VREX · Nasdaq · Healthcare
Varex Imaging Corporation (VREX) — Rank #252 by gross profitability (GP/assets 0.26) · ROE -14.2% · Piotroski F-Score 5 / 9.
As-of 2026-10-30 · CIK 0001681622 · all metrics point-in-time as of the filing date.
About
Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components.
Show moreShow less
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.
- Industry
- Medical Devices
- Sector
- Healthcare
- State
- DE
- Filer Category
- Accelerated filer
- Fiscal Year End
- October 2
- Website
- vareximaging.com
Company Snapshot
P/S is the primary valuation lens for pre-profit companies.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
2,500
Industry
Medical Devices
Exchange
Nasdaq
11/12
Flags passed
VREX fails 1 critical flag
Passes 11 of 12 quality flags
- FAILOperating margin declining
Operating margin lower than prior year
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Revenue growth accelerating · Deferred revenue growing · Sequential beat (rev + EPS)
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passBurn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.
Profitability
Does it make money well?
Warning: Operating margin declining · GP/assets 54th percentile of 47 SIC 36 peers
Gross profitability (GP / assets)
0.26
Primary signal (Novy-Marx).
54th pctl of 47 SIC 36 peers
Return on equity
-14.2%
Gross margin
34.4%
20th pctl of 47 SIC 36 peers
Revenue growth (YoY)
4.1%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-0.6%
Revenue CAGR (5Y)
2.7%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
17.8%
Cash Flow Health
Is the cash real?
No warning flags · FCF 127% above net income
Free cash flow
$18.80M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
126.7%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.8%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net debt $247.90M, F-Score 5/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.15
27th pctl of 45 SIC 36 peers (best = lowest)
Current ratio
3.38×
70th pctl of 47 SIC 36 peers
Quick ratio
1.30×
Net cash
-$247.90M
Cash & equivalents minus total debt.
Piotroski F-Score
5 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
3.0 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports