NASDAQ : VREX
Varex Imaging Corporation — Financial statements
Healthcare · Medical Devices · United States
Last price 18.44 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 777.21M
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Financial statements
Varex Imaging Corporation (VREX) reported revenue of 865.00M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 865.00M | 844.60M | 811.00M | 893.40M | 859.40M | 818.10M |
| Cost of Revenue | 568.10M | 554.10M | 554.10M | 603.10M | 575.90M | 546.40M |
| Gross Profit | 296.90M | 290.50M | 256.90M | 290.30M | 283.50M | 271.70M |
| Selling, General & Admin | 133.30M | 133.30M | 137.80M | 128.40M | 116.50M | 124.70M |
| Research & Development | 91.40M | 91.10M | 87.00M | 84.80M | 77.00M | 71.90M |
| Operating Expenses | 224.70M | 224.40M | 224.80M | 213.20M | 193.50M | 196.60M |
| Operating Income | 72.20M | 66.10M | 32.10M | 77.10M | 90.00M | 75.10M |
| Interest Expense | -38.80M | -35.50M | -30.20M | -29.30M | -39.80M | -42.10M |
| Interest & Investment Income | 2.90M | 8.50M | 7.30M | 3.70M | 400.00K | 100.00K |
| Earnings From Equity Investments | -4.40M | -2.30M | -1.00M | -1.40M | -3.00M | -3.40M |
| Currency Exchange Gain (Loss) | -3.70M | -3.00M | -2.30M | -1.00M | -1.50M | -200.00K |
| Other Non Operating Income (Expenses) | -1.10M | 900.00K | -3.00M | -1.40M | 200.00K | 100.00K |
| EBT Excluding Unusual Items | 27.10M | 34.70M | 2.90M | 47.70M | 46.30M | 29.60M |
| Merger & Restructuring Charges | -1.80M | -1.00M | ||||
| Impairment of Goodwill | -93.90M | |||||
| Gain (Loss) on Sale of Investments | -16.40M | |||||
| Other Unusual Items | 2.10M | |||||
| Pretax Income | 27.70M | -59.20M | 5.00M | 31.30M | 44.50M | 28.60M |
| Income Tax Expense | 5.20M | 10.70M | 53.30M | -16.60M | 13.70M | 10.70M |
| Earnings From Continuing Operations | 22.50M | -69.90M | -48.30M | 47.90M | 30.80M | 17.90M |
| Minority Interest in Earnings | -400.00K | -400.00K | -500.00K | -500.00K | -500.00K | -500.00K |
| Net Income | 22.10M | -70.30M | -48.80M | 47.40M | 30.30M | 17.40M |
| Net Income to Common | 22.10M | -70.30M | -48.80M | 47.40M | 30.30M | 17.40M |
| Shares Outstanding (Basic) | 41.92M | 41.40M | 40.80M | 40.30M | 39.80M | 39.30M |
| Shares Outstanding (Diluted) | 42.30M | 41.40M | 40.80M | 50.30M | 41.60M | 40.30M |
| EPS (Basic) | 0.53 | -1.70 | -1.20 | 1.18 | 0.76 | 0.44 |
| EPS (Diluted) | 0.52 | -1.70 | -1.20 | 1.07 | 0.73 | 0.43 |
| Free Cash Flow | -20.20M | 18.80M | 20.40M | 87.70M | -4.40M | 77.50M |
| Free Cash Flow Per Share | -0.48 | 0.45 | 0.50 | 1.74 | -0.11 | 1.92 |
| Gross Margin | 34.32% | 34.39% | 31.68% | 32.49% | 32.99% | 33.21% |
| Operating Margin | 8.35% | 7.83% | 3.96% | 8.63% | 10.47% | 9.18% |
| Profit Margin | 2.56% | -8.32% | -6.02% | 5.31% | 3.53% | 2.13% |
| Free Cash Flow Margin | -2.33% | 2.23% | 2.51% | 9.82% | -0.51% | 9.47% |
| EBITDA | 99.50M | 93.30M | 63.20M | 110.30M | 123.60M | 112.40M |
| EBITDA Margin | 11.50% | 11.05% | 7.79% | 12.35% | 14.38% | 13.74% |
| D&A For EBITDA | 27.30M | 27.20M | 31.10M | 33.20M | 33.60M | 37.30M |
