45
FCF Conversion (FCF/Net Income)	1.08x	1.45x	3.10x	4.64x	-0.23x	5.32x	0.56x	2.25x	-0.99x	-0.60x
Interest Paid	0	9.8M	19.3M	19.9M	16.7M	21.6M	29.5M	27.4M	27.6M	31.3M
Taxes Paid	0	6M	13.8M	8.2M	4.2M	14.1M	2.2M	16.7M	20.2M	18.6M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	13.28%	11.14%	6.63%	3.45%	-12.51%	3.62%	5.81%	8.55%	-8.44%	-13.5%
Return on Invested Capital (ROIC)	16.79%	9.73%	4.26%	0.77%	-3.02%	6.69%	7.76%	6.45%	2.75%	-2.62%
Gross Margin	40.06%	36.31%	32.83%	32.88%	25.76%	33.19%	32.99%	32.49%	31.68%	34.39%
Net Margin	11.05%	7.39%	3.56%	1.99%	-7.84%	2.13%	3.53%	5.4%	-5.88%	-8.28%
Debt / Equity	-	1.24x	0.89x	0.86x	1.04x	0.93x	0.80x	0.81x	0.86x	0.83x
Interest Coverage	57.42x	6.80x	2.05x	0.39x	-1.07x	1.71x	2.15x	2.63x	1.03x	-0.78x
FCF Conversion	1.08x	1.45x	3.10x	4.64x	-0.23x	5.32x	0.56x	2.25x	-0.99x	-0.60x
Revenue Growth	-1.93%	12.58%	10.79%	0.93%	-5.42%	10.81%	5.05%	3.96%	-9.22%	4.14%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Medical	-	-	-	-	-	-	673.3M	581.7M
Medical Growth	-	-	-	-	-	-	-	-13.60%
Industrial	-	-	-	-	-	-	220.1M	229.3M
Industrial Growth	-	-	-	-	-	-	-	4.18%
Medical	556.9M	602M	596.8M	584.5M	643.8M	674.7M	-	-
Medical Growth	-	8.10%	-0.86%	-2.06%	10.15%	4.80%	-	-
Industrial	141.2M	171.4M	183.8M	153.8M	174.3M	184.7M	-	-
Industrial Growth	-	21.39%	7.23%	-16.32%	13.33%	5.97%	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
EMEA	219.5M	254.5M	269M	231.5M	276.3M	280.8M	290.7M	280.3M
EMEA Growth	-	15.95%	5.70%	-13.94%	19.35%	1.63%	3.53%	-3.58%
Americas	239.8M	-	-	-	268.5M	273.3M	281.8M	266.5M
Americas Growth	-	-	-	-	-	1.79%	3.11%	-5.43%
Asia Pacific	238.8M	243.1M	229M	251.8M	273.3M	305.3M	320.9M	264.2M
Asia Pacific Growth	-	1.80%	-5.80%	9.96%	8.54%	11.71%	5.11%	-17.67%
UNITED STATES	-	268.8M	275.3M	249.8M	262.3M	263.7M	275.1M	257.7M
UNITED STATES Growth	-	-	2.42%	-9.26%	5.00%	0.53%	4.32%	-6.32%
Latin America	-	7M	7.3M	5.2M	-	-	-	-
Latin America Growth	-	-	4.29%	-28.77%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Varex Imaging Corporation (VREX) reported $821.4M in revenue for fiscal year 2025. This represents a 20% increase from $685.2M in 2014.

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

Varex Imaging Corporation (VREX) reported a net loss of $132.5M for fiscal year 2025.

Dividend & Returns

Varex Imaging Corporation (VREX) has a return on equity (ROE) of -13.5%. Negative ROE indicates the company is unprofitable.

Varex Imaging Corporation (VREX) generated $36.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Varex Imaging Corporation (VREX) 10-Year Financial Performance & Capital Metrics

VREX • • Industrial / General

HealthcareMedical DevicesDiagnostic & Imaging EquipmentMedical Imaging Systems

Revenue $845M +4.1%
EBITDA -$600K -100.9%
Net Income -$70M -46.5%
EPS (Diluted) -1.70 -45.3%
Gross Margin 34.39% +8.6%
EBITDA Margin -0.07% -100.9%
Operating Margin -3.29% -183.2%
Net Margin -8.28% -40.7%
ROE -13.5% -59.9%
ROIC -2.62% -195.0%
Debt/Equity 0.83 -3.6%
Interest Coverage -0.78 -175.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 80 (top 20%)
✓Trading at only 1.2x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.94%

5Y2.73%

3Y-0.58%

TTM-1.36%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-487.43%

EPS CAGR

10Y-

5Y-

3Y-

TTM-575.03%

ROCE

10Y Avg5.89%

5Y Avg4.79%

3Y Avg2.51%

Latest-2.86%

Peer Comparison

Medical Imaging Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IRMDIRadimed Corporation	1.3B	102.57	68.38	11.71%	26.31%	21.54%	1.35%	0.00
BRKRBruker Corporation	7.52B	49.46	65.08	13.56%	-0.61%	-0.84%	1.81%	1.24
STESTERIS plc	26.33B	268.26	43.27	6.24%	12.07%	9.8%	2.95%	0.33
FONRFONAR Corporation	114.98M	18.64	15.15	1.43%	7.08%	4.62%	6.48%	0.24
HYPRHyperfine, Inc.	100.18M	1.22	-2.18	16.84%	-378.17%	-149.05%		0.01
PACBPacific Biosciences of California, Inc.	709.48M	2.35	-2.20	-23.19%	-325.8%	-13.95%		1.33
IRIXIRIDEX Corporation	23.21M	1.35	-2.50	-6.17%	-10.04%	-108.67%		2.21
MASS908 Devices Inc.	199.79M	5.52	-2.60	18.72%	-7.17%	-3.03%		0.06

