What is Varex Imaging's operating income?

Varex Imaging's total operating income in 2025 was -$27.80 million, based on the following breakdown: Total Gross Profit: $290.50 million Total Operating Expenses: $318.30 million

Varex Imaging (VREX) Financials

$10.61 0.00 (0.00%)

Closing price 07/2/2026 04:00 PM Eastern

Extended Trading

$10.63 +0.02 (+0.19%)

As of 07/2/2026 04:10 PM Eastern

Compare

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/2/2015	9/30/2016	9/29/2017	9/28/2018	9/27/2019	10/2/2020	10/1/2021	9/30/2022	9/29/2023	9/27/2024	10/3/2025
Net Income / (Loss) Attributable to Common Shareholders	80	69	52	28	16	-58	17	30	47	-49	-70
Consolidated Net Income / (Loss)	81	69	52	28	16	-57	18	31	48	-48	-70
Net Income / (Loss) Continuing Operations	81	69	52	28	16	-57	18	31	48	-48	-70
Total Pre-Tax Income	128	105	75	26	22	-73	29	45	31	5.00	-59
Total Operating Income	128	109	84	45	46	-34	74	88	77	32	-28
Total Gross Profit	251	248	254	254	257	190	272	284	290	257	291
Total Revenue	632	620	698	773	781	738	818	859	893	811	845
Operating Revenue	632	620	698	773	781	738	818	859	893	811	845
Total Cost of Revenue	382	372	445	520	524	548	547	576	603	554	554
Operating Cost of Revenue	382	372	445	520	524	548	547	576	603	554	554
Total Operating Expenses	123	139	170	209	211	224	197	195	213	225	318
Selling, General & Admin Expense	73	86	103	123	128	142	126	118	128	138	133
Research & Development Expense	50	54	67	83	78	79	72	77	85	87	91
Impairment Charge	-	-	0.00	3.00	4.80	2.80	-	-	0.00	0.00	94
Total Other Income / (Expense), net	0.10	-4.10	-8.90	-19	-24	-39	-46	-44	-46	-27	-31
Interest Expense	1.20	1.90	12	22	21	31	42	40	29	30	36
Interest & Investment Income	0.50	0.30	0.20	0.20	0.10	0.10	0.10	0.40	3.70	7.30	8.50
Other Income / (Expense), net	0.80	-2.50	3.20	2.70	-3.20	-7.60	-3.50	-4.30	-20	-4.20	-4.40
Income Tax Expense	47	36	23	-2.60	5.70	-15	11	14	-17	53	11
Net Income / (Loss) Attributable to Noncontrolling Interest	0.80	0.50	0.40	0.80	0.30	0.50	0.50	0.50	0.50	0.50	0.40
Basic Earnings per Share	$2.14	$1.83	$1.37	$0.73	$0.41	($1.49)	$0.44	$0.76	$1.18	($1.20)	($1.70)
Weighted Average Basic Shares Outstanding	37.40M	37.40M	37.60M	37.90M	38.20M	38.80M	39.30M	39.80M	40.30M	40.80M	41.40M
Diluted Earnings per Share	$2.12	$1.82	$1.36	$0.72	$0.40	($1.49)	$0.43	$0.73	$1.07	($1.20)	($1.70)
Weighted Average Diluted Shares Outstanding	37.70M	37.70M	38M	38.40M	38.60M	38.80M	40.30M	41.60M	50.30M	40.80M	41.40M
Weighted Average Basic & Diluted Shares Outstanding	-	37.40M	37.70M	37.70M	38.49M	39.20M	39.50M	40.10M	40.50M	41.10M	41.70M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
Net Income / (Loss) Attributable to Common Shareholders	32	-0.50	1.40	1.40	-50	-0.30	6.90	-89	12	2.30	-8.10
Consolidated Net Income / (Loss)	32	-0.40	1.60	1.50	-50	-0.10	7.10	-89	12	2.40	-8.00
Net Income / (Loss) Continuing Operations	32	-0.40	1.60	1.50	-50	-0.10	7.10	-89	12	2.40	-8.00
Total Pre-Tax Income	1.00	-0.60	2.30	0.80	2.50	2.50	11	-87	14	3.80	-6.40
Total Operating Income	24	4.20	7.70	9.30	11	11	22	-81	20	15	14
Total Gross Profit	78	57	66	67	67	69	77	68	78	70	73
Total Revenue	227	190	206	209	206	200	213	203	229	210	216
Operating Revenue	227	190	206	209	206	200	213	203	229	210	216
Total Cost of Revenue	149	133	140	142	139	131	136	136	151	140	143
Operating Cost of Revenue	149	133	140	142	139	131	136	136	151	140	143
Total Operating Expenses	54	53	58	58	56	57	55	148	58	54	58
Selling, General & Admin Expense	32	32	36	36	34	34	33	33	34	33	36
Research & Development Expense	22	21	23	22	22	24	22	21	24	22	22
Total Other Income / (Expense), net	-23	-4.80	-5.40	-8.50	-8.40	-8.70	-11	-5.90	-5.50	-12	-21
Interest Expense	7.20	7.30	7.90	7.40	7.60	8.00	10	9.40	7.90	7.90	17
Interest & Investment Income	1.60	1.90	1.80	1.80	1.80	2.10	2.90	2.50	1.00	0.60	0.40
Other Income / (Expense), net	-18	0.60	0.70	-2.90	-2.60	-2.80	-4.00	1.00	1.40	-4.30	-4.00
Income Tax Expense	-31	-0.20	0.70	-0.70	52	2.60	3.70	2.50	1.90	1.40	1.60
Net Income / (Loss) Attributable to Noncontrolling Interest	0.10	0.10	0.20	0.10	0.10	0.20	0.20	0.00	-	0.10	0.10
Basic Earnings per Share	$0.79	($0.01)	$0.03	$0.03	($1.22)	($0.01)	$0.17	($2.15)	$0.29	$0.06	($0.19)
Weighted Average Basic Shares Outstanding	40.30M	40.60M	40.70M	40.90M	40.80M	41.10M	41.40M	41.50M	41.40M	41.80M	42M
Diluted Earnings per Share	$0.69	($0.01)	$0.03	$0.03	($1.22)	($0.01)	$0.17	($2.15)	$0.29	$0.05	($0.19)
Weighted Average Diluted Shares Outstanding	50.30M	40.60M	41.20M	41.20M	40.80M	41.10M	51.20M	41.50M	41.40M	42.30M	42M
Weighted Average Basic & Diluted Shares Outstanding	40.50M	40.60M	40.90M	40.90M	41.10M	41.20M	41.50M	41.50M	41.70M	41.90M	42.10M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/2/2015	9/30/2016	9/29/2017	9/28/2018	9/27/2019	10/2/2020	10/1/2021	9/30/2022	9/29/2023	9/27/2024	10/3/2025
Net Change in Cash & Equivalents	20	16	47	-30	-22	71	44	-56	63	16	-23
Net Cash From Operating Activities	85	74	75	85	72	13	93	17	108	47	42
Net Cash From Continuing Operating Activities	85	74	75	85	72	13	93	17	108	47	42
Net Income / (Loss) Continuing Operations	81	69	52	28	16	-57	18	31	48	-48	-70
Consolidated Net Income / (Loss)	81	69	52	28	16	-57	18	31	48	-48	-70
Depreciation Expense	9.60	9.80	17	26	24	22	21	19	20	21	23
Amortization Expense	2.70	5.50	12	19	18	22	27	26	16	13	6.70
Non-Cash Adjustments To Reconcile Net Income	8.00	12	8.90	14	23	43	22	29	40	22	114
Changes in Operating Assets and Liabilities, net	-16	-22	-15	-1.70	-8.20	-17	5.20	-87	-15	40	-32
Net Cash From Investing Activities	-102	-22	-292	-25	-93	-27	-16	-48	-45	-28	10
Net Cash From Continuing Investing Activities	-102	-22	-292	-25	-93	-27	-16	-48	-45	-28	10
Purchase of Property, Plant & Equipment	-34	-29	-20	-20	-20	-24	-15	-21	-21	-27	-23
Acquisitions	-68	-1.20	-272	-4.80	-73	-3.40	-1.40	-0.60	-1.00	0.90	0.00
Purchase of Investments	-	0.00	-	-	-	0.00	0.00	-21	-55	-57	-31
Sale and/or Maturity of Investments	0.00	8.60	-	-	-	0.00	0.00	2.00	35	61	65
Other Investing Activities, net	0.10	-0.10	-	-	0.00	0.00	0.30	-9.10	-3.60	-5.30	-0.80
Net Cash From Financing Activities	37	-37	263	-90	-0.10	84	-32	-24	-0.20	-3.30	-76
Net Cash From Continuing Financing Activities	37	-37	263	-90	-0.10	84	-32	-24	-0.20	-3.30	-76
Repayment of Debt	-0.80	0.00	-267	-107	-88	-502	-35	-30	-2.90	-4.90	-204
Issuance of Debt	0.00	0.00	749	10	85	594	1.50	-	0.00	0.00	127
Issuance of Common Equity	-	0.00	0.00	1.80	3.80	53	2.80	4.90	3.90	3.80	3.30
Other Financing Activities, net	38	-37	8.30	4.80	-1.30	-61	-1.50	1.00	-1.20	-2.20	-1.90
Effect of Exchange Rate Changes	0.30	0.10	-	-	-	-	-	-0.20	-	-	0.60
Cash Interest Paid	0.00	0.00	9.80	19	20	17	22	30	27	28	31
Cash Income Taxes Paid	0.00	0.00	6.00	14	8.20	4.20	14	2.20	17	20	19

