Varex Imaging Corporation VREX

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 18.46 USD on Nov 2, 2026, +58.5% year to date

Quant rating

Quant rating C Rank 294 of 565 in Health Care

Growth D 428 of 565
Valuation D 445 of 565
Quality C 249 of 565
Revisions D 446 of 565
Momentum B 119 of 565

Wall Street consensus Hold (3.00)Average target 18.95 USD +2.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 784M
Enterprise value: 1.1B
52-week range: 9.12 – 18.63
3-year range: 6.88 – 21.39
Dividend yield: –
Beta (5 years): 1.04
Shares outstanding: 42.5M
Next earnings: Nov 16, 2026

About the company

Varex Imaging Corporation is a designer and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. The Company’s segments include Medical and Industrial. Its Medical segment designs, manufactures, sells and services X-ray imaging components, including X-ray tubes, flat panel and photon-counting detectors and accessories, high-voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and coolers. Its Industrial segment designs, develops, manufactures, sells, and services X-ray imaging products for use in a number of applications, including security applications for cargo screening at ports and borders, baggage screening at airports, and nondestructive testing, irradiation, and inspection applications used in a number of other verticals.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	845	811	893	859	818	–
Revenue growth	4.1%	−9.2%	4.0%	5.0%	10.8%	2.7%
EPS (basic, normalized)	0.91	0.55	1.27	1.43	1.31	–
EPS growth	65.5%	−56.7%	−11.2%	9.2%	–	–
Gross margin	34.8%	32.3%	32.5%	33.0%	33.2%	33.2%
Net margin	−8.3%	−5.9%	5.4%	3.5%	2.1%	−0.6%
ROE	−14.0%	−8.7%	8.8%	6.0%	3.7%	−0.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	99.2
Current ratio	3.38x
Long-term debt (mil)	334
Net debt (mil)	268
Total equity (mil)	497
Net debt / equity	0.54x
Net debt / EBITDA	2.19x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	845	+4.1%	1.2x	122	+41.3%	8.6x	0.91	+65.5%	20.3x
2026	864	+2.3%	1.2x	122	−0.2%	8.6x	1.02	+12.2%	18.1x
2027	898	+3.9%	1.2x	127	+4.1%	8.3x	1.15	+12.5%	16.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	864	0.0%	−0.8%	−0.9%	1.02	0.0%	+12.6%	+12.4%
2027	898	0.0%	−0.7%	−0.9%	1.15	0.0%	+4.5%	+9.2%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	206	209	206	200	213	203	229	210	216	210
Sales mean (mil)	205	210	199	202	206	190	219	208	217	214
Surprise	+0.5%	−0.2%	+3.2%	−1.2%	+3.5%	+6.7%	+4.4%	+0.9%	−0.4%	−1.6%
EPS reported	0.16	0.14	0.19	0.07	0.26	0.18	0.37	0.19	0.21	0.31
EPS mean	0.21	0.19	0.09	0.04	0.14	0.04	0.18	0.13	0.21	0.21
Surprise	−22.6%	−27.6%	+117.1%	+90.9%	+84.8%	+414.3%	+102.7%	+42.9%	+0.1%	+47.8%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VREX Varex Imaging Corporation	784M	2.19x	−8.3%	1.57x	18.1x	16.1x	8.6x	8.3x
688301 iRay Group	3.6B	0.13x	28.9%	2.98x	28.0x	21.7x	20.7x	16.5x
PEN Penumbra, Inc.	12.7B	−2.44x	12.7%	8.00x	69.1x	53.2x	43.2x	34.3x
GKOS Glaukos Corporation	14.1B	5.80x	−37.0%	19.68x	−3,356.9x	320.0x	676.6x	129.6x
LIVN LivaNova PLC	4.4B	−0.67x	−17.5%	3.33x	18.4x	17.1x	11.2x	10.4x
IRTC iRhythm Holdings, Inc	4.2B	0.87x	−6.0%	22.35x	220.0x	105.3x	34.9x	26.5x
Mean		0.98x	−4.5%	9.65x	−500.6x	88.9x	132.5x	37.6x
Median		0.50x	−7.1%	5.67x	23.2x	37.5x	27.8x	21.5x

