Varex Imaging Corp Financials
This page shows Varex Imaging Corp (VREX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Varex Imaging Corp has an operating margin of -3.3%, meaning the company retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 4.0% the prior year.
Varex Imaging Corp's revenue grew a modest 4.1% year-over-year to $844.6M. This slow but positive growth earns a score of 40/100.
Varex Imaging Corp carries a low D/E ratio of 0.77, meaning only $0.77 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.89, Varex Imaging Corp holds $3.89 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Varex Imaging Corp's free cash flow margin of 2.2% results in a low score of 11/100. Capital expenditures of $22.9M absorb a large share of operating cash flow.
Varex Imaging Corp passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Varex Imaging Corp generates $-0.59 in operating cash flow ($41.7M OCF vs -$70.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Varex Imaging Corp earns $-0.8 in operating income for every $1 of interest expense (-$27.8M vs $35.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Varex Imaging Corp generated $844.6M in revenue in fiscal year 2025. This represents an increase of 4.1% from the prior year.
Varex Imaging Corp's EBITDA was $400K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.4% from the prior year.
Varex Imaging Corp generated $18.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.8% from the prior year.
Varex Imaging Corp reported -$70.3M in net income in fiscal year 2025. This represents a decrease of 44.1% from the prior year.
Varex Imaging Corp earned $-1.70 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 41.7% from the prior year.
Varex Imaging Corp held $119.5M in cash against $366.2M in long-term debt as of fiscal year 2025.
Varex Imaging Corp had 42M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.
Varex Imaging Corp's gross margin was 34.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the prior year.
Varex Imaging Corp's operating margin was -3.3% in fiscal year 2025, reflecting core business profitability. This is down 7.3 percentage points from the prior year.
Varex Imaging Corp's net profit margin was -8.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.3 percentage points from the prior year.
Varex Imaging Corp invested $91.1M in research and development in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Varex Imaging Corp invested $22.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.9% from the prior year.
VREX Income Statement
| Metric | Q1'26 | Q1'25 | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $210-100.0% | $199.8M-1.6% | $203.0M-4.7% | $212.9M+1.8% | $209.1M+1.4% | $206.2M+8.5% | $190.0M-18.2% | $232.2M |
| Cost of Revenue | $140-100.0% | $131.3M-3.1% | $135.5M-0.5% | $136.2M-4.2% | $142.2M+1.3% | $140.4M+5.6% | $132.9M-14.8% | $155.9M |
| Gross Profit | $70-100.0% | $68.5M+1.5% | $67.5M-12.0% | $76.7M+14.6% | $66.9M+1.7% | $65.8M+15.2% | $57.1M-25.2% | $76.3M |
| R&D Expenses | $22-100.0% | $23.5M+9.8% | $21.4M-2.7% | $22.0M0.0% | $22.0M-2.7% | $22.6M+10.2% | $20.5M+2.5% | $20.0M |
| SG&A Expenses | $33-100.0% | $33.8M+2.7% | $32.9M+0.9% | $32.6M-8.4% | $35.6M+0.3% | $35.5M+9.6% | $32.4M+0.9% | $32.1M |
| Operating Income | $15-100.0% | $11.2M+113.9% | -$80.7M-465.2% | $22.1M+137.6% | $9.3M+20.8% | $7.7M+83.3% | $4.2M-82.6% | $24.2M |
| Interest Expense | $8-100.0% | $8.0M-14.9% | $9.4M-7.8% | $10.2M+37.8% | $7.4M-6.3% | $7.9M+8.2% | $7.3M0.0% | $7.3M |
