(VREX) Varex Imaging - Overview
Stock: X-Ray Tubes, Digital Detectors, Linatron Accelerators, Imaging Software
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 49.0% |
| Relative Tail Risk | -18.3% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.30 |
| Alpha | -25.24 |
| Character TTM | |
|---|---|
| Beta | 1.905 |
| Beta Downside | 2.110 |
| Drawdowns 3y | |
|---|---|
| Max DD | 71.14% |
| CAGR/Max DD | -0.14 |
Description: VREX Varex Imaging December 29, 2025
Varex Imaging Corp (NASDAQ: VREX) designs, manufactures, and services X-ray imaging components for both medical and industrial markets. Its Medical segment supplies X-ray tubes, digital detectors, image-processing software, and related accessories used in CT, mammography, cardiac, dental, and other diagnostic applications. The Industrial segment provides Linatron linear accelerators, cargo-inspection systems, and related hardware for security screening, nondestructive testing, and irradiation. The company reaches customers through OEMs, service firms, distributors, and direct sales, and operates globally across North America, Latin America, Europe, the Middle East, India, Africa, Asia, and Australia. Varex was incorporated in 2016 and is headquartered in Salt Lake City, Utah.
Key metrics that investors watch include a FY 2023 revenue of roughly $360 million (≈ 5% YoY growth) and a gross margin near 30%, reflecting the high-mix nature of its product portfolio. The medical imaging market is projected to expand at a CAGR of ~6% through 2030, driven by aging populations and increasing CT utilization, while global demand for cargo-screening equipment is rising ~4% annually due to tighter security regulations-a tailwind for Varex’s industrial line. The firm’s exposure to both segments provides diversification, but its earnings are still sensitive to semiconductor supply constraints that affect detector production.
For a deeper, data-driven valuation of VREX, consider reviewing the analytical tools available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income: -70.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 0.02 > 1.0 |
| NWC/Revenue: 53.82% < 20% (prev 55.98%; Δ -2.16% < -1%) |
| CFO/TA 0.04 > 3% & CFO 41.7m > Net Income -70.3m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 3.43 > 1.5 & < 3 |
| Outstanding Shares: last quarter (41.8m) vs 12m ago 2.45% < -2% |
| Gross Margin: 34.39% > 18% (prev 0.32%; Δ 3408 % > 0.5%) |
| Asset Turnover: 72.67% > 50% (prev 66.64%; Δ 6.03% > 0%) |
| Interest Coverage Ratio: -1.30 > 6 (EBITDA TTM -3.50m / Interest Expense TTM 35.5m) |
Altman Z'' 2.39
| A: 0.41 (Total Current Assets 641.8m - Total Current Liabilities 187.2m) / Total Assets 1.11b |
| B: -0.01 (Retained Earnings -5.90m / Total Assets 1.11b) |
| C: -0.04 (EBIT TTM -46.0m / Avg Total Assets 1.16b) |
| D: -0.02 (Book Value of Equity -10.7m / Total Liabilities 620.8m) |
| Altman-Z'' Score: 2.39 = BBB |
Beneish M -3.33
| DSRI: 0.96 (Receivables 157.4m/157.7m, Revenue 844.6m/811.0m) |
| GMI: 0.92 (GM 34.39% / 31.68%) |
| AQI: 0.79 (AQ_t 0.25 / AQ_t-1 0.32) |
| SGI: 1.04 (Revenue 844.6m / 811.0m) |
| TATA: -0.10 (NI -70.3m - CFO 41.7m) / TA 1.11b) |
| Beneish M-Score: -3.33 (Cap -4..+1) = AA |
What is the price of VREX shares?
Over the past week, the price has changed by -1.07%, over one month by +13.16%, over three months by +15.70% and over the past year by +2.13%.
Is VREX a buy, sell or hold?
