Varex Imaging (VREX) Financials

$7.88 +0.02 (+0.25%)

Closing price 04:00 PM Eastern

Extended Trading

$7.88 +0.00 (+0.06%)

As of 04:04 PM Eastern

Annual Income Statements for Varex Imaging

This table shows Varex Imaging's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	9/27/2024	9/29/2023	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-48	48	30
Consolidated Net Income / (Loss)	-47	49	31
Net Income / (Loss) Continuing Operations	-47	49	31
Total Pre-Tax Income	5.00	31	45
Total Operating Income	32	77	88
Total Gross Profit	257	290	284
Total Revenue	811	893	859
Operating Revenue	811	893	859
Total Cost of Revenue	554	603	576
Operating Cost of Revenue	554	603	576
Total Operating Expenses	225	213	195
Selling, General & Admin Expense	138	128	118
Research & Development Expense	87	85	77
Total Other Income / (Expense), net	-27	-46	-44
Interest Expense	30	29	40
Interest & Investment Income	7.30	3.70	0.40
Other Income / (Expense), net	-4.20	-20	-4.30
Income Tax Expense	52	-17	14
Net Income / (Loss) Attributable to Noncontrolling Interest	0.50	0.50	0.50
Basic Earnings per Share	($1.17)	$1.20	$0.76
Weighted Average Basic Shares Outstanding	40.80M	40.30M	39.80M
Diluted Earnings per Share	($1.17)	$1.08	$0.73
Weighted Average Diluted Shares Outstanding	40.80M	50.30M	41.60M
Weighted Average Basic & Diluted Shares Outstanding	41.10M	40.50M	40.10M

This table shows Varex Imaging's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	1/3/2025	9/27/2024	6/28/2024	3/29/2024	12/29/2023	9/29/2023	6/30/2023	3/31/2023	12/30/2022	9/30/2022	7/1/2022
Net Income / (Loss) Attributable to Common Shareholders	-0.30	-50	1.40	1.40	-0.50	32	9.10	4.10	3.10	13	8.20
Consolidated Net Income / (Loss)	-0.10	-50	1.50	1.60	-0.40	32	9.20	4.30	3.20	13	8.40
Net Income / (Loss) Continuing Operations	-0.10	-50	1.50	1.60	-0.40	32	9.20	4.30	3.20	13	8.40
Total Pre-Tax Income	2.50	2.50	0.80	2.30	-0.60	1.00	17	7.80	5.40	14	14
Total Operating Income	11	11	9.30	7.70	4.20	24	24	16	13	25	23
Total Gross Profit	69	67	67	66	57	78	76	73	63	75	73
Total Revenue	200	206	209	206	190	227	232	228	206	231	215
Operating Revenue	200	206	209	206	190	227	232	228	206	231	215
Total Cost of Revenue	131	139	142	140	133	149	156	156	142	157	141
Operating Cost of Revenue	131	139	142	140	133	149	156	156	142	157	141
Total Operating Expenses	57	56	58	58	53	54	52	57	50	50	50
Selling, General & Admin Expense	34	34	36	36	32	32	32	34	30	30	30
Research & Development Expense	24	22	22	23	21	22	20	23	20	20	20
Total Other Income / (Expense), net	-8.70	-8.40	-8.50	-5.40	-4.80	-23	-7.10	-7.80	-7.60	-11	-9.50
Interest Expense	8.00	7.60	7.40	7.90	7.30	7.20	7.30	7.30	7.50	9.40	9.40
Interest & Investment Income	2.10	1.80	1.80	1.80	1.90	1.60	0.90	0.70	0.50	0.20	0.10
Other Income / (Expense), net	-2.80	-2.60	-2.90	0.70	0.60	-18	-0.70	-1.20	-0.60	-1.30	-0.20
Income Tax Expense	2.60	52	-0.70	0.70	-0.20	-31	7.90	3.50	2.20	0.90	5.10
Net Income / (Loss) Attributable to Noncontrolling Interest	0.20	0.10	0.10	0.20	0.10	0.10	0.10	0.20	0.10	0.10	0.20
Basic Earnings per Share	($0.01)	($1.22)	$0.03	$0.03	($0.01)	$0.79	$0.23	$0.10	$0.08	$0.32	$0.21
Weighted Average Basic Shares Outstanding	41.10M	40.80M	40.90M	40.70M	40.60M	40.30M	40.40M	40.20M	40.10M	39.80M	39.90M
Diluted Earnings per Share	($0.01)	($1.22)	$0.03	$0.03	($0.01)	$0.69	$0.21	$0.10	$0.08	$0.32	$0.20
Weighted Average Diluted Shares Outstanding	41.10M	40.80M	41.20M	41.20M	40.60M	50.30M	50.40M	40.50M	40.60M	41.60M	40.50M
Weighted Average Basic & Diluted Shares Outstanding	41.20M	41.10M	40.90M	40.90M	40.60M	40.50M	40.40M	40.40M	40.10M	40.10M	39.90M

