Tandem Diabetes Care vs Varex Imaging
Tandem Diabetes Care is the larger business, with $1.01bn of revenue in fiscal 2025 against $845m for Varex Imaging (1.2 times as much). Tandem Diabetes Care grew faster (7.9% against 4.1%). Varex Imaging kept more of each dollar of sales as profit: a net margin of -8.3% against -20.2%. Varex Imaging carries less debt relative to equity (78.3% against 199.8%).
| Latest fiscal year | Tandem Diabetes CareTNDM, 2025 | Varex ImagingVREX, 2025 |
|---|---|---|
| Revenue | $1.01bn | $845m |
| Revenue growth | 7.9% | 4.1% |
| Net income | −$205m | −$70.3m |
| Operating margin | -18.5% | -3.3% |
| Net margin | -20.2% | -8.3% |
| Return on equity | -97.9% | -14.0% |
| Free cash flow | −$29.7m | $18.8m |
| Cash | $90.6m | $145m |
| Total debt | $310m | $370m |
| Debt to equity | 199.8% | 78.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $0 | — |
| Employees | 2,500 | 2,400 |
| Market value | $1.23bn | $781m |
| Price vs our value range | — | Above our value range |
| Moat score | 30 (Weak) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 3 sales | 0 buys, 3 sales |