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Varex Imaging Corp (VREX) stock

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NASDAQ: VREX Nasdaq Health Care Equipment Next results ~November 17, 2026

C+ Fundamentals grade

Varex Imaging Corp is a US-listed company in the health care equipment industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 1530% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 1530% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Varex Imaging Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds95 adding, 78 cuttingOf 45 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Varex Imaging files

Where Varex Imaging stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $865m, up 5.3% on a year earlier, faster than the 3.6% growth a quarter earlier. Free-cash-flow margin fell to -2.3% from 4.4% a year earlier. Operating margin widened to 8.3% from -4.4%. The diluted share count is down 8.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 7 financial-health checks.

Our model value for Varex Imaging is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

Varex Imaging Corp's trailing-twelve-month revenue grew 5.3% year on year, with a free-cash-flow margin of -2.3%. Where it stands out: change in share count of -8.8% ranks 3 of 115 health care equipment companies we cover. Where it lags: gross margin of 34.3% ranks 104 of 123 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$6.9 per share in the base case (~$3.6–$11 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 57% in the quarter to 2026-06-30, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 12.8 points on a year ago.
  • Shrinking share count. Diluted shares fell 8.8% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 17 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -2.3% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 1.1 against the S&P 500.
  • Weak cash conversion. Free cash flow was -91% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 34.3% ranks 104 of 123 health care equipment companies we cover (median 61.9%).

Latest results: FY2026 Q3

Filed August 10, 2026
Earnings per share
$0.31 against an average estimate of $0.20: beat by 56.6%
Revenue
$211m, up 3.7% on a year earlier
Share reaction
+49.7% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 17, 2026; average EPS estimate $0.29

Varex Imaging's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.2%
  • 1 week+0.3%
  • 1 month0.0%
  • This year+58.5%
  • 1 year+57.9%
  • 5 years-32.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$865M
Operating margin
8.3%
Net margin
2.6%
EPS (TTM, diluted)
$0.56

Growth

Revenue growth
+5.3%
Change in growth rate
+1.7 pts
Share count change
−8.8%

Cash

Free cash flow (TTM)
-$20.2M
FCF margin
-2.3%
Stock pay % of revenue
1.7%

Earnings

Last results
August 10, 2026
Next results (est.)
November 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Shareholder vote
  2. Announcement
  3. Insider trade
  4. Leadership
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Varex Imaging Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 1530% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Varex Imaging Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.26 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$18 ~$15–$28 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.6 ~$0.9–$2.7 Left out: out of range vs price (0.09x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Varex Imaging Corp with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$33.84$28.66$28.28$12.37$28.58$21.14$18.79$11.92$11.94$18.46
Market value$1.3bn$1.1bn$1.1bn$480m$1.2bn$879m$945m$486m$494m$732m
+ Net debt (− = net cash)$411m$346m$371m$411m$336m$360m$295m$278m$225m$248m
Enterprise value$1.7bn$1.4bn$1.5bn$891m$1.5bn$1.2bn$1.2bn$764m$719m$980m
Multiples
Price / sales 1.8x1.4x1.4x0.7x1.4x1.0x1.1x0.6x0.6x0.8x
Price / earnings 24.9x40.0x70.4x—66.2x29.0x19.9x——33.1x
Price / free cash flow 23.4x17.0x21.0x—14.9x—10.8x23.8x26.3x—
EV / EBITDA 16.9x20.5x21.1x—15.7x11.6x12.8x14.3x—10.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard Varex Imaging's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.4% of total assets over 9 years.

  • Pricing power 11 / 20

    Gross margin has been a median 32.7%, moving by 2.4 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 6.9%; its worst year was -4.4%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 9 of 10 years, at a median 4.7% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 2.1% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026, after the close. Analysts expect revenue of $230m and EPS of $0.29 (range $0.25 to $0.33) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.84 −7% $866m +3%
Next $1.07 +27% $900m +4%

Next year's EPS estimate has moved +0.6% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.0% on 90 days ago. In the last 30 days, 4 analysts raised Varex Imaging Corp's forecast and 0 cut it.