| Income Tax | $1-100.0% | $2.6M+4.0% | $2.5M-32.4% | $3.7M+628.6% | -$700K-200.0% | $700K+450.0% | -$200K-102.5% | $7.9M |
| Net Income | $2+100.0% | -$300K+99.7% | -$89.1M-1391.3% | $6.9M+392.9% | $1.4M0.0% | $1.4M+380.0% | -$500K-105.5% | $9.1M |
| EPS (Diluted) | $0.05+600.0% | $-0.01+99.5% | $-2.15-1364.7% | $0.17+466.7% | $0.030.0% | $0.03+400.0% | $-0.01-104.8% | $0.21 |
VREX Balance Sheet
| Metric | Q1'26 | Q1'25 | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1K-100.0% | $1.1B+3.2% | $1.1B-20.9% | $1.4B+11.9% | $1.2B-3.0% | $1.3B+0.8% | $1.2B-0.6% | $1.2B |
| Current Assets | $634-100.0% | $641.8M+3.6% | $619.5M-9.4% | $683.8M+5.2% | $649.9M-0.3% | $651.9M+1.0% | $645.7M-1.9% | $658.3M |
| Cash & Equivalents | $120-100.0% | $145.0M+6.3% | $136.4M-33.5% | $205.1M+21.6% | $168.7M+19.0% | $141.8M+0.4% | $141.3M-7.4% | $152.6M |
| Inventory | $328-100.0% | $299.4M+0.2% | $298.7M+4.9% | $284.7M+7.5% | $264.8M-7.4% | $286.1M-1.2% | $289.7M+4.4% | $277.5M |
| Accounts Receivable | $147-100.0% | $156.6M+14.3% | $137.0M-6.0% | $145.7M-7.6% | $157.7M+4.1% | $151.5M+8.5% | $139.6M-14.7% | $163.6M |
| Goodwill | $198-100.0% | $198.4M-0.1% | $198.5M-31.6% | $290.3M-0.2% | $291.0M+0.6% | $289.3M-0.4% | $290.4M+0.7% | $288.5M |
| Total Liabilities | $607-100.0% | $620.8M+2.8% | $603.9M-23.9% | $793.7M+18.4% | $670.4M+1.3% | $661.5M+0.3% | $659.3M-1.4% | $668.6M |
| Current Liabilities | $163-100.0% | $187.2M+5.9% | $176.7M+4.7% | $168.8M-13.8% | $195.9M+27.1% | $154.1M+2.7% | $150.1M-7.8% | $162.8M |
| Long-Term Debt | $366-100.0% | $366.0M0.0% | $366.0M-35.3% | $565.8M+42.5% | $397.1M-10.0% | $441.4M0.0% | $441.4M+0.1% | $441.1M |
| Total Equity | $477-100.0% | $472.6M+3.8% | $455.3M-17.2% | $549.7M+3.9% | $529.1M-8.2% | $576.1M+1.3% | $568.9M+0.2% | $567.7M |
| Retained Earnings | $4+100.0% | -$5.9M+67.4% | -$18.1M-123.5% | $77.0M+19.6% | $64.4M-45.9% | $119.0M+1.3% | $117.5M-0.5% | $118.1M |
VREX Cash Flow Statement
| Metric | Q1'26 | Q1'25 | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $16-100.0% | $7.9M+2.6% | $7.7M-53.6% | $16.6M-35.9% | $25.9M+735.5% | $3.1M-69.9% | $10.3M-78.1% | $47.1M |
| Capital Expenditures | $11-100.0% | $5.6M-11.1% | $6.3M-7.4% | $6.8M+13.3% | $6.0M+3.4% | $5.8M-44.2% | $10.4M+92.6% | $5.4M |
| Free Cash Flow | $5-100.0% | $2.3M+64.3% | $1.4M-85.7% | $9.8M-50.8% | $19.9M+837.0% | -$2.7M-2600.0% | -$100K-100.2% | $41.7M |
| Investing Cash Flow | $8+100.0% | -$700K0.0% | -$700K-104.8% | $14.7M+205.0% | -$14.0M-976.9% | -$1.3M+93.5% | -$19.9M-36.3% | -$14.6M |
| Financing Cash Flow | $2-100.0% | $1.1M+100.5% | -$201.2M-28642.9% | -$700K-187.5% | $800K+161.5% | -$1.3M+23.5% | -$1.7M-221.4% | $1.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VREX Financial Ratios
| Metric | Q1'26 | Q1'25 | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.3%-1.0pp | 34.3%+1.0pp | 33.3%-2.8pp | 36.0%+4.0pp | 32.0%+0.1pp | 31.9%+1.9pp | 30.0%-2.8pp | 32.9% |
| Operating Margin | 7.3%+1.7pp | 5.6%+45.4pp | -39.8%-50.1pp | 10.4%+5.9pp | 4.5%+0.7pp | 3.7%+1.5pp | 2.2%-8.2pp | 10.4% |
| Net Margin | 1.1%+1.3pp | -0.1%+43.7pp | -43.9%-47.1pp | 3.2%+2.6pp | 0.7%0.0pp | 0.7%+0.9pp | -0.3%-4.2pp | 3.9% |
| Return on Equity | 0.5% | N/A | N/A | 1.3%+1.0pp | 0.2%0.0pp | 0.2% | N/A | 1.7% |
| Return on Assets | 0.2%+0.2pp | -0.0%+8.3pp | -8.3%-8.8pp | 0.5%+0.4pp | 0.1%0.0pp | 0.1%+0.1pp | -0.0%-0.8pp | 0.8% |
| Current Ratio | 3.89+0.5 | 3.43-0.1 | 3.51-0.5 | 4.05+0.7 | 3.32-0.9 | 4.23-0.1 | 4.30+0.3 | 4.04 |
| Debt-to-Equity | 0.770.0 | 0.77-0.0 | 0.80-0.2 | 1.03+0.3 | 0.75-0.0 | 0.770.0 | 0.780.0 | 0.78 |
