Varex Imaging Corporation (VREX) Stock

Varex Imaging Corporation (VREX) is a Technology stock trading at $10.97 (as of 2026-07-27), with a market capitalization of $462.05M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Varex Imaging Corporation designs, manufactures, sells, and services X-ray imaging components through its Medical and Industrial segments. The Medical segment supplies X-ray tubes, digital detectors, and related imaging hardware and software for clinical radiology and other healthcare imaging uses, while the Industrial segment provides components and Linatron X-ray accelerators for security screening and industrial inspection.

Understand Varex Imaging Corporation: how it makes money

Varex Imaging Corporation designs and manufactures X-ray imaging components, selling X-ray tubes, digital detectors, high voltage connectors, imaging software, and related systems, mainly through its Medical and Industrial segments.

The company’s profit engine is tied to selling X-ray imaging components across two end-markets, Medical and Industrial, where the Medical business is the larger share of revenue.

Revenue by segment (latest quarter)
Med$0.1B
Ind$0.1B

Business quality (Weak): Clear two-segment business, with margins shown and operating performance tied to Medical and Industrial segment revenue mix.

Bull case

  • Medical is the larger revenue stream: Medical Segment Revenue is 0.14B versus Industrial Segment Revenue of 0.07B, which can support more stable earnings contribution if Medical demand holds up.
  • Profitability exists at the operating level: Latest figures show gross margin of 33.6% and operating margin of 6.7%, indicating the business can generate operating profit from its X-ray component and systems sales.

Bear case

  • Revenue concentration risk between Medical and Industrial: Industrial revenue is smaller (0.07B), so adverse changes in Industrial demand could have an outsized impact on growth relative to the segment’s size.
  • Working capital timing may pressure cash generation: Days Sales Outstanding is 70 and Days Inventory Outstanding is 174, while Days Payable Outstanding is 39, implying cash can be tied up in receivables and inventory.
  • Geographic exposure signal: Revenue From China is 0.03B, so demand and trade conditions in China could affect results.
Valuation — source: SEC EDGAR (first-party)
Price$10.97
Market Cap$462.05M
Price / Book0.95
Price / Sales0.54
FCF Yield-12.5%
DCF Value (model)$11.90
DCF Upside vs Price8.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$844.60M
Net Margin-8.3%
Revenue Growth (YoY)1.5%
EPS Growth (YoY)-211.8%
FCF Growth (YoY)-452.0%
Financial Health — source: SEC EDGAR
Altman Z-Score1.61 (distress)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Technology)35.0
Industry P/E (Electronic Equipment)40.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderPZENA INVESTMENT MANAGEMENT LLC ($42.36M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryElectronic Equipment
CEOSunny S. Sanyal
Employees2,300
CountryUS
IPO Date2017-01-23

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

  • Impinj, Inc. (PI)
  • Vicor Corporation (VICR)
  • Kimball Electronics, Inc. (KE)
  • Methode Electronics, Inc. (MEI)
  • M-tron Industries, Inc. (MPTI)
  • Espey Mfg. & Electronics Corp. (ESP)
  • The LGL Group, Inc. (LGL)
  • Nortech Systems Incorporated (NSYS)
VREX earnings history · VREX institutional & insider holders · VREX KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-27.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.