This table details how cash moves in and out of Varex Imaging's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	9/27/2024	9/29/2023	9/30/2022
Net Change in Cash & Equivalents	16	63	-56
Net Cash From Operating Activities	47	108	17
Net Cash From Continuing Operating Activities	47	108	17
Net Income / (Loss) Continuing Operations	-47	49	31
Consolidated Net Income / (Loss)	-47	49	31
Depreciation Expense	21	20	19
Amortization Expense	13	16	26
Non-Cash Adjustments To Reconcile Net Income	22	40	29
Changes in Operating Assets and Liabilities, net	39	-16	-87
Net Cash From Investing Activities	-28	-45	-48
Net Cash From Continuing Investing Activities	-28	-45	-48
Purchase of Property, Plant & Equipment	-27	-21	-21
Acquisitions	0.90	-1.00	-0.60
Purchase of Investments	-57	-55	-21
Sale of Property, Plant & Equipment	0.00	0.00	-
Sale and/or Maturity of Investments	61	35	2.00
Other Investing Activities, net	-5.30	-3.60	-9.10
Net Cash From Financing Activities	-3.30	-0.20	-24
Net Cash From Continuing Financing Activities	-3.30	-0.20	-24
Repayment of Debt	-4.90	-2.90	-30
Issuance of Common Equity	3.80	3.90	4.90
Other Financing Activities, net	-2.20	-1.20	1.00
Other Net Changes in Cash	-0.10	0.10	-
Cash Interest Paid	28	27	30
Cash Income Taxes Paid	20	17	2.20

This table details how cash moves in and out of Varex Imaging's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	1/3/2025	9/27/2024	6/28/2024	3/29/2024	12/29/2023	9/29/2023	6/30/2023	3/31/2023	12/30/2022	9/30/2022	7/1/2022
Net Change in Cash & Equivalents	131	13	15	0.50	-11	34	14	23	-7.80	-10	-16
Net Cash From Operating Activities	9.50	26	8.00	3.10	10	47	38	27	-3.70	17	-2.70
Net Cash From Continuing Operating Activities	9.50	26	8.00	3.10	10	47	38	27	-3.70	17	-2.70
Net Income / (Loss) Continuing Operations	-0.10	-50	1.50	1.60	-0.40	32	9.20	4.30	3.20	13	8.40
Consolidated Net Income / (Loss)	-0.10	-50	1.50	1.60	-0.40	32	9.20	4.30	3.20	13	8.40
Depreciation Expense	6.20	5.60	5.30	5.20	5.10	5.30	4.90	4.70	4.60	4.70	4.70
Amortization Expense	1.70	1.70	2.50	4.20	4.30	4.20	4.00	4.10	4.00	6.20	6.50
Non-Cash Adjustments To Reconcile Net Income	8.20	5.70	6.80	7.50	1.60	24	5.30	6.90	4.00	7.90	7.30
Changes in Operating Assets and Liabilities, net	-6.50	63	-8.10	-15	-0.30	-18	14	7.30	-20	-15	-30
Net Cash From Investing Activities	-3.00	-14	7.70	-1.30	-20	-15	-23	-3.80	-3.70	-28	-14
Net Cash From Continuing Investing Activities	-3.00	-14	7.70	-1.30	-20	-15	-23	-3.80	-3.70	-28	-14
Purchase of Property, Plant & Equipment	-4.20	-6.00	-4.70	-5.80	-10	-5.40	-4.20	-5.60	-5.50	-9.80	-4.00
Acquisitions	0.00	-	-	-	0.90	-1.00	-	-	0.00	-0.30	-
Purchase of Investments	-21	-20	-2.20	-11	-25	-19	-24	-3.60	-9.00	-11	-10
Sale and/or Maturity of Investments	24	15	15	16	14	12	5.20	7.50	11	2.00	-
Other Investing Activities, net	-0.90	-3.90	-0.40	-0.90	-0.10	-1.20	-0.10	-2.10	-0.20	-8.70	0.10
Net Cash From Financing Activities	125	0.80	-1.10	-1.30	-1.70	1.40	-0.70	-0.50	-0.40	0.20	1.40
Net Cash From Continuing Financing Activities	125	0.80	-1.10	-1.30	-1.70	1.40	-0.70	-0.50	-0.40	0.20	1.40
Repayment of Debt	-0.80	-0.70	-1.00	-2.50	-0.70	-0.70	-0.70	-1.10	-0.40	-0.40	-0.50
Issuance of Debt	127	-	-	-	0.00	-	-	-	-	-	-
Other Financing Activities, net	-1.20	-0.30	-0.10	-0.80	-1.00	0.20	-	-1.40	0.00	-0.70	-
Cash Interest Paid	14	-	14	0.10	14	-	14	0.10	14	-	14
Cash Income Taxes Paid	6.20	3.50	3.90	10	2.70	6.90	3.00	2.30	4.50	2.80	2.80

This table presents Varex Imaging's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	9/27/2024	9/29/2023	9/30/2022
Total Assets	1,217	1,250	1,184
Total Current Assets	650	658	610
Cash & Equivalents	169	153	89
Short-Term Investments	32	41	-
Accounts Receivable	158	164	173
Inventories, net	265	278	303
Prepaid Expenses	27	23	44
Plant, Property, & Equipment, net	153	144	141
Total Noncurrent Assets	414	448	433
Long-Term Investments	27	29	46
Goodwill	291	289	285
Intangible Assets	16	22	34
Noncurrent Deferred & Refundable Income Taxes	4.70	41	2.30
Other Noncurrent Operating Assets	75	67	66
Total Liabilities & Shareholders' Equity	1,217	1,250	1,184
Total Liabilities	668	669	638
Total Current Liabilities	196	163	173
Short-Term Debt	46	1.50	2.10
Accounts Payable	59	65	78
Accrued Expenses	79	83	81
Current Deferred Revenue	7.90	10	7.40
Other Current Liabilities	4.00	3.80	4.00
Total Noncurrent Liabilities	472	506	465
Long-Term Debt	397	441	412
Noncurrent Deferred & Payable Income Tax Liabilities	1.40	0.00	0.50
Other Noncurrent Operating Liabilities	73	65	52
Total Equity & Noncontrolling Interests	549	581	547
Total Preferred & Common Equity	535	568	533
Preferred Stock	0.00	0.00	0.00
Total Common Equity	535	568	533
Common Stock	468	451	470
Retained Earnings	70	118	64
Accumulated Other Comprehensive Income / (Loss)	-2.90	-1.20	0.10
Noncontrolling Interest	14	13	13