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
Net Change in Cash & Equivalents	34	-11	0.50	15	13	131	30	-194	8.60	-25	-34
Net Cash From Operating Activities	47	10	3.10	8.00	26	9.50	17	7.70	7.90	-16	-1.50
Net Cash From Continuing Operating Activities	47	10	3.10	8.00	26	9.50	17	7.70	7.90	-16	-1.50
Net Income / (Loss) Continuing Operations	32	-0.40	1.60	1.50	-50	-0.10	7.10	-89	12	2.40	-8.00
Consolidated Net Income / (Loss)	32	-0.40	1.60	1.50	-50	-0.10	7.10	-89	12	2.40	-8.00
Depreciation Expense	5.30	5.10	5.20	5.30	5.60	6.20	5.60	5.80	5.60	5.70	5.70
Amortization Expense	4.20	4.30	4.20	2.50	1.70	1.70	1.80	1.70	1.50	1.60	1.40
Non-Cash Adjustments To Reconcile Net Income	24	1.60	7.50	6.80	5.70	8.20	6.80	96	2.40	8.60	18
Changes in Operating Assets and Liabilities, net	-18	-0.30	-15	-8.10	63	-6.50	-4.70	-6.90	-14	-34	-19
Net Cash From Investing Activities	-15	-20	-1.30	7.70	-14	-3.00	15	-0.70	-0.70	-7.70	-3.10
Net Cash From Continuing Investing Activities	-15	-20	-1.30	7.70	-14	-3.00	15	-0.70	-0.70	-7.70	-3.10
Purchase of Property, Plant & Equipment	-5.40	-10	-5.80	-4.70	-6.00	-4.20	-6.80	-6.30	-5.60	-11	-6.20
Sale and/or Maturity of Investments	12	14	16	15	15	24	31	4.80	6.20	4.00	3.10
Net Cash From Financing Activities	1.40	-1.70	-1.30	-1.10	0.80	125	-0.70	-201	1.10	-1.60	-29
Net Cash From Continuing Financing Activities	1.40	-1.70	-1.30	-1.10	0.80	125	-0.70	-201	1.10	-1.60	-29
Repayment of Debt	-0.70	-0.70	-2.50	-1.00	-0.70	-0.80	-1.70	-201	-0.50	-0.10	-384
Issuance of Debt	-	0.00	-	-	-	127	-	-	-	0.00	353
Cash Interest Paid	-	14	0.10	14	-	14	0.20	17	0.70	15	12
Cash Income Taxes Paid	6.90	2.70	10	3.90	3.50	6.20	7.80	3.10	1.50	4.00	4.70

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2016	9/29/2017	9/28/2018	9/27/2019	10/2/2020	10/1/2021	9/30/2022	9/29/2023	9/27/2024	10/3/2025
Total Assets	622	1,040	988	1,039	1,140	1,148	1,184	1,250	1,214	1,107
Total Current Assets	360	495	458	438	522	554	610	658	650	642
Cash & Equivalents	37	83	52	30	101	145	89	153	169	145
Short-Term Investments	-	-	-	-	-	-	-	41	32	10
Accounts Receivable	122	164	154	141	124	155	173	164	158	157
Inventories, net	197	235	235	248	272	225	303	278	265	299
Prepaid Expenses	3.80	14	17	19	26	30	44	23	27	31
Plant, Property, & Equipment, net	109	148	145	142	0.00	140	141	144	153	158
Total Noncurrent Assets	154	397	385	458	618	453	433	448	410	308
Long-Term Investments	49	52	51	54	51	49	46	29	27	25
Goodwill	75	242	244	291	293	292	285	289	291	198
Intangible Assets	21	91	74	86	68	51	34	22	16	14
Noncurrent Deferred & Refundable Income Taxes	5.50	-	-	0.00	0.50	4.00	2.30	41	1.30	2.90
Other Noncurrent Operating Assets	3.40	11	17	28	205	57	66	67	75	68
Total Liabilities & Shareholders' Equity	622	1,040	988	1,039	1,140	1,148	1,184	1,250	1,214	1,107
Total Liabilities	86	650	549	580	674	651	638	669	670	621
Total Current Liabilities	78	152	152	175	161	167	173	163	196	187
Short-Term Debt	0.00	20	25	31	2.50	2.80	2.10	1.50	46	1.50
Accounts Payable	42	59	66	58	73	59	78	65	59	70
Accrued Expenses	24	62	48	76	71	90	81	83	79	98
Current Deferred Revenue	12	11	13	11	8.60	9.10	7.40	10	7.90	13
Other Current Liabilities	-	-	-	0.00	6.10	6.20	4.00	3.80	4.00	4.40
Total Noncurrent Liabilities	8.30	498	397	405	513	484	465	506	475	434
Long-Term Debt	0.00	464	365	364	453	432	412	441	397	366
Noncurrent Deferred & Payable Income Tax Liabilities	3.00	30	23	8.20	2.30	2.20	0.50	0.00	4.00	5.50
Other Noncurrent Operating Liabilities	5.30	4.70	8.50	33	58	51	52	65	73	62
Total Equity & Noncontrolling Interests	526	379	428	448	466	497	547	581	543	487
Total Preferred & Common Equity	526	379	426	445	452	483	533	568	529	473
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	526	379	426	445	452	483	533	568	529	473
Common Stock	-	343	358	372	435	450	470	451	468	484
Retained Earnings	-	35	62	74	16	34	64	118	64	-5.90
Accumulated Other Comprehensive Income / (Loss)	-	0.80	5.80	-1.70	0.80	0.00	0.10	-1.20	-2.90	-5.20
Noncontrolling Interest	-	0.00	2.10	3.30	14	13	13	13	14	14

