Varex Imaging Corp VREX

Technology SIC 3679 - Electronic Components, NEC NAICS Manufacturing › Computer and Electronic Product Manufacturing › Semiconductor and Other Electronic Component Manufacturing › Other Electronic Component Manufacturing derived Nasdaq

Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems in select application areas. Our components are used in medical diagnostic imaging, security inspection systems, and industrial quality inspection systems, as well as for analysis and measurement applications in industrial manufacturing applications. Global OEMs incorporate our X-ray imaging components into their systems to detect, diagnose, protect, irradiate, and inspect. Varex has approximately 2,400 full-time equivalent employees, located at engineering, manufacturing, and service center sites in North America, Europe, and Asia.

Last close 18.42 2026-10-23
Market cap $775.5M 2026-07-03 share count
52-week range 9.09 - 18.63

Valuation FY2025 figures against the last close

P/S0.9x
P/E—
P/FCF41.2x
EV/EBITDA—
Dividend yield—
Diluted EPS-1.70

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Medical
  • Industrial
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Medical, FY2025: 592.6M (70.2%) 70% Medical Industrial, FY2025: 252M (29.8%) 30% Industrial FY2024 Medical, FY2024: 581.7M (71.7%) 72% Industrial, FY2024: 229.3M (28.3%) 28% FY2023 Medical, FY2023: 673.3M (75.4%) 75% Industrial, FY2023: 220.1M (24.6%) 25%
Segment FY2025FY2024FY2023
Medical $592.6M $581.7M $673.3M
Industrial $252.0M $229.3M $220.1M

