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.

Varex Imaging Corp Financials

VREX

FY2025 annual

Revenue $844.6M +4.1% YoY

Net Income -$70.3M -44.1% YoY

EPS (Diluted) -$1.70 -41.7% YoY

Free Cash Flow $18.8M -7.8% YoY

Source SEC Filings (10-K/10-Q) Data as of Jul 3, 2026 Currency USD FYE October

Varex Imaging Corp (VREX) reported $844.6M in revenue for fiscal year 2025, up 4.1% from the prior fiscal year. This page shows its 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).

Rhea AI VREX FY2025 2026-08-10

Varex is a cash-generating but income-stressed manufacturer whose gross profitability is being overwhelmed below the gross profit line.

From FY2023 to FY2025, gross margin rose from 32.5% to 34.4%. Yet operating margin swung from 8.6% to -3.3%, showing the earnings problem shifted below the gross profit line: product economics held up better than reported profit did.

FY2025 still produced operating cash flow of $41.7M and free cash flow of $18.8M despite a net loss, so the accounting loss did not become equal cash drain. With capex only $22.9M, routine reinvestment was still funded internally, which suggests weak reported earnings are being amplified by non-cash charges rather than by a pure cash shortfall.

Near-term liquidity does not look strained: cash ended FY2025 at $145.0M and the current ratio was 3.4x. But inventory intensity is high at $299.4M, so a large share of liquidity is tied up in stock, which helps explain why a sales rebound has not translated into stronger financial flexibility.

Financial Health Signals

Financial Health Score 38/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Varex Imaging Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Varex Imaging Corp has an operating margin of -3.3%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 41/100. This is down from 4.0% the prior year.

Growth

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 23/100.

Leverage

Varex Imaging Corp has elevated debt relative to equity (D/E of 0.77), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.

Liquidity

With a current ratio of 3.43, Varex Imaging Corp holds $3.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 81/100.

Cash Flow

Varex Imaging Corp has a free cash flow margin of 2.2%, earning a moderate score of 42/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Varex Imaging Corp posts a -14.9% return on equity (ROE), meaning it loses $15 for every $100 of shareholders' equity. This results in a returns score of 37/100. This is down from -9.2% the prior year.

Altman Z-Score Grey Zone

1.92

Varex Imaging Corp scores 1.92, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

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.

Earnings Quality Mixed

N/A

Varex Imaging Corp reported a net loss of $70.3M while generating $41.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Varex Imaging Corp reported an operating loss of $27.8M against $35.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$844.6M

YoY+4.1%

5Y CAGR+2.7%

10Y CAGR+2.9%

Varex Imaging Corp generated $844.6M in revenue in fiscal year 2025. This represents an increase of 4.1% from the prior year.

EBITDA

$400K

YoY-99.4%

5Y CAGR-41.4%

10Y CAGR-44.3%

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.

Net Income

-$70.3M

YoY-44.1%

Varex Imaging Corp reported -$70.3M in net income in fiscal year 2025. This represents a decrease of 44.1% from the prior year.

EPS (Diluted)

-$1.70

YoY-41.7%

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.

Cash & Balance Sheet

Free Cash Flow

$18.8M

YoY-7.8%

10Y CAGR-9.5%

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.

Cash & Debt

$145.0M

YoY-14.0%

5Y CAGR+7.6%

10Y CAGR+21.5%

Varex Imaging Corp held $145.0M in cash against $366.0M in long-term debt as of fiscal year 2025.

Shares Outstanding

42M

YoY+1.5%

5Y CAGR+1.2%

Varex Imaging Corp had 42M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

34.4%

YoY+2.7pp

5Y CAGR+8.6pp

10Y CAGR-5.2pp

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.

Operating Margin

-3.3%

YoY-7.3pp

5Y CAGR+1.3pp

10Y CAGR-23.4pp

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.

Net Margin

-8.3%

YoY-2.3pp

5Y CAGR-0.5pp

10Y CAGR-21.0pp

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.

Return on Equity

-14.9%

YoY-5.7pp

5Y CAGR-2.1pp

10Y CAGR-31.0pp

Varex Imaging Corp's ROE was -14.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$91.1M

YoY+4.7%

5Y CAGR+2.9%

10Y CAGR+6.1%

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.

Capital Expenditures

$22.9M

YoY-14.9%

5Y CAGR-0.5%

10Y CAGR-4.0%

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.

Share Buybacks

Not reported for fiscal year 2025.

