VREX Stock Analysis: Varex Imaging | NASDAQ

X-Ray Tubes, Digital Detectors, Linear Accelerators, Imaging Software

Total Rating 54

Safety 92

Buy Signal 1.56

Medical Devices
Industry Rotation: +8.3

Market Cap: 778M
Avg Turnover: 10.4M

Risk 3d forecast

Volatility58.2%

VaR 5^th Pctl7.82%

VaR vs Median-11.8%

Reward TTM

Sharpe Ratio0.97

Rel. Str. IBD94.9

Rel. Str. Peer Group89.1

Character TTM

Beta1.760

Beta Downside1.751

Hurst Exponent0.499

Drawdowns 3y

Max DD67.84%

CAGR/Max DD-0.03

CAGR/Mean DD-0.06

EPS (Earnings per Share)

EPS CAGR: -3.53%
EPS Trend: -11.5%

Last SUE: 1.14
Qual. Beats: 1

Revenue

Rev. CAGR: -0.64%
Rev. Trend: -19.7%

Last SUE: -0.92
Qual. Beats: -1

Warnings

Below Avwap Earnings

Tailwinds

Supp Ema8

Rs Leader

Idiosyncratic Leader

Seasonality 9.5 years of data

Jan +3.7% 6

Feb -9.1% 42

Mar -0.9% 8

Apr -1.4% 22

May -0.8% 8

Jun +0.6% 8

Jul +4.6% 24

Aug -13.4% 46

Sep +2.8% 15

Oct +0.6% 14

Nov +3.1% 46

Dec +0.8% 17

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: VREX Varex Imaging

Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components, operating through two reportable segments: Medical and Industrial. The company was incorporated in 2016 and is headquartered in Salt Lake City, Utah, with a global footprint spanning North America, Latin America, Europe, the Middle East, India, Africa, Asia, and Australia.

The Medical segment produces X-ray tubes, digital detectors, high voltage connectors, ionization chambers, image-processing and computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. These components are used in CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography applications, serving original equipment manufacturers (OEMs) that integrate them into finished imaging systems.

The Industrial segment manufactures Linatron X-ray linear accelerators, non-intrusive cargo inspection systems, X-ray tubes, digital detectors, high voltage connectors, and coolers. These products support security and inspection end-uses such as airport baggage screening, port and border cargo screening, and nondestructive testing. Distribution occurs through imaging system OEMs, independent service companies, distributors, and direct sales to end-users.

The dual-segment model exposes Varex to both cyclical healthcare capital equipment demand and longer-cycle industrial/security spending. Component-level suppliers like Varex typically generate revenue tied to OEM system shipments as well as an aftermarket stream from replacement tubes, detectors, and service contracts on the installed base.

Headlines to Watch Out For

CT and mammography OEM orders drive Medical segment revenue
Border and port security spending lifts Industrial inspection demand
OEM pricing pressure compresses X-ray tube and detector margins

Piotroski VR-10 (Strict) 2.5

Net Income: 22.1m TTM > 0 and > 6% of Revenue
FCF/TA: -0.02 > 0.02 and ΔFCF/TA -5.23 > 1.0
NWC/Revenue: 51.53% < 20% (prev 53.91%; Δ -2.38% < -1%)
CFO/TA 0.01 > 3% & CFO 11.3m > Net Income 22.1m
Net Debt (302.1m) to EBITDA (99.4m): 3.04 < 3
Current Ratio: 3.38 > 1.5 & < 3
Outstanding Shares: last quarter (42.6m) vs 12m ago 2.65% < -2%
Gross Margin: 34.32% > 18% (prev 34.06%; Δ 0.26% > 0.5%)
Asset Turnover: 79.60% > 50% (prev 76.52%; Δ 3.08% > 0%)
Interest Coverage Ratio: 1.86 > 6 (EBIT TTM 72.2m / Interest Expense TTM 38.9m)

Altman Z'' 4.00

A: 0.41 (Total Current Assets 633.1m - Total Current Liabilities 187.4m) / Total Assets 1.10b
B: 0.00 (Retained Earnings 4.00m / Total Assets 1.10b)
C: 0.07 (EBIT TTM 72.2m / Avg Total Assets 1.09b)
D: 0.84 (Book Value of Equity 496.6m / Total Liabilities 589.5m)
Altman-Z'' = 4.00 = AA

Beneish M -2.97

DSRI: 1.00 (Receivables 144.7m/137.8m, Revenue 865.0m/821.4m)
GMI: 0.99 (GM 34.06% / 34.32%)
AQI: 1.05 (AQ_t 0.27 / AQ_t-1 0.26)
SGI: 1.05 (Revenue 865.0m / 821.4m)
TATA: 0.01 (NI 22.1m - CFO 11.3m) / TA 1.10b)
Beneish M = -2.97 (Cap -4..+1) = A

What is the price of VREX shares?

As of August 26, 2026, the stock is trading at USD 18.50 with a total of 493,361 shares traded. Over the past week, the price has changed by +0.22%, over one month by +68.49%, over three months by +81.91% and over the past year by +62.28%.

Current recommended Stop Loss: 17.90 (which is 3.2% or 1.3 ATR below the current price).

Is VREX a buy, sell or hold?

Varex Imaging has received a consensus analysts rating of 4.40. Therefore, it is recommended to buy VREX.

StrongBuy: 3
Buy: 1
Hold: 1
Sell: 0
StrongSell: 0

What are the forecasts/targets for the VREX price?

Analysts Target Price	18.9	2.3%

Varex Imaging (VREX) - Fundamental Data Overview as of 20 August 2026

Market Cap USD = 778.1m (778.1m USD * 1.0 USD.USD)
P/E Trailing = 34.8302
P/E Forward = 20.3252
P/S = 0.8995
P/B = 1.5685
P/EG = 6.2987
Revenue TTM = 865.0m USD
EBIT TTM = 72.2m USD
EBITDA TTM = 99.4m USD
Long Term Debt = 366.0m USD (from longTermDebt, last fiscal year)
Short Term Debt = 22.7m USD (from shortTermDebt, last quarter)
Debt = 401.3m USD (from shortLongTermDebtTotal, last quarter) + Leases 27.7m
Net Debt = 302.1m USD (calculated: Debt 401.3m - CCE 99.2m)
Enterprise Value = 1.08b USD (778.1m + Debt 401.3m - CCE 99.2m)
Interest Coverage Ratio = 1.86 (Ebit TTM 72.2m / Interest Expense TTM 38.9m)
EV/FCF = -53.47x (Enterprise Value 1.08b / FCF TTM -20.2m)
FCF Yield = -1.87% (FCF TTM -20.2m / Enterprise Value 1.08b)
FCF Margin = -2.34% (FCF TTM -20.2m / Revenue TTM 865.0m)
Net Margin = 2.55% (Net Income TTM 22.1m / Revenue TTM 865.0m)
Gross Margin = 34.32% ((Revenue TTM 865.0m - Cost of Revenue TTM 568.1m) / Revenue TTM)
Gross Margin QoQ = 36.44% (prev 33.61%)
Tobins Q-Ratio = 0.98 (Enterprise Value 1.08b / Total Assets 1.10b)
Interest Expense / Debt = 9.69% (Interest Expense 38.9m / Debt 401.3m)
Taxrate = 18.77% (5.20m / 27.7m)
NOPAT = 58.6m (EBIT 72.2m * (1 - 18.77%))
Current Ratio = 3.38 (Total Current Assets 633.1m / Total Current Liabilities 187.4m)
Debt / Equity = 0.81 (Debt 401.3m / totalStockholderEquity, last quarter 496.6m)
Debt / EBITDA = 3.04 (Net Debt 302.1m / EBITDA 99.4m)
Debt / FCF = -14.96 (negative FCF - burning cash) (Net Debt 302.1m / FCF TTM -20.2m)
Total Stockholder Equity = 480.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.03% (Net Income 22.1m / Total Assets 1.10b)
RoE = 4.60% (Net Income TTM 22.1m / Total Stockholder Equity 480.1m)
RoCE = 8.53% (EBIT 72.2m / Capital Employed (Equity 480.1m + L.T.Debt 366.0m))
RoIC = 6.57% (NOPAT 58.6m / Invested Capital 892.0m)
WACC = 10.71% (E(778.1m)/V(1.18b) * Re(12.17%) + D(401.3m)/V(1.18b) * Rd(9.69%) * (1-Tc(0.19)))
Discount Rate = 12.17% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 10.34 | Cagr: 1.50%
[DCF] Fair Price = unknown (Cash Flow -20.2m)
EPS Correlation: -11.54 | EPS CAGR: -3.53% | SUE: 1.14 | # QB: 1
Revenue Correlation: -19.69 | Revenue CAGR: -0.64% | SUE: -0.92 | # QB: -1
EPS current Quarter (2026-12-31): EPS=0.20 | Chg30d=+0.00% | Revisions=+25% | Analysts=3
EPS current Year (2026-09-30): EPS=0.89 | Chg30d=+14.14% | Revisions=+17% | GrowthEPS=-1.3% | GrowthRev=+2.7%
EPS next Year (2027-09-30): EPS=1.09 | Chg30d=+2.82% | Revisions=-25% | GrowthEPS=+23.2% | GrowthRev=+3.9%
[Analyst] Revisions Ratio: +12% (up=3, down=2)