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 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	12/30/2022	3/31/2023	6/30/2023	12/29/2023	3/29/2024	6/28/2024	1/3/2025	4/4/2025	7/4/2025	1/2/2026	4/3/2026
Total Assets	1,181	1,191	1,212	1,242	1,252	1,253	1,332	1,358	1,073	1,098	1,089
Total Current Assets	607	618	639	646	652	649	657	684	620	634	626
Cash & Equivalents	82	104	119	141	142	156	176	205	136	120	85
Short-Term Investments	-	-	-	-	47	34	37	18	16	6.10	3.00
Accounts Receivable	158	160	163	140	152	152	138	146	137	147	148
Inventories, net	320	311	298	290	286	282	280	285	299	328	347
Prepaid Expenses	48	44	59	75	25	26	26	30	31	34	43
Plant, Property, & Equipment, net	143	143	142	148	148	148	151	153	153	160	163
Total Noncurrent Assets	431	430	431	448	452	455	524	521	301	304	300
Long-Term Investments	48	47	47	28	29	27	25	23	25	21	20
Goodwill	288	289	289	290	289	289	287	290	199	198	198
Intangible Assets	32	29	26	22	18	16	14	15	15	15	13
Noncurrent Deferred & Refundable Income Taxes	1.90	2.10	2.80	42	48	55	3.10	3.00	3.00	2.90	2.90
Other Noncurrent Operating Assets	61	62	67	66	68	68	195	189	60	67	67
Total Liabilities & Shareholders' Equity	1,181	1,191	1,212	1,242	1,252	1,253	1,332	1,358	1,073	1,098	1,089
Total Liabilities	656	658	667	659	662	657	778	794	604	607	601
Total Current Liabilities	157	157	159	150	154	195	151	169	177	163	195
Short-Term Debt	2.10	2.00	1.80	1.60	1.50	46	1.40	1.40	1.50	1.40	19
Accounts Payable	86	74	75	74	69	70	66	71	71	79	96
Accrued Expenses	56	67	68	62	69	67	70	83	86	66	61
Current Deferred Revenue	9.20	10	11	9.40	10	8.10	9.40	9.70	15	12	15
Other Current Liabilities	3.90	3.90	3.40	3.80	3.80	3.70	3.70	3.90	3.90	4.60	4.70
Total Noncurrent Liabilities	499	501	508	509	507	463	628	625	427	444	406
Long-Term Debt	441	441	441	441	441	397	566	566	366	366	329
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.00	0.00	-	-	-	0.00	0.00	2.60	5.50	5.80
Other Noncurrent Operating Liabilities	58	60	67	68	66	66	62	59	59	73	71
Total Equity & Noncontrolling Interests	525	533	545	583	590	595	554	564	470	491	488
Total Preferred & Common Equity	512	520	532	569	576	581	540	550	455	477	474
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	512	520	532	569	576	581	540	550	455	477	474
Common Stock	438	442	445	454	459	463	470	475	479	486	492
Retained Earnings	73	77	87	118	119	120	70	77	-18	-3.60	-12
Accumulated Other Comprehensive Income / (Loss)	0.10	0.20	-0.30	-2.20	-1.70	-1.80	-0.30	-2.40	-5.40	-5.50	-5.60
Noncontrolling Interest	13	13	13	14	14	14	14	14	14	14	14