Consensus EPS forecast Varex Imaging Corp, last 90 days
$0.70 $0.80 $0.90 $1.00 $1.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.78 Current fiscal year, 60 days ago: $0.78 Current fiscal year, 30 days ago: $0.78 Current fiscal year, 7 days ago: $0.88 Current fiscal year, Now: $0.84 $0.84 Next fiscal year, 90 days ago: $1.06 Next fiscal year, 60 days ago: $1.06 Next fiscal year, 30 days ago: $1.06 Next fiscal year, 7 days ago: $1.05 Next fiscal year, Now: $1.07 $1.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.78$1.06
60 days ago $0.78$1.06
30 days ago $0.78$1.06
7 days ago $0.88$1.05
Now $0.84$1.07

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.20 $0.31 +56.6%
Mar 2026 $0.21 $0.21 0.0%
Dec 2025 $0.13 $0.19 +50.8%
Sept 2025 $0.18 $0.37 +102.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

3 analysts, Oct 2026
Buy00%
Hold3100%
Sell00%

Monthly trend

  1. Oct 202633
  2. Sep 202644
  3. Aug 20261315

Counts of recommendations published by analysts covering Varex Imaging Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.3%
of tradable shares
Days to cover
3.02
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
1.7%
of shares
Employees
2,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +57.9%

$11.69 on October 31, 2025 to $18.46

ThenNowEffect
Revenue (last 12 months) $821m $865m +5.3%
P/S multiple 0.6x 0.8x +36.8%
Share count 44m 40m +9.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −1.8%

$18.79 on November 3, 2023 to $18.46

ThenNowEffect
Revenue (last 12 months) $897m $865m −3.6%
Net margin 3.3% 2.6% −22.0%
P/E multiple 27.4x 33.1x +21.1%
Share count 43m 40m +7.9%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VREX+89%−36%+1%−29%−20%+59%
Industry peers (median)−9%−37%−9%−19%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VREX75%33%50%33%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VREX−15%−40%−27%−51%−55%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since January 23, 2017: 84% from February 1, 2018 to May 9, 2025. Getting back needed a 531% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$9.32 – $18.58
From 52-week high
−0.6%
vs 50-day average
0.0%
vs 200-day average
+35.5%
Volatility (1 year)
63%
Beta vs S&P 500
1.08