VREX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VREX annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$865.0M	$844.6M+4.1%	$811.0M-9.2%	$893.4M+4.0%	$859.4M+5.0%	$818.1M+10.8%	$738.3M-5.4%	$780.6M+0.9%	$773.4M+10.8%	$698.1M+12.6%	$620.1M-1.9%	$632.3M
Cost of Revenue	$568.1M	$554.1M0.0%	$554.1M-8.1%	$603.1M+4.7%	$575.9M+5.4%	$546.6M-0.3%	$548.1M+4.6%	$523.9M+0.8%	$519.5M+16.8%	$444.6M+19.6%	$371.7M-2.6%	$381.7M
Gross Profit	$296.9M	$290.5M+13.1%	$256.9M-11.5%	$290.3M+2.4%	$283.5M+4.4%	$271.5M+42.7%	$190.2M-25.9%	$256.7M+1.1%	$253.9M+0.2%	$253.5M+2.1%	$248.4M-0.9%	$250.6M
R&D Expenses	$91.4M	$91.1M+4.7%	$87.0M+2.6%	$84.8M+10.1%	$77.0M+7.1%	$71.9M-8.9%	$78.9M+1.0%	$78.1M-5.9%	$83.0M+23.3%	$67.3M+25.8%	$53.5M+6.2%	$50.4M
SG&A Expenses	$133.3M	$133.3M-3.3%	$137.8M+7.3%	$128.4M+8.5%	$118.3M-5.7%	$125.5M-11.7%	$142.2M+11.0%	$128.1M+3.8%	$123.4M+20.4%	$102.5M+19.5%	$85.8M+18.0%	$72.7M
Operating Income	$72.2M	-$27.8M-186.6%	$32.1M-58.4%	$77.1M-12.6%	$88.2M+19.0%	$74.1M+319.9%	-$33.7M-173.7%	$45.7M+2.7%	$44.5M-46.8%	$83.7M-23.3%	$109.1M-14.4%	$127.5M
Interest Expense	$38.8M	$35.5M+17.5%	$30.2M+3.1%	$29.3M-26.4%	$39.8M-5.5%	$42.1M+34.1%	$31.4M+48.8%	$21.1M-2.8%	$21.7M+76.4%	$12.3M+547.4%	$1.9M+58.3%	$1.2M
Income Tax	$5.2M	$10.7M-79.9%	$53.3M+421.1%	-$16.6M-221.2%	$13.7M+28.0%	$10.7M+170.4%	-$15.2M-366.7%	$5.7M+319.2%	-$2.6M-111.4%	$22.8M-36.7%	$36.0M-23.1%	$46.8M
Net Income	$22.1M	-$70.3M-44.1%	-$48.8M-203.0%	$47.4M+56.4%	$30.3M+74.1%	$17.4M+130.1%	-$57.9M-473.5%	$15.5M-43.6%	$27.5M-46.7%	$51.6M-24.7%	$68.5M-14.4%	$80.0M
EPS (Diluted)	—	-$1.70-41.7%	-$1.20-212.1%	$1.07+46.6%	$0.73+69.8%	$0.43+128.9%	-$1.49-472.5%	$0.40-44.4%	$0.72-47.1%	$1.36-25.3%	$1.82-14.2%	$2.12

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$210.5M-2.5%	$216.0M+3.1%	$209.6M-8.4%	$228.9M+12.8%	$203.0M-4.7%	$212.9M+6.6%	$199.8M-2.9%	$205.7M
Cost of Revenue	$133.8M-6.7%	$143.4M+2.6%	$139.8M-7.5%	$151.1M+11.5%	$135.5M-0.5%	$136.2M+3.7%	$131.3M-5.3%	$138.6M
Gross Profit	$76.7M+5.6%	$72.6M+4.0%	$69.8M-10.3%	$77.8M+15.3%	$67.5M-12.0%	$76.7M+12.0%	$68.5M+2.1%	$67.1M
R&D Expenses	$23.3M+5.0%	$22.2M+2.3%	$21.7M-10.3%	$24.2M+13.1%	$21.4M-2.7%	$22.0M-6.4%	$23.5M+7.3%	$21.9M
SG&A Expenses	$30.6M-15.0%	$36.0M+10.1%	$32.7M-3.8%	$34.0M+3.3%	$32.9M+0.9%	$32.6M-3.6%	$33.8M-1.5%	$34.3M
Operating Income	$22.8M+58.3%	$14.4M-6.5%	$15.4M-21.4%	$19.6M+124.3%	-$80.7M-465.2%	$22.1M+97.3%	$11.2M+2.8%	$10.9M
Interest Expense	$5.8M-66.3%	$17.2M+117.7%	$7.9M0.0%	$7.9M-16.0%	$9.4M-7.8%	$10.2M+27.5%	$8.0M+5.3%	$7.6M
Income Tax	$300K-81.3%	$1.6M+14.3%	$1.4M-26.3%	$1.9M-24.0%	$2.5M-32.4%	$3.7M+42.3%	$2.6M-95.1%	$53.5M
Net Income	$15.7M+293.8%	-$8.1M-452.2%	$2.3M-81.1%	$12.2M+113.7%	-$89.1M-1391.3%	$6.9M+2400.0%	-$300K+99.4%	-$51.1M
EPS (Diluted)	$0.37+294.7%	-$0.19-480.0%	$0.05	N/A	-$2.15-1364.7%	$0.17+1800.0%	-$0.01	N/A

TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

VREX Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VREX annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$1.1B-8.8%	$1.2B-2.9%	$1.2B+5.5%	$1.2B+3.2%	$1.1B+0.7%	$1.1B+9.7%	$1.0B+5.2%	$987.9M-5.0%	$1.0B+67.1%	$622.4M	N/A
Current Assets	$641.8M-1.2%	$649.9M-1.3%	$658.3M+7.9%	$609.9M+10.1%	$554.2M+6.2%	$522.0M+19.1%	$438.4M-4.3%	$458.1M-7.5%	$495.3M+37.6%	$359.9M	N/A
Cash & Equivalents	$145.0M-14.0%	$168.7M+10.6%	$152.6M+70.7%	$89.4M-38.2%	$144.6M+43.7%	$100.6M+236.5%	$29.9M-42.4%	$51.9M-37.7%	$83.3M+128.2%	$36.5M+77.2%	$20.6M
Inventory	$299.4M+13.1%	$264.8M-4.6%	$277.5M-8.5%	$303.2M+34.9%	$224.8M-17.3%	$271.9M+9.5%	$248.2M+5.6%	$235.1M+0.3%	$234.5M+18.8%	$197.4M	N/A
Accounts Receivable	$156.6M-0.7%	$157.7M-3.6%	$163.6M-5.6%	$173.3M+11.6%	$155.3M+25.4%	$123.8M-12.2%	$141.0M-8.4%	$154.0M-5.9%	$163.6M+33.9%	$122.2M	N/A
Goodwill	$198.4M-31.8%	$291.0M+0.9%	$288.5M+1.4%	$284.5M-2.6%	$292.2M-0.3%	$293.1M+0.8%	$290.8M+19.4%	$243.6M+0.7%	$241.9M+223.8%	$74.7M	N/A
Total Liabilities	$620.8M-7.4%	$670.4M+0.3%	$668.6M+4.8%	$637.7M-2.0%	$651.0M-3.4%	$673.7M+16.1%	$580.2M+5.8%	$548.5M-15.6%	$649.9M+654.8%	$86.1M	N/A
Current Liabilities	$187.2M-4.4%	$195.9M+20.3%	$162.8M-6.0%	$173.1M+3.9%	$166.6M+3.7%	$160.6M-8.3%	$175.1M+15.2%	$152.0M+0.1%	$151.8M+95.1%	$77.8M	N/A
Long-Term Debt	$366.0M-7.8%	$397.1M-10.0%	$441.1M+7.0%	$412.3M-4.5%	$431.7M-4.7%	$452.8M+24.3%	$364.4M-0.1%	$364.8M-21.4%	$463.9M	$0	N/A
Total Equity	$472.6M-10.7%	$529.1M-6.8%	$567.7M+6.4%	$533.4M+10.4%	$483.3M+7.0%	$451.7M+1.5%	$444.9M+4.4%	$426.2M+12.5%	$379.0M-27.9%	$526.0M+6.1%	$495.6M
Retained Earnings	-$5.9M-109.2%	$64.4M-45.5%	$118.1M+85.1%	$63.8M+90.4%	$33.5M+108.1%	$16.1M-78.4%	$74.4M+26.3%	$58.9M+67.8%	$35.1M	$0	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$1.1B+1.0%	$1.1B-0.8%	$1.1B-0.8%	$1.1B+3.2%	$1.1B-20.9%	$1.4B+1.9%	$1.3B+9.8%	$1.2B
Current Assets	$633.1M+1.2%	$625.6M-1.3%	$633.6M-1.3%	$641.8M+3.6%	$619.5M-9.4%	$683.8M+4.1%	$656.9M+1.1%	$649.9M
Cash & Equivalents	$99.2M+16.3%	$85.3M-28.6%	$119.5M-17.6%	$145.0M+6.3%	$136.4M-33.5%	$205.1M+16.5%	$176.0M+4.3%	$168.7M
Inventory	$347.1M+0.1%	$346.7M+5.7%	$328.0M+9.6%	$299.4M+0.2%	$298.7M+4.9%	$284.7M+1.7%	$279.9M+5.7%	$264.8M
Accounts Receivable	$144.7M-2.3%	$148.1M+1.1%	$146.5M-6.4%	$156.6M+14.3%	$137.0M-6.0%	$145.7M+5.5%	$138.1M-12.4%	$157.7M
Goodwill	$197.6M-0.1%	$197.8M-0.3%	$198.4M0.0%	$198.4M-0.1%	$198.5M-31.6%	$290.3M+1.1%	$287.2M-1.3%	$291.0M
Total Liabilities	$589.5M-2.0%	$601.3M-1.0%	$607.2M-2.2%	$620.8M+2.8%	$603.9M-23.9%	$793.7M+2.0%	$778.0M+16.1%	$670.4M
Current Liabilities	$187.4M-4.0%	$195.3M+19.8%	$163.0M-12.9%	$187.2M+5.9%	$176.7M+4.7%	$168.8M+12.2%	$150.5M-23.2%	$195.9M
Long-Term Debt	$328.9M0.0%	$329.0M-10.2%	$366.2M+0.1%	$366.0M0.0%	$366.0M-35.3%	$565.8M0.0%	$565.6M+42.4%	$397.1M
Total Equity	$496.6M+4.7%	$474.2M-0.6%	$476.9M+0.9%	$472.6M+3.8%	$455.3M-17.2%	$549.7M+1.8%	$540.2M+2.1%	$529.1M
Retained Earnings	$4.0M+134.2%	-$11.7M-225.0%	-$3.6M+39.0%	-$5.9M+67.4%	-$18.1M-123.5%	$77.0M+9.8%	$70.1M+8.9%	$64.4M

VREX Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VREX annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	$11.3M	$41.7M-11.8%	$47.3M-56.4%	$108.4M+541.4%	$16.9M-81.7%	$92.6M+601.5%	$13.2M-81.6%	$71.9M-15.7%	$85.3M+13.4%	$75.2M+1.3%	$74.2M-12.9%	$85.2M
Capital Expenditures	$31.5M	$22.9M-14.9%	$26.9M+30.0%	$20.7M-2.8%	$21.3M+41.1%	$15.1M-35.7%	$23.5M+18.7%	$19.8M-2.9%	$20.4M+1.0%	$20.2M-30.1%	$28.9M-15.7%	$34.3M
Free Cash Flow	-$20.2M	$18.8M-7.8%	$20.4M-76.7%	$87.7M+2093.2%	-$4.4M-105.7%	$77.5M+852.4%	-$10.3M-119.8%	$52.1M-19.7%	$64.9M+18.0%	$55.0M+21.4%	$45.3M-11.0%	$50.9M
Investing Cash Flow	-$17.8M	$10.3M+137.5%	-$27.5M+38.8%	-$44.9M+7.2%	-$48.4M-198.8%	-$16.2M+39.8%	-$26.9M+71.1%	-$93.2M-269.8%	-$25.2M+91.4%	-$292.0M-1251.9%	-$21.6M+78.8%	-$102.1M
Financing Cash Flow	-$31.0M	-$75.9M-2200.0%	-$3.3M-1550.0%	-$200K+99.2%	-$23.8M+26.3%	-$32.3M-138.6%	$83.6M+83700.0%	-$100K+99.9%	-$90.4M-134.3%	$263.3M+815.5%	-$36.8M-200.3%	$36.7M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$21.0M+1500.0%	-$1.5M+90.7%	-$16.1M-303.8%	$7.9M+2.6%	$7.7M-53.6%	$16.6M+74.7%	$9.5M-63.3%	$25.9M
Capital Expenditures	$9.0M+45.2%	$6.2M-42.1%	$10.7M+91.1%	$5.6M-11.1%	$6.3M-7.4%	$6.8M+61.9%	$4.2M-30.0%	$6.0M
Free Cash Flow	$12.0M+255.8%	-$7.7M+71.3%	-$26.8M-1265.2%	$2.3M+64.3%	$1.4M-85.7%	$9.8M+84.9%	$5.3M-73.4%	$19.9M
Investing Cash Flow	-$6.3M-103.2%	-$3.1M+59.7%	-$7.7M-1000.0%	-$700K0.0%	-$700K-104.8%	$14.7M+590.0%	-$3.0M+78.6%	-$14.0M
Financing Cash Flow	-$1.2M+95.9%	-$29.3M-1731.3%	-$1.6M-245.5%	$1.1M+100.5%	-$201.2M-28642.9%	-$700K-100.6%	$124.9M+15512.5%	$800K

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

VREX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VREX annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Gross Margin	34.4%+2.7pp	31.7%-0.8pp	32.5%-0.5pp	33.0%-0.2pp	33.2%+7.4pp	25.8%-7.1pp	32.9%+0.1pp	32.8%-3.5pp	36.3%-3.8pp	40.1%+0.4pp	39.6%
Operating Margin	-3.3%-7.3pp	4.0%-4.7pp	8.6%-1.6pp	10.3%+1.2pp	9.1%+13.6pp	-4.6%-10.4pp	5.9%+0.1pp	5.8%-6.2pp	12.0%-5.6pp	17.6%-2.6pp	20.2%
Net Margin	-8.3%-2.3pp	-6.0%-11.3pp	5.3%+1.8pp	3.5%+1.4pp	2.1%+10.0pp	-7.8%-9.8pp	2.0%-1.6pp	3.6%-3.8pp	7.4%-3.7pp	11.1%-1.6pp	12.7%
Return on Equity	-14.9%-5.7pp	-9.2%-17.6pp	8.3%+2.7pp	5.7%+2.1pp	3.6%+16.4pp	-12.8%-16.3pp	3.5%-3.0pp	6.5%-7.2pp	13.6%+0.6pp	13.0%-3.1pp	16.1%
Return on Assets	-6.3%-2.3pp	-4.0%-7.8pp	3.8%+1.2pp	2.6%+1.0pp	1.5%+6.6pp	-5.1%-6.6pp	1.5%-1.3pp	2.8%-2.2pp	5.0%-6.1pp	11.0%	N/A
Current Ratio	3.43+0.1x	3.32-0.7x	4.04+0.5x	3.52+0.2x	3.33+0.1x	3.25+0.7x	2.50-0.5x	3.01-0.2x	3.26-1.4x	4.63	N/A
Debt-to-Equity	0.770.0x	0.750.0x	0.780.0x	0.77-0.1x	0.89-0.1x	1.00+0.2x	0.820.0x	0.86-0.4x	1.22+1.2x	0.00	N/A
FCF Margin	2.2%-0.3pp	2.5%-7.3pp	9.8%+10.3pp	-0.5%-10.0pp	9.5%+10.9pp	-1.4%-8.1pp	6.7%-1.7pp	8.4%+0.5pp	7.9%+0.6pp	7.3%-0.7pp	8.1%

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	36.4%+2.8pp	33.6%+0.3pp	33.3%-0.7pp	34.0%+0.7pp	33.3%-2.8pp	36.0%+1.8pp	34.3%+1.7pp	32.6%
Operating Margin	10.8%+4.2pp	6.7%-0.7pp	7.3%-1.2pp	8.6%+48.3pp	-39.8%-50.1pp	10.4%+4.8pp	5.6%+0.3pp	5.3%
Net Margin	7.5%+11.2pp	-3.8%-4.9pp	1.1%-4.2pp	5.3%+49.2pp	-43.9%-47.1pp	3.2%+3.4pp	-0.1%+24.7pp	-24.8%
Return on Equity	3.2%+4.9pp	-1.7%-2.2pp	0.5%-2.1pp	2.6%+22.1pp	-19.6%-20.8pp	1.3%+1.3pp	-0.1%+9.6pp	-9.7%
Return on Assets	1.4%+2.2pp	-0.7%-0.9pp	0.2%-0.9pp	1.1%+9.4pp	-8.3%-8.8pp	0.5%+0.5pp	0.0%+4.2pp	-4.2%
Current Ratio	3.38+0.2x	3.20-0.7x	3.89+0.5x	3.43-0.1x	3.51-0.5x	4.05-0.3x	4.36+1.0x	3.32
Debt-to-Equity	0.660.0x	0.69-0.1x	0.770.0x	0.770.0x	0.80-0.2x	1.030.0x	1.05+0.3x	0.75
FCF Margin	5.7%+9.3pp	-3.6%+9.2pp	-12.8%-13.8pp	1.0%+0.3pp	0.7%-3.9pp	4.6%+1.9pp	2.6%-7.0pp	9.7%

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Where Varex Imaging Corp Ranks

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 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 $145.0M in cash and equivalents against $366.0M 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 return on equity (ROE)?

Varex Imaging Corp (VREX) has a return on equity of -14.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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 3.43 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 -6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Varex Imaging Corp's Altman Z-Score?

Varex Imaging Corp (VREX) has an Altman Z-Score of 1.92, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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 to 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) reported a net loss of $70.3M while generating $41.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $27.8M against $35.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.