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VREX

Varex Imaging Corporation

VREX

Varex Imaging Corporation • NASDAQ
$11.57 ▲ 0.00% (+0.00)
Market Cap $479.00 M
52w High $16.85
52w Low $6.76
Dividend Yield 0%
P/E -6.81
Volume 163.32K
Outstanding Shares 41.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $228.9M ▲ $58.2M ▼ $12.2M ▲ 5.33% ▲ $0.29 ▲ $22M ▲
Q3-2025 $203M ▼ $148.2M ▲ $-89.1M ▼ -43.892% ▼ $-2.15 ▼ $-71.1M ▼
Q2-2025 $212.9M ▲ $54.6M ▼ $6.9M ▲ 3.241% ▲ $0.17 ▲ $27.8M ▲
Q1-2025 $199.8M ▼ $57.3M ▲ $-300K ▲ -0.15% ▲ $-0.007 ▲ $17.8M ▲
Q4-2024 $205.7M $56.2M $-50M -24.307% $-1.23 $16.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $155.1M ▲ $1.107B ▲ $620.8M ▲ $472.6M ▲
Q3-2025 $152.6M ▼ $1.073B ▼ $603.9M ▼ $455.3M ▼
Q2-2025 $223M ▲ $1.358B ▲ $793.7M ▲ $549.7M ▲
Q1-2025 $212.6M ▲ $1.332B ▲ $778M ▲ $540.2M ▲
Q4-2024 $200.5M $1.217B $667.8M $535.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-89.1M ▼ $7.7M ▼ $-700K ▼ $-201.2M ▼ $-193.7M ▼ $1.4M ▼
Q2-2025 $7.1M ▲ $16.6M ▲ $14.7M ▲ $-700K ▼ $30.4M ▼ $9.8M ▲
Q1-2025 $-100K ▲ $9.5M ▼ $-3M ▲ $124.9M ▲ $131.4M ▲ $5.3M ▼
Q4-2024 $-50M ▼ $25.9M ▲ $-14M ▼ $800K ▲ $12.6M ▼ $19.9M ▲
Q3-2024 $1.4M $8M $7.7M $-1.1M $14.6M $3.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Industrial Segment
Industrial Segment
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Medical Segment
Medical Segment
 $140.00M ▲$140.00M ▲$150.00M ▲$140.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively steady over the past few years, with only modest ups and downs, which suggests a stable core demand for Varex’s products. However, profitability has clearly weakened: operating profit has trended down, and the company swung from consistent profits to a noticeable loss in the most recent year. That points to rising costs, pricing pressure, or mix issues eroding margins. The fact that earnings fell more sharply than revenue is a flag that efficiency and cost control will be important areas to watch going forward.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and fairly stable. Total assets have inched up, and equity has grown over time, indicating that the company has been building its capital base, even with the recent loss. Debt levels have stayed roughly flat, which means leverage has not been creeping up, and cash has improved compared with earlier years, giving the company more financial flexibility. Overall, this suggests a reasonably balanced financial structure, though continued losses could eventually strain that position if not addressed.

Cash Flow

Cash Flow Varex has been able to generate cash from its operations most years, but the pattern is uneven. One year stands out as particularly strong, while others are noticeably weaker, which signals some volatility in working capital or profitability. Free cash flow has generally been positive, helped by relatively modest capital spending needs, but again not on a smooth, upward path. The business seems capable of funding its own investments, yet the inconsistency in cash generation mirrors the recent pressure seen in earnings and is important to monitor.

Competitive Edge

Competitive Edge Varex operates in a specialized niche as a leading independent supplier of X‑ray imaging components, rather than a full system maker. Its long-standing relationships with major medical imaging and industrial OEMs, broad product range, and global manufacturing footprint give it meaningful competitive strength. The company benefits from scale, technical know‑how, and a deep installed base, all of which can be hard for new entrants to replicate. At the same time, it competes against very large, integrated healthcare equipment companies and depends heavily on OEM partners’ own demand cycles and product strategies, which can introduce risk and bargaining pressure.

Innovation and R&D

Innovation and R&D Innovation is clearly a core pillar for Varex. The company invests heavily in R&D, with work spanning photon-counting detectors, advanced X‑ray tubes (including liquid metal bearing and cold cathode designs), and sophisticated imaging software. These efforts aim to improve image quality, reduce radiation dose, and enable new clinical and industrial applications, which can strengthen its position with OEMs and open new markets. The opportunity is significant, especially in next‑generation CT and industrial inspection, but it also means high ongoing development costs and a need to successfully commercialize complex technologies in a regulated, slow‑adoption environment.

Summary

Varex combines a solid niche position in X‑ray imaging components with a clear commitment to advanced technology. Financially, revenue has been stable but recent profitability has deteriorated, and cash generation, while generally positive, is uneven. The balance sheet appears sound with manageable debt and improving liquidity, giving the company some room to navigate short-term earnings pressure. Strategically, its OEM partnerships, engineering depth, and broad product lineup provide meaningful strengths, while reliance on a few large customers, intense competition from integrated giants, and the cost and execution risk of ambitious R&D programs are key areas of uncertainty and risk to keep in view.

NEWS

November 18, 2025 · 4:05 PM UTC

Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2025

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October 28, 2025 · 9:10 AM UTC

Varex Schedules Fourth Quarter and Fiscal Year 2025 Earnings Release and Conference Call

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September 9, 2025 · 4:58 PM UTC

Varex to Present at the Sidoti Small Cap Virtual Conference

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