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/2/2015	9/30/2016	9/29/2017	9/28/2018	9/27/2019	10/2/2020	10/1/2021	9/30/2022	9/29/2023	9/27/2024	10/3/2025
DEI Shares Outstanding	0.00	0.00	37,631,322.00	38,011,954.00	38,400,000.00	39,100,000.00	39,400,000.00	-	-	-	41,500,000.00
DEI Adjusted Shares Outstanding	0.00	0.00	37,631,322.00	38,011,954.00	38,400,000.00	39,100,000.00	39,400,000.00	-	-	-	41,500,000.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	1.37	0.72	0.40	-1.48	0.44	-	-	-	-1.69
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-1.93%	12.58%	10.79%	0.93%	-5.42%	10.81%	5.05%	3.96%	-9.22%	4.14%
EBITDA Growth	0.00%	-13.30%	-4.76%	-21.02%	-8.29%	-96.08%	3,472.73%	8.91%	-27.80%	-33.33%	-103.72%
EBIT Growth	0.00%	-16.91%	-18.48%	-45.68%	-9.96%	-197.18%	270.94%	18.84%	-32.18%	-50.97%	-215.41%
NOPAT Growth	0.00%	-11.20%	-18.84%	-15.79%	-31.46%	-170.24%	296.60%	31.63%	96.51%	-352.60%	93.72%
Net Income Growth	0.00%	-14.60%	-24.64%	-45.58%	-44.17%	-463.29%	131.18%	72.07%	58.12%	-196.92%	-44.72%
EPS Growth	0.00%	-14.15%	-25.27%	-47.06%	-44.44%	-472.50%	128.86%	69.77%	47.95%	-208.33%	-41.67%
Operating Cash Flow Growth	0.00%	-12.91%	1.35%	13.43%	-15.71%	-81.64%	601.52%	-81.75%	541.42%	-56.37%	-11.84%
Free Cash Flow Firm Growth	0.00%	0.00%	39.33%	126.63%	-117.02%	-115.92%	448.94%	-134.60%	632.38%	-285.13%	124.32%
Invested Capital Growth	0.00%	0.00%	63.93%	-1.65%	6.06%	-0.14%	-4.17%	11.97%	-2.98%	-4.42%	-11.17%
Revenue Q/Q Growth	0.00%	0.00%	6.68%	-1.40%	-0.31%	-4.20%	7.39%	0.60%	-0.45%	-2.61%	2.82%
EBITDA Q/Q Growth	0.00%	0.00%	0.17%	-15.56%	7.13%	-89.91%	53.92%	-2.28%	-16.34%	-0.80%	84.46%
EBIT Q/Q Growth	0.00%	0.00%	-8.14%	-29.13%	31.58%	-325.77%	142.61%	-2.56%	-22.69%	6.49%	28.29%
NOPAT Q/Q Growth	0.00%	0.00%	-3.94%	-21.89%	30.74%	-632.61%	90.93%	16.00%	130.15%	-167.17%	23.84%
Net Income Q/Q Growth	0.00%	0.00%	-12.01%	-33.72%	90.36%	-149.57%	204.68%	16.67%	62.88%	-236.02%	47.05%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-35.14%	110.53%	-148.33%	191.49%	15.87%	52.11%	-258.11%	47.04%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-5.53%	3.77%	6.52%	-72.44%	206.62%	-66.47%	38.27%	-30.95%	-30.15%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.28%	51.36%	-280.21%	416.64%	-196.21%	527.90%	-159.17%	-51.94%
Invested Capital Q/Q Growth	0.00%	0.00%	1.61%	-0.30%	-0.68%	1.22%	-4.15%	4.02%	-2.65%	-6.82%	2.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.63%	40.06%	36.31%	32.83%	32.89%	25.76%	33.19%	32.99%	32.49%	31.68%	34.40%
EBITDA Margin	22.24%	19.66%	16.63%	11.86%	10.77%	0.45%	14.41%	14.94%	10.38%	7.62%	-0.27%
Operating Margin	20.16%	17.59%	11.99%	5.75%	5.85%	-4.56%	9.06%	10.26%	8.63%	3.96%	-3.29%
EBIT Margin	20.29%	17.19%	12.45%	6.10%	5.44%	-5.59%	8.63%	9.76%	6.37%	3.44%	-3.81%
Profit (Net Income) Margin	12.78%	11.13%	7.45%	3.66%	2.02%	-7.77%	2.19%	3.58%	5.45%	-5.82%	-8.28%
Tax Burden Percent	63.32%	65.71%	69.52%	110.12%	73.49%	79.06%	62.59%	69.21%	155.59%	-944.00%	118.07%
Interest Burden Percent	99.45%	98.50%	86.08%	54.45%	50.59%	175.79%	40.51%	53.04%	55.01%	17.92%	183.85%
Effective Tax Rate	36.68%	34.29%	30.48%	-10.12%	26.51%	0.00%	37.41%	30.79%	-55.59%	1,044.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	31.83%	9.79%	6.69%	4.49%	-3.06%	6.16%	7.81%	14.76%	-38.70%	-2.71%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	38.11%	5.07%	0.17%	-1.45%	-14.06%	-4.31%	-3.84%	-13.85%	78.70%	-27.68%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-6.10%	1.44%	0.13%	-0.97%	-9.35%	-2.44%	-1.91%	-6.12%	30.35%	-10.86%
Return on Equity (ROE)	0.00%	25.73%	11.23%	6.82%	3.52%	-12.42%	3.72%	5.90%	8.64%	-8.35%	-13.58%
Cash Return on Invested Capital (CROIC)	0.00%	-168.17%	-38.66%	8.36%	-1.39%	-2.92%	10.42%	-3.48%	17.78%	-34.18%	9.11%
Operating Return on Assets (OROA)	0.00%	17.13%	10.45%	4.65%	4.19%	-3.79%	6.17%	7.20%	4.68%	2.26%	-2.77%
Return on Assets (ROA)	0.00%	11.09%	6.26%	2.79%	1.56%	-5.27%	1.57%	2.64%	4.00%	-3.83%	-6.02%
Return on Common Equity (ROCE)	0.00%	25.24%	10.96%	6.62%	3.41%	-12.04%	3.61%	5.75%	8.43%	-8.15%	-13.21%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.12%	13.72%	6.64%	3.55%	-12.71%	3.70%	5.77%	8.58%	-8.82%	0.00%
Net Operating Profit after Tax (NOPAT)	81	72	58	49	34	-24	46	61	120	-303	-19
NOPAT Margin	12.77%	11.56%	8.34%	6.34%	4.30%	-3.20%	5.67%	7.10%	13.43%	-37.36%	-2.30%
Net Nonoperating Expense Percent (NNEP)	0.00%	-6.28%	4.71%	6.52%	5.94%	11.00%	10.47%	11.65%	28.60%	-117.40%	24.97%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	-2.28%
Cost of Revenue to Revenue	60.37%	59.94%	63.69%	67.17%	67.12%	74.24%	66.81%	67.01%	67.51%	68.32%	65.61%
SG&A Expenses to Revenue	11.50%	13.84%	14.68%	15.96%	16.41%	19.26%	15.34%	13.77%	14.37%	16.99%	15.78%
R&D to Revenue	7.97%	8.63%	9.64%	10.73%	10.01%	10.69%	8.79%	8.96%	9.49%	10.73%	10.79%
Operating Expenses to Revenue	19.47%	22.46%	24.32%	27.08%	27.03%	30.33%	24.13%	22.73%	23.86%	27.72%	37.69%
Earnings before Interest and Taxes (EBIT)	128	107	87	47	43	-41	71	84	57	28	-32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	141	122	116	92	84	3.30	118	128	93	62	-2.30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	3.36	2.56	2.44	1.07	2.33	1.58	1.34	0.91	1.05
Price to Tangible Book Value (P/TBV)	0.00	0.00	27.80	10.01	16.02	5.31	8.02	3.92	2.96	2.14	1.90
Price to Revenue (P/Rev)	0.00	0.00	1.82	1.41	1.39	0.66	1.38	0.98	0.85	0.60	0.59
Price to Earnings (P/E)	0.00	0.00	24.68	39.62	70.06	0.00	64.72	27.84	15.75	0.00	0.00
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%	4.05%	2.52%	1.43%	0.00%	1.55%	3.59%	6.35%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	2.21	1.91	1.83	1.04	1.87	1.38	1.24	0.94	1.03
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	2.34	1.80	1.81	1.09	1.69	1.32	1.11	0.89	0.83
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	14.07	15.15	16.78	242.78	11.70	8.84	10.70	11.61	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	18.79	29.44	33.21	0.00	19.54	13.53	17.44	25.73	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	28.06	28.36	42.02	0.00	29.75	18.60	8.27	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	21.71	16.29	19.63	60.69	14.90	67.18	9.15	15.17	16.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	22.70	0.00	0.00	17.58	0.00	6.86	0.00	10.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	1.24	0.89	0.86	0.98	0.88	0.76	0.76	0.81	0.76