| EBIT | 72.20M | 66.10M | 32.10M | 77.10M | 90.00M | 75.10M |
| EBIT Margin | 8.35% | 7.83% | 3.96% | 8.63% | 10.47% | 9.18% |
| Effective Tax Rate | 18.77% | 1,066.00% | 30.79% | 37.41% |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 99.20M | 145.00M | 168.70M | 152.60M | 89.40M | 144.60M |
| Short-Term Investments | 10.10M | 31.80M | 41.30M | |||
| Trading Asset Securities | 900.00K | |||||
| Cash & Short-Term Investments | 100.10M | 155.10M | 200.50M | 193.90M | 89.40M | 144.60M |
| Accounts Receivable | 144.70M | 156.60M | 157.70M | 163.60M | 173.30M | 155.30M |
| Receivables | 145.50M | 157.40M | 158.40M | 164.30M | 174.20M | 155.60M |
| Inventory | 347.10M | 299.40M | 264.80M | 277.50M | 303.20M | 224.80M |
| Prepaid Expenses | 40.30M | 29.90M | 25.20M | 21.90M | 41.90M | 28.00M |
| Other Current Assets | 100.00K | 1.00M | 700.00K | 1.20M | 1.20M | |
| Total Current Assets | 633.10M | 641.80M | 649.90M | 658.30M | 609.90M | 554.20M |
| Property, Plant & Equipment | 197.00M | 187.20M | 181.70M | 172.60M | 164.50M | 164.50M |
| Long-Term Investments | 21.80M | 24.50M | 35.80M | 29.00M | 46.40M | 49.30M |
| Goodwill | 197.60M | 198.40M | 291.00M | 288.50M | 284.50M | 292.20M |
| Other Intangible Assets | 12.40M | 14.00M | 16.10M | 22.40M | 33.60M | 50.70M |
| Long-Term Deferred Tax Assets | 2.00M | 2.90M | 1.30M | 41.30M | 2.30M | 4.00M |
| Long-Term Deferred Charges | 2.30M | |||||
| Other Long-Term Assets | 36.10M | 36.30M | 37.80M | 37.50M | 43.20M | 32.60M |
| Total Assets | 1.10B | 1.11B | 1.21B | 1.25B | 1.18B | 1.15B |
| Accounts Payable | 83.50M | 69.90M | 59.10M | 64.70M | 78.20M | 58.80M |
| Accrued Expenses | 53.70M | 66.10M | 51.80M | 54.30M | 55.20M | 66.30M |
| Current Portion of Long-Term Debt | 18.20M | 1.50M | 46.30M | 1.50M | 2.10M | 2.80M |
| Current Portion of Leases | 4.90M | 4.80M | 4.40M | 3.90M | 4.20M | 6.40M |
| Current Income Taxes Payable | 1.80M | 5.30M | 8.10M | 13.30M | 11.30M | 8.00M |
| Current Unearned Revenue | 8.60M | 13.00M | 7.90M | 10.20M | 7.40M | 9.10M |
| Other Current Liabilities | 16.70M | 26.60M | 18.30M | 14.90M | 14.70M | 15.20M |
| Total Current Liabilities | 187.40M | 187.20M | 195.90M | 162.80M | 173.10M | 166.60M |
| Long-Term Debt | 328.90M | 366.00M | 397.10M | 441.10M | 412.30M | 431.70M |
| Long-Term Leases | 27.30M | 29.60M | 28.90M | 23.30M | 18.10M | 19.00M |
| Pension & Post-Retirement Benefits | 6.20M | 5.90M | 5.20M | 3.30M | 5.90M | |
| Long-Term Deferred Tax Liabilities | 4.50M | 5.50M | 4.00M | 500.00K | 2.20M | |
| Other Long-Term Liabilities | 41.40M | 26.30M | 38.60M | 36.20M | 30.40M | 25.60M |
| Total Liabilities | 589.50M | 620.80M | 670.40M | 668.60M | 637.70M | 651.00M |
| Common Stock | 400.00K | 400.00K | 400.00K | 400.00K | 400.00K | 400.00K |
| Additional Paid-In Capital | 495.10M | 483.30M | 467.20M | 450.40M | 469.10M | 449.40M |
| Retained Earnings | 4.00M | -5.90M | 64.40M | 118.10M | 63.80M | 33.50M |
| Comprehensive Income & Other | -2.90M | -5.20M | -2.90M | -1.20M | 100.00K | |
| Total Common Equity | 496.60M | 472.60M | 529.10M | 567.70M | 533.40M | 483.30M |
