Varex Imaging Corporation logo

Varex Imaging Corporation

VREX

NASDAQHealthcareMedical - Devices

Previous close

$18.51

+$0.02 · +0.11%

Aug 21, 4:00 PM ET

VREX company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

65

Undervalued

Momentum

43

Neutral

Sentiment

45

Mixed

Risk resilience

55

Elevated Risk

Full GoAI research

Thesis, catalysts, evidence, and risk analysis.

View full GoAI research

AI-generated, informational only, and not investment advice.

Company profile

Company website

Varex Imaging Corporation (VREX) specializes in the development and production of X-ray imaging components. Its operations are divided into two primary divisions: Medical and Industrial. Within the Medical segment, Varex provides a comprehensive range of X-ray imaging components. These include essential hardware like X-ray tubes, digital detectors, and high-voltage connectors, alongside sophisticated software solutions for image processing, 3D reconstruction, and computer-aided diagnostics. The segment also supplies critical ancillary devices such as collimators, generators, and automatic exposure control mechanisms. These medical products serve a wide spectrum of applications, from general diagnostic imaging like radiography and fluoroscopy, to specialized areas such as mammography, computed tomography (CT), cardiac procedures, dental imaging, and surgical applications. They are also vital for radiation therapy, oncology, and advanced computer-aided detection systems. The Industrial segment focuses on providing X-ray technology for security and industrial inspection. Its offerings include Linatron X-ray accelerators, X-ray tubes, digital detectors, and high-voltage connectors. These components are crucial for diverse applications such as airport security scanning, cargo screening at border crossings, and nondestructive testing across various industries. Varex distributes its products through multiple channels, including direct sales to end-users, partnerships with imaging system Original Equipment Manufacturers (OEMs), independent service providers, and a network of distributors. With a significant global footprint, the company maintains operations across North America, South America, Europe, Russia, the Middle East, India, Africa, Asia, and Australia. Established in 2016, Varex Imaging Corporation is headquartered in Salt Lake City, Utah.

Industry
Medical - Devices
Sector
Healthcare
Headquarters
US
CEO
Sunny S. Sanyal
Listed since
Jan 23, 2017
Employees
2,500

Market position

Day range

Current $18.51

52-week range

Current $18.51

Open
$18.485
Previous close
$18.49
Volume
953.8K
1.45× average
Average volume
655.76K
Average daily volume
Market cap
779.27M USD
Beta
0.88
Market reference 1
50-day average
$12.3982
+49.30% above average
200-day average
$11.9962
+54.30% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
751.22M USD
P/E (TTM)
35.26×
P/B (TTM)
1.57×
P/S (TTM)
0.9×
EV / EBITDA
214.63×
Earnings yield
-14.22%
Free cash flow yield
3.80%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
34.32%
Operating margin
8.35%
Net margin
2.55%
Return on equity
-14.88%
Return on assets
-6.35%
Return on invested capital
-3.00%

Financial health

Debt / equity
0.75×
Current ratio
3.43×
Altman Z-score
2.27
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends39%22%4%-13%Gross margin, FY2021: 33.19%Gross margin, FY2022: 32.99%Gross margin, FY2023: 32.49%Gross margin, FY2024: 31.68%Gross margin, FY2025: 34.39%Operating margin, FY2021: 9.06%Operating margin, FY2022: 10.26%Operating margin, FY2023: 8.63%Operating margin, FY2024: 3.96%Operating margin, FY2025: -3.29%Net margin, FY2021: 2.13%Net margin, FY2022: 3.53%Net margin, FY2023: 5.31%Net margin, FY2024: -5.88%Net margin, FY2025: -8.32%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 33.19%. Gross margin FY2022 32.99%. Gross margin FY2023 32.49%. Gross margin FY2024 31.68%. Gross margin FY2025 34.39%. Operating margin FY2021 9.06%. Operating margin FY2022 10.26%. Operating margin FY2023 8.63%. Operating margin FY2024 3.96%. Operating margin FY2025 -3.29%. Net margin FY2021 2.13%. Net margin FY2022 3.53%. Net margin FY2023 5.31%. Net margin FY2024 -5.88%. Net margin FY2025 -8.32%.

Income trends

Revenue

844.6M USD+4.14%

Operating income

−27.8M USD−59.9M USD

Net income

−70.3M USD-47.38%
Income trends across reported periods989.77M USD604.29M USD218.81M USD−166.67M USDRevenue, FY2021: 818.1M USDRevenue, FY2022: 859.4M USDRevenue, FY2023: 893.4M USDRevenue, FY2024: 811M USDRevenue, FY2025: 844.6M USDOperating income, FY2021: 74.1M USDOperating income, FY2022: 88.2M USDOperating income, FY2023: 77.1M USDOperating income, FY2024: 32.1M USDOperating income, FY2025: −27.8M USDNet income, FY2021: 17.4M USDNet income, FY2022: 30.3M USDNet income, FY2023: 47.4M USDNet income, FY2024: −47.7M USDNet income, FY2025: −70.3M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 818.1M USD. Revenue FY2022 859.4M USD. Revenue FY2023 893.4M USD. Revenue FY2024 811M USD. Revenue FY2025 844.6M USD. Operating income FY2021 74.1M USD. Operating income FY2022 88.2M USD. Operating income FY2023 77.1M USD. Operating income FY2024 32.1M USD. Operating income FY2025 −27.8M USD. Net income FY2021 17.4M USD. Net income FY2022 30.3M USD. Net income FY2023 47.4M USD. Net income FY2024 −47.7M USD. Net income FY2025 −70.3M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue844.6M USD811M USD893.4M USD859.4M USD818.1M USD
Cost of goods sold554.1M USD554.1M USD603.1M USD575.9M USD546.6M USD
Gross profit290.5M USD256.9M USD290.3M USD283.5M USD271.5M USD
Research and development91.1M USD87M USD84.8M USD77M USD71.9M USD
Selling, general, and administrative133.3M USD137.8M USD128.4M USD118.3M USD125.5M USD
Operating expenses318.3M USD224.8M USD213.2M USD195.3M USD197.4M USD
Interest income8.5M USD7.3M USD3.7M USD400K USD100K USD
Interest expense35.5M USD31.1M USD29.3M USD41M USD43.4M USD
Depreciation and amortization27.2M USD31.1M USD33.2M USD33.6M USD37.3M USD
Operating income−27.8M USD32.1M USD77.1M USD88.2M USD74.1M USD
Net income−70.3M USD−47.7M USD47.4M USD30.3M USD17.4M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
64%
7 beats, 4 misses, 0 met estimates
Average EPS surprise
+63.99%
11 comparable reports
Latest EPS result
0.31
Estimate 0.21 · Beat by 47.55%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.410.280.160.03Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 0.07, estimate 0.04, surprise +75.00%, Beat. Q2 2025, reported May 8, 2025: actual 0.26, estimate 0.14, surprise +85.71%, Beat. Q3 2025, reported Aug 7, 2025: actual 0.18, estimate 0.04, surprise +350.00%, Beat. Q4 2025, reported Nov 18, 2025: actual 0.37, estimate 0.18, surprise +105.56%, Beat. Q1 2026, reported Feb 10, 2026: actual 0.19, estimate 0.14, surprise +35.71%, Beat. Q2 2026, reported May 7, 2026: actual 0.21, estimate 0.22, surprise -4.55%, Miss. Q3 2026, reported Aug 10, 2026: actual 0.31, estimate 0.21, surprise +47.55%, Beat. Q4 2026, reported Nov 17, 2026: actual —, estimate 0.32, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates239.13M222.96M206.78M190.6MQ1 '25MissQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 199.8M USD, estimate 202.15M USD, surprise -1.16%, Miss. Q2 2025, reported May 8, 2025: actual 212.9M USD, estimate 209.42M USD, surprise +1.66%, Beat. Q3 2025, reported Aug 7, 2025: actual 203M USD, estimate 219.26M USD, surprise -7.42%, Miss. Q4 2025, reported Nov 18, 2025: actual 228.9M USD, estimate 205.77M USD, surprise +11.24%, Beat. Q1 2026, reported Feb 10, 2026: actual 209.6M USD, estimate 207.79M USD, surprise +0.87%, Beat. Q2 2026, reported May 7, 2026: actual 216M USD, estimate 216.92M USD, surprise -0.42%, Miss. Q3 2026, reported Aug 10, 2026: actual 210.5M USD, estimate 215.5M USD, surprise -2.32%, Miss. Q4 2026, reported Nov 17, 2026: actual —, estimate 229.94M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$14.50

21.66% downside
Past 12 months12-month forecastHigh $14.50Average $14.50Low $14.50

Rating distribution

7 ratings
Strong buy00%
Buy229%
Hold571%
Sell00%
Strong sell00%

Recent analyst actions

4 institutions
CJS SecuritiesdowngradeOutperformMarket Perform
Sidoti & Co.downgradeBuyNeutral

VREX news

VREX peers

ETFs holding VREX

Funds reporting this stock among their holdings, ordered by reported position size.

Continue in GoAI

Research VREX

research.disclaimer