This table presents Varex Imaging's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	1/3/2025	6/28/2024	3/29/2024	12/29/2023	6/30/2023	3/31/2023	12/30/2022	7/1/2022
Total Assets	1,332	1,253	1,252	1,242	1,212	1,191	1,181	1,163
Total Current Assets	657	649	652	646	639	618	607	593
Cash & Equivalents	176	156	142	141	119	104	82	100
Short-Term Investments	37	34	47	-	-	-	-	-
Accounts Receivable	138	152	152	140	163	160	158	158
Inventories, net	280	282	286	290	298	311	320	300
Prepaid Expenses	26	26	25	75	59	44	48	36
Plant, Property, & Equipment, net	151	148	148	148	142	143	143	136
Total Noncurrent Assets	524	455	452	448	431	430	431	434
Long-Term Investments	25	27	29	28	47	47	48	48
Goodwill	287	289	289	290	289	289	288	287
Intangible Assets	14	16	18	22	26	29	32	37
Noncurrent Deferred & Refundable Income Taxes	3.10	55	48	42	2.80	2.10	1.90	0.50
Other Noncurrent Operating Assets	195	68	68	66	67	62	61	61
Total Liabilities & Shareholders' Equity	1,332	1,253	1,252	1,242	1,212	1,191	1,181	1,163
Total Liabilities	778	657	662	659	667	658	656	635
Total Current Liabilities	151	195	154	150	159	157	157	172
Short-Term Debt	1.40	46	1.50	1.60	1.80	2.00	2.10	2.50
Accounts Payable	66	70	69	74	75	74	86	83
Accrued Expenses	70	67	69	62	68	67	56	70
Current Deferred Revenue	9.40	8.10	10	9.40	11	10	9.20	12
Other Current Liabilities	3.70	3.70	3.80	3.80	3.40	3.90	3.90	4.70
Total Noncurrent Liabilities	628	463	507	509	508	501	499	463
Long-Term Debt	566	397	441	441	441	441	441	410
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	-	-	-	0.00	0.00	0.00	0.00
Other Noncurrent Operating Liabilities	62	66	66	68	67	60	58	53
Total Equity & Noncontrolling Interests	554	595	590	583	545	533	525	528
Total Preferred & Common Equity	540	581	576	569	532	520	512	515
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	540	581	576	569	532	520	512	515
Common Stock	470	463	459	454	445	442	438	466
Retained Earnings	70	120	119	118	87	77	73	51
Accumulated Other Comprehensive Income / (Loss)	-0.30	-1.80	-1.70	-2.20	-0.30	0.20	0.10	-1.50
Noncontrolling Interest	14	14	14	14	13	13	13	13

This table displays calculated financial ratios and metrics derived from Varex Imaging's official financial filings.

Metric	2024	2023	2022
Period end date	9/27/2024	9/29/2023	9/30/2022
Growth Metrics	-	-	-
Revenue Growth	-9.22%	3.96%	5.05%
EBITDA Growth	-33.33%	-27.80%	8.91%
EBIT Growth	-50.97%	-32.18%	18.84%
NOPAT Growth	-352.60%	96.51%	31.63%
Net Income Growth	-196.92%	58.12%	72.07%
EPS Growth	-208.33%	47.95%	69.77%
Operating Cash Flow Growth	-56.37%	541.42%	-81.75%
Free Cash Flow Firm Growth	-285.13%	632.38%	-134.60%
Invested Capital Growth	-4.42%	-2.98%	11.97%
Revenue Q/Q Growth	-2.61%	-0.45%	0.60%
EBITDA Q/Q Growth	-0.80%	-16.34%	-2.28%
EBIT Q/Q Growth	6.49%	-22.69%	-2.56%
NOPAT Q/Q Growth	-167.17%	130.15%	16.00%
Net Income Q/Q Growth	-236.02%	62.88%	16.67%
EPS Q/Q Growth	-258.11%	52.11%	15.87%
Operating Cash Flow Q/Q Growth	-30.95%	38.27%	-66.47%
Free Cash Flow Firm Q/Q Growth	-159.17%	527.90%	-196.21%
Invested Capital Q/Q Growth	-6.82%	-2.65%	4.02%
Profitability Metrics	-	-	-
Gross Margin	31.68%	32.49%	32.99%
EBITDA Margin	7.62%	10.38%	14.94%
Operating Margin	3.96%	8.63%	10.26%
EBIT Margin	3.44%	6.37%	9.76%
Profit (Net Income) Margin	-5.82%	5.45%	3.58%
Tax Burden Percent	-944.00%	155.59%	69.21%
Interest Burden Percent	17.92%	55.01%	53.04%
Effective Tax Rate	1,044.00%	-55.59%	30.79%
Return on Invested Capital (ROIC)	-38.70%	14.76%	7.81%
ROIC Less NNEP Spread (ROIC-NNEP)	78.70%	-13.85%	-3.84%
Return on Net Nonoperating Assets (RNNOA)	30.35%	-6.12%	-1.91%
Return on Equity (ROE)	-8.35%	8.64%	5.90%
Cash Return on Invested Capital (CROIC)	-34.18%	17.78%	-3.48%
Operating Return on Assets (OROA)	2.26%	4.68%	7.20%
Return on Assets (ROA)	-3.83%	4.00%	2.64%
Return on Common Equity (ROCE)	-8.15%	8.43%	5.75%
Return on Equity Simple (ROE_SIMPLE)	-8.82%	8.58%	5.77%
Net Operating Profit after Tax (NOPAT)	-303	120	61
NOPAT Margin	-37.36%	13.43%	7.10%
Net Nonoperating Expense Percent (NNEP)	-117.40%	28.60%	11.65%
Cost of Revenue to Revenue	68.32%	67.51%	67.01%
SG&A Expenses to Revenue	16.99%	14.37%	13.77%
R&D to Revenue	10.73%	9.49%	8.96%
Operating Expenses to Revenue	27.72%	23.86%	22.73%
Earnings before Interest and Taxes (EBIT)	28	57	84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	62	93	128
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.91	1.34	1.58
Price to Tangible Book Value (P/TBV)	2.14	2.96	3.92
Price to Revenue (P/Rev)	0.60	0.85	0.98
Price to Earnings (P/E)	0.00	15.75	27.84
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	6.35%	3.59%
Enterprise Value to Invested Capital (EV/IC)	0.94	1.24	1.38
Enterprise Value to Revenue (EV/Rev)	0.89	1.11	1.32
Enterprise Value to EBITDA (EV/EBITDA)	11.61	10.70	8.84
Enterprise Value to EBIT (EV/EBIT)	25.73	17.44	13.53
Enterprise Value to NOPAT (EV/NOPAT)	0.00	8.27	18.60
Enterprise Value to Operating Cash Flow (EV/OCF)	15.17	9.15	67.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.86	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.81	0.76	0.76
Long-Term Debt to Equity	0.72	0.76	0.75
Financial Leverage	0.39	0.44	0.50
Leverage Ratio	2.18	2.16	2.24
Compound Leverage Factor	0.39	1.19	1.19
Debt to Total Capital	44.67%	43.24%	43.12%
Short-Term Debt to Total Capital	4.66%	0.15%	0.22%
Long-Term Debt to Total Capital	40.01%	43.09%	42.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.42%	1.30%	1.38%
Common Equity to Total Capital	53.91%	55.46%	55.50%
Debt to EBITDA	7.17	4.77	3.23
Net Debt to EBITDA	3.50	2.37	2.17
Long-Term Debt to EBITDA	6.43	4.76	3.21
Debt to NOPAT	-1.46	3.69	6.79
Net Debt to NOPAT	-0.71	1.83	4.56
Long-Term Debt to NOPAT	-1.31	3.68	6.75
Altman Z-Score	1.71	2.15	2.27
Noncontrolling Interest Sharing Ratio	2.42%	2.36%	2.54%
Liquidity Ratios	-	-	-
Current Ratio	3.32	4.04	3.52
Quick Ratio	1.83	2.20	1.52
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-268	145	-27
Operating Cash Flow to CapEx	175.84%	523.67%	79.34%
Free Cash Flow to Firm to Interest Expense	-8.86	4.93	-0.68
Operating Cash Flow to Interest Expense	1.57	3.70	0.42
Operating Cash Flow Less CapEx to Interest Expense	0.68	2.99	-0.11
Efficiency Ratios	-	-	-
Asset Turnover	0.66	0.73	0.74
Accounts Receivable Turnover	5.05	5.30	5.23
Inventory Turnover	2.04	2.08	2.18
Fixed Asset Turnover	5.46	6.27	6.11
Accounts Payable Turnover	8.95	8.44	8.41
Days Sales Outstanding (DSO)	72.30	68.82	69.78
Days Inventory Outstanding (DIO)	178.61	175.72	167.32
Days Payable Outstanding (DPO)	40.78	43.24	43.41
Cash Conversion Cycle (CCC)	210.14	201.30	193.69
Capital & Investment Metrics	-	-	-
Invested Capital	765	801	825
Invested Capital Turnover	1.04	1.10	1.10
Increase / (Decrease) in Invested Capital	-35	-25	88
Enterprise Value (EV)	718	992	1,135
