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VAREX IMAGING

VREX Healthcare Medical Devices

VAREX IMAGING’s revenue for fiscal 2025 (year ended September 2025) was $844.6 million, up 4.14% from fiscal 2024.

Revenue
+3.69%
EPS
+117.2%
Free cash flow
+757.1%
Total debt
−5.55%

Quarter to June 2026, against a year earlier

18.45 0.01 +0.05%
Market cap
$783.0M
P/E
34.8×
Fwd P/E
39.2×
Dividend yield
—
F-score
6/9
Altman Z
1.66
Beneish M
−3.13
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 2.60
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 — — — — — 2 — —
Insider Ownership 0.88%

Capital & Financial Ratios $m

Size
Market Cap 783.03
Revenue ttm 865.00
Net income ttm 22.50
Free cash flow ttm (20.20)
Net debt Q 247.90
Valuation
P/E 34.81
Forward P/E 39.20 (above 35: high)
Price / sales 0.90
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.52
Financial health
Current ratio Q 3.38 (at or above 1.5: strong)
Debt / equity Q 0.68
Interest coverage Q 3.93
Growth
Revenue growth Q +3.69% (above 0%: growing)
Operating income growth Q +128.25% (above 0%: growing)
EPS, this year −6.67% (below 0%: weak)
EPS, next year A +27.38% (at or above 15%: strong)
Revenue, next year A +2.52%
EPS, past 5 yrs —
EPS, next 5 yrs A +15.87% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 1.4×; over the ten years it ranged from 0.6× in 2025 to 2.7× in 2017.
P/E against its own 10 years 66.08%
10-year low 10-year high
P/S against its own 10 years 38.49%
10-year low 10-year high
P/B against its own 10 years 41.25%
10-year low 10-year high
EV/Sales against its own 10 years 30.29%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 194 201 155 99
Receivables 164 158 157 145
Inventory 278 265 299 347
Other — — — —
658 650 642 633
2023 2024 2025 Q'26
Payables 65 59 70 84
ST’ Debt 2 46 2 18
Other — — — —
163 196 187 187

Compound Annual Growth %

10y 5y 3y
Sales 2.94% 2.73% (0.58%)
Cash Flow (6.90%) 25.87% 35.13%
Earnings 0.00% 0.00% 0.00%
Book Value (0.18%) 0.88% (3.81%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.22 Actual 0.31

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.18 0.37 Beat by 0.19
Q1 FY26 0.14 0.19 Beat by 0.05
Q2 FY26 0.22 0.21 Miss by 0.01
Q3 FY26 0.22 0.31 Beat by 0.09
Q4 FY26 0.33 — Reports 17 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.05 (0.19) 0.37 — —
’25 (0.01) 0.17 (2.15) 0.29 (1.70)
’24 (0.01) 0.03 0.03 (1.22) (1.17)
’23 0.08 0.10 0.21 0.66 1.07
’22 0.03 0.18 0.20 0.32 0.73
’21 (0.16) 0.08 0.29 0.20 0.43
’20 (0.03) (0.05) (0.73) (0.66) (1.47)
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 210 216 211 — —
’25 200 213 203 229 845
’24 190 206 209 206 811
’23 206 228 232 227 893
’22 199 215 215 231 859
’21 177 204 211 226 818
’20 200 197 171 170 738
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (16) (1) 21 — —
’25 10 17 8 8 42
’24 10 3 8 26 47
’23 (4) 27 38 47 108
’22 11 (8) (3) 17 17
’21 7 13 22 51 93
’20 23 1 1 (12) 13
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (27) (8) 12 — —
’25 5 10 1 2 19
’24 0 (3) 3 20 20
’23 (9) 22 34 42 88
’22 7 (12) (7) 7 (4)
’21 3 9 17 48 78
’20 15 (5) (4) (16) (10)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 620 698 773 781 738 818 859 893 811 845 865 +3.5% 866 900 926 +3.1%
Gross margin, % 40.06 36.31 32.83 32.88 25.76 33.19 32.99 32.49 31.68 34.39 34.32 (5.7) pt
EBT 105 75 26 22 (73) 29 45 31 5 (59) 28 n/m
EBT margin, % 16.93 10.71 3.32 2.75 (9.83) 3.50 5.18 3.50 0.62 (7.01) 3.20 (23.9) pt
Net income 69 52 28 16 (57) 18 31 48 (48) (70) 23 n/m
Per share, $
Per share, $ Revenue 16.58 18.57 20.41 20.43 19.03 20.82 21.59 22.17 19.88 20.40 20.55 +2.3%
Earnings 1.84 1.37 0.73 0.43 (1.47) 0.44 0.76 1.20 (1.17) (1.70) 0.53 n/m
Cash flow 1.98 2.00 2.25 1.88 0.34 2.36 0.42 2.69 1.16 1.01 0.27 (7.3%)
Capex (0.77) (0.54) (0.54) (0.52) (0.61) (0.38) (0.54) (0.51) (0.66) (0.55) (0.75) (3.6%)
Free cash flow 1.21 1.46 1.71 1.36 (0.27) 1.97 (0.11) 2.18 0.50 0.45 (0.48) (10.3%)
Book value 14.06 10.08 11.30 11.73 12.01 12.63 13.74 14.42 13.31 11.75 12.13 (2.0%)
Shares, m 37 38 38 38 39 39 40 40 41 41 42 +1.1%
Valuation, ×
Valuation, × P/E 13.13 24.83 38.23 66.37 0.00 62.67 27.45 15.50 0.00 0.00 34.81 24.8
P/S 1.67 1.84 1.37 1.40 0.67 1.35 0.98 0.84 0.60 0.61 0.90 1.1
P/B 1.90 3.40 2.47 2.43 1.06 2.23 1.54 1.29 0.90 1.06 1.52 1.8
EV/Sales 1.58 2.42 1.80 1.86 1.15 1.71 1.36 1.12 0.90 0.86 1.18 1.5
EV/FCF 15.63 30.70 21.51 27.94 (82.35) 18.04 (265.08) 11.38 35.75 38.60 (50.72) (14.8)
Cash, $m
Cash, $m Operating cash flow 74 75 85 72 13 93 17 108 47 42 11 (6.2%)
Capex (29) (20) (20) (20) (23) (15) (21) (21) (27) (23) (31) (2.6%)
Free cash flow 45 55 65 52 (10) 78 (4) 88 20 19 (20) (9.3%)
Balance, $m
Balance, $m Working capital 282 344 306 263 361 388 437 496 454 455 446 +5.4%
Net debt (36) 401 338 365 355 290 325 249 243 212 248 n/m
Shareholders’ equity 526 379 428 448 466 497 547 581 543 487 511 (0.9%)
Returns, %
Returns, % ROA 11.36 6.21 2.71 1.53 (5.32) 1.52 2.60 3.89 (3.96) (6.06) 2.03 (17.4) pt
ROIC 13.93 6.71 3.63 3.51 (2.57) 5.89 6.32 5.81 2.55 (2.49) 5.95 (16.4) pt
ROE 13.41 11.40 6.81 3.54 (12.67) 3.62 5.81 8.41 (8.68) (13.65) 4.51 (27.1) pt
People
People Employees 1,400 2,000 2,000 2,000 2,000 2,100 2,300 2,400 2,300 2,400 — +6.2%
Revenue/emp, $m 0.44 0.35 0.39 0.39 0.37 0.39 0.37 0.37 0.35 0.35 — (2.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

