VREXNasdaqElectronic Components, NECFiscal year ends October 2
Varex Imaging Corp
Financials through Q3 FY2026, quarter ended Jul 3, 2026Last filing: 10-Q on Aug 10, 2026
$18.40−0.01 (-0.05%)
Close on Oct 19, 2026
- Market cap
- $783.84M
- P/E (TTM)
- 35.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
34.4%+8.6 pts over 5 years
Operating margin
-3.3%+1.3 pts over 5 years
Net margin
-8.3%−0.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.1% | -0.6% | +2.7% | +2.9% | |
| Gross profit | +13.1% | +0.8% | +8.8% | +1.5% | |
| Free cash flow | -7.8% | – | – | -9.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -12.9% | -14.0% | |
| Return on assets | – | -5.3% | -6.1% | |
| Current ratio | 4.63 | 3.25 | 3.43 | |
| Debt to equity | 0.00 | 1.01 | 0.78 | |
| Interest coverage | 57.4× | -1.1× | -0.8× | |
| Inventory turnover | – | 2.1× | 2.0× | |
| Capex to revenue | 4.7% | 3.2% | 2.7% | |
| Diluted shares | 38M | 39M | 41M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Varex Imaging generated $306.90M from operations and spent $106.90M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$306.90M
Used
$106.90M
Capital expenditure$106.90M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-8.3%
×Asset turnover0.73×
×Equity multiplier2.32×
=Return on equity, FY2025-14.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -8.3% | 0.73× | 2.32× | -14.0% |
| FY2024 | -6.0% | 0.66× | 2.25× | -8.9% |
| FY2023 | 5.3% | 0.73× | 2.21× | 8.6% |
| FY2022 | 3.5% | 0.74× | 2.29× | 6.0% |
| FY2021 | 2.1% | 0.72× | 2.45× | 3.7% |
| FY2020 | -7.8% | 0.68× | 2.43× | -12.9% |
| FY2019 | 2.0% | 0.77× | 2.33× | 3.6% |
| FY2018 | 3.6% | 0.76× | 2.52× | 6.8% |
| FY2017 | 7.4% | 0.84× | 1.84× | 11.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$70.30M
- Cash generatingOperating cash flow above zero$41.70M
- Return on assets improvedROA up on the prior year-3.9% → -5.8%
- Earnings backed by cashOperating cash flow above net income$41.70M vs -$70.30M
- Less leverageLong-term debt to assets fell32.7% → 33.1%
- Better liquidityCurrent ratio rose3.32 → 3.43
- No dilutionShare count did not rise41M → 41M
- Gross margin improvedGross margin up on the prior year31.68% → 34.39%
- More efficientAsset turnover rose0.65 → 0.70