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±15.6%
After a week
4 up, 8 down
typical move ±16.1%
After a month
6 up, 6 down
typical move ±18.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 +49.7% −0.3% +48.8% +49.1%
May 7, 2026 −19.2% +0.5% −17.7% −15.4%
February 10, 2026 −3.1% −0.3% −1.8% −22.6%
November 18, 2025 −10.4% −0.5% −1.9% +7.9%
August 7, 2025 +34.7% +0.7% +53.1% +65.8%
May 8, 2025 −15.8% +0.6% −3.4% +4.3%
February 6, 2025 −15.8% −0.6% −6.6% −13.9%
November 19, 2024 +9.2% +0.4% +16.9% +1.8%
August 1, 2024 −12.2% −3.3% −23.0% −15.6%
May 2, 2024 −6.0% +2.2% −4.2% −4.1%
February 6, 2024 −8.4% +1.1% −11.8% −8.6%
November 14, 2023 +3.1% +2.2% +4.1% +12.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Varex Imaging Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Varex Imaging Corp
$800M $850M $900M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $893.4M Revenue (TTM), FY24 Q1: $877.8M Revenue (TTM), FY24 Q2: $855.8M Revenue (TTM), FY24 Q3: $832.7M Revenue (TTM), FY24 Q4: $811M Revenue (TTM), FY25 Q1: $820.8M Revenue (TTM), FY25 Q2: $827.5M Revenue (TTM), FY25 Q3: $821.4M Revenue (TTM), FY25 Q4: $844.6M Revenue (TTM), FY26 Q1: $854.4M Revenue (TTM), FY26 Q2: $857.5M Revenue (TTM), FY26 Q3: $865M $865M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $893.4M
FY24 Q1 $877.8M
FY24 Q2 $855.8M
FY24 Q3 $832.7M
FY24 Q4 $811M
FY25 Q1 $820.8M
FY25 Q2 $827.5M
FY25 Q3 $821.4M
FY25 Q4 $844.6M
FY26 Q1 $854.4M
FY26 Q2 $857.5M
FY26 Q3 $865M
Revenue growth, TTM YoY Varex Imaging Corp
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.0% Revenue growth, TTM YoY, FY24 Q1: 1.3% Revenue growth, TTM YoY, FY24 Q2: -2.7% Revenue growth, TTM YoY, FY24 Q3: -7.2% Revenue growth, TTM YoY, FY24 Q4: -9.2% Revenue growth, TTM YoY, FY25 Q1: -6.5% Revenue growth, TTM YoY, FY25 Q2: -3.3% Revenue growth, TTM YoY, FY25 Q3: -1.4% Revenue growth, TTM YoY, FY25 Q4: 4.1% Revenue growth, TTM YoY, FY26 Q1: 4.1% Revenue growth, TTM YoY, FY26 Q2: 3.6% Revenue growth, TTM YoY, FY26 Q3: 5.3% 5.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.0%
FY24 Q1 1.3%
FY24 Q2 -2.7%
FY24 Q3 -7.2%
FY24 Q4 -9.2%
FY25 Q1 -6.5%
FY25 Q2 -3.3%
FY25 Q3 -1.4%
FY25 Q4 4.1%
FY26 Q1 4.1%
FY26 Q2 3.6%
FY26 Q3 5.3%
Operating margin (TTM) Varex Imaging Corp
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.6% Operating margin (TTM), FY24 Q1: 7.8% Operating margin (TTM), FY24 Q2: 7.1% Operating margin (TTM), FY24 Q3: 5.5% Operating margin (TTM), FY24 Q4: 4.0% Operating margin (TTM), FY25 Q1: 4.8% Operating margin (TTM), FY25 Q2: 6.5% Operating margin (TTM), FY25 Q3: -4.4% Operating margin (TTM), FY25 Q4: -3.3% Operating margin (TTM), FY26 Q1: -2.8% Operating margin (TTM), FY26 Q2: -3.7% Operating margin (TTM), FY26 Q3: 8.3% 8.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.6%
FY24 Q1 7.8%
FY24 Q2 7.1%
FY24 Q3 5.5%
FY24 Q4 4.0%
FY25 Q1 4.8%
FY25 Q2 6.5%
FY25 Q3 -4.4%
FY25 Q4 -3.3%
FY26 Q1 -2.8%
FY26 Q2 -3.7%
FY26 Q3 8.3%
FCF margin (TTM) Varex Imaging Corp
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.8% FCF margin (TTM), FY24 Q1: 11.0% FCF margin (TTM), FY24 Q2: 8.5% FCF margin (TTM), FY24 Q3: 5.1% FCF margin (TTM), FY24 Q4: 2.5% FCF margin (TTM), FY25 Q1: 3.1% FCF margin (TTM), FY25 Q2: 4.6% FCF margin (TTM), FY25 Q3: 4.4% FCF margin (TTM), FY25 Q4: 2.2% FCF margin (TTM), FY26 Q1: -1.6% FCF margin (TTM), FY26 Q2: -3.6% FCF margin (TTM), FY26 Q3: -2.3% -2.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.8%
FY24 Q1 11.0%
FY24 Q2 8.5%
FY24 Q3 5.1%
FY24 Q4 2.5%
FY25 Q1 3.1%
FY25 Q2 4.6%
FY25 Q3 4.4%
FY25 Q4 2.2%
FY26 Q1 -1.6%
FY26 Q2 -3.6%
FY26 Q3 -2.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Oct 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Oct 2020 2021 Oct 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 632 620 698 773 781 738 818 859 893 811 845 865
Gross profit 251 248 254 254 257 190 272 284 290 257 291 297
EBITDA 137 119 101 71 69 −11 95 107 97 53 −5 95
Operating income 128 109 84 45 46 −34 74 88 77 32 −28 72
Net income 80 69 52 28 16 −58 17 30 47 −49 −70 22
Diluted EPS $2.12 $1.82 $1.36 $0.72 $0.40 −$1.49 $0.43 $0.73 $1.07 −$1.20 −$1.70 $0.56
Growth (year on year)
Revenue — −1.9% +12.6% +10.8% +0.9% −5.4% +10.8% +5.0% +4.0% −9.2% +4.1% +5.3%
EBITDA — −13.3% −15.4% −29.9% −1.8% −116.5% — +13.3% −9.9% −44.8% −108.6% —
Operating income — −14.4% −23.3% −46.8% +2.7% −173.7% — +19.0% −12.6% −58.4% −186.6% —
Net income — −14.4% −24.7% −46.7% −43.6% — — +74.1% +56.4% −203.0% — —
Diluted EPS — −14.2% −25.3% −47.1% −44.4% — — +69.8% +46.6% −212.1% — —
Margins
Gross margin 39.6% 40.1% 36.3% 32.8% 32.9% 25.8% 33.2% 33.0% 32.5% 31.7% 34.4% 34.3%
EBITDA margin 21.7% 19.2% 14.4% 9.1% 8.9% −1.5% 11.6% 12.5% 10.8% 6.6% −0.5% 11.0%
Operating margin 20.2% 17.6% 12.0% 5.8% 5.9% −4.6% 9.1% 10.3% 8.6% 4.0% −3.3% 8.3%
Net margin 12.7% 11.0% 7.4% 3.6% 2.0% −7.8% 2.1% 3.5% 5.3% −6.0% −8.3% 2.6%
Free-cash-flow margin 8.1% 7.3% 7.9% 8.4% 6.7% −1.4% 9.5% −0.5% 9.8% 2.5% 2.2% −2.3%
Cash flow
Cash from operations 85 74 75 85 72 13 93 17 108 47 42 11
Capital spending 34 29 20 20 20 24 15 21 21 27 23 32
Free cash flow 51 45 55 65 52 −10 78 −4 88 20 19 −20
Stock-based pay 10 10 8 10 12 13 14 14 14 15 15 15
Free cash flow after stock pay 41 36 47 55 40 −24 64 −18 74 5 4 −35
Balance sheet
Cash 21 37 83 52 30 101 145 89 153 169 145 99
Total debt 0 0 494 398 401 511 481 450 448 447 370 347
Net debt (negative = net cash) −21 −37 411 346 371 411 336 360 295 278 225 248
Diluted shares 38m 38m 38m 38m 39m 39m 40m 42m 50m 41m 41m 40m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · July 3, 2026
What it owns · $1.1bn
Short-term assets $633mLonger-term assets $467m
What it owes, and who funded it · $1.1bn
Short-term liabilities $187mLonger-term liabilities $402mShareholders' equity $497m
  • Short-term assets cover short-term liabilities $633m of assets due within a year against $187m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $633m short-term assets against $402m of longer-dated liabilities.
  • More cash than debt $99m of cash against $347m of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 88% to 70% over five years.
  • A year's operating cash flow covers at least 20% of debt $11m of operating cash flow against $347m of debt.
  • Operating profit covers interest at least five times over Operating income of $72m against $39m of interest.