Long-Term Debt to Equity	0.00	0.00	1.19	0.83	0.79	0.97	0.87	0.75	0.76	0.72	0.75
Financial Leverage	0.00	-0.16	0.28	0.77	0.67	0.67	0.57	0.50	0.44	0.39	0.39
Leverage Ratio	0.00	1.16	1.79	2.44	2.26	2.36	2.38	2.24	2.16	2.18	2.25
Compound Leverage Factor	0.00	1.14	1.54	1.33	1.14	4.14	0.96	1.19	1.19	0.39	4.14
Debt to Total Capital	0.00%	0.00%	55.36%	47.01%	46.28%	49.43%	46.67%	43.12%	43.24%	44.67%	43.03%
Short-Term Debt to Total Capital	0.00%	0.00%	2.29%	3.02%	3.60%	0.27%	0.30%	0.22%	0.15%	4.66%	0.18%
Long-Term Debt to Total Capital	0.00%	0.00%	53.07%	43.99%	42.68%	49.16%	46.37%	42.90%	43.09%	40.01%	42.85%
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	0.00%	1.92%	1.28%	1.59%	1.62%	1.53%	1.42%	1.38%	1.30%	1.42%	1.64%
Common Equity to Total Capital	0.00%	98.08%	43.36%	51.40%	52.11%	49.04%	51.91%	55.50%	55.46%	53.91%	55.33%
Debt to EBITDA	0.00	0.00	4.17	4.25	4.70	137.97	3.69	3.23	4.77	7.17	-159.78
Net Debt to EBITDA	0.00	0.00	3.00	3.13	3.71	91.94	2.04	2.17	2.37	3.50	-81.70
Long-Term Debt to EBITDA	0.00	0.00	4.00	3.98	4.33	137.21	3.66	3.21	4.76	6.43	-159.13
Debt to NOPAT	0.00	0.00	8.32	7.95	11.76	-19.30	9.37	6.79	3.69	-1.46	-18.88
Net Debt to NOPAT	0.00	0.00	5.99	5.85	9.28	-12.86	5.19	4.56	1.83	-0.71	-9.66
Long-Term Debt to NOPAT	0.00	0.00	7.97	7.44	10.85	-19.19	9.31	6.75	3.68	-1.31	-18.81
Altman Z-Score	0.00	0.00	2.57	2.59	2.41	1.36	2.40	2.27	2.15	1.71	1.63
Noncontrolling Interest Sharing Ratio	0.00%	1.92%	2.32%	2.94%	3.01%	3.02%	2.84%	2.54%	2.36%	2.42%	2.73%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	4.63	3.26	3.01	2.50	3.25	3.33	3.52	4.04	3.32	3.43
Quick Ratio	0.00	2.04	1.63	1.35	0.98	1.40	1.80	1.52	2.20	1.83	1.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-379	-230	61	-10	-22	78	-27	145	-268	65
Operating Cash Flow to CapEx	248.40%	256.75%	372.28%	418.14%	363.13%	56.17%	613.25%	79.34%	523.67%	175.84%	182.10%
Free Cash Flow to Firm to Interest Expense	0.00	-199.37	-18.68	2.82	-0.49	-0.72	1.86	-0.68	4.93	-8.86	1.84
Operating Cash Flow to Interest Expense	71.00	39.05	6.11	3.93	3.41	0.42	2.20	0.42	3.70	1.57	1.17
Operating Cash Flow Less CapEx to Interest Expense	42.42	23.84	4.47	2.99	2.47	-0.33	1.84	-0.11	2.99	0.68	0.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.00	0.84	0.76	0.77	0.68	0.72	0.74	0.73	0.66	0.73
Accounts Receivable Turnover	0.00	5.07	4.89	4.87	5.29	5.58	5.86	5.23	5.30	5.05	5.37
Inventory Turnover	0.00	1.88	2.06	2.21	2.17	2.11	2.20	2.18	2.08	2.04	1.96
Fixed Asset Turnover	0.00	5.69	5.43	5.28	5.44	0.00	0.00	6.11	6.27	5.46	5.43
Accounts Payable Turnover	0.00	8.87	8.82	8.30	8.42	8.36	8.30	8.41	8.44	8.95	8.59
Days Sales Outstanding (DSO)	0.00	71.93	74.71	74.94	68.97	65.46	62.26	69.78	68.82	72.30	67.91
Days Inventory Outstanding (DIO)	0.00	193.84	177.29	164.97	168.36	173.18	165.84	167.32	175.72	178.61	185.83
Days Payable Outstanding (DPO)	0.00	41.14	41.38	43.98	43.37	43.65	43.97	43.41	43.24	40.78	42.49
Cash Conversion Cycle (CCC)	0.00	224.63	210.63	195.93	193.96	194.98	184.13	193.69	201.30	210.14	211.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	451	739	726	770	769	737	825	801	765	675
Invested Capital Turnover	0.00	2.75	1.17	1.06	1.04	0.96	1.09	1.10	1.10	1.04	1.18
Increase / (Decrease) in Invested Capital	0.00	451	288	-12	44	-1.10	-32	88	-25	-35	-85
Enterprise Value (EV)	0.00	0.00	1,633	1,390	1,411	801	1,380	1,135	992	718	697
Market Capitalization	0.00	0.00	1,273	1,089	1,086	484	1,126	843	759	488	496
Book Value per Share	$0.00	$14.06	$10.07	$11.21	$11.59	$11.55	$12.27	$13.37	$14.05	$13.08	$11.39
Tangible Book Value per Share	$0.00	$11.51	$1.22	$2.86	$1.77	$2.33	$3.56	$5.40	$6.36	$5.57	$6.27
Total Capital	0.00	536	874	829	854	921	931	961	1,024	993	854
Total Debt	0.00	0.00	484	390	395	455	435	414	443	443	368
Total Long-Term Debt	0.00	0.00	464	365	364	453	432	412	441	397	366
Net Debt	0.00	-86	348	287	312	303	241	279	220	216	188
Capital Expenditures (CapEx)	34	29	20	20	20	24	15	21	21	27	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	246	280	279	264	263	246	350	303	300	301
Debt-free Net Working Capital (DFNWC)	0.00	282	364	331	294	364	390	439	497	500	456
Net Working Capital (NWC)	0.00	282	344	306	263	361	388	437	496	454	455
Net Nonoperating Expense (NNE)	-0.06	2.69	6.19	21	18	34	28	30	71	-256	50
Net Nonoperating Obligations (NNO)	0.00	-86	348	287	312	303	241	279	220	216	188
Total Depreciation and Amortization (D&A)	12	15	29	45	42	45	47	45	36	34	30
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	39.61%	40.14%	36.10%	33.83%	35.66%	30.05%	40.67%	33.93%	36.97%	35.64%
Debt-free Net Working Capital to Revenue	0.00%	45.49%	52.07%	42.81%	37.66%	49.29%	47.72%	51.07%	55.63%	61.69%	54.00%
Net Working Capital to Revenue	0.00%	45.49%	49.21%	39.58%	33.73%	48.95%	47.38%	50.83%	55.46%	55.98%	53.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.14	$1.83	$1.37	$0.73	$0.41	($1.49)	$0.44	$0.76	$1.20	($1.17)	($1.70)
Adjusted Weighted Average Basic Shares Outstanding	37.40M	37.40M	37.60M	37.90M	38.20M	38.80M	39.30M	39.80M	40.30M	40.80M	41.40M
Adjusted Diluted Earnings per Share	$2.12	$1.82	$1.36	$0.72	$0.40	($1.49)	$0.43	$0.73	$1.08	($1.17)	($1.70)
Adjusted Weighted Average Diluted Shares Outstanding	37.70M	37.70M	38M	38.40M	38.60M	38.80M	40.30M	41.60M	50.30M	40.80M	41.40M
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	0.00	37.40M	37.74M	38.12M	38.49M	39.20M	39.50M	40.10M	40.50M	41.10M	41.70M
Normalized Net Operating Profit after Tax (NOPAT)	81	72	58	33	37	-22	46	61	54	22	46
Normalized NOPAT Margin	12.77%	11.56%	8.34%	4.30%	4.75%	-2.93%	5.67%	7.10%	6.04%	2.77%	5.48%
Pre Tax Income Margin	20.18%	16.93%	10.71%	3.32%	2.75%	-9.83%	3.50%	5.18%	3.50%	0.62%	-7.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	106.92	56.11	7.07	2.18	2.01	-1.32	1.68	2.11	1.94	0.92	-0.91
NOPAT to Interest Expense	67.28	37.73	4.73	2.26	1.59	-0.75	1.10	1.53	4.09	-10.03	-0.55
EBIT Less CapEx to Interest Expense	78.33	40.89	5.42	1.24	1.08	-2.06	1.32	1.57	1.24	0.03	-1.55
NOPAT Less CapEx to Interest Expense	38.70	22.52	3.09	1.32	0.65	-1.50	0.74	1.00	3.39	-10.92	-1.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	436.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	436.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
DEI Shares Outstanding	-	-	-	-	-	-	41,200,000.00	41,500,000.00	41,500,000.00	-	41,900,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	41,200,000.00	41,500,000.00	41,500,000.00	-	41,900,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.17	-2.15	0.29	-	-0.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.73%	-7.59%	-9.64%	-9.95%	-9.54%	5.16%	3.25%	-2.92%	11.28%	4.90%	1.46%
EBITDA Growth	-52.92%	-32.38%	-23.28%	-56.17%	-3.11%	14.79%	43.26%	-608.45%	80.13%	12.88%	-31.37%
EBIT Growth	-71.67%	-61.29%	-41.67%	-72.77%	25.76%	75.00%	115.48%	-1,345.31%	153.01%	32.14%	-42.54%
NOPAT Growth	3,276.50%	-61.84%	-37.71%	33.93%	-127.98%	-115.24%	171.23%	-423.96%	107.63%	2,271.05%	-30.62%
Net Income Growth	142.42%	-112.50%	-62.79%	-83.70%	-255.94%	75.00%	343.75%	-6,040.00%	123.92%	2,500.00%	-212.68%
EPS Growth	115.63%	-112.50%	-70.00%	-85.71%	-276.81%	0.00%	466.67%	-7,266.67%	123.20%	600.00%	-211.76%
Operating Cash Flow Growth	175.44%	378.38%	-88.64%	-78.78%	-45.01%	-7.77%	435.48%	-3.75%	-69.50%	-269.47%	-109.04%
Free Cash Flow Firm Growth	1,330.93%	84.41%	126.80%	215.90%	-122.71%	-84.71%	-486.29%	463.43%	156.23%	761.71%	404.30%
Invested Capital Growth	-2.98%	2.12%	-1.08%	-0.15%	-4.42%	3.15%	8.54%	-19.66%	-11.17%	-19.46%	-17.80%
Revenue Q/Q Growth	-2.07%	-16.45%	8.53%	1.41%	-1.63%	-2.87%	6.56%	-4.65%	12.76%	-8.43%	3.05%
EBITDA Q/Q Growth	-50.31%	-11.80%	25.35%	-20.22%	9.86%	4.49%	56.44%	-383.14%	138.92%	-34.52%	-4.89%
EBIT Q/Q Growth	-71.91%	-27.27%	75.00%	-23.81%	29.69%	1.20%	115.48%	-540.33%	126.35%	-47.14%	-6.31%
NOPAT Q/Q Growth	5,872.40%	-99.62%	82.19%	225.54%	-1,347.68%	99.79%	3,343.01%	-488.82%	130.02%	-42.65%	3.64%
Net Income Q/Q Growth	247.83%	-101.25%	500.00%	-6.25%	-3,426.67%	99.80%	7,200.00%	-1,354.93%	113.69%	-80.33%	-433.33%
EPS Q/Q Growth	228.57%	-101.45%	400.00%	0.00%	-4,166.67%	99.18%	1,800.00%	-1,364.71%	113.49%	-82.76%	-480.00%
Operating Cash Flow Q/Q Growth	24.93%	-78.13%	-69.90%	158.06%	223.75%	-63.32%	74.74%	-53.61%	2.60%	-303.80%	90.68%
Free Cash Flow Firm Q/Q Growth	5,088.77%	-101.85%	195.94%	30.73%	-1,077.41%	84.93%	-100.64%	290.68%	-3.10%	78.49%	-7.73%
Invested Capital Q/Q Growth	-2.65%	6.96%	-4.80%	0.74%	-6.82%	15.43%	0.17%	-25.44%	2.23%	5.49%	2.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.30%	30.05%	31.91%	31.99%	32.62%	34.28%	36.03%	33.25%	33.99%	33.30%	33.61%
EBITDA Margin	7.08%	7.47%	8.63%	6.79%	7.58%	8.16%	11.98%	-35.57%	12.28%	8.78%	8.10%
Operating Margin	10.69%	2.21%	3.73%	4.45%	5.30%	5.61%	10.38%	-39.75%	8.56%	7.35%	6.67%
EBIT Margin	2.90%	2.53%	4.07%	3.06%	4.04%	4.20%	8.50%	-39.26%	9.17%	5.30%	4.81%
Profit (Net Income) Margin	14.07%	-0.21%	0.78%	0.72%	-24.26%	-0.05%	3.33%	-43.89%	5.33%	1.15%	-3.70%
Tax Burden Percent	3,200.00%	66.67%	69.57%	187.50%	-1,996.00%	-4.00%	65.74%	102.89%	86.52%	63.16%	125.00%
Interest Burden Percent	15.15%	-12.50%	27.38%	12.50%	30.12%	29.76%	59.67%	108.66%	67.14%	34.23%	-61.54%
Effective Tax Rate	-3,100.00%	0.00%	30.43%	-87.50%	2,096.00%	104.00%	34.26%	0.00%	13.48%	36.84%	0.00%
Return on Invested Capital (ROIC)	375.77%	1.60%	2.71%	8.45%	-109.55%	-0.21%	6.64%	-30.87%	8.73%	4.97%	4.96%
ROIC Less NNEP Spread (ROIC-NNEP)	76.51%	0.46%	1.26%	2.12%	-32.60%	-0.10%	3.92%	-46.53%	6.37%	2.31%	-1.49%
Return on Net Nonoperating Assets (RNNOA)	33.81%	0.25%	0.58%	0.94%	-12.57%	-0.05%	1.86%	-18.19%	2.50%	1.21%	-0.79%
Return on Equity (ROE)	409.58%	1.85%	3.29%	9.39%	-122.12%	-0.26%	8.50%	-49.06%	11.23%	6.19%	4.17%
Cash Return on Invested Capital (CROIC)	17.78%	12.27%	16.86%	55.03%	-34.18%	-29.13%	-24.30%	18.36%	9.11%	19.48%	16.82%
Operating Return on Assets (OROA)	2.13%	1.83%	2.85%	2.07%	2.65%	2.68%	5.39%	-27.73%	6.68%	3.72%	3.37%
Return on Assets (ROA)	10.33%	-0.15%	0.54%	0.48%	-15.95%	-0.03%	2.12%	-31.00%	3.88%	0.81%	-2.60%
Return on Common Equity (ROCE)	399.92%	1.80%	3.21%	9.16%	-119.16%	-0.26%	8.29%	-47.75%	10.92%	6.02%	4.06%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.93%	7.36%	5.97%	0.00%	-8.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	778	2.94	5.36	17	-218	-0.45	15	-56	17	9.73	10
NOPAT Margin	341.95%	1.55%	2.60%	8.34%	-105.77%	-0.22%	6.82%	-27.83%	7.41%	4.64%	4.67%
Net Nonoperating Expense Percent (NNEP)	299.26%	1.14%	1.45%	6.33%	-76.95%	-0.12%	2.72%	15.67%	2.36%	2.66%	6.45%
Return On Investment Capital (ROIC_SIMPLE)	-	0.29%	-	-	-	-0.04%	1.28%	-6.75%	1.99%	1.13%	1.21%
Cost of Revenue to Revenue	65.70%	69.95%	68.09%	68.01%	67.38%	65.72%	63.97%	66.75%	66.01%	66.70%	66.39%
SG&A Expenses to Revenue	14.03%	17.05%	17.22%	17.03%	16.67%	16.92%	15.31%	16.21%	14.85%	15.60%	16.67%
R&D to Revenue	9.59%	10.79%	10.96%	10.52%	10.65%	11.76%	10.33%	10.54%	10.57%	10.35%	10.28%
Operating Expenses to Revenue	23.61%	27.84%	28.18%	27.55%	27.32%	28.68%	25.65%	73.00%	25.43%	25.95%	26.94%
Earnings before Interest and Taxes (EBIT)	6.60	4.80	8.40	6.40	8.30	8.40	18	-80	21	11	10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16	14	18	14	16	16	26	-72	28	18	18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.34	1.46	1.28	1.04	0.91	1.08	0.62	0.80	1.05	1.02	0.93
Price to Tangible Book Value (P/TBV)	2.96	3.23	2.74	2.18	2.14	2.45	1.40	1.51	1.90	1.84	1.67
Price to Revenue (P/Rev)	0.85	0.94	0.86	0.72	0.60	0.71	0.41	0.44	0.59	0.57	0.51
Price to Earnings (P/E)	15.75	18.57	17.54	17.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	6.35%	5.39%	5.70%	5.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.24	1.30	1.19	1.03	0.94	1.05	0.76	0.86	1.03	1.01	0.95
Enterprise Value to Revenue (EV/Rev)	1.11	1.27	1.14	1.01	0.89	1.13	0.82	0.69	0.83	0.84	0.81
Enterprise Value to EBITDA (EV/EBITDA)	10.70	12.99	12.10	13.52	11.61	14.54	9.45	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	17.44	22.63	22.50	32.16	25.73	29.50	16.42	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	8.27	9.16	7.53	1.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.15	9.12	9.92	12.30	15.17	19.98	11.27	9.54	16.72	44.75	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	6.86	10.73	7.05	1.86	0.00	0.00	0.00	4.19	10.67	4.64	5.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.76	0.76	0.75	0.74	0.81	1.02	1.01	0.78	0.76	0.75	0.71
Long-Term Debt to Equity	0.76	0.76	0.75	0.67	0.72	1.02	1.00	0.78	0.75	0.75	0.67
Financial Leverage	0.44	0.53	0.46	0.44	0.39	0.53	0.47	0.39	0.39	0.53	0.53
Leverage Ratio	2.16	2.19	2.17	2.16	2.18	2.26	2.26	2.18	2.25	2.33	2.33
Compound Leverage Factor	0.33	-0.27	0.60	0.27	0.66	0.67	1.35	2.37	1.51	0.80	-1.43
Debt to Total Capital	43.24%	43.18%	42.87%	42.67%	44.67%	50.57%	50.15%	43.91%	43.03%	42.82%	41.59%
Short-Term Debt to Total Capital	0.15%	0.16%	0.15%	4.45%	4.66%	0.12%	0.12%	0.18%	0.18%	0.16%	2.23%
Long-Term Debt to Total Capital	43.09%	43.02%	42.73%	38.22%	40.01%	50.45%	50.02%	43.73%	42.85%	42.66%	39.37%
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	1.30%	1.37%	1.36%	1.36%	1.42%	1.25%	1.26%	1.70%	1.64%	1.62%	1.66%
Common Equity to Total Capital	55.46%	55.45%	55.76%	55.97%	53.91%	48.18%	48.60%	54.40%	55.33%	55.56%	56.74%
Debt to EBITDA	4.77	5.16	5.50	7.11	7.17	8.87	7.92	-24.83	-159.78	-1,838.00	-42.39
Net Debt to EBITDA	2.37	3.18	2.80	3.63	3.50	5.15	4.48	-12.86	-81.70	-1,103.50	-29.18
Long-Term Debt to EBITDA	4.76	5.14	5.48	6.37	6.43	8.85	7.90	-24.73	-159.13	-1,831.00	-40.12
Debt to NOPAT	3.69	3.64	3.42	0.98	-1.46	-2.50	-4.14	-14.38	-18.88	-22.25	-15.86
Net Debt to NOPAT	1.83	2.25	1.74	0.50	-0.71	-1.45	-2.34	-7.45	-9.66	-13.36	-10.92
Long-Term Debt to NOPAT	3.68	3.63	3.41	0.88	-1.31	-2.50	-4.13	-14.32	-18.81	-22.17	-15.02
Altman Z-Score	2.02	2.08	1.98	1.80	1.66	1.62	1.45	1.35	1.79	1.80	1.72
Noncontrolling Interest Sharing Ratio	2.36%	2.47%	2.44%	2.41%	2.42%	2.47%	2.45%	2.66%	2.73%	2.67%	2.67%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.04	4.30	4.23	3.34	3.32	4.36	4.05	3.51	3.43	3.89	3.20
Quick Ratio	2.20	1.87	2.21	1.76	1.83	2.33	2.18	1.64	1.67	1.67	1.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	802	-15	14	19	-182	-27	-55	105	102	182	168
Operating Cash Flow to CapEx	872.22%	99.04%	53.45%	170.21%	431.67%	226.19%	244.12%	122.22%	141.07%	-150.47%	-24.19%
Free Cash Flow to Firm to Interest Expense	111.42	-2.04	1.80	2.52	-23.97	-3.43	-5.40	11.17	12.88	22.99	9.74
Operating Cash Flow to Interest Expense	6.54	1.41	0.39	1.08	3.41	1.19	1.63	0.82	1.00	-2.04	-0.09
Operating Cash Flow Less CapEx to Interest Expense	5.79	-0.01	-0.34	0.45	2.62	0.66	0.96	0.15	0.29	-3.39	-0.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.72	0.70	0.68	0.66	0.64	0.63	0.71	0.73	0.70	0.70
Accounts Receivable Turnover	5.30	5.90	5.50	5.28	5.05	5.91	5.57	5.68	5.37	6.00	5.84
Inventory Turnover	2.08	1.95	1.94	1.95	2.04	1.94	1.92	1.87	1.96	1.85	1.80
Fixed Asset Turnover	6.27	6.03	5.90	5.74	5.46	5.48	5.51	5.47	5.43	5.49	5.42
Accounts Payable Turnover	8.44	7.43	8.06	7.84	8.95	7.93	7.82	7.72	8.59	7.79	6.82
Days Sales Outstanding (DSO)	68.82	61.85	66.32	69.10	72.30	61.74	65.55	64.21	67.91	60.79	62.53
Days Inventory Outstanding (DIO)	175.72	187.51	188.24	187.18	178.61	188.15	189.99	195.57	185.83	197.19	202.23
Days Payable Outstanding (DPO)	43.24	49.15	45.29	46.59	40.78	46.01	46.67	47.28	42.49	46.87	53.55
Cash Conversion Cycle (CCC)	201.30	200.21	209.27	209.70	210.14	203.88	208.87	212.51	211.25	211.11	211.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	801	856	815	821	765	883	885	660	675	712	727
Invested Capital Turnover	1.10	1.04	1.04	1.01	1.04	0.94	0.97	1.11	1.18	1.07	1.06
Increase / (Decrease) in Invested Capital	-25	18	-8.90	-1.20	-35	27	70	-162	-85	-172	-158
Enterprise Value (EV)	992	1,116	974	843	718	929	676	570	697	720	693
Market Capitalization	759	828	735	602	488	586	341	365	496	486	440
Book Value per Share	$14.05	$14.01	$14.19	$14.21	$13.08	$13.14	$13.34	$10.97	$11.39	$11.44	$11.32
Tangible Book Value per Share	$6.36	$6.32	$6.62	$6.75	$5.57	$5.81	$5.92	$5.83	$6.27	$6.33	$6.28
Total Capital	1,024	1,026	1,033	1,038	993	1,121	1,131	837	854	858	836
Total Debt	443	443	443	443	443	567	567	368	368	368	348
Total Long-Term Debt	441	441	441	397	397	566	566	366	366	366	329
Net Debt	220	273	225	226	216	329	321	190	188	221	239
Capital Expenditures (CapEx)	5.40	10	5.80	4.70	6.00	4.20	6.80	6.30	5.60	11	6.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	303	356	310	311	300	295	293	292	301	346	361
Debt-free Net Working Capital (DFNWC)	497	497	499	501	500	508	516	444	456	472	449
Net Working Capital (NWC)	496	496	498	455	454	506	515	443	455	471	430
Net Nonoperating Expense (NNE)	746	3.34	3.76	16	-168	-0.35	7.43	33	4.76	7.33	18
Net Nonoperating Obligations (NNO)	220	273	225	226	216	329	321	190	188	221	239
Total Depreciation and Amortization (D&A)	9.50	9.40	9.40	7.80	7.30	7.90	7.40	7.50	7.10	7.30	7.10
Debt-free, Cash-free Net Working Capital to Revenue	33.93%	40.54%	36.27%	37.34%	36.97%	35.96%	35.46%	35.51%	35.64%	40.54%	42.05%
Debt-free Net Working Capital to Revenue	55.63%	56.64%	58.34%	60.15%	61.69%	61.87%	62.40%	54.09%	54.00%	55.24%	52.35%
Net Working Capital to Revenue	55.46%	56.46%	58.17%	54.61%	55.98%	61.70%	62.24%	53.91%	53.82%	55.08%	50.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.79	($0.01)	$0.03	$0.03	($1.22)	($0.01)	$0.17	($2.15)	$0.29	$0.06	($0.19)
Adjusted Weighted Average Basic Shares Outstanding	40.30M	40.60M	40.70M	40.90M	40.80M	41.10M	41.40M	41.50M	41.40M	41.80M	42M
Adjusted Diluted Earnings per Share	$0.69	($0.01)	$0.03	$0.03	($1.22)	($0.01)	$0.17	($2.15)	$0.29	$0.05	($0.19)
Adjusted Weighted Average Diluted Shares Outstanding	50.30M	40.60M	41.20M	41.20M	40.80M	41.10M	51.20M	41.50M	41.40M	42.30M	42M
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	40.50M	40.60M	40.90M	40.90M	41.10M	41.20M	41.50M	41.50M	41.70M	41.90M	42.10M
Normalized Net Operating Profit after Tax (NOPAT)	17	2.94	5.36	6.51	7.63	7.84	15	9.24	17	9.73	10
Normalized NOPAT Margin	7.48%	1.55%	2.60%	3.11%	3.71%	3.92%	6.82%	4.55%	7.41%	4.64%	4.67%
Pre Tax Income Margin	0.44%	-0.32%	1.12%	0.38%	1.22%	1.25%	5.07%	-42.66%	6.16%	1.81%	-2.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.92	0.66	1.06	0.86	1.09	1.05	1.77	-8.48	2.66	1.41	0.60
NOPAT to Interest Expense	108.00	0.40	0.68	2.36	-28.63	-0.06	1.42	-6.01	2.15	1.23	0.59
EBIT Less CapEx to Interest Expense	0.17	-0.77	0.33	0.23	0.30	0.53	1.11	-9.15	1.95	0.05	0.24
NOPAT Less CapEx to Interest Expense	107.25	-1.02	-0.06	1.72	-29.42	-0.58	0.76	-6.68	1.44	-0.12	0.23
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%

Financials Breakdown Chart

Key Financial Trends

Varex Imaging’s latest quarterly results show a business that is still generating solid revenue, but profitability and cash flow have weakened sharply compared with earlier periods. In Q2 2026, revenue was $216 million, up modestly from $209.6 million in Q1 2026, but the company posted an $8 million net loss and burned cash from operations. That contrasts with the more profitable run seen in much of 2024 and late 2025.

Over the last four years, the company has shown a mixed pattern: revenue has generally hovered in a fairly tight range around the low-to-mid $200 millions per quarter, but margins and earnings have been volatile. The biggest red flag in the recent period is the sharp decline from a profitable Q4 2025 to losses in Q1 and Q2 2026, driven by weaker operating leverage and especially higher interest and other non-operating costs.

Revenue held relatively steady at $216 million in Q2 2026, versus $209.6 million in Q1 2026 and $228.9 million in Q4 2025, suggesting the top line has not collapsed.
Gross profit remained healthy at $72.6 million in Q2 2026, which implies Varex still has decent pricing and product margin structure.
Cash and equivalents were still strong at $85.3 million at the end of Q2 2026, with another $3 million in short-term investments.
The balance sheet remains asset-heavy, with $1.089 billion in total assets and $488.1 million in equity in Q2 2026.
Debt has come down from earlier peaks; long-term debt fell to $329 million in Q2 2026 from $366.2 million in Q1 2026.
Operating expenses were lower than in Q4 2025, helping keep operating income positive despite modest sales growth.
Inventory remains large at $346.7 million in Q2 2026, which supports supply continuity but also ties up a lot of capital.
Non-cash expenses continue to support reported earnings, with depreciation and amortization adding back meaningful amounts each quarter.
Operating cash flow turned negative in Q2 2026 at -$1.5 million, versus +$7.9 million in Q4 2025 and +$16.6 million in Q2 2025.
Net income swung back into the red with an $8 million loss in Q2 2026, after a $12.2 million profit in Q4 2025 and a $2.4 million profit in Q1 2026.
Interest expense is a major drag; Q2 2026 interest expense was $17.2 million, far above operating income of $14.4 million.
Free cash generation looks pressured because capex, debt service, and working-capital swings are absorbing cash.
Working capital changes were a headwind in Q2 2026, with a $18.5 million drag from operating assets and liabilities.
Q3 2025 was particularly weak, with a $89.1 million net loss and a large impairment charge, showing the business can still experience sudden earnings shocks.

Bottom line: Varex Imaging is not in a revenue crisis, but the latest quarter suggests the company is struggling to turn sales into consistent earnings and cash flow. Investors will likely want to see two things go right from here: better operating cash conversion and lower interest burden. Without that, the stock may continue to look like a turnaround story rather than a steady compounder.

07/05/26 01:29 PM ETAI Generated. May Contain Errors.

Varex Imaging Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Varex Imaging's financial year ends in October. Their financial year 2025 ended on October 3, 2025.

Varex Imaging's net income appears to be on a downward trend, with a most recent value of -$69.90 million in 2025, falling from $80.80 million in 2015. The previous period was -$48.30 million in 2024. View Varex Imaging's forecast to see where analysts expect Varex Imaging to go next.

Varex Imaging's total operating income in 2025 was -$27.80 million, based on the following breakdown:

Total Gross Profit: $290.50 million
Total Operating Expenses: $318.30 million

Over the last 10 years, Varex Imaging's total revenue changed from $632.30 million in 2015 to $844.60 million in 2025, a change of 33.6%.

Varex Imaging's total liabilities were at $620.80 million at the end of 2025, a 7.4% decrease from 2024, and a 621.0% increase since 2016.

In the past 9 years, Varex Imaging's cash and equivalents has ranged from $29.90 million in 2019 to $168.70 million in 2024, and is currently $145 million as of their latest financial filing in 2025.

Over the last 10 years, Varex Imaging's book value per share changed from 0.00 in 2015 to 11.39 in 2025, a change of 1,138.8%.

Related Companies

Financial statements for NASDAQ:VREX last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Varex Imaging (VREX) Financials

Financials Breakdown Chart

Key Financial Trends

Varex Imaging Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Varex Imaging (VREX) Financials

Annual Income Statements for Varex Imaging

Quarterly Income Statements for Varex Imaging

Annual Cash Flow Statements for Varex Imaging

Quarterly Cash Flow Statements for Varex Imaging

Annual Balance Sheets for Varex Imaging

Quarterly Balance Sheets for Varex Imaging

Annual Metrics And Ratios for Varex Imaging

Quarterly Metrics And Ratios for Varex Imaging

Financials Breakdown Chart

Key Financial Trends

Varex Imaging Financials - Frequently Asked Questions

When does Varex Imaging's fiscal year end?

How has Varex Imaging's net income changed over the last 10 years?

What is Varex Imaging's operating income?

How has Varex Imaging's revenue changed over the last 10 years?

How much debt does Varex Imaging have?

How much cash does Varex Imaging have?

How has Varex Imaging's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools