Varex Imaging Corporation VREX R2K
Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. It operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. This segment's products are used in a range of applications, including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses. The Industrial segment designs, develops, manufactures, sells, and services Linatron X-ray linear accelerators, non-intrusive cargo inspection systems, X-ray tubes, digital detectors, high voltage connectors, and coolers for use in security and inspection applications, such as baggage screening at airports, cargo screening at ports and borders, and nondestructive testing, irradiation, and inspection in various applications. It 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, Latin America, Europe, the Middle East, India, Africa, Asia, and Australia. The company was incorporated in 2016 and is headquartered in Salt Lake City, Utah.
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Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
No notable strengths flagged.
CONS
- Revenue declined at -0.6% CAGR over 5 years.
- Earnings shrank at -110.7% CAGR over 5 years.
- Trading 28.8% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Healthcare).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VREX Varex Imaging Corporation R2K | 10.23 | - | $431.16M | - | -2.88% | -15.68% | -0.58% | -110.67% |
| 2 | LLY Eli Lilly and Company SPX | 1,105.00 | 39.21 | $985.37B | 0.63% | 38.44% | 107.46% | 31.69% | 48.96% |
| 3 | JNJ Johnson & Johnson SPX | 225.33 | 26.11 | $542.42B | 2.38% | 23.13% | 26.42% | 5.60% | 14.32% |
| 4 | UNH UnitedHealth Group Incorporated SPX | 380.31 | 28.66 | $345.38B | 2.32% | 9.60% | 12.18% | 11.35% | -15.69% |
| 5 | MRK Merck & Co., Inc. SPX | 118.72 | 33.44 | $293.22B | 2.86% | 20.66% | 18.94% | 3.12% | 7.93% |
| 6 | TMO Thermo Fisher Scientific Inc. SPX | 492.51 | 27.11 | $183.03B | 0.38% | 9.17% | 13.52% | -0.27% | -1.19% |
| 7 | AMGN Amgen Inc. NDXSPX | 336.79 | 23.42 | $181.77B | 2.99% | 18.02% | 101.32% | 11.77% | 5.58% |
| 8 | GILD Gilead Sciences, Inc. NDXSPX | 134.43 | 18.29 | $166.90B | 2.44% | 22.92% | 43.36% | 2.57% | 22.83% |
| 9 | ISRG Intuitive Surgical, Inc. NDXSPXAI | 424.64 | 51.53 | $150.39B | - | 15.96% | 17.23% | 17.39% | 29.26% |
Quarterly Results
Figures in USD.
| Metric | Jan 2016 | Apr 2016 | Jul 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Jan 2020 | Apr 2020 | Jul 2020 | Jan 2021 | Apr 2021 | Jul 2021 | Dec 2021 | Apr 2022 | Jul 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Jan 2025 | Mar 2025 | Apr 2025 | Jun 2025 | Jul 2025 | Sep 2025 | Dec 2025 | Jan 2026 | Mar 2026 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | 176.20M | 201.20M | 191.20M | 185.70M | 195.80M | 196.70M | 200.10M | 197.00M | 171.20M | 177.10M | 203.50M | 211.20M | 198.80M | 214.70M | 214.50M | 205.60M | 228.20M | 232.20M | 190.00M | 206.20M | 209.10M | 199.80M | 212.90M | 212.90M | 203.00M | 203.00M | 228.90M | 209.60M | 209.60M | 216.00M | 216.00M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 136.20M | - | 135.50M | - | 151.10M | 139.80M | - | 143.40M | - |
| Gross Profit | 57.10M | 59.10M | 63.00M | 58.80M | 57.60M | 59.50M | 61.50M | 70.10M | 63.00M | 60.00M | 64.40M | 60.70M | 61.10M | 57.60M | 26.30M | 57.20M | 64.60M | 74.10M | 64.80M | 70.80M | 73.40M | 63.30M | 72.70M | 76.30M | 57.10M | 65.80M | 66.90M | 68.50M | 76.70M | 76.70M | 67.50M | 67.50M | 77.80M | 69.80M | 69.80M | 72.60M | 72.60M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 54.60M | - | 54.30M | - | 58.20M | 54.40M | - | 58.20M | - |
