(VREX) Varex Imaging - Overview

Sector: Healthcare | Industry: Medical Devices | Exchange: NASDAQ (USA) | Market Cap: 450m USD | Total Return: 1.8% in 12m

Stock X-ray Tubes, Detectors, Software, Generators, Accelerators
Total Rating 28
Safety 78
Buy Signal -0.64
Medical Devices -6.2
Health Care Equipment -3.7
Market Cap: 450m
Avg Trading Vol: 3.23M USD
ATR: 4.55%
Peers RS (IBD): 56.5
Risk 5d forecast
Volatility56.7%
Rel. Tail Risk-18.2%
Reward TTM
Sharpe Ratio0.10
Alpha-38.47
Character TTM
Beta1.862
Beta Downside2.743
Drawdowns 3y
Max DD71.14%
CAGR/Max DD-0.23
EPS (Earnings per Share) EPS (Earnings per Share) of VREX over the last years for every Quarter: "2021-03": 0.35, "2021-06": 0.4, "2021-09": 0.45, "2021-12": 0.25, "2022-03": 0.37, "2022-06": 0.37, "2022-09": 0.42, "2022-12": 0.21, "2023-03": 0.26, "2023-06": 0.37, "2023-09": 0.45, "2023-12": 0.06, "2024-03": 0.16, "2024-06": 0.14, "2024-09": 0.19, "2024-12": 0.07, "2025-03": 0.26, "2025-06": 0.18, "2025-09": 0.37, "2025-12": 0.19, "2026-03": 0,
EPS CAGR: -54.71%
EPS Trend: -51.0%
Last SUE: -2.26
Qual. Beats: 0
Revenue Revenue of VREX over the last years for every Quarter: 2021-03: 203.5, 2021-06: 211.2, 2021-09: 226.3, 2021-12: 198.8, 2022-03: 214.7, 2022-06: 214.5, 2022-09: 231.4, 2022-12: 205.6, 2023-03: 228.2, 2023-06: 232.2, 2023-09: 227.4, 2023-12: 190, 2024-03: 206.2, 2024-06: 209.1, 2024-09: 205.7, 2024-12: 199.8, 2025-03: 212.9, 2025-06: 203, 2025-09: 228.9, 2025-12: 209.6, 2026-03: null,
Rev. CAGR: -0.64%
Rev. Trend: -27.8%
Last SUE: 0.35
Qual. Beats: 0
Description: VREX Varex Imaging

Varex Imaging Corporation (VREX) manufactures and sells X-ray imaging components. The company operates in two segments: Medical and Industrial. Medical imaging is a critical diagnostic tool in healthcare, with applications ranging from oncology to dentistry.

The Medical segment produces X-ray tubes, digital detectors, software, and various accessories for diagnostic radiography. The Industrial segment provides X-ray linear accelerators and detectors for security and inspection, including cargo and baggage screening. This dual-segment approach allows Varex to serve both healthcare and industrial inspection markets, a common strategy for diversified technology companies.

Varex distributes its products globally through OEMs, service companies, distributors, and direct sales. Understanding the competitive landscape and technological advancements in these sectors is crucial for evaluating Varex. For further research, consider exploring detailed financial models and competitive analyses on platforms like ValueRay.