| FCF Margin | 2.6%-0.1pp | 2.6%+2.0pp | 0.7%-3.9pp | 4.6%+3.0pp | 1.6%+2.9pp | -1.3%-1.3pp | -0.1%-14.5pp | 14.4% |
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Frequently Asked Questions
What is Varex Imaging Corp's annual revenue?
Varex Imaging Corp (VREX) reported $844.6M in total revenue for fiscal year 2025. This represents a 4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Varex Imaging Corp's revenue growing?
Varex Imaging Corp (VREX) revenue grew by 4.1% year-over-year, from $811.0M to $844.6M in fiscal year 2025.
Is Varex Imaging Corp profitable?
No, Varex Imaging Corp (VREX) reported a net income of -$70.3M in fiscal year 2025, with a net profit margin of -8.3%.
What is Varex Imaging Corp's earnings per share (EPS)?
Varex Imaging Corp (VREX) reported diluted earnings per share of $-1.70 for fiscal year 2025. This represents a -41.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Varex Imaging Corp's EBITDA?
Varex Imaging Corp (VREX) had EBITDA of $400K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Varex Imaging Corp have?
As of fiscal year 2025, Varex Imaging Corp (VREX) had $119.5M in cash and equivalents against $366.2M in long-term debt.
What is Varex Imaging Corp's gross margin?
Varex Imaging Corp (VREX) had a gross margin of 34.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Varex Imaging Corp's operating margin?
Varex Imaging Corp (VREX) had an operating margin of -3.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Varex Imaging Corp's net profit margin?
Varex Imaging Corp (VREX) had a net profit margin of -8.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Varex Imaging Corp's free cash flow?
Varex Imaging Corp (VREX) generated $18.8M in free cash flow during fiscal year 2025. This represents a -7.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Varex Imaging Corp's operating cash flow?
Varex Imaging Corp (VREX) generated $41.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Varex Imaging Corp's total assets?
Varex Imaging Corp (VREX) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Varex Imaging Corp's capital expenditures?
Varex Imaging Corp (VREX) invested $22.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Varex Imaging Corp spend on research and development?
Varex Imaging Corp (VREX) invested $91.1M in research and development during fiscal year 2025.
How many shares does Varex Imaging Corp have outstanding?
Varex Imaging Corp (VREX) had 42M shares outstanding as of fiscal year 2025.
What is Varex Imaging Corp's current ratio?
Varex Imaging Corp (VREX) had a current ratio of 3.89 as of fiscal year 2025, which is generally considered healthy.
What is Varex Imaging Corp's debt-to-equity ratio?
Varex Imaging Corp (VREX) had a debt-to-equity ratio of 0.77 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Varex Imaging Corp's return on assets (ROA)?
Varex Imaging Corp (VREX) had a return on assets of -6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Varex Imaging Corp's Piotroski F-Score?
Varex Imaging Corp (VREX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Varex Imaging Corp's earnings high quality?
Varex Imaging Corp (VREX) has an earnings quality ratio of -0.59x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Varex Imaging Corp cover its interest payments?
Varex Imaging Corp (VREX) has an interest coverage ratio of -0.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Varex Imaging Corp?
Varex Imaging Corp (VREX) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.