- StrongBuy: 3
- Buy: 1
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the VREX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 17.2 | 23.5% |
| Analysts Target Price | 17.2 | 23.5% |
| ValueRay Target Price | 14 | 0.8% |
VREX Fundamental Data Overview February 02, 2026
P/S = 0.6919
P/B = 1.2374
P/EG = 6.2987
Revenue TTM = 844.6m USD
EBIT TTM = -46.0m USD
EBITDA TTM = -3.50m USD
Long Term Debt = 366.0m USD (from longTermDebt, last quarter)
Short Term Debt = 6.30m USD (from shortTermDebt, last quarter)
Debt = 401.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 256.9m USD (from netDebt column, last quarter)
Enterprise Value = 831.2m USD (584.4m + Debt 401.9m - CCE 155.1m)
Interest Coverage Ratio = -1.30 (Ebit TTM -46.0m / Interest Expense TTM 35.5m)
EV/FCF = 44.21x (Enterprise Value 831.2m / FCF TTM 18.8m)
FCF Yield = 2.26% (FCF TTM 18.8m / Enterprise Value 831.2m)
FCF Margin = 2.23% (FCF TTM 18.8m / Revenue TTM 844.6m)
Net Margin = -8.32% (Net Income TTM -70.3m / Revenue TTM 844.6m)
Gross Margin = 34.39% ((Revenue TTM 844.6m - Cost of Revenue TTM 554.1m) / Revenue TTM)
Gross Margin QoQ = 33.99% (prev 33.25%)
Tobins Q-Ratio = 0.75 (Enterprise Value 831.2m / Total Assets 1.11b)
Interest Expense / Debt = 1.97% (Interest Expense 7.90m / Debt 401.9m)
Taxrate = 13.48% (1.90m / 14.1m)
NOPAT = -39.8m (EBIT -46.0m * (1 - 13.48%)) [loss with tax shield]
Current Ratio = 3.43 (Total Current Assets 641.8m / Total Current Liabilities 187.2m)
Debt / Equity = 0.85 (Debt 401.9m / totalStockholderEquity, last quarter 472.6m)
Debt / EBITDA = -73.40 (negative EBITDA) (Net Debt 256.9m / EBITDA -3.50m)
Debt / FCF = 13.66 (Net Debt 256.9m / FCF TTM 18.8m)
Total Stockholder Equity = 504.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -6.05% (Net Income -70.3m / Total Assets 1.11b)
RoE = -13.94% (Net Income TTM -70.3m / Total Stockholder Equity 504.4m)
RoCE = -5.28% (EBIT -46.0m / Capital Employed (Equity 504.4m + L.T.Debt 366.0m))
RoIC = -4.10% (negative operating profit) (NOPAT -39.8m / Invested Capital 971.8m)
WACC = 8.36% (E(584.4m)/V(986.3m) * Re(12.94%) + D(401.9m)/V(986.3m) * Rd(1.97%) * (1-Tc(0.13)))
Discount Rate = 12.94% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.47%
[DCF Debug] Terminal Value 68.59% ; FCFF base≈19.4m ; Y1≈12.8m ; Y5≈5.82m
Fair Price DCF = N/A (negative equity: EV 107.1m - Net Debt 256.9m = -149.8m; debt exceeds intrinsic value)
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: -54.73 | EPS CAGR: -52.83% | SUE: -1.41 | # QB: 0
Revenue Correlation: -11.22 | Revenue CAGR: 3.83% | SUE: 1.72 | # QB: 3
EPS next Quarter (2026-03-31): EPS=0.19 | Chg30d=+0.000 | Revisions Net=-1 | Analysts=4
EPS current Year (2026-09-30): EPS=0.80 | Chg30d=+0.000 | Revisions Net=+1 | Growth EPS=-11.6% | Growth Revenue=+2.6%
EPS next Year (2027-09-30): EPS=0.96 | Chg30d=+0.000 | Revisions Net=+0 | Growth EPS=+20.9% | Growth Revenue=+4.6%