Saturday 17 October 2026 Export VREX’s income statement to Excel — free account

VAREX IMAGING

VAREX IMAGING’s revenue for fiscal 2025 (year ended September 2025) was $844.6 million, up 4.14% from fiscal 2024. In the quarter to June 2026, revenue grew 3.69%, EPS grew 117.2%, free cash flow grew 757.1% and total debt fell 5.55%, each against the same quarter a year earlier.

18.41 0.06 −0.32%

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Market cap: $784.3M
P/E: 34.7×
Fwd P/E: 43.4×
Dividend yield: —
F-score: 6/9
Altman Z: 1.66
Beneish M: −3.13
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 2.60

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	1	—	—	—	—	—	2	—

Insider Ownership 0.86%

Capital & Financial Ratios $m

Market Cap 784.30

Revenue 865.00

Net Income 22.50

Free Cash Flow (20.20)

Net Debt 247.90

Current Ratio 3.38

Debt/Equity 0.68

P/E ratio 34.74

Fwd P/E 43.40

P/S ratio 0.90

P/B ratio 1.52

Past 5Y EPS Growth —

This Y EPS Growth (6.67%)

Next Y EPS Growth 27.38%

Next Y revenue growth 2.52%

Next 5Y EPS Growth 15.87%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 65.60%

10-year low 10-year high

P/S against its own 10 years 37.87%

10-year low 10-year high

P/B against its own 10 years 40.85%

10-year low 10-year high

EV/Sales against its own 10 years 29.70%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%)

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.

EPS $

	Dec	Mar	Jun	Sep	Year
’26	0.05	(0.19)	0.37	—	—
’25	(0.01)	0.14	(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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	25.00	21.57	22.73	10.37	16.60	18.90	17.05	10.19	6.76	Analyst estimates 2026–2028 Powerpack
	High	—	41.99	43.76	35.00	31.90	32.65	32.41	23.90	21.06	15.46
People
People	Employees	1,400	2,000	2,000	2,000	2,000	2,100	2,300	2,400	2,300	2,400
	Revenue/emp, $m	0.44	0.35	0.39	0.39	0.37	0.39	0.37	0.37	0.35	0.35
Income, $m
Income, $m	Revenue	620	698	773	781	738	818	859	893	811	845
	Gross margin, %	40.06	36.31	32.83	32.88	25.76	33.19	32.99	32.49	31.68	34.39
	EBT	105	75	26	22	(73)	29	45	31	5	(59)
	EBT margin, %	16.93	10.71	3.32	2.75	(9.83)	3.50	5.18	3.50	0.62	(7.01)
	Net income	69	52	28	16	(57)	18	31	48	(48)	(70)
	Depreciation	15	29	48	46	47	47	45	36	34	124
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
	Earnings	1.84	1.37	0.73	0.43	(1.47)	0.44	0.76	1.20	(1.17)	(1.70)
	Cash flow	1.98	2.00	2.25	1.88	0.34	2.36	0.42	2.69	1.16	1.01
	Capex	(0.77)	(0.54)	(0.54)	(0.52)	(0.61)	(0.38)	(0.54)	(0.51)	(0.66)	(0.55)
	Free cash flow	1.21	1.46	1.71	1.36	(0.27)	1.97	(0.11)	2.18	0.50	0.45
	Book value	14.06	10.08	11.30	11.73	12.01	12.63	13.74	14.42	13.31	11.75
	Shares, m	37	38	38	38	39	39	40	40	41	41
Valuation, ×
Valuation, ×	P/E	12.59	24.83	38.23	66.37	0.00	62.67	27.45	15.50	0.00	0.00
	P/S	1.60	1.84	1.37	1.40	0.67	1.35	0.98	0.84	0.60	0.61
	P/B	1.82	3.40	2.47	2.43	1.06	2.23	1.54	1.29	0.90	1.06
	EV/Sales	1.52	2.42	1.80	1.86	1.15	1.71	1.36	1.12	0.90	0.86
	EV/FCF	14.96	30.70	21.51	27.94	(82.35)	18.04	(265.08)	11.38	35.75	38.60
Cash, $m
Cash, $m	Operating cash flow	74	75	85	72	13	93	17	108	47	42
	Capex	(29)	(20)	(20)	(20)	(23)	(15)	(21)	(21)	(27)	(23)
	Free cash flow	45	55	65	52	(10)	78	(4)	88	20	19
Balance, $m
Balance, $m	Working capital	282	344	306	263	361	388	437	496	454	455
	Total debt	—	484	390	395	455	435	414	443	443	368
	Net debt	(36)	401	338	365	355	290	325	249	243	212
	Shareholders’ equity	526	379	428	448	466	497	547	581	543	487
Returns, %
Returns, %	ROA	11.36	6.21	2.71	1.53	(5.32)	1.52	2.60	3.89	(3.96)	(6.06)
	ROIC	13.93	6.71	3.63	3.51	(2.57)	5.89	6.32	5.81	2.55	(2.49)
	ROE	13.41	11.40	6.81	3.54	(12.67)	3.62	5.81	8.41	(8.68)	(13.65)

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LMRI Lumexa Imaging Holdings, Inc.	$1.0B	— (loss-making)	14.2×	+7.82% (above 0%: growing)	n/m	+257.54% (above 0%: growing)	14.72%	8.72%	Compare
QDEL QuidelOrtho Corporation	$953.9M	— (loss-making)	— (loss-making)	+2.77% (above 0%: growing)	n/m	−61.45% (below 0%: shrinking)	43.26%	(3.46%)	Compare
BBNX Beta Bionics, Inc.	$933.8M	— (loss-making)	— (loss-making)	+37.76% (above 0%: growing)	n/m	−1.87% (below 0%: shrinking)	59.04%	(79.90%)	Compare
SIBN SiBone	$892.3M	— (loss-making)	— (loss-making)	+15.18% (above 0%: growing)	n/m	+60.12% (above 0%: growing)	79.54%	(8.58%)	Compare
AHCO AdaptHealth Corp.	$871.2M	— (loss-making)	13.2×	+12.66% (above 0%: growing)	n/m	−128.56% (below 0%: shrinking)	14.08%	(18.61%)	Compare
INMD InMode Ltd.	$824.0M	11.3×	11.8×	−0.01% (below 0%: shrinking)	−30.95% (below 0%: shrinking)	−12.63% (below 0%: shrinking)	74.82%	12.82%	Compare
VREX VAREX IMAGING	$784.3M	34.7×	43.4×	+3.69% (above 0%: growing)	n/m	+757.14% (above 0%: growing)	36.44%	10.83%
CTKB Cytek Biosciences, Inc.	$703.2M	— (loss-making)	— (loss-making)	+5.57% (above 0%: growing)	n/m	+42.50% (above 0%: growing)	58.87%	(23.68%)	Compare
PACB Pacific Biosciences of California, Inc.	$609.2M	— (loss-making)	— (loss-making)	−1.91% (below 0%: shrinking)	n/m	−30.97% (below 0%: shrinking)	32.40%	(114.36%)	Compare
Median of peers	$881.8M	—	13.2×	+6.70%	—	−7.25%	51.07%	(13.59%)

All 149 Medical Devices stocks →

VAREX IMAGING (VREX) key facts

Strength: VAREX IMAGING’s revenue for fiscal 2025 (year ended September 2025) was $844.6 million, up 4.14% from fiscal 2024.
VAREX IMAGING (VREX) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, VREX traded at $18.41, a market capitalization of $784.3 million.
Return on equity was −13.7% and debt-to-equity 0.68.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.66 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.