As the company reported it, from the “SEGMENT INFORMATION - Income Statement Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $844.6M$811.0M$893.4M$859.4M$818.1M$738.3M$780.6M$773.4M$698.1M$620.1M
Cost of revenue $554.1M$554.1M$603.1M$575.9M$546.6M$548.1M$523.9M$519.5M$444.6M$371.7M
Gross profit $290.5M$256.9M$290.3M$283.5M$271.5M$190.2M$256.7M$253.9M$253.5M$248.4M
R&D $91.1M$87.0M$84.8M$77.0M$71.9M$78.9M$78.1M$83.0M$67.3M$53.5M
SG&A $133.3M$137.8M$128.4M$118.3M$125.5M$142.2M$128.1M$123.4M$102.5M$85.8M
Total operating expenses $318.3M$224.8M$213.2M$195.3M$197.4M$223.9M$211.0M$209.4M$169.8M$139.3M
Operating income -$27.8M$32.1M$77.1M$88.2M$74.1M-$33.7M$45.7M$44.5M$83.7M$109.1M
Interest expense $35.5M$30.2M$29.3M$39.8M$42.1M$31.4M$21.1M$21.7M$12.3M$1.9M
Pre-tax income -$59.2M$5.0M$31.3M$44.5M$28.6M-$72.6M$21.5M$25.7M$74.8M$105.0M
Income tax $10.7M$53.3M$16.6M$13.7M$10.7M$15.2M$5.7M$2.6M$22.8M$36.0M
Net income -$70.3M-$48.8M$47.4M$30.3M$17.4M-$57.9M$15.5M$27.5M$51.6M$68.5M
EPS, basic -1.70-1.201.180.760.44-1.490.410.731.371.83
EPS, diluted -1.70-1.201.070.730.43-1.490.400.721.361.82
Shares, diluted (wtd. avg.) 41.4M40.8M50.3M41.6M40.3M38.8M38.6M38.4M38.0M37.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $145.0M$168.7M$152.6M$90.6M$146.1M$102.1M$31.3M$53.4M$84.2M$36.8M
Short-term investments $10.1M$31.8M$41.3M———————
Receivables $156.6M$157.7M$163.6M$173.3M$155.3M$123.8M$141.0M$154.0M$163.6M$122.2M
Inventory $299.4M$264.8M$277.5M$303.2M$224.8M$271.9M$248.2M$235.1M$234.5M$197.4M
Total current assets $641.8M$649.9M$658.3M$609.9M$554.2M$522.0M$438.4M$458.1M$495.3M$359.9M
Property, plant and equipment ——————$142.3M$144.9M$148.3M$108.9M
Goodwill $198.4M$291.0M$288.5M$284.5M$292.2M$293.1M$290.8M$243.6M$241.9M$74.7M
Other intangibles $14.0M$16.1M$22.4M$33.6M$50.7M$67.5M$86.3M$73.8M$91.3M$20.7M
Total assets $1.11B$1.21B$1.25B$1.18B$1.15B$1.14B$1.04B$987.9M$1.04B$622.4M
Accounts payable $69.9M$59.1M$64.7M$78.2M$58.8M$72.9M$58.2M$66.3M$58.9M$41.9M
Short-term debt $1.5M$46.3M$1.5M$2.1M$2.8M$2.5M$30.7M$25.0M$20.0M$0
Total current liabilities $187.2M$195.9M$162.8M$173.1M$166.6M$160.6M$175.1M$152.0M$151.8M$77.8M
Long-term debt $366.0M$397.1M$441.1M$412.3M$431.7M$452.8M$364.4M$364.8M$463.9M$0
Total liabilities $620.8M$670.4M$668.6M$637.7M$651.0M$673.7M$580.2M$548.5M$649.9M$86.1M
Retained earnings -$5.9M$64.4M$118.1M$63.8M$33.5M$16.1M$74.4M$62.4M$35.1M—
Total equity $472.6M$529.1M$576.1M$542.6M$496.5M$465.8M$448.2M$428.3M$379.0M$526.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $41.7M$47.3M$108.4M$16.9M$92.6M$13.2M$71.9M$85.3M$75.2M$74.2M
Depreciation and amortisation $23.2M$21.2M$19.5M$19.0M$20.5M$22.3M$23.5M$26.0M$16.9M$9.8M
Stock-based compensation $15.0M$15.3M$13.5M$14.0M$13.9M$13.4M$11.7M$10.0M$8.4M$9.5M
Capital expenditure $22.9M$26.9M$20.7M$21.3M$15.1M$23.5M$19.8M$20.4M$20.2M$28.9M
Investing cash flow $10.3M-$27.5M-$44.9M-$48.4M-$16.2M-$26.9M-$93.2M-$25.2M-$292.0M-$21.6M
Financing cash flow -$75.9M-$3.3M-$200.0K-$23.8M-$32.3M$83.6M-$100.0K-$90.4M$263.3M-$36.8M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001681622-25-000108.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -250M 0 250M 500M 750M 1B Revenue, FY2016: 620.1M Gross profit, FY2016: 248.4M Net income, FY2016: 68.5M Revenue, FY2017: 698.1M Gross profit, FY2017: 253.5M Net income, FY2017: 51.6M Revenue, FY2018: 773.4M Gross profit, FY2018: 253.9M Net income, FY2018: 27.5M Revenue, FY2019: 780.6M Gross profit, FY2019: 256.7M Net income, FY2019: 15.5M Revenue, FY2020: 738.3M Gross profit, FY2020: 190.2M Net income, FY2020: -57.9M Revenue, FY2021: 818.1M Gross profit, FY2021: 271.5M Net income, FY2021: 17.4M Revenue, FY2022: 859.4M Gross profit, FY2022: 283.5M Net income, FY2022: 30.3M Revenue, FY2023: 893.4M Gross profit, FY2023: 290.3M Net income, FY2023: 47.4M Revenue, FY2024: 811M Gross profit, FY2024: 256.9M Net income, FY2024: -48.8M Revenue, FY2025: 844.6M Gross profit, FY2025: 290.5M Net income, FY2025: -70.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $620.1M $698.1M $773.4M $780.6M $738.3M $818.1M $859.4M $893.4M $811.0M $844.6M
Gross profit $248.4M $253.5M $253.9M $256.7M $190.2M $271.5M $283.5M $290.3M $256.9M $290.5M
Net income $68.5M $51.6M $27.5M $15.5M -$57.9M $17.4M $30.3M $47.4M -$48.8M -$70.3M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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