VAREX IMAGING vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AHCO AdaptHealth Corp. $1.0B — (loss-making) — (loss-making) +10.90% (above 0%: growing) n/m −23.58% (below 0%: shrinking) 15.40% (20.91%) Compare
BVS Bioventus Inc. $899.9M 12.3× 17.2× +2.73% (above 0%: growing) +100.60% (above 0%: growing) −31.40% (below 0%: shrinking) 68.19% 6.81% Compare
QDEL QuidelOrtho Corporation $880.5M — (loss-making) — (loss-making) −11.57% (below 0%: shrinking) n/m +120.70% (above 0%: growing) 46.79% (1.21%) Compare
BBNX Beta Bionics, Inc. $842.1M — (loss-making) — (loss-making) +30.28% (above 0%: growing) n/m −45.46% (below 0%: shrinking) 57.26% (74.94%) Compare
KIDS OrthoPediatrics Corp. $841.3M — (loss-making) — (loss-making) +18.63% (above 0%: growing) n/m +146.64% (above 0%: growing) 74.28% (5.81%) Compare
VREX VAREX IMAGING $783.0M 34.8× 39.2× +3.69% (above 0%: growing) n/m +757.14% (above 0%: growing) 36.44% 10.83%
INMD InMode Ltd. $771.1M 10.7× 11.8× −0.01% (below 0%: shrinking) −30.95% (below 0%: shrinking) −12.63% (below 0%: shrinking) 74.82% 12.82% Compare
PACB Pacific Biosciences of California, Inc. $755.3M — (loss-making) — (loss-making) +5.52% (above 0%: growing) n/m −101.95% (below 0%: shrinking) 33.21% (91.22%) Compare
CTKB Cytek Biosciences, Inc. $701.9M — (loss-making) — (loss-making) +1.79% (above 0%: growing) n/m −30.25% (below 0%: shrinking) 58.63% (15.82%) Compare
Median of peers $841.7M — — +4.13% — −26.91% 57.95% (10.81%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 29 December 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.63m 4.14m 96.52
2024 4.75m 1.12m 96.36
2023 4.52m 3.66m 151.90
2022 4.47m 1.17m 170.90
2021 4.69m 10.13m 231.04

Ownership

Directors and executive officers, together 4.60%
Pzena Investment Management LLC 10.10%
Blackrock, Inc 8.00%
The Vanguard Group 7.10%
Allspring Global Investments Holdings, LLC 6.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

VAREX IMAGING (VREX) Latest News

28 Oct

Impact 4 · · MarketBeat

21 Oct

Impact 4 · · Business Wire

26 Aug

Impact 5 ·

14 Aug

Impact 5 ·

12 Aug

Impact 5 ·

11 Aug

Impact 5 · · medicaldevice-network.com
Impact 5 · · medtechdive.com

10 Aug

Impact 5 ·
Impact 5 ·
Impact 5 ·
Impact 4 ·
Impact 4 · · InvestorsHub
Impact 4 ·
Impact 3 ·
Impact 3 · · Stocktwits

11 May

Impact 3 · · Simply Wall St.

9 May

Impact 4 · · MarketBeat

8 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

7 May

Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · Zacks

30 Apr

Impact 3 · · Zacks

14 Apr

Impact 3 · · Zacks
Impact 3 · · Zacks

11 Apr

Impact 4 · · Simply Wall St.

22 Mar

Impact 4 · · MarketBeat
Impact 4 · · MarketBeat

16 Mar

Impact 4 · · Business Wire

6 Mar

Impact 3 · · Business Wire
stockrow.com/VREX · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com