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Oct 2025
Sales/Revenue+	620.1M	698.1M	773.4M	780.6M	738.3M	818.1M	859.4M	893.4M	811M	844.6M
Revenue Growth %	-0.02%	0.13%	0.11%	0.01%	-0.05%	0.11%	0.05%	0.04%	-0.09%	0.04%
Cost of Goods Sold+	371.7M	444.6M	519.5M	523.9M	548.1M	546.6M	575.9M	603.1M	554.1M	554.1M
COGS % of Revenue	0.6%	0.64%	0.67%	0.67%	0.74%	0.67%	0.67%	0.68%	0.68%	0.66%
Gross Profit+	248.4M	253.5M	253.9M	256.7M	190.2M	271.5M	283.5M	290.3M	256.9M	290.5M
Gross Margin %	0.4%	0.36%	0.33%	0.33%	0.26%	0.33%	0.33%	0.32%	0.32%	0.34%
Gross Profit Growth %	-0.01%	0.02%	0%	0.01%	-0.26%	0.43%	0.04%	0.02%	-0.12%	0.13%
Operating Expenses+	139.3M	169.8M	209.4M	206.2M	223.9M	197.4M	195.3M	213.2M	224.8M	318.3M
OpEx % of Revenue	0.22%	0.24%	0.27%	0.26%	0.3%	0.24%	0.23%	0.24%	0.28%	0.38%
Selling, General & Admin	85.8M	102.5M	126.4M	128.1M	142.2M	125.5M	118.3M	128.4M	137.8M	133.3M
SG&A % of Revenue	0.14%	0.15%	0.16%	0.16%	0.19%	0.15%	0.14%	0.14%	0.17%	0.16%
Research & Development	53.5M	67.3M	83M	78.1M	78.9M	71.9M	77M	84.8M	87M	91.1M
R&D % of Revenue	0.09%	0.1%	0.11%	0.1%	0.11%	0.09%	0.09%	0.09%	0.11%	0.11%
Other Operating Expenses	-900K	0	0	0	2.8M	0	0	0	0	93.9M
Operating Income+	109.1M	83.7M	44.5M	8.2M	-33.7M	74.1M	88.2M	77.1M	32.1M	-27.8M
Operating Margin %	0.18%	0.12%	0.06%	0.01%	-0.05%	0.09%	0.1%	0.09%	0.04%	-0.03%
Operating Income Growth %	-0.14%	-0.23%	-0.47%	-0.82%	-5.11%	3.2%	0.19%	-0.13%	-0.58%	-1.87%
EBITDA+	124.4M	111.1M	86.7M	47.4M	5.8M	111.4M	121.8M	110.3M	63.2M	-600K
EBITDA Margin %	0.2%	0.16%	0.11%	0.06%	0.01%	0.14%	0.14%	0.12%	0.08%	-0%
EBITDA Growth %	-0.11%	-0.11%	-0.22%	-0.45%	-0.88%	18.21%	0.09%	-0.09%	-0.43%	-1.01%
D&A (Non-Cash Add-back)	15.3M	27.4M	42.2M	39.2M	39.5M	37.3M	33.6M	33.2M	31.1M	27.2M
EBIT	109.1M	87.1M	47.4M	42.6M	-48.2M	67.2M	80.9M	61.5M	31.8M	-23.7M
Net Interest Income+	-1.6M	-12.1M	-21.5M	-21M	-31.3M	-43.3M	-40.6M	-25.6M	-23.8M	-27M
Interest Income	300K	200K	200K	100K	100K	100K	400K	3.7M	7.3M	8.5M
Interest Expense	1.9M	12.3M	21.7M	21.1M	31.4M	43.4M	41M	29.3M	31.1M	35.5M
Other Income/Expense	-4.1M	-8.9M	-18.8M	0	-38.9M	-45.5M	-43.7M	-45.8M	-27.1M	-31.4M
Pretax Income+	105M	74.8M	25.7M	21.5M	-72.6M	28.6M	44.5M	31.3M	5M	-59.2M
Pretax Margin %	0.17%	0.11%	0.03%	0.03%	-0.1%	0.03%	0.05%	0.04%	0.01%	-0.07%
Income Tax+	36M	22.8M	-2.6M	5.7M	-15.2M	10.7M	13.7M	-17.4M	52.2M	10.7M
Effective Tax Rate %	0.65%	0.69%	1.07%	0.72%	0.8%	0.61%	0.68%	1.54%	-9.54%	1.18%
Net Income+	68.5M	51.6M	27.5M	15.5M	-57.9M	17.4M	30.3M	48.2M	-47.7M	-69.9M
Net Margin %	0.11%	0.07%	0.04%	0.02%	-0.08%	0.02%	0.04%	0.05%	-0.06%	-0.08%
Net Income Growth %	-0.14%	-0.25%	-0.47%	-0.44%	-4.74%	1.3%	0.74%	0.59%	-1.99%	-0.47%
Net Income (Continuing)	69M	52M	28.3M	15.8M	-57.4M	17.9M	30.8M	48.7M	-47.2M	-69.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	10.3M	11.2M	13.2M	13.8M	14.1M	13.2M	13.3M	13.3M	14.1M	14M
EPS (Diluted)+	1.78	1.36	0.72	0.40	-1.49	0.43	0.73	1.08	-1.17	-1.70
EPS Growth %	-0.14%	-0.24%	-0.47%	-0.44%	-4.72%	1.29%	0.7%	0.48%	-2.08%	-0.45%
EPS (Basic)	1.79	1.37	0.73	0.41	-1.49	0.44	0.76	1.20	-1.17	-1.70
Diluted Shares Outstanding	38.4M	38M	38.4M	38.6M	38.8M	40.3M	41.6M	50.3M	40.8M	41.4M
Basic Shares Outstanding	38.2M	37.6M	37.9M	38.2M	38.8M	39.3M	39.8M	40.3M	40.8M	41.4M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Oct 2025
Total Current Assets+	359.9M	495.3M	458.1M	440.3M	522M	554.2M	609.9M	658.3M	649.9M	641.8M
Cash & Short-Term Investments	36.5M	83.3M	51.9M	29.9M	100.6M	144.6M	89.4M	193.9M	200.5M	155.1M
Cash Only	36.5M	83.3M	51.9M	29.9M	100.6M	144.6M	89.4M	152.6M	168.7M	145M
Short-Term Investments	0	0	0	0	0	0	0	41.3M	31.8M	10.1M
Accounts Receivable	122.2M	163.6M	154M	141M	123.8M	155.3M	173.3M	164.3M	157.7M	157.4M
Days Sales Outstanding	71.93	85.54	72.68	65.93	61.2	69.29	73.6	67.13	70.97	68.02
Inventory	197.4M	234.5M	235.1M	250.3M	271.9M	224.8M	303.2M	277.5M	264.8M	299.4M
Days Inventory Outstanding	193.84	192.52	165.18	174.38	181.07	150.11	192.17	167.94	174.43	197.22
Other Current Assets	0	0	17.1M	-200K	0	0	2.1M	22.6M	26.9M	29.9M
Total Non-Current Assets+	262.5M	544.8M	530.4M	600.5M	617.5M	593.3M	574.5M	591.3M	567.1M	465.6M
Property, Plant & Equipment	108.9M	148.3M	144.9M	142.3M	172.9M	164.5M	164.5M	172.6M	181.7M	187.2M
Fixed Asset Turnover	5.69x	4.71x	5.34x	5.49x	4.27x	4.97x	5.22x	5.18x	4.46x	4.51x
Goodwill	74.7M	241.9M	243.6M	290.8M	293.1M	292.2M	284.5M	288.5M	291M	198.4M
Intangible Assets	20.7M	91.3M	73.8M	86.3M	67.5M	50.7M	33.6M	22.4M	16.1M	14M
Long-Term Investments	49.3M	52.3M	51M	53.6M	51.3M	49.3M	46.4M	30.4M	26.8M	26.6M
Other Non-Current Assets	3.4M	-18.5M	-6.1M	27.5M	32.2M	32.6M	43.2M	36.1M	46.8M	36.5M
Total Assets+	622.4M	1.04B	988.5M	1.04B	1.14B	1.15B	1.18B	1.25B	1.22B	1.11B
Asset Turnover	1.00x	0.67x	0.78x	0.75x	0.65x	0.71x	0.73x	0.71x	0.67x	0.76x
Asset Growth %	0.07%	0.67%	-0.05%	0.05%	0.09%	0.01%	0.03%	0.06%	-0.03%	-0.09%
Total Current Liabilities+	77.8M	151.8M	152.6M	175.1M	160.6M	166.6M	173.1M	162.8M	195.9M	187.2M
Accounts Payable	41.9M	58.9M	66.3M	58.2M	72.9M	58.8M	78.2M	64.7M	59.1M	69.9M
Days Payables Outstanding	41.14	48.35	46.58	40.55	48.55	39.26	49.56	39.16	38.93	46.04
Short-Term Debt	0	20M	25M	30.7M	2.5M	2.8M	2.1M	5.4M	46.3M	6.3M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.3M	23.2M	19.1M	32.9M	31.7M	37.3M	7.9M	28.6M	40.5M	49.3M
Current Ratio	4.63x	3.26x	3.00x	2.51x	3.25x	3.33x	3.52x	4.04x	3.32x	3.43x
Quick Ratio	2.09x	1.72x	1.46x	1.09x	1.56x	1.98x	1.77x	2.34x	1.97x	1.83x
Cash Conversion Cycle	224.63	229.7	191.28	199.77	193.73	180.14	216.21	195.91	206.47	219.2
Total Non-Current Liabilities+	8.3M	498.1M	396.5M	405.9M	513.1M	484.4M	464.6M	505.8M	471.9M	433.6M
Long-Term Debt	0	463.9M	364.8M	364.4M	452.8M	431.7M	412.3M	441.1M	397.1M	366M
