VREX Healthcare

Varex Imaging Corporation

$18.53+0.38%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 786.8M USD
Enterprise value: 1.0B USD
Full-time employees: 2,500

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.96 vs a peer median of 0.63), though less than the overall market and more debt relative to equity (0.70× vs a peer median of 0.22×)higher risk: bigger price swings (beta 0.96 vs peers 0.63) and more debt vs equity (0.70× vs peers 0.22×)
About average: profitability

Ranks #443 of 1,157 healthcare companies (top 39%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Varex Imaging reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Varex Imaging made a profit per share in its latest year after a loss the year before.

StockQuotient Score

57/ 100

Oct 5 57 → Nov 4 57

Valuation

Is the price right?

69/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.8%

SEC filings · 12 months to Jul 2026Reported value30% base weight · Z-score 0.92Sector median: 0.0148 · MAD: 0.0148

EBITDA yield9.7%

SEC filings · 12 months to Jul 2026Reported value50% base weight · Z-score 1.41Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.6%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield63.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

73/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 74 → 73

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.46Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-1.2%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score -0.84Sector median: 0.0584 · MAD: 0.0840

Revenue growth5.3%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.08Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

55/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Turned profitable over the last 12 months
Operating margin rose 12.0 points to 8.3%

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin8.3%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.11Sector median: 0.0706 · MAD: 0.1217

Return on assets2.0%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.06Sector median: 0.0166 · MAD: 0.0537

Return on invested capital7.7%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.29Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin34.3%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity4.5%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.96

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.00Sector median: 0.6250 · MAD: 0.3380

Current ratio3.38×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.57Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.34Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Varex Imaging

Is Varex Imaging getting weaker?: Its latest SEC filing (Aug 10, 2026) got stronger: turned profitable over the last 12 months; operating margin rose 12.0 points to 8.3%. Its overall score is unchanged at 57/100 since Oct 28, 2026.
How is Varex Imaging valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 69/100 against 1,393 healthcare peers. EBITDA yield 9.7% vs a peer median of 4.0% (stronger than 81% of peers).EBITDA yield 9.7% vs peers 4.0% (stronger than 81% of peers).
Is Varex Imaging growing?: Yes, faster than most of its peers. Growth scores 73/100 against 1,393 healthcare peers. 3-year revenue growth -1.2% vs a peer median of 5.8% (weaker than 74% of peers).3-year revenue growth -1.2% vs peers 5.8% (weaker than 74% of peers).
How profitable is Varex Imaging?: About as profitable as its peers. Profitability scores 55/100 against 1,393 healthcare peers.
How risky is Varex Imaging?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.70× vs a peer median of 0.22× (weaker than 74% of peers).Debt / equity 0.70× vs peers 0.22× (weaker than 74% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 3, 2026 · filed Aug 10, 2026 · compared with the quarter ended Apr 3, 2026

Got stronger

Turned profitable over the last 12 months
Operating margin rose 12.0 points to 8.3%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	857.5M USD	865.0M USD	+0.9%
Net income (12 months)	−82.7M USD	22.1M USD	turned positive
Operating margin	-3.7%	8.3%	+12.0 pts
Free cash flow (12 months)	−30.8M USD	−20.2M USD	−34.4%
Debt	347.6M USD	347.1M USD	−0.1%
Cash	85.3M USD	99.2M USD	+16.3%
Shares outstanding	42.1M	42.1M	0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Gross margin	33.2%	33.0%	32.5%	31.7%	34.4%	▲ 2.7 pts
Operating margin	9.1%	10.3%	8.6%	4.0%	-3.3%	▼ 7.2 pts
Net margin	2.1%	3.5%	5.3%	-6.0%	-8.3%	▼ 2.3 pts
Return on assets (ROA)	1.5%	2.6%	3.8%	-4.0%	-6.3%	▼ 2.3 pts
Return on equity (ROE)	3.6%	5.7%	8.3%	-9.2%	-14.9%	▼ 5.7 pts
Free cash flow margin	9.5%	-0.5%	9.8%	2.5%	2.2%	▼ 0.3 pts
Current ratio	3.33×	3.52×	4.04×	3.32×	3.43×	▲ 3.3%
Quick ratio	1.98×	1.77×	2.34×	1.97×	1.83×	▼ 7.0%
Debt to equity	0.90×	0.78×	0.78×	0.84×	0.78×	▼ 7.2%
Interest coverage	1.76×	2.22×	2.63×	1.06×	-0.78×	▼ 174%

VREX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.96 vs a peer median of 0.63), though less than the overall market and more debt relative to equity (0.70× vs a peer median of 0.22×)higher risk: bigger price swings (beta 0.96 vs peers 0.63) and more debt vs equity (0.70× vs peers 0.22×)

About average: profitability

Ranks #443 of 1,157 healthcare companies (top 39%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Varex Imaging reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Varex Imaging made a profit per share in its latest year after a loss the year before.

Questions investors ask about Varex Imaging

Is Varex Imaging getting weaker?

Its latest SEC filing (Aug 10, 2026) got stronger: turned profitable over the last 12 months; operating margin rose 12.0 points to 8.3%. Its overall score is unchanged at 57/100 since Oct 28, 2026.

How is Varex Imaging valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 69/100 against 1,393 healthcare peers. EBITDA yield 9.7% vs a peer median of 4.0% (stronger than 81% of peers).EBITDA yield 9.7% vs peers 4.0% (stronger than 81% of peers).

Is Varex Imaging growing?

Yes, faster than most of its peers. Growth scores 73/100 against 1,393 healthcare peers. 3-year revenue growth -1.2% vs a peer median of 5.8% (weaker than 74% of peers).3-year revenue growth -1.2% vs peers 5.8% (weaker than 74% of peers).

How profitable is Varex Imaging?

About as profitable as its peers. Profitability scores 55/100 against 1,393 healthcare peers.

How risky is Varex Imaging?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.70× vs a peer median of 0.22× (weaker than 74% of peers).Debt / equity 0.70× vs peers 0.22× (weaker than 74% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

857.5M USD

865.0M USD

+0.9%

Net income (12 months)

−82.7M USD

22.1M USD

turned positive

Operating margin

-3.7%

8.3%

+12.0 pts

Free cash flow (12 months)

−30.8M USD

−20.2M USD

−34.4%

Debt

347.6M USD

347.1M USD

−0.1%

Cash

85.3M USD

99.2M USD

+16.3%

Shares outstanding

42.1M

42.1M

0.0%

Key ratios

FY Sep 2021

FY Sep 2022

FY Sep 2023

FY Sep 2024

FY Sep 2025

Change

Gross margin

33.2%

33.0%

32.5%

31.7%

34.4%

▲ 2.7 pts

Operating margin

9.1%

10.3%

8.6%

4.0%

-3.3%

▼ 7.2 pts

Net margin

2.1%

3.5%

5.3%

-6.0%

-8.3%

▼ 2.3 pts

Return on assets (ROA)

1.5%

2.6%

3.8%

-4.0%

-6.3%

▼ 2.3 pts

Return on equity (ROE)

3.6%

5.7%

8.3%

-9.2%

-14.9%

▼ 5.7 pts

Free cash flow margin

9.5%

-0.5%

9.8%

2.5%

2.2%

▼ 0.3 pts

Current ratio

3.33×

3.52×

4.04×

3.32×

3.43×

▲ 3.3%

Quick ratio

1.98×

1.77×

2.34×

1.97×

1.83×

▼ 7.0%

Debt to equity

0.90×

0.78×

0.84×

0.78×

▼ 7.2%

Interest coverage

1.76×

2.22×

2.63×

1.06×

-0.78×

▼ 174%