| Operating Income | 22.60M | 25.20M | 28.40M | 18.60M | 23.50M | 15.50M | 13.60M | 17.20M | 7.30M | 10.40M | 14.50M | 4.60M | 4.60M | 1.40M | -26.80M | 6.10M | 15.80M | 25.70M | 14.00M | 26.60M | 23.00M | 13.00M | 15.60M | 24.20M | 4.20M | 7.70M | 9.30M | 11.20M | 22.10M | 22.10M | 13.20M | -80.70M | 19.60M | 15.40M | 15.40M | 14.40M | 14.40M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 26.80M | - | -71.10M | - | 28.30M | 18.00M | - | 7.90M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9.40M | - | 8.70M | - | 7.50M | 7.40M | - | 7.50M | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10.80M | - | -86.60M | - | 14.10M | 3.80M | - | -6.40M | - |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.70M | - | 2.50M | - | 1.90M | 1.40M | - | 1.60M | - |
| Net Income | 14.10M | 14.70M | 17.60M | 11.10M | 15.00M | 10.60M | 11.30M | 12.20M | 3.80M | 3.00M | 5.80M | -1.40M | -1.30M | -1.90M | -28.30M | -6.40M | 3.10M | 12.00M | 1.40M | 7.60M | 8.20M | 3.10M | 4.10M | 9.10M | -500.00K | 1.40M | 1.40M | -300.00K | 6.90M | 6.90M | -89.10M | -89.10M | 12.20M | 2.30M | 2.30M | -8.10M | -8.10M |
| Diluted EPS | - | 0.39 | 0.47 | 0.29 | 0.40 | 0.28 | 0.30 | 0.32 | 0.10 | 0.08 | 0.15 | -0.04 | -0.03 | -0.05 | -0.73 | -0.16 | 0.08 | 0.29 | 0.03 | 0.18 | 0.20 | 0.08 | 0.10 | 0.21 | -0.01 | 0.03 | 0.03 | -0.01 | 0.17 | 0.17 | -2.15 | -2.15 | 0.29 | 0.05 | 0.05 | -0.19 | -0.19 |
| R&D Expense | 12.50M | 13.10M | 14.00M | 13.30M | 14.40M | 17.70M | 19.70M | 22.00M | 20.50M | 18.80M | 18.80M | 20.90M | 21.70M | 20.90M | 19.00M | 16.70M | 18.20M | 19.20M | 17.70M | 18.90M | 20.20M | 20.00M | 23.00M | 20.00M | 20.50M | 22.60M | 22.00M | 23.50M | - | 22.00M | - | 21.40M | - | - | 21.70M | - | 22.20M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Oct 2015 | Sep 2016 | Sep 2017 | Sep 2018 | Sep 2019 | Oct 2020 | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | 818.10M | 859.40M | 893.40M | 811.00M | 844.60M | 844.60M |
| Cost of Revenue | - | - | - | - | - | - | - | 575.90M | 603.10M | 554.10M | 554.10M | - |
| Gross Profit | 250.60M | 248.40M | 253.50M | 253.90M | 256.70M | 190.20M | 271.50M | 283.50M | 290.30M | 256.90M | 290.50M | 290.50M |
| Operating Expenses | - | - | - | - | - | - | - | 195.30M | 213.20M | 224.80M | 224.40M | - |
| Operating Income | 127.50M | 109.10M | 83.70M | 44.50M | 45.70M | -33.70M | 74.10M | 88.20M | 77.10M | 32.10M | 66.10M | -27.80M |
| EBITDA | - | - | - | - | - | - | - | 114.50M | 91.20M | 62.90M | 700.00K | - |
| Interest Expense | - | - | - | - | - | - | - | 36.40M | 26.70M | 26.80M | 32.70M | - |
| Pretax Income | - | - | - | - | - | - | - | 44.50M | 31.30M | 5.00M | -59.20M | - |
| Tax Provision | - | - | - | - | - | - | - | 13.70M | -16.60M | 53.30M | 10.70M | - |
| Net Income | 80.00M | 68.50M | 51.60M | 27.50M | 15.50M | -57.90M | 17.40M | 30.30M | 47.40M | -48.80M | -70.30M | -70.30M |
| Diluted EPS | 2.12 | 1.82 | 1.36 | 0.72 | 0.40 | -1.49 | 0.43 | 0.73 | 1.08 | -1.17 | -1.70 | -1.70 |
| R&D Expense | 50.40M | 53.50M | 67.30M | 83.00M | 78.10M | 78.90M | 71.90M | 77.00M | 84.80M | 87.00M | - | 91.10M |
Compounded Sales Growth
| 5 Years: | -0.58% |
| 1 Year: | 1.50% |
Compounded Profit Growth
| 5 Years: | -110.67% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | +33.38% |
| 6 Months: | -8.74% |
| 3 Months: | -22.32% |
| 1 Month: | -7.25% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Sep 2014 | Oct 2015 | Sep 2016 | Sep 2017 | Sep 2018 | Sep 2019 | Oct 2020 | Sep 2021 | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 622.40M | 1.04B | 987.90M | 1.04B | 1.14B | - | 1.15B | 1.18B | 1.25B | 1.21B | 1.11B | 1.11B |