Market Capitalization	488	759	843
Book Value per Share	$13.08	$14.05	$13.37
Tangible Book Value per Share	$5.57	$6.36	$5.40
Total Capital	993	1,024	961
Total Debt	443	443	414
Total Long-Term Debt	397	441	412
Net Debt	216	220	279
Capital Expenditures (CapEx)	27	21	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	300	303	350
Debt-free Net Working Capital (DFNWC)	500	497	439
Net Working Capital (NWC)	454	496	437
Net Nonoperating Expense (NNE)	-256	71	30
Net Nonoperating Obligations (NNO)	216	220	279
Total Depreciation and Amortization (D&A)	34	36	45
Debt-free, Cash-free Net Working Capital to Revenue	36.97%	33.93%	40.67%
Debt-free Net Working Capital to Revenue	61.69%	55.63%	51.07%
Net Working Capital to Revenue	55.98%	55.46%	50.83%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($1.17)	$1.20	$0.76
Adjusted Weighted Average Basic Shares Outstanding	40.80M	40.30M	39.80M
Adjusted Diluted Earnings per Share	($1.17)	$1.08	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	40.80M	50.30M	41.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.10M	40.50M	40.10M
Normalized Net Operating Profit after Tax (NOPAT)	22	54	61
Normalized NOPAT Margin	2.77%	6.04%	7.10%
Pre Tax Income Margin	0.62%	3.50%	5.18%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.92	1.94	2.11
NOPAT to Interest Expense	-10.03	4.09	1.53
EBIT Less CapEx to Interest Expense	0.03	1.24	1.57
NOPAT Less CapEx to Interest Expense	-10.92	3.39	1.00
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Varex Imaging's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	1/3/2025	9/27/2024	6/28/2024	3/29/2024	12/29/2023	9/29/2023	6/30/2023	3/31/2023	12/30/2022	9/30/2022	7/1/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.16%	-9.54%	-9.95%	-9.64%	-7.59%	-1.73%	8.25%	6.29%	3.42%	2.25%	1.56%
EBITDA Growth	14.79%	-3.11%	-56.17%	-23.28%	-32.38%	-52.92%	-4.71%	-35.20%	-13.93%	-8.06%	-9.57%
EBIT Growth	75.00%	25.76%	-72.77%	-41.67%	-61.29%	-71.67%	3.07%	-41.46%	-6.06%	-8.63%	-11.97%
NOPAT Growth	-115.24%	-127.98%	33.93%	-37.71%	-61.84%	3,276.50%	-9.02%	-42.14%	13.49%	46.16%	-30.17%
Net Income Growth	75.00%	-255.94%	-83.70%	-62.79%	-112.50%	142.42%	9.52%	-43.42%	100.00%	50.00%	-31.15%
EPS Growth	0.00%	-276.81%	-85.71%	-70.00%	-112.50%	115.63%	5.00%	-44.44%	166.67%	45.45%	-31.03%
Operating Cash Flow Growth	-7.77%	-45.01%	-78.78%	-88.64%	378.38%	175.44%	1,496.30%	428.92%	-134.26%	-66.21%	-112.22%
Free Cash Flow Firm Growth	-84.71%	-122.71%	215.90%	126.80%	84.41%	1,330.93%	-59.38%	-340.02%	-335.37%	-236.18%	-188.55%
Invested Capital Growth	3.15%	-4.42%	-0.15%	-1.08%	2.12%	-2.98%	3.67%	8.11%	14.00%	11.97%	3.17%
Revenue Q/Q Growth	-2.87%	-1.63%	1.41%	8.53%	-16.45%	-2.07%	1.75%	10.99%	-11.15%	7.88%	-0.09%
EBITDA Q/Q Growth	4.49%	9.86%	-20.22%	25.35%	-11.80%	-50.31%	39.66%	10.48%	-38.60%	0.59%	-5.03%
EBIT Q/Q Growth	1.20%	29.69%	-23.81%	75.00%	-27.27%	-71.91%	63.19%	16.13%	-46.78%	2.19%	-7.32%
NOPAT Q/Q Growth	99.79%	-1,347.68%	225.54%	82.19%	-99.62%	5,872.40%	51.39%	11.63%	-66.55%	60.92%	-3.72%
Net Income Q/Q Growth	99.80%	-3,426.67%	-6.25%	500.00%	-101.25%	247.83%	113.95%	34.38%	-75.76%	57.14%	10.53%
EPS Q/Q Growth	99.18%	-4,166.67%	0.00%	400.00%	-101.45%	228.57%	110.00%	25.00%	-75.00%	60.00%	11.11%
Operating Cash Flow Q/Q Growth	-63.32%	223.75%	158.06%	-69.90%	-78.13%	24.93%	38.10%	837.84%	-121.64%	733.33%	67.47%
Free Cash Flow Firm Q/Q Growth	84.93%	-1,077.41%	30.73%	195.94%	-101.85%	5,088.77%	69.77%	44.17%	-46.23%	-545.96%	-145.52%
Invested Capital Q/Q Growth	15.43%	-6.82%	0.74%	-4.80%	6.96%	-2.65%	-0.21%	-1.72%	1.61%	4.02%	4.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.28%	32.62%	31.99%	31.91%	30.05%	34.30%	32.86%	31.86%	30.79%	32.20%	34.22%
EBITDA Margin	8.16%	7.58%	6.79%	8.63%	7.47%	7.08%	13.95%	10.17%	10.21%	14.78%	15.85%
Operating Margin	5.61%	5.30%	4.45%	3.73%	2.21%	10.69%	10.42%	6.84%	6.32%	10.63%	10.72%
EBIT Margin	4.20%	4.04%	3.06%	4.07%	2.53%	2.90%	10.12%	6.31%	6.03%	10.07%	10.63%
Profit (Net Income) Margin	-0.05%	-24.26%	0.72%	0.78%	-0.21%	14.07%	3.96%	1.88%	1.56%	5.70%	3.92%
Tax Burden Percent	-4.00%	-1,996.00%	187.50%	69.57%	66.67%	3,200.00%	53.80%	55.13%	59.26%	93.62%	62.22%
Interest Burden Percent	29.76%	30.12%	12.50%	27.38%	-12.50%	15.15%	72.77%	54.17%	43.55%	60.52%	59.21%
Effective Tax Rate	104.00%	2,096.00%	-87.50%	30.43%	0.00%	-3,100.00%	46.20%	44.87%	40.74%	6.38%	37.78%
Return on Invested Capital (ROIC)	-0.21%	-109.55%	8.45%	2.71%	1.60%	375.77%	6.23%	4.18%	4.12%	10.95%	7.30%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.10%	-32.60%	2.12%	1.26%	0.46%	76.51%	4.82%	2.58%	2.47%	7.16%	5.15%
Return on Net Nonoperating Assets (RNNOA)	-0.05%	-12.57%	0.94%	0.58%	0.25%	33.81%	2.44%	1.33%	1.30%	3.56%	2.79%
Return on Equity (ROE)	-0.26%	-122.12%	9.39%	3.29%	1.85%	409.58%	8.67%	5.51%	5.42%	14.51%	10.09%
Cash Return on Invested Capital (CROIC)	-29.13%	-34.18%	55.03%	16.86%	12.27%	17.78%	2.85%	-0.94%	-5.38%	-3.48%	3.61%
Operating Return on Assets (OROA)	2.68%	2.65%	2.07%	2.85%	1.83%	2.13%	7.65%	4.76%	4.50%	7.42%	7.81%
Return on Assets (ROA)	-0.03%	-15.95%	0.48%	0.54%	-0.15%	10.33%	2.99%	1.42%	1.16%	4.20%	2.88%
Return on Common Equity (ROCE)	-0.26%	-119.16%	9.16%	3.21%	1.80%	399.92%	8.45%	5.37%	5.28%	14.14%	9.82%
Return on Equity Simple (ROE_SIMPLE)	-8.68%	0.00%	5.97%	7.36%	7.93%	0.00%	5.63%	5.60%	6.33%	0.00%	5.13%
Net Operating Profit after Tax (NOPAT)	-0.45	-218	17	5.36	2.94	778	13	8.60	7.70	23	14
NOPAT Margin	-0.22%	-105.77%	8.34%	2.60%	1.55%	341.95%	5.61%	3.77%	3.75%	9.95%	6.67%
Net Nonoperating Expense Percent (NNEP)	-0.12%	-76.95%	6.33%	1.45%	1.14%	299.26%	1.41%	1.59%	1.66%	3.79%	2.15%
Return On Investment Capital (ROIC_SIMPLE)	-0.04%	-	-	-	0.29%	-	-	-	-	-	-
Cost of Revenue to Revenue	65.72%	67.38%	68.01%	68.09%	69.95%	65.70%	67.14%	68.14%	69.21%	67.80%	65.78%
SG&A Expenses to Revenue	16.92%	16.67%	17.03%	17.22%	17.05%	14.03%	13.82%	14.94%	14.74%	12.83%	14.08%
R&D to Revenue	11.76%	10.65%	10.52%	10.96%	10.79%	9.59%	8.61%	10.08%	9.73%	8.73%	9.42%
Operating Expenses to Revenue	28.68%	27.32%	27.55%	28.18%	27.84%	23.61%	22.44%	25.02%	24.47%	21.56%	23.50%
Earnings before Interest and Taxes (EBIT)	8.40	8.30	6.40	8.40	4.80	6.60	24	14	12	23	23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16	16	14	18	14	16	32	23	21	34	34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.08	0.91	1.04	1.28	1.46	1.34	1.79	1.40	1.59	1.58	1.65
Price to Tangible Book Value (P/TBV)	2.45	2.14	2.18	2.74	3.23	2.96	4.39	3.62	4.24	3.92	4.46
Price to Revenue (P/Rev)	0.71	0.60	0.72	0.86	0.94	0.85	1.06	0.83	0.94	0.98	0.99
Price to Earnings (P/E)	0.00	0.00	17.62	17.54	18.57	15.75	32.39	25.59	25.44	27.84	32.78
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	5.68%	5.70%	5.39%	6.35%	3.09%	3.91%	3.93%	3.59%	3.05%
Enterprise Value to Invested Capital (EV/IC)	1.05	0.94	1.03	1.19	1.30	1.24	1.51	1.25	1.36	1.38	1.42
Enterprise Value to Revenue (EV/Rev)	1.13	0.89	1.01	1.14	1.27	1.11	1.39	1.18	1.32	1.32	1.32
Enterprise Value to EBITDA (EV/EBITDA)	14.54	11.61	13.52	12.10	12.99	10.70	11.22	9.20	9.13	8.84	8.58
Enterprise Value to EBIT (EV/EBIT)	29.50	25.73	32.16	22.50	22.63	17.44	16.89	14.18	13.73	13.53	13.10
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	1.87	7.53	9.16	8.27	23.85	19.03	18.82	18.60	21.43
Enterprise Value to Operating Cash Flow (EV/OCF)	19.98	15.17	12.30	9.92	9.12	9.15	15.86	27.21	475.39	67.18	22.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1.86	7.05	10.73	6.86	54.00	0.00	0.00	0.00	39.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.02	0.81	0.74	0.75	0.76	0.76	0.81	0.83	0.84	0.76	0.78
Long-Term Debt to Equity	1.02	0.72	0.67	0.75	0.76	0.76	0.81	0.83	0.84	0.75	0.78
Financial Leverage	0.53	0.39	0.44	0.46	0.53	0.44	0.51	0.51	0.53	0.50	0.54
Leverage Ratio	2.26	2.18	2.16	2.17	2.19	2.16	2.21	2.23	2.25	2.24	2.29
Compound Leverage Factor	0.67	0.66	0.27	0.60	-0.27	0.33	1.61	1.21	0.98	1.35	1.36
Debt to Total Capital	50.57%	44.67%	42.67%	42.87%	43.18%	43.24%	44.84%	45.39%	45.76%	43.12%	43.86%
Short-Term Debt to Total Capital	0.12%	4.66%	4.45%	0.15%	0.16%	0.15%	0.18%	0.20%	0.22%	0.22%	0.27%
Long-Term Debt to Total Capital	50.45%	40.01%	38.22%	42.73%	43.02%	43.09%	44.65%	45.19%	45.54%	42.90%	43.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.25%	1.42%	1.36%	1.36%	1.37%	1.30%	1.36%	1.36%	1.37%	1.38%	1.41%
Common Equity to Total Capital	48.18%	53.91%	55.97%	55.76%	55.45%	55.46%	53.81%	53.24%	52.87%	55.50%	54.73%
Debt to EBITDA	8.87	7.17	7.11	5.50	5.16	4.77	4.00	3.94	3.54	3.23	3.14
Net Debt to EBITDA	5.15	3.50	3.63	2.80	3.18	2.37	2.51	2.59	2.51	2.17	2.02
Long-Term Debt to EBITDA	8.85	6.43	6.37	5.48	5.14	4.76	3.98	3.92	3.53	3.21	3.12
Debt to NOPAT	-2.50	-1.46	0.98	3.42	3.64	3.69	8.50	8.15	7.31	6.79	7.84
Net Debt to NOPAT	-1.45	-0.71	0.50	1.74	2.25	1.83	5.33	5.36	5.17	4.56	5.04
Long-Term Debt to NOPAT	-2.50	-1.31	0.88	3.41	3.63	3.68	8.46	8.11	7.27	6.75	7.79
Altman Z-Score	1.62	1.66	1.80	1.98	2.08	2.02	2.24	2.00	2.06	2.10	2.10
Noncontrolling Interest Sharing Ratio	2.47%	2.42%	2.41%	2.44%	2.47%	2.36%	2.49%	2.54%	2.58%	2.54%	2.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.36	3.32	3.34	4.23	4.30	4.04	4.03	3.93	3.86	3.52	3.44
Quick Ratio	2.33	1.83	1.76	2.21	1.87	2.20	1.78	1.68	1.52	1.52	1.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-27	-182	19	14	-15	802	-16	-53	-95	-65	-10
Operating Cash Flow to CapEx	226.19%	431.67%	170.21%	53.45%	99.04%	872.22%	897.62%	487.50%	-67.27%	174.49%	-67.50%
Free Cash Flow to Firm to Interest Expense	-3.43	-23.97	2.52	1.80	-2.04	111.42	-2.20	-7.29	-12.71	-6.93	-1.07
Operating Cash Flow to Interest Expense	1.19	3.41	1.08	0.39	1.41	6.54	5.16	3.74	-0.49	1.82	-0.29
Operating Cash Flow Less CapEx to Interest Expense	0.66	2.62	0.45	-0.34	-0.01	5.79	4.59	2.97	-1.23	0.78	-0.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.66	0.68	0.70	0.72	0.73	0.76	0.75	0.75	0.74	0.74
Accounts Receivable Turnover	5.91	5.05	5.28	5.50	5.90	5.30	5.59	5.61	6.08	5.23	5.58
Inventory Turnover	1.94	2.04	1.95	1.94	1.95	2.08	2.04	2.05	2.06	2.18	2.10
Fixed Asset Turnover	5.48	5.46	5.74	5.90	6.03	6.27	6.45	0.00	0.00	6.11	0.00
Accounts Payable Turnover	7.93	8.95	7.84	8.06	7.43	8.44	7.74	7.79	7.40	8.41	7.63
Days Sales Outstanding (DSO)	61.74	72.30	69.10	66.32	61.85	68.82	65.24	65.10	60.05	69.78	65.37
Days Inventory Outstanding (DIO)	188.15	178.61	187.18	188.24	187.51	175.72	178.73	177.63	177.41	167.32	174.11
Days Payable Outstanding (DPO)	46.01	40.78	46.59	45.29	49.15	43.24	47.16	46.87	49.30	43.41	47.86
Cash Conversion Cycle (CCC)	203.88	210.14	209.70	209.27	200.21	201.30	196.81	195.86	188.16	193.69	191.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	883	765	821	815	856	801	823	824	839	825	793
Invested Capital Turnover	0.94	1.04	1.01	1.04	1.04	1.10	1.11	1.11	1.10	1.10	1.09
Increase / (Decrease) in Invested Capital	27	-35	-1.20	-8.90	18	-25	29	62	103	88	24
Enterprise Value (EV)	929	718	843	974	1,116	992	1,243	1,034	1,141	1,135	1,128
Market Capitalization	586	488	602	735	828	759	952	729	814	843	849
Book Value per Share	$13.14	$13.08	$14.21	$14.19	$14.01	$14.05	$13.16	$12.96	$12.76	$13.37	$12.93
Tangible Book Value per Share	$5.81	$5.57	$6.75	$6.62	$6.32	$6.36	$5.37	$5.02	$4.78	$5.40	$4.78
Total Capital	1,121	993	1,038	1,033	1,026	1,024	988	976	968	961	941
Total Debt	567	443	443	443	443	443	443	443	443	414	413
Total Long-Term Debt	566	397	397	441	441	441	441	441	441	412	410
Net Debt	329	216	226	225	273	220	278	291	314	279	265
Capital Expenditures (CapEx)	4.20	6.00	4.70	5.80	10	5.40	4.20	5.60	5.50	9.80	4.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	295	300	311	310	356	303	363	359	371	350	324
Debt-free Net Working Capital (DFNWC)	508	500	501	499	497	497	482	463	452	439	424
Net Working Capital (NWC)	506	454	455	498	496	496	480	461	450	437	421
Net Nonoperating Expense (NNE)	-0.35	-168	16	3.76	3.34	746	3.82	4.30	4.50	9.83	5.91
Net Nonoperating Obligations (NNO)	329	216	226	225	273	220	278	291	314	279	265
Total Depreciation and Amortization (D&A)	7.90	7.30	7.80	9.40	9.40	9.50	8.90	8.80	8.60	11	11
Debt-free, Cash-free Net Working Capital to Revenue	35.96%	36.97%	37.34%	36.27%	40.54%	33.93%	40.47%	40.79%	42.77%	40.67%	37.93%
Debt-free Net Working Capital to Revenue	61.87%	61.69%	60.15%	58.34%	56.64%	55.63%	53.68%	52.65%	52.18%	51.07%	49.58%
Net Working Capital to Revenue	61.70%	55.98%	54.61%	58.17%	56.46%	55.46%	53.48%	52.43%	51.94%	50.83%	49.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($1.22)	$0.03	$0.03	($0.01)	$0.79	$0.23	$0.10	$0.08	$0.32	$0.21
Adjusted Weighted Average Basic Shares Outstanding	41.10M	40.80M	40.90M	40.70M	40.60M	40.30M	40.40M	40.20M	40.10M	39.80M	39.90M
Adjusted Diluted Earnings per Share	($0.01)	($1.22)	$0.03	$0.03	($0.01)	$0.69	$0.21	$0.10	$0.08	$0.32	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	41.10M	40.80M	41.20M	41.20M	40.60M	50.30M	50.40M	40.50M	40.60M	41.60M	40.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.20M	41.10M	40.90M	40.90M	40.60M	40.50M	40.40M	40.40M	40.10M	40.10M	39.90M
Normalized Net Operating Profit after Tax (NOPAT)	7.84	7.63	6.51	5.36	2.94	17	13	8.60	7.70	23	14
Normalized NOPAT Margin	3.92%	3.71%	3.11%	2.60%	1.55%	7.48%	5.61%	3.77%	3.75%	9.95%	6.67%
Pre Tax Income Margin	1.25%	1.22%	0.38%	1.12%	-0.32%	0.44%	7.36%	3.42%	2.63%	6.09%	6.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.05	1.09	0.86	1.06	0.66	0.92	3.22	1.97	1.65	2.48	2.43
NOPAT to Interest Expense	-0.06	-28.63	2.36	0.68	0.40	108.00	1.78	1.18	1.03	2.45	1.52
EBIT Less CapEx to Interest Expense	0.53	0.30	0.23	0.33	-0.77	0.17	2.64	1.21	0.92	1.44	2.00
NOPAT Less CapEx to Interest Expense	-0.58	-29.42	1.72	-0.06	-1.02	107.25	1.21	0.41	0.29	1.41	1.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Varex Imaging's Financials

