Varex Imaging Corporation
Rank #261DeclineVREX · Nasdaq · Healthcare
Varex Imaging Corporation (VREX) — Rank #261 by gross profitability (GP/assets 0.26) · ROE -14.2% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · CIK 0001681622 · all metrics point-in-time as of the filing date.
About
Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components.
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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
Price History
Company Snapshot
P/E, P/B, and dividend yield matter most — book value provides a floor.
Market Cap
$779.32M
P/E (annual)
—
P/S (annual)
0.9
P/B
1.6
P/OCF (annual)
18.7
Shareholder Yield
17.7%
Employees
2,500
Industry
Medical Devices
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds2 of 5 thresholds not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
17.4%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -17.7% — per-share value needs a total required return of -0.3% once share-count change is priced in.
vs. own 6-year median revenue growth: 2.4%
priced above its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
12.5%
r = 10% (base)
17.4%
r = 12%
21.6%
Net debt / market cap: 32.4%— material leverage inflates the implied growth read.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Disclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.26
Primary signal (Novy-Marx).
43rd pctl of 43 SIC 36 peers
Return on equity
-14.2%
Gross margin
34.4%
12th pctl of 43 SIC 36 peers
Revenue growth (YoY)
-5.5%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.15
20th pctl of 41 SIC 36 peers (best = lowest)
Current ratio
3.38×
67th pctl of 43 SIC 36 peers
Quick ratio
1.30×
Net cash
-$247.90M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$18.80M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
1.27
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.8%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).