Capital Lease Obligations	0	0	0	0	23.1M	18.7M	18.1M	23.3M	23M	29.6M
Deferred Tax Liabilities	3M	29.5M	23.2M	9M	2.3M	2.2M	500K	0	1.4M	5.5M
Other Non-Current Liabilities	5.3M	4.7M	8.5M	32.5M	34.9M	31.8M	12.3M	19.7M	50.4M	32.5M
Total Liabilities	86.1M	649.9M	549.1M	581M	673.7M	651M	637.7M	668.6M	667.8M	620.8M
Total Debt+	0	483.9M	389.8M	395.1M	484.5M	459.4M	436.4M	469.8M	470.4M	401.9M
Net Debt	-36.5M	400.6M	337.9M	365.2M	383.9M	314.8M	347M	317.2M	301.7M	256.9M
Debt / Equity	-	1.24x	0.89x	0.86x	1.04x	0.93x	0.80x	0.81x	0.86x	0.83x
Debt / EBITDA	-	4.36x	4.50x	8.34x	83.53x	4.12x	3.58x	4.26x	7.44x	-
Net Debt / EBITDA	-0.29x	3.61x	3.90x	7.70x	66.19x	2.83x	2.85x	2.88x	4.77x	-
Interest Coverage	57.42x	6.80x	2.05x	0.39x	-1.07x	1.71x	2.15x	2.63x	1.03x	-0.78x
Total Equity+	536.3M	390.2M	439.4M	459.8M	465.8M	496.5M	546.7M	581M	549.2M	486.6M
Equity Growth %	0.08%	-0.27%	0.13%	0.05%	0.01%	0.07%	0.1%	0.06%	-0.05%	-0.11%
Book Value per Share	13.97	10.27	11.44	11.91	12.01	12.32	13.14	11.55	13.46	11.75
Total Shareholders' Equity	526M	379M	426.2M	446M	451.7M	483.3M	533.4M	567.7M	535.1M	472.6M
Common Stock	526M	400K	400K	400K	400K	400K	400K	400K	400K	400K
Retained Earnings	526M	35.1M	62.4M	75.5M	16.9M	33.5M	63.8M	118.1M	70.4M	-5.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	800K	5.8M	-1.7M	800K	0	100K	-1.2M	-2.9M	-5.2M
Minority Interest	10.3M	11.2M	13.2M	13.8M	14.1M	13.2M	13.3M	13.3M	14.1M	14M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Oct 2025
Cash from Operations+	74.2M	74.6M	85.3M	71.9M	13.2M	92.6M	16.9M	108.4M	47.3M	41.7M
Operating CF Margin %	0.12%	0.11%	0.11%	0.09%	0.02%	0.11%	0.02%	0.12%	0.06%	0.05%
Operating CF Growth %	-0.13%	0.01%	0.14%	-0.16%	-0.82%	6.02%	-0.82%	5.41%	-0.56%	-0.12%
Net Income	69M	52M	28.3M	15.8M	-57.4M	17.9M	30.8M	48.7M	-47.2M	-69.9M
Depreciation & Amortization	15.3M	27.4M	42.2M	39.2M	39.5M	37.3M	33.6M	33.2M	31.1M	27.2M
Stock-Based Compensation	9.5M	8.4M	10M	11.7M	13.4M	13.9M	14M	13.5M	15.3M	15M
Deferred Taxes	4.2M	-8.9M	-7.7M	-12.9M	-3.1M	-3M	600K	-39.5M	37M	-500K
Other Non-Cash Items	2.4M	2.3M	6.5M	13.4M	34.7M	18.3M	25.9M	29.2M	9.1M	101.3M
Working Capital Changes	-26.2M	-6.6M	6M	4.7M	-13.9M	8.2M	-88M	23.3M	2M	-31.4M
Change in Receivables	-4.6M	-23.1M	9M	14.8M	17.7M	-32.9M	-18.1M	9.8M	6.7M	100K
Change in Inventory	-23.5M	-4.2M	-2.4M	-11.1M	-42.7M	42.8M	-85M	20.2M	6.6M	-39.9M
Change in Payables	-1.9M	4.9M	5.2M	-9M	14.3M	-13.6M	19.7M	-15M	-3.2M	6.2M
Cash from Investing+	-21.6M	-292M	-25.2M	-93.2M	-26.9M	-16.2M	-48.4M	-44.9M	-27.5M	10.3M
Capital Expenditures	-28.9M	-20.2M	-20.4M	-19.8M	-23.5M	-15.1M	-21.3M	-20.7M	-26.9M	-22.9M
CapEx % of Revenue	0.05%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-100K	0	0	0	0	300K	-1.9M	4.4M	-1.1M	-800K
Cash from Financing+	-36.8M	0	-90.4M	-100K	83.6M	-32.3M	-23.8M	-200K	-3.3M	-75.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-36.8M	-494M	5.6M	1.5M	-26.3M	-700K	5.6M	2.2M	-1.7M	-900K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.3M	55M	64.9M	52.1M	-10.3M	77.5M	-4.4M	87.7M	20.4M	18.8M