When does Varex Imaging's fiscal year end?

According to the most recent income statement we have on file, Varex Imaging's financial year ends in September. Their financial year 2024 ended on September 27, 2024.

How has Varex Imaging's net income changed over the last 2 years?

Varex Imaging's net income appears to be on a downward trend, with a most recent value of -$47.20 million in 2024, falling from $30.80 million in 2022. The previous period was $48.70 million in 2023. See Varex Imaging's forecast for analyst expectations on what’s next for the company.

What is Varex Imaging's operating income?

Varex Imaging's total operating income in 2024 was $32.10 million, based on the following breakdown:

Total Gross Profit: $256.90 million
Total Operating Expenses: $224.80 million

How has Varex Imaging revenue changed over the last 2 years?

Over the last 2 years, Varex Imaging's total revenue changed from $859.40 million in 2022 to $811 million in 2024, a change of -5.6%.

How much debt does Varex Imaging have?

Varex Imaging's total liabilities were at $667.80 million at the end of 2024, a 0.1% decrease from 2023, and a 4.7% increase since 2022.

How much cash does Varex Imaging have?

In the past 2 years, Varex Imaging's cash and equivalents has ranged from $89.40 million in 2022 to $168.70 million in 2024, and is currently $168.70 million as of their latest financial filing in 2024.

How has Varex Imaging's book value per share changed over the last 2 years?

Over the last 2 years, Varex Imaging's book value per share changed from 13.37 in 2022 to 13.08 in 2024, a change of -2.1%.

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This page (NASDAQ:VREX) was last updated on 5/29/2025 by MarketBeat.com Staff

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Varex Imaging (VREX) Financials

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