VREX

MKT CAP:$517M

Varex Imaging Corporation

Market Cap

$517M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$12.00+$0.35 (+3.00%)

Apr 21, 2026

Company Details

Varex Imaging Corporation designs and manufactures X-ray imaging components. The company operates in two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components comprising X-...

CEO

Sunny S. Sanyal

IPO Date

Jan 23, 2017

Website

www.vareximaging.com

Key Metrics TTM

Revenue

$847M

-1.2% YoY

Net Income

-$125M

EPS (Diluted)

-$3.04

Free Cash Flow

-$3M

Revenue / Share

$20.03

Gross Margin

33.3%

Operating Margin

-4.1%

Net Margin

-14.7%

FCF Margin

-0.4%

P/S

0.6x

P/E

—

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Feb 10, 2026

$210MEPS $0.05

Q4 2025

Nov 18, 2025

$229M+11.3%EPS $0.29

Q3 2025

Aug 7, 2025

$203M-2.9%EPS -$2.15

Q4 2024

Nov 19, 2024

$206M-9.5%EPS -$1.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$155M	$58M	$24M
Q4 17	$216M	$78M	$27M
Q1 19	$186M	$60M	$10M
Q3 20	$171M	$26M	-$27M
Q2 22	$215M	$71M	$27M
Q4 23	$227M	$78M	$24M
Q2 24	$206M	$66M	$8M
Q3 24	$209M	$67M	$9M
Q4 24	$206M	$67M	$11M
Q3 25	$203M	$68M	-$81M
Q4 25	$229M	$78M	$20M
Q1 26	$210M	$70M	$15M

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q4 17	—	—
Q1 19	—	—
Q3 20	0.8x	124.6x
Q2 22	1.1x	—
Q4 23	0.9x	53.2x
Q2 24	0.9x	58.3x
Q3 24	0.7x	13.7x
Q4 24	0.6x	—
Q3 25	0.4x	—
Q4 25	0.6x	—
Q1 26	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$14M	$12M
Q4 17	$15M	$2M
Q1 19	$20M	$17M
Q3 20	$1M	-$4M
Q2 22	-$8M	-$12M
Q4 23	$47M	$42M
Q2 24	$3M	-$3M
Q3 24	$8M	$3M
Q4 24	$26M	$20M
Q3 25	$8M	$1M
Q4 25	$8M	$2M
Q1 26	-$16M	-$27M

Capital Expenditures

Quarter	CapEx
Q2 17	$2M
Q4 17	$13M
Q1 19	$3M
Q3 20	$5M
Q2 22	$3M
Q4 23	$5M
Q2 24	$6M
Q3 24	$5M
Q4 24	$6M
Q3 25	$6M
Q4 25	$6M
Q1 26	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+38.7%	+43.3%
Q4 23	+5.4%	+7.5%
Q2 24	+11.0%	+13.2%
Q3 24	+22.1%	+0.9%
Q4 24	-4.2%	+3.6%
Q3 25	-10.7%	+39.7%
Q4 25	+11.0%	+5.4%
Q1 26	+0.2%	-2.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$1M	0.8%
Q4 17	$2M	1.1%
Q1 19	$3M	1.4%
Q3 20	$4M	2.2%
Q2 22	$4M	1.8%
Q4 23	$3M	1.5%
Q2 24	$4M	2.0%
Q3 24	$4M	1.9%
Q4 24	$4M	1.7%
Q3 25	$4M	1.8%
Q4 25	$3M	1.5%
Q1 26	$4M	1.8%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 17	$14M	$20M	—
Q4 17	$22M	$29M	—
Q1 19	$19M	$31M	—
Q3 20	$19M	—	$31M
Q2 22	$19M	—	$25M
Q4 23	$22M	—	$32M
Q2 24	$23M	—	$36M
Q3 24	$22M	—	$36M
Q4 24	$22M	—	$34M
Q3 25	$21M	—	$33M
Q4 25	$24M	—	$34M
Q1 26	$22M	—	$33M

Revenue Segments

Quarter	Industrial	Medical	Industrial Segment	Medical Segment
Q2 17	$29M	$126M	—	—
Q1 19	$42M	$144M	—	—
Q3 20	$34M	$138M	—	—
Q2 22	$44M	$170M	—	—
Q2 24	—	—	$57M	$149M
Q3 24	—	—	$61M	$149M
Q3 25	—	—	$61M	$142M
Q1 26	—	—	$65M	$145M

Revenue by Geography

Quarter	Apac	Americas	Emea
Q2 17	$57M	$51M	$47M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$115M	$0	$115M
Q3 22	$100M	$0	$100M
Q4 22	$89M	$15M	$104M
Q1 23	$82M	$0	$82M
Q2 23	$104M	$0	$104M
Q3 23	$119M	$0	$119M
Q4 23	$153M	$41M	$194M
Q1 24	$141M	$52M	$194M
Q2 24	$142M	$47M	$189M
Q3 24	$156M	$34M	$190M
Q4 24	$169M	$32M	$201M
Q1 25	$176M	$37M	$213M
Q2 25	$205M	$18M	$223M
Q3 25	$136M	$16M	$153M
Q4 25	$145M	$10M	$155M
Q1 26	$120M	$6M	$126M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	38M	—	—
Q4 17	38M	+0.5%	—
Q1 19	38M	+0.8%	—
Q3 20	39M	+1.8%	—
Q2 22	42M	+8.2%	+11.6%
Q4 23	51M	+19.7%	+32.9%
Q2 24	41M	-18.4%	+7.6%
Q3 24	41M	0.0%	+5.6%
Q4 24	41M	-1.0%	-3.3%
Q3 25	42M	+1.7%	-17.8%
Q4 25	42M	+0.7%	+1.5%
Q1 26	42M	+1.2%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	—	—
Q4 17	$107.8K	2K
Q1 19	$92.8K	2K
Q3 20	$85.6K	2K
Q2 22	$102.2K	2K
Q4 23	$94.8K	2K
Q2 24	$85.9K	2K
Q3 24	$87.1K	2K
Q4 24	$89.4K	2K
Q3 25	$88.3K	2K
Q4 25	$95.4K	2K
Q1 26	$87.3K	2K

Revenue / Employee