FCF Margin %	0.07%	0.08%	0.08%	0.07%	-0.01%	0.09%	-0.01%	0.1%	0.03%	0.02%
FCF Growth %	-0.11%	0.21%	0.18%	-0.2%	-1.2%	8.52%	-1.06%	20.93%	-0.77%	-0.08%
FCF per Share	1.18	1.45	1.69	1.35	-0.27	1.92	-0.11	1.74	0.50	0.45
FCF Conversion (FCF/Net Income)	1.08x	1.45x	3.10x	4.64x	-0.23x	5.32x	0.56x	2.25x	-0.99x	-0.60x
Interest Paid	0	9.8M	19.3M	19.9M	16.7M	21.6M	29.5M	27.4M	27.6M	31.3M
Taxes Paid	0	6M	13.8M	8.2M	4.2M	14.1M	2.2M	16.7M	20.2M	18.6M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	13.28%	11.14%	6.63%	3.45%	-12.51%	3.62%	5.81%	8.55%	-8.44%	-13.5%
Return on Invested Capital (ROIC)	16.79%	9.73%	4.26%	0.77%	-3.02%	6.69%	7.76%	6.45%	2.75%	-2.62%
Gross Margin	40.06%	36.31%	32.83%	32.88%	25.76%	33.19%	32.99%	32.49%	31.68%	34.39%
Net Margin	11.05%	7.39%	3.56%	1.99%	-7.84%	2.13%	3.53%	5.4%	-5.88%	-8.28%
Debt / Equity	-	1.24x	0.89x	0.86x	1.04x	0.93x	0.80x	0.81x	0.86x	0.83x
Interest Coverage	57.42x	6.80x	2.05x	0.39x	-1.07x	1.71x	2.15x	2.63x	1.03x	-0.78x
FCF Conversion	1.08x	1.45x	3.10x	4.64x	-0.23x	5.32x	0.56x	2.25x	-0.99x	-0.60x
Revenue Growth	-1.93%	12.58%	10.79%	0.93%	-5.42%	10.81%	5.05%	3.96%	-9.22%	4.14%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Medical	-	-	-	-	-	-	673.3M	581.7M
Medical Growth	-	-	-	-	-	-	-	-13.60%
Industrial	-	-	-	-	-	-	220.1M	229.3M
Industrial Growth	-	-	-	-	-	-	-	4.18%
Medical	556.9M	602M	596.8M	584.5M	643.8M	674.7M	-	-
Medical Growth	-	8.10%	-0.86%	-2.06%	10.15%	4.80%	-	-
Industrial	141.2M	171.4M	183.8M	153.8M	174.3M	184.7M	-	-
Industrial Growth	-	21.39%	7.23%	-16.32%	13.33%	5.97%	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
EMEA	219.5M	254.5M	269M	231.5M	276.3M	280.8M	290.7M	280.3M
EMEA Growth	-	15.95%	5.70%	-13.94%	19.35%	1.63%	3.53%	-3.58%
Americas	239.8M	-	-	-	268.5M	273.3M	281.8M	266.5M
Americas Growth	-	-	-	-	-	1.79%	3.11%	-5.43%
Asia Pacific	238.8M	243.1M	229M	251.8M	273.3M	305.3M	320.9M	264.2M
Asia Pacific Growth	-	1.80%	-5.80%	9.96%	8.54%	11.71%	5.11%	-17.67%
UNITED STATES	-	268.8M	275.3M	249.8M	262.3M	263.7M	275.1M	257.7M
UNITED STATES Growth	-	-	2.42%	-9.26%	5.00%	0.53%	4.32%	-6.32%
Latin America	-	7M	7.3M	5.2M	-	-	-	-
Latin America Growth	-	-	4.29%	-28.77%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Varex Imaging Corporation (VREX) reported $821.4M in revenue for fiscal year 2025. This represents a 20% increase from $685.2M in 2014.

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

Varex Imaging Corporation (VREX) reported a net loss of $132.5M for fiscal year 2025.

Dividend & Returns

Varex Imaging Corporation (VREX) has a return on equity (ROE) of -13.5%. Negative ROE indicates the company is unprofitable.

Varex Imaging Corporation (VREX) generated $36.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.