VREX

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Varex Imaging Corp.

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Key Metrics

Previous Close: $18.46
52-Week Range: $9.09 – $18.63
Market Cap: $779.32M
P/E (TTM): 34.89
EPS (TTM): 0.53
Dividend Yield: —

Advanced Metrics

Price/Book: 1.64
PEG Ratio: 4.98
Return on Equity: 4.59%
Return on Assets: 4.15%
Gross Margin: 34.32%
Operating Margin: 10.83%
Profit Margin: 2.56%
Current Ratio: 3.38
Debt/Equity: 0.74
Total Debt: $379.30M
Free Cash Flow: $-39.52M
Revenue Growth: 3.70%
Earnings Growth: —
Enterprise Value: $1.07B

VREX Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$859.40M	$893.40M	$811.00M	$844.60M
Cost of Revenue	$575.90M	$603.10M	$554.10M	$554.10M
Gross Profit	$283.50M	$290.30M	$256.90M	$290.50M
Research & Development	$77.00M	$84.80M	$87.00M	$91.10M
Selling, General & Admin	$118.30M	$128.40M	$137.80M	$133.30M
Operating Expenses	$195.30M	$213.20M	$224.80M	$224.40M
Operating Income	$88.20M	$77.10M	$32.10M	$66.10M
EBITDA	$114.50M	$91.20M	$62.90M	$700.00K
Pretax Income	$44.50M	$31.30M	$5.00M	-$59.20M
Income Tax	$13.70M	-$16.60M	$53.30M	$10.70M
Net Income	$30.30M	$47.40M	-$48.80M	-$70.30M
Diluted EPS	0.73	1.08	-1.17	-1.70
Diluted Shares	41.60M	50.30M	40.80M	41.40M

VREX Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$89.40M	$152.60M	$168.70M	$145.00M
Receivables	$173.30M	$163.60M	$157.70M	$156.60M
Inventory	$303.20M	$277.50M	$264.80M	$299.40M
Current Assets	$609.90M	$658.30M	$649.90M	$641.80M
Total Assets	$1.18B	$1.25B	$1.21B	$1.11B
Current Liabilities	$173.10M	$162.80M	$195.90M	$187.20M
Long-Term Debt	$412.30M	$441.10M	$397.10M	$366.00M
Total Debt	$436.40M	$469.50M	$470.40M	$395.90M
Total Liabilities	$637.70M	$668.60M	$670.40M	$620.80M
Retained Earnings	$63.80M	$118.10M	$64.40M	-$5.90M
Shareholders' Equity	$533.40M	$567.70M	$529.10M	$472.60M
Working Capital	$436.80M	$495.50M	$454.00M	$454.60M
Net Debt	$325.00M	$290.00M	$274.70M	$222.50M

VREX Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$16.90M	$108.40M	$47.30M	$41.70M
Capital Expenditure	-$21.30M	-$20.70M	-$26.90M	-$22.90M
Free Cash Flow	-$4.40M	$87.70M	$20.40M	$18.80M
Depreciation & Amortisation	$33.60M	$33.20M	$31.10M	$27.20M
Stock-Based Compensation	$14.00M	$13.50M	$15.30M	$15.00M
Investing Cash Flow	-$48.40M	-$44.90M	-$27.50M	$10.30M
Financing Cash Flow	-$23.80M	-$200.00K	-$3.30M	-$75.90M
Net Change in Cash	-$55.30M	$63.30M	$16.50M	-$23.90M

VREX Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$212.90M	$203.00M	$228.90M	$209.60M	$216.00M
Cost of Revenue	$136.20M	$135.50M	$151.10M	$139.80M	$143.40M
Gross Profit	$76.70M	$67.50M	$77.80M	$69.80M	$72.60M
Research & Development	$22.00M	$21.40M	$24.20M	$21.70M	$22.20M
Selling, General & Admin	$32.60M	$32.90M	$34.00M	$32.70M	$36.00M
Operating Expenses	$54.60M	$54.30M	$58.20M	$54.40M	$58.20M
Operating Income	$22.10M	$13.20M	$19.60M	$15.40M	$14.40M
EBITDA	$26.80M	-$71.10M	$28.30M	$18.00M	$7.90M
Pretax Income	$10.80M	-$86.60M	$14.10M	$3.80M	-$6.40M
Income Tax	$3.70M	$2.50M	$1.90M	$1.40M	$1.60M
Net Income	$6.90M	-$89.10M	$12.20M	$2.30M	-$8.10M
Diluted EPS	0.17	-2.15	0.29	0.05	-0.19
Diluted Shares	51.20M	41.50M	41.80M	42.30M	42.00M

VREX Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$205.10M	$136.40M	$145.00M	$119.50M	$85.30M
Receivables	$145.70M	$137.00M	$156.60M	$146.50M	$148.10M
Inventory	$284.70M	$298.70M	$299.40M	$328.00M	$346.70M
Current Assets	$683.80M	$619.50M	$641.80M	$633.60M	$625.60M
Total Assets	$1.36B	$1.07B	$1.11B	$1.10B	$1.09B
Current Liabilities	$168.80M	$176.70M	$187.20M	$163.00M	$195.30M
Long-Term Debt	$565.80M	$366.00M	$366.00M	$366.20M	$329.00M
Total Debt	$590.70M	$390.80M	$395.90M	$395.50M	$375.30M
Total Liabilities	$793.70M	$603.90M	$620.80M	$607.20M	$601.30M
Retained Earnings	$77.00M	-$18.10M	-$5.90M	-$3.60M	-$11.70M
Shareholders' Equity	$549.70M	$455.30M	$472.60M	$476.90M	$474.20M
Working Capital	$515.00M	$442.80M	$454.60M	$470.60M	$430.30M
Net Debt	$362.10M	$231.10M	$222.50M	$248.10M	$262.30M

VREX Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$16.60M	$7.70M	$7.90M	-$16.10M	-$1.50M
Capital Expenditure	-$6.80M	-$6.30M	-$5.60M	-$10.70M	-$6.20M
Free Cash Flow	$9.80M	$1.40M	$2.30M	-$26.80M	-$7.70M
Depreciation & Amortisation	$6.60M	$6.80M	$6.70M	$6.80M	$6.80M
Stock-Based Compensation	$3.80M	$3.70M	$3.40M	$3.80M	$4.00M
Investing Cash Flow	$14.70M	-$700.00K	-$700.00K	-$7.70M	-$3.10M
Financing Cash Flow	-$700.00K	-$201.20M	$1.10M	-$1.60M	-$29.30M
Net Change in Cash	$30.60M	-$194.20M	$8.30M	-$25.40M	-$33.90M

Market Snapshot

About

Varex Imaging Corp. designs and manufactures X-ray imaging components, including tubes, digital detectors, and other image processing solutions. The company serves medical, industrial, and security imaging applications worldwide. Varex is a leading independent supplier of X-ray tubes and digital flat panel detectors used in diagnostic imaging and inspection systems.