Technical analysis

1M0.0%
3M+65.0%
1Y+57.9%
3Y+0.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Varex Imaging Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	845	811	893	859	818	738
Cost of revenue	550	549	603	576	546	544
Gross profit	294	262	290	284	272	194
Selling, general & administrative expenses	133	138	128	115	125	133
Research & development	91.1	87.0	84.8	77.0	71.9	78.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	97.7	2.8	16.4	3.7	1.0	19.0
Other operating expenses	0	0	0	0	0	0
Operating income	−27.8	34.2	60.7	88.2	74.1	−36.4
Net interest income (expense)	−32.3	−26.2	−28.0	−43.9	−45.6	−37.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.9	−3.0	−1.4	0.2	0.1	0.9
Net income before taxes	−59.2	5.0	31.3	44.5	28.6	−72.6
Provision for taxes	10.7	52.2	−17.4	13.7	10.7	−15.2
Minority interest	−0.4	−0.5	−0.5	−0.5	−0.5	−0.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−70.3	−47.7	48.2	30.3	17.4	−57.9
Extraordinary items	–	–	–	–	–	–
Net income	−70.3	−47.7	48.2	30.3	17.4	−57.9
EBIT, normalized	69.9	37.0	77.1	91.9	75.1	−17.4
EBITDA, normalized	97.1	68.1	110	126	112	22.1
Basic EPS, normalized	0.91	0.55	1.27	1.43	1.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Varex Imaging Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	155	200	193	104	145	101
Receivables	157	158	164	173	155	124
Total inventory	299	265	278	303	225	272
Prepaid expenses	30.7	26.9	24.6	29.5	29.5	25.7
Other current assets	0	0	0	0	0	0
Total current assets	642	650	658	610	554	522
Property, plant & equipment	187	182	173	164	164	173
Goodwill	198	291	288	284	292	293
Intangibles	14.0	16.1	22.4	33.6	50.7	67.5
Long-term investments	24.5	26.8	29.0	48.6	49.3	51.3
Note receivable	–	–	–	–	–	–
Other long-term assets	41.5	51.5	78.8	43.3	36.6	32.7
Total assets	1,107	1,217	1,250	1,184	1,148	1,140
Liabilities
Accounts payable	69.9	59.1	64.7	78.2	58.8	72.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	77.5	64.0	65.9	67.9	95.7	76.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.9	46.7	1.6	2.3	3.0	2.7
Other current liabilities	37.9	26.1	30.6	24.7	9.1	8.6
Total current liabilities	187	196	163	173	167	161
Long-term debt	372	403	441	412	432	453
Minority interest	14.0	14.1	13.3	13.3	13.2	14.1
Other liabilities	62.0	68.9	64.5	52.2	52.4	59.9
Total liabilities	635	682	682	651	664	688
Shareholders' equity
Preferred stock	0	–	0	0	0	0
Common stock	0.4	0.4	0.4	0.4	0.4	0.4
Additional paid-in capital	483	467	450	469	449	434
Retained earnings (accumulated deficit)	−5.9	70.4	118	63.8	33.5	16.1
Treasury stock	–	–	–	–	–	–
Other equity	−5.2	−2.9	−1.2	0.1	0	0.8
Total equity	473	535	568	533	483	452
Total liabilities & shareholders' equity	1,107	1,217	1,250	1,184	1,148	1,140

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Varex Imaging Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−69.9	−47.2	48.7	30.8	17.9	−57.4
Depreciation, depletion & amortization	27.2	31.1	33.2	33.6	37.3	39.5
Deferred taxes	−0.5	37.0	−39.5	0.6	−3.0	−3.1
Non-cash items	116	24.4	42.7	39.9	32.2	48.1
Changes in working capital	−31.4	2.0	23.3	−88.0	8.2	−13.9
Cash from operations	41.7	47.3	108	16.9	92.6	13.2
Investing activities
Capital expenditures	−22.9	−26.9	−20.7	−21.3	−15.1	−23.5
Other investing cash flows	33.2	−0.6	−24.2	−27.1	−1.1	−3.4
Cash from investing	10.3	−27.5	−44.9	−48.4	−16.2	−26.9
Financing activities
Financing cash flow items	−4.2	−5.5	−1.9	−3.1	−3.5	−81.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−71.7	2.2	1.7	−20.7	−28.8	165
Cash from financing	−75.9	−3.3	−0.2	−23.8	−32.3	83.6
Foreign exchange effects	0.6	−0.1	0.1	−0.2	−0.1	0.9
Net change in cash	−23.3	16.4	63.4	−55.5	44.0	70.8
Free cash flow	18.8	20.4	87.7	−4.4	77.5	−10.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.