| Minority Interest | 13.90M | 14.00M | 14.10M | 13.30M | 13.30M | 13.20M |
| Shareholders' Equity | 510.50M | 486.60M | 543.20M | 581.00M | 546.70M | 496.50M |
| Total Liabilities & Equity | 1.10B | 1.11B | 1.21B | 1.25B | 1.18B | 1.15B |
| Total Debt | 379.30M | 401.90M | 476.70M | 469.80M | 436.70M | 459.90M |
| Net Cash (Debt) | -279.20M | -246.80M | -267.20M | -275.90M | -347.30M | -315.30M |
| Net Cash Per Share | -6.60 | -5.96 | -6.55 | -5.49 | -8.35 | -7.82 |
| Filing Date Shares Outstanding | 42.10M | 41.70M | 41.10M | 40.50M | 40.10M | 39.50M |
| Total Common Shares Outstanding | 42.15M | 41.69M | 41.09M | 40.53M | 40.09M | 39.44M |
| Working Capital | 445.70M | 454.60M | 454.00M | 495.50M | 436.80M | 387.60M |
| Book Value Per Share | 11.78 | 11.34 | 12.88 | 14.01 | 13.31 | 12.26 |
| Tangible Book Value | 286.60M | 260.20M | 222.00M | 256.80M | 215.30M | 140.40M |
| Tangible Book Value Per Share | 6.80 | 6.24 | 5.40 | 6.34 | 5.37 | 3.56 |
| Land | 8.60M | 8.60M | 8.30M | 8.30M | 8.30M | |
| Buildings | 166.30M | 165.50M | 159.10M | 149.20M | 148.70M | |
| Machinery | 217.00M | 206.50M | 194.90M | 182.90M | 179.70M | |
| Construction In Progress | 36.90M | 25.00M | 20.80M | 29.10M | 18.10M | |
| Order Backlog | 262.00M |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 22.10M | -70.30M | -48.80M | 47.40M | 30.30M | 17.40M |
| Depreciation & Amortization | 27.30M | 27.20M | 31.10M | 33.20M | 33.60M | 37.30M |
| Other Amortization | 1.50M | 2.70M | 2.80M | 2.60M | 10.90M | 10.00M |
| Asset Writedown & Restructuring Costs | 93.90M | 500.00K | ||||
| Loss (Gain) on Equity Investments | 4.50M | 2.70M | 2.00M | 1.60M | 2.60M | 3.00M |
| Stock-Based Compensation | 15.00M | 15.00M | 15.30M | 13.50M | 14.00M | 13.90M |
| Other Operating Activities | 18.30M | 1.90M | 42.90M | -13.20M | 13.50M | 2.30M |
| Change in Accounts Receivable | -9.10M | 100.00K | 6.70M | 9.80M | -18.10M | -32.90M |
| Change in Inventory | -55.70M | -39.90M | 6.60M | 20.20M | -85.00M | 42.80M |
| Change in Accounts Payable | 7.50M | 6.20M | -3.20M | -15.00M | 19.70M | -13.60M |
| Change in Unearned Revenue | -5.30M | 5.70M | -2.30M | 2.30M | 600.00K | |
| Change in Other Net Operating Assets | -14.80M | -3.50M | -5.80M | 6.00M | -4.60M | 11.30M |
| Operating Cash Flow | 11.30M | 41.70M | 47.30M | 108.40M | 16.90M | 92.60M |
| Capital Expenditures | -31.50M | -22.90M | -26.90M | -20.70M | -21.30M | -15.10M |
| Cash Acquisitions | 900.00K | -1.00M | ||||
| Divestitures | 1.70M | |||||
| Investment in Securities | 16.30M | 34.80M | -400.00K | -27.60M | -26.90M | -1.40M |
| Other Investing Activities | -2.60M | -1.60M | -1.10M | 4.40M | -1.90M | 300.00K |
| Investing Cash Flow | -17.80M | 10.30M | -27.50M | -44.90M | -48.40M | -16.20M |
| Long-Term Debt Issued | 126.90M | 1.50M | ||||
| Long-Term Debt Repaid | -201.90M | -1.60M | -2.40M | -29.40M | -33.10M | |
| Net Debt Issued (Repaid) | -24.00M | -75.00M | -1.60M | -2.40M | -29.40M | -31.60M |
| Issuance of Common Stock | 3.30M | 3.30M | 3.80M | 4.10M | 8.70M | 2.80M |
| Repurchase of Common Stock | -1.50M | -1.90M | -2.20M | -1.40M | -2.80M | -1.50M |