From Varex Imaging Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−8.8%
year over year
R&D spending
10.6%
of revenue
Sales & admin spending
15.4%
of revenue
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated VREX INSP ATEC OFIX IRTC MYGN Median
Revenue, last 12 months $865m $881m $840m $833m $825m $807m $99m
Revenue growth, last 12 months 5.3% −0.2% 15.3% 3.0% 25.6% −3.2% 9.2%
Revenue growth, 3-year average −1.2% 15.6% 23.1% 11.7% 22.2% 4.9% 13.5%
Revenue growth, latest quarter 3.7% −7.9% 12.6% 3.8% 20.1% −10.5% 10.2%
Gross margin 34.3% 86.2% 71.3% 71.3% 71.5% 68.8% 61.2%
Operating margin 8.3% 1.8% −3.6% −4.7% −3.0% −12.2% −8.5%
Operating margin, 3-year average 3.1% 2.6% −14.8% −9.7% −14.3% −27.2% −17.9%
Net margin 2.6% 11.4% −10.3% −7.4% −1.7% −14.0% −12.0%
Cash from operations / revenue 1.3% 15.3% 7.3% 2.0% 10.4% 1.0% −1.9%
Free-cash-flow margin −2.3% 11.1% −1.2% −3.3% 4.7% −4.2% −3.9%
Free-cash-flow margin, 3-year average 2.4% 9.1% −12.1% −4.2% −3.0% −10.5% −7.0%
Stock pay / revenue 1.7% 13.3% 9.0% 3.4% 10.1% 3.6% 6.1%
Change in share count −8.8% −3.9% 4.6% 3.6% 2.9% 2.5% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 5.3% 9.1% 83 of 129
Change in growth rate Growth +1.7pp -0.6pp 34 of 129
Gross margin Profitability 34.3% 61.9% 104 of 123
Operating margin Profitability 8.3% -8.3% 32 of 132
Net margin Profitability 2.6% -12.0% 40 of 133
Free-cash-flow margin Cash generation -2.3% -3.4% 60 of 128
Stock pay as % of revenue Cash generation 1.7% 6.1% 28 of 123
Long-term debt as % of assets Balance sheet 29.9% 24.2% 54 of 87
Change in share count Balance sheet -8.8% 3.3% 3 of 115
Days sales outstanding Balance sheet 61 days 57 days 69 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to October 3, 2025
Segments
Line of business Revenue Share YoY
Medical $593M 70.2% ▲ 1.9%
Industrial $252M 29.8% ▲ 9.9%
Geography
Region Revenue YoY
Other Countries $318M ▲ 0.2%
EMEA $285M ▲ 1.6%
Asia Pacific $283M ▲ 7.2%
Americas $277M ▲ 3.8%
United States $255M ▼ 1.1%
Japan $144M ▲ 21.5%
China $128M ▲ 8.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Varex Imaging Corp's 10-K filed November 18, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$423M
Institutions reporting
185
Shares held vs prior quarter
▼ 1.9%
Positions opened / closed
31 / 20