| Current Assets | - | - | - | - | - | - | - | - | - | 609.90M | 658.30M | 649.90M | 641.80M | - |
| Cash & Equivalents | 500.00K | 20.60M | 36.50M | 83.30M | 51.90M | 29.90M | 100.60M | - | 144.60M | 89.40M | 152.60M | 168.70M | 145.00M | 145.00M |
| Inventory | - | - | - | - | - | - | - | - | - | 303.20M | 277.50M | 264.80M | 299.40M | - |
| Receivables | - | - | - | - | - | - | - | - | - | 173.30M | 163.60M | 157.70M | 156.60M | - |
| Total Liabilities | - | - | 86.10M | 649.90M | 548.50M | 580.20M | 673.70M | - | 651.00M | 637.70M | 668.60M | 670.40M | 620.80M | 620.80M |
| Current Liabilities | - | - | 77.80M | 151.80M | 152.00M | 175.10M | 160.60M | - | 166.60M | 173.10M | 162.80M | 195.90M | 187.20M | 187.20M |
| Long Term Debt | - | - | 0 | 463.90M | 364.80M | 364.40M | 452.80M | - | 431.70M | 412.30M | 441.10M | 397.10M | 366.00M | 366.00M |
| Total Debt | - | - | - | - | - | - | - | - | - | 436.40M | 469.50M | 470.40M | 395.90M | - |
| Total Equity | - | - | 526.00M | 379.00M | 426.20M | 444.90M | 451.70M | - | 483.30M | 533.40M | 567.70M | 529.10M | 472.60M | 472.60M |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | 40.09M | 40.53M | 41.09M | 41.69M | - |
Cash Flows (Annual)
Figures in USD.
| Metric | Oct 2015 | Sep 2016 | Sep 2017 | Sep 2018 | Sep 2019 | Oct 2020 | Sep 2021 | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 85.20M | 74.20M | 75.20M | 85.30M | 71.90M | 13.20M | - | 92.60M | 16.90M | 108.40M | 47.30M | 41.70M | 41.70M |
| Investing Cash Flow | -102.10M | -21.60M | -292.00M | -25.20M | -93.20M | -26.90M | - | -16.20M | -48.40M | -44.90M | -27.50M | 10.30M | 10.30M |
| Financing Cash Flow | 36.70M | -36.80M | 263.30M | -90.40M | -100.00K | 83.60M | - | -32.30M | -23.80M | -200.00K | -3.30M | -75.90M | -75.90M |
| Capital Expenditure | -34.30M | -28.90M | -20.20M | -20.40M | -19.80M | -23.50M | - | -15.10M | -21.30M | -20.70M | -26.90M | -22.90M | -22.90M |
| Free Cash Flow | 50.90M | 45.30M | 55.00M | 64.90M | 52.10M | -10.30M | - | 77.50M | -4.40M | 87.70M | 20.40M | 18.80M | 18.80M |
| Net Change in Cash | - | - | - | - | - | - | - | - | -55.30M | 63.30M | 16.50M | -23.90M | - |
Ratios (Annual)
Figures in %.
| Metric | Oct 2015 | Sep 2016 | Sep 2017 | Sep 2018 | Sep 2019 | Oct 2020 | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | 33.2% | 33.0% | 32.5% | 31.7% | 34.4% | 34.4% |
| Operating Margin % | - | - | - | - | - | - | 9.1% | 10.3% | 8.6% | 4.0% | 7.8% | -3.3% |
| Net Margin % | - | - | - | - | - | - | 2.1% | 3.5% | 5.3% | -6.0% | -8.3% | -8.3% |
| ROE % | - | 13.0% | 13.6% | 6.5% | 3.5% | -12.8% | 3.6% | 5.7% | 8.3% | -9.2% | -14.9% | -14.9% |
| ROCE % | - | 20.0% | 9.4% | 5.3% | 5.3% | -3.4% | 7.6% | 8.7% | 7.1% | 3.2% | 7.2% | -3.0% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Pzena Investment Management LLC | 9.48% | 3.99M | $40.84M |
| 2 | Blackrock Inc. | 9.07% | 3.82M | $39.06M |
| 3 | Allspring Global Investments Holdings, LLC | 6.29% | 2.65M | $27.08M |
| 4 | Neuberger Berman Group, LLC | 4.57% | 1.92M | $19.69M |
| 5 | Vanguard Capital Management LLC | 4.32% | 1.82M | $18.62M |
| 6 | LSV Asset Management | 4.19% | 1.76M | $18.03M |
| 7 | Dimensional Fund Advisors LP | 3.70% | 1.56M | $15.94M |
| 8 | Cooke & Bieler LP | 3.10% | 1.30M | $13.33M |
| 9 | Rice, Hall, James & Associates LLC | 3.03% | 1.27M | $13.04M |
| 10 | Medina Value Partners, LLC | 2.95% | 1.24M | $12.70M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
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