| Other Financing Activities | -8.80M | -2.30M | -3.30M | -500.00K | -300.00K | -2.00M |
| Financing Cash Flow | -31.00M | -75.90M | -3.30M | -200.00K | -23.80M | -32.30M |
| Foreign Exchange Rate Adjustments | 100.00K | 600.00K | -100.00K | 100.00K | -200.00K | -100.00K |
| Net Cash Flow | -37.40M | -23.30M | 16.40M | 63.40M | -55.50M | 44.00M |
| Free Cash Flow | -20.20M | 18.80M | 20.40M | 87.70M | -4.40M | 77.50M |
| Free Cash Flow Margin | -2.33% | 2.23% | 2.51% | 9.82% | -0.51% | 9.47% |
| Free Cash Flow Per Share | -0.48 | 0.45 | 0.50 | 1.74 | -0.11 | 1.92 |
| Levered Free Cash Flow | -39.52M | 39.52M | 26.29M | 105.17M | -32.92M | 84.12M |
| Unlevered Free Cash Flow | -16.77M | 59.01M | 42.36M | 120.89M | -18.95M | 100.44M |
| Cash Interest Paid | 33.70M | 31.30M | 27.60M | 27.40M | 29.50M | 21.60M |
| Cash Income Tax Paid | 12.70M | 18.60M | 20.20M | 16.70M | 2.20M | 14.10M |
| Change in Working Capital | -77.40M | -31.40M | 2.00M | 23.30M | -88.00M | 8.20M |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 778.89M | 495.76M | 487.06M | 758.88M | 844.33M | 1.13B |
| Enterprise Value | 1.06B | 754.26M | 781.46M | 1.09B | 1.20B | 1.50B |
| Last Close Price | 18.43 | 11.94 | 11.92 | 18.79 | 21.14 | 28.58 |
| PE Ratio | 35.54 | 16.01 | 27.87 | 64.77 | ||
| Forward PE | 20.25 | 15.56 | 21.77 | 13.82 | 15.89 | 21.54 |
| PS Ratio | 0.90 | 0.59 | 0.60 | 0.85 | 0.98 | 1.38 |
| PB Ratio | 1.56 | 1.02 | 0.90 | 1.31 | 1.54 | 2.27 |
| P/TBV Ratio | 2.71 | 1.91 | 2.19 | 2.96 | 3.92 | 8.03 |
| P/FCF Ratio | 26.37 | 23.88 | 8.65 | 14.54 | ||
| P/OCF Ratio | 68.78 | 11.89 | 10.30 | 7.00 | 49.96 | 12.17 |
| PEG Ratio | 2.25 | 1.30 | 1.81 | 0.63 | 1.64 | 2.27 |
| EV/Sales Ratio | 1.22 | 0.89 | 0.96 | 1.22 | 1.39 | 1.84 |
| EV/EBITDA Ratio | 10.62 | 8.08 | 12.37 | 9.88 | 9.68 | 13.38 |
| EV/EBIT Ratio | 14.63 | 11.41 | 24.34 | 14.14 | 13.29 | 20.03 |
| EV/FCF Ratio | 40.12 | 38.31 | 12.43 | 19.41 | ||
| Debt / Equity Ratio | 0.74 | 0.83 | 0.88 | 0.81 | 0.80 | 0.93 |
| Debt / EBITDA Ratio | 3.58 | 4.04 | 6.86 | 4.05 | 3.36 | 3.82 |
| Debt / FCF Ratio | 21.38 | 23.37 | 5.36 | 5.93 | ||
| Net Debt / Equity Ratio | 0.55 | 0.51 | 0.49 | 0.47 | 0.64 | 0.64 |
| Net Debt / EBITDA Ratio | 2.81 | 2.65 | 4.23 | 2.50 | 2.81 | 2.81 |
| Net Debt / FCF Ratio | -13.82 | 13.13 | 13.10 | 3.15 | -78.93 | 4.07 |
| Asset Turnover | 0.80 | 0.73 | 0.66 | 0.73 | 0.74 | 0.71 |
| Inventory Turnover | 1.76 | 1.96 | 2.04 | 2.08 | 2.18 | 2.20 |
| Quick Ratio | 1.31 | 1.67 | 1.83 | 2.20 | 1.52 | 1.80 |
| Current Ratio | 3.38 | 3.43 | 3.32 | 4.04 | 3.52 | 3.33 |
| Return on Equity (ROE) | 4.59% | -13.58% | -8.59% | 8.49% | 5.91% | 3.72% |
| Return on Assets (ROA) | 4.15% | 3.56% | 1.63% | 3.96% | 4.82% | 4.11% |
| Return on Invested Capital (ROIC) | 7.47% | 8.51% | -37.00% | 8.81% | 7.30% | 5.66% |
| Return on Capital Employed (ROCE) | 7.90% | 7.20% | 3.20% | 7.10% | 8.90% | 7.70% |
| Earnings Yield | 2.81% | -14.18% | -10.02% | 6.25% | 3.59% | 1.54% |
| FCF Yield | -2.60% | 3.79% | 4.19% | 11.56% | -0.52% | 6.88% |
| Buyback Yield / Dilution | -2.54% | -1.47% | 18.89% | -20.91% | -3.23% | -3.87% |