Top buyers and sellers, Q2 2026: 95 institutions bought and 78 sold ; the biggest buyer was Ameriprise Financial Inc (+689K shares) and the biggest seller Medina Value Partners, LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Pzena Investment Management LLC $45.3M 4.3M 10.7% ▲ 8.8%
Blackrock, Inc. $40.6M 3.9M 9.6% ▲ 2.0%
Allspring Global Investments Holdings, LLC $24.4M 2.3M 5.8% ▼ 13.7%
Neuberger Berman Group LLC $21.7M 2.1M 5.1% ▲ 8.2%
LSV Asset Management $19.5M 1.9M 4.6% ▲ 6.1%
Vanguard Capital Management LLC $19.5M 1.9M 4.6% ▲ 2.6%
Rice Hall James & Associates, LLC $15.1M 1.4M 3.6% ▲ 13.4%
Acadian Asset Management LLC $11.9M 1.1M 2.8% 0.0%
State Street Corp $11.6M 1.1M 2.8% ▲ 4.7%
Geode Capital Management, LLC $11.5M 1.1M 2.7% ▲ 5.6%
Dimensional Fund Advisors LP $10.5M 1.0M 2.5% ▼ 35.3%
Cooke & Bieler LP $10.4M 999K 2.5% ▼ 23.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Varex Imaging Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.6M 3 trades by 2 insiders · 0% under pre-set plans
Net ▼ $2.6M net selling
Insider Date Trade Shares Price Value
Kunkel Jay K. Director September 14, 2026 Sell 8,121 $18.48 $150,076
Maheshwari Shubham Chief Financial Officer September 11, 2026 Sell 130,000 $18.46 $2.4M
Kunkel Jay K. Director March 20, 2026 Sell 4,510 $11.14 $50,241

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 17, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 7, 2026
  • February 10, 2026
  • November 18, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Varex Imaging Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Varex Imaging Corp in brief

What does Varex Imaging Corp do?
Varex Imaging Corp is a US-listed company in the health care equipment industry. Its financial year ends in September.
What is Varex Imaging Corp's stock ticker?
Varex Imaging Corp trades under the ticker VREX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Varex Imaging Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Varex Imaging Corp reported revenue of $865M, 5.3% higher than a year earlier, according to its SEC filings.
What is Varex Imaging Corp's free cash flow?
Varex Imaging Corp's free-cash-flow margin is -2.3% of revenue over the trailing twelve months, ranking 60 of the 128 health care equipment companies we cover.
Who are Varex Imaging Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Pzena Investment Management LLC, Blackrock, Inc. and Allspring Global Investments Holdings, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Varex Imaging Corp's market cap?
On November 2, 2026, Varex Imaging Corp's market capitalisation was about $732M, with a price-to-earnings ratio of 33.1 and net debt of $248M. Market figures come from third-party market data and may be delayed.
How much debt does Varex Imaging Corp have?
Varex Imaging Corp's debt-to-equity ratio is 69.9%, from its latest balance sheet (88.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Varex Imaging Corp's competitors?
In our Health Care Equipment peer group, the companies closest to Varex Imaging Corp are Inspire Medical Systems, Inc., Alphatec Holdings, Inc., Orthofix Medical Inc., Irhythm Holdings, Inc. and Myriad Genetics Inc. The side-by-side comparison below sets their revenue, margins and growth against Varex Imaging Corp's.
Are insiders buying or selling Varex Imaging Corp stock?
Over the last 12 months, Varex Imaging Corp's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Varex Imaging Corp's next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Varex Imaging Corp announces its own schedule.