Headlines to Watch Out For
  • Medical segment X-ray component demand drives revenue
  • Industrial inspection system sales impact growth
  • Global healthcare capital expenditure influences sales
  • Supply chain disruptions affect production costs
Piotroski VR‑10 (Strict) 2.5
Net Income: -67.7m TTM > 0 and > 6% of Revenue
FCF/TA: -0.01 > 0.02 and ΔFCF/TA -3.15 > 1.0
NWC/Revenue: 55.08% < 20% (prev 61.70%; Δ -6.62% < -1%)
CFO/TA 0.01 > 3% & CFO 16.1m > Net Income -67.7m
Net Debt (281.8m) to EBITDA (7.60m): 37.08 < 3
Current Ratio: 3.89 > 1.5 & < 3
Outstanding Shares: last quarter (42.3m) vs 12m ago 2.92% < -2%
Gross Margin: 34.15% > 18% (prev 0.33%; Δ 3.38k% > 0.5%)
Asset Turnover: 70.32% > 50% (prev 61.61%; Δ 8.70% > 0%)
Interest Coverage Ratio: -0.55 > 6 (EBITDA TTM 7.60m / Interest Expense TTM 35.2m)
Altman Z'' 2.68
A: 0.43 (Total Current Assets 633.6m - Total Current Liabilities 163.0m) / Total Assets 1.10b
B: -0.00 (Retained Earnings -3.60m / Total Assets 1.10b)
C: -0.02 (EBIT TTM -19.3m / Avg Total Assets 1.22b)
D: -0.01 (Book Value of Equity -8.70m / Total Liabilities 607.2m)
Altman-Z'' Score: 2.68 = A
Beneish M -3.29
DSRI: 1.02 (Receivables 146.5m/138.1m, Revenue 854.4m/820.8m)
GMI: 0.96 (GM 34.15% / 32.69%)
AQI: 0.67 (AQ_t 0.25 / AQ_t-1 0.37)
SGI: 1.04 (Revenue 854.4m / 820.8m)
TATA: -0.08 (NI -67.7m - CFO 16.1m) / TA 1.10b)
Beneish M-Score: -3.29 (Cap -4..+1) = AA
What is the price of VREX shares? As of April 05, 2026, the stock is trading at USD 10.61 with a total of 258,342 shares traded.
Over the past week, the price has changed by -2.14%, over one month by -18.48%, over three months by -14.70% and over the past year by +1.79%.
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?
Wallstreet Target Price 18.4 73.4%
Analysts Target Price 18.4 73.4%
VREX Fundamental Data Overview as of 31 March 2026
P/E Forward = 17.301
P/S = 0.5264
P/B = 0.9432
P/EG = 6.2987
Revenue TTM = 854.4m USD
EBIT TTM = -19.3m USD
EBITDA TTM = 7.60m USD
Long Term Debt = 366.2m USD (from longTermDebt, last quarter)
Short Term Debt = 6.40m USD (from shortTermDebt, last quarter)
Debt = 401.3m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 281.8m USD (from netDebt column, last quarter)
Enterprise Value = 725.5m USD (449.8m + Debt 401.3m - CCE 125.6m)
Interest Coverage Ratio = -0.55 (Ebit TTM -19.3m / Interest Expense TTM 35.2m)
EV/FCF = -54.55x (Enterprise Value 725.5m / FCF TTM -13.3m)
FCF Yield = -1.83% (FCF TTM -13.3m / Enterprise Value 725.5m)
FCF Margin = -1.56% (FCF TTM -13.3m / Revenue TTM 854.4m)
Net Margin = -7.92% (Net Income TTM -67.7m / Revenue TTM 854.4m)
Gross Margin = 34.15% ((Revenue TTM 854.4m - Cost of Revenue TTM 562.6m) / Revenue TTM)
Gross Margin QoQ = 33.30% (prev 33.99%)
Tobins Q-Ratio = 0.66 (Enterprise Value 725.5m / Total Assets 1.10b)
Interest Expense / Debt = 1.97% (Interest Expense 7.90m / Debt 401.3m)
Taxrate = 36.84% (1.40m / 3.80m)
NOPAT = -12.2m (EBIT -19.3m * (1 - 36.84%)) [loss with tax shield]
Current Ratio = 3.89 (Total Current Assets 633.6m / Total Current Liabilities 163.0m)
Debt / Equity = 0.84 (Debt 401.3m / totalStockholderEquity, last quarter 476.9m)
Debt / EBITDA = 37.08 (Net Debt 281.8m / EBITDA 7.60m)
 Debt / FCF = -21.19 (negative FCF - burning cash) (Net Debt 281.8m / FCF TTM -13.3m)
 Total Stockholder Equity = 488.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -5.57% (Net Income -67.7m / Total Assets 1.10b)
RoE = -13.86% (Net Income TTM -67.7m / Total Stockholder Equity 488.6m)
RoCE = -2.26% (EBIT -19.3m / Capital Employed (Equity 488.6m + L.T.Debt 366.2m))
 RoIC = -1.35% (negative operating profit) (NOPAT -12.2m / Invested Capital 906.1m)
 WACC = 7.21% (E(449.8m)/V(851.1m) * Re(12.53%) + D(401.3m)/V(851.1m) * Rd(1.97%) * (1-Tc(0.37)))
Discount Rate = 12.53% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 2.07%
 [DCF] Fair Price = unknown (Cash Flow -13.3m)
 EPS Correlation: -51.00 | EPS CAGR: -54.71% | SUE: -2.26 | # QB: 0
Revenue Correlation: -27.82 | Revenue CAGR: -0.64% | SUE: 0.35 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.21 | Chg7d=+0.000 | Chg30d=+0.000 | Revisions Net=+0 | Analysts=4
EPS current Year (2026-09-30): EPS=0.90 | Chg7d=+0.000 | Chg30d=+0.000 | Revisions Net=+2 | Growth EPS=-0.6% | Growth Revenue=+3.3%
EPS next Year (2027-09-30): EPS=1.02 | Chg7d=+0.000 | Chg30d=+0.000 | Revisions Net=+1 | Growth EPS=+14.0% | Growth Revenue=+3.9%
[Analyst] Revisions Ratio: +0.00 (1 Up / 1 Down within 30d for Next Quarter)
External Resources
Dataroma Stockcircle