VREX
Varex Imaging Corporation
VREX's fundamentals are strong, but it looks expensive: trading at 35x earnings, above its usual 31x. Analysts expect earnings growth.
VREX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Stable |
VREX's profitability is currently healthy, and its revenue and balance sheet are stable, but its cash flow is under pressure.
VREX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $9.16 | -50% |
| Forward | 20x | $18.27 | — |
| Fair | 31x | $16.23 | -11% |
| Current | 35x | $18.27 | — |
| Expensive | 69x | $35.92 | +97% |
Historical ranges are pointers, not guarantees.
VREX's PE is in its fair range at 35x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its cheap range.
VREX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect VREX's earnings to grow, with its revenue and profitability holding steady.
VREX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.91 | +75% |
| Q2 2026 | $0.52 | +$3.73 |
| Q1 2026 | -$2.00 | -$0.97 |
| Q4 2025 | -$1.64 | -$0.47 |
| Q3 2025 | -$1.70 | -$0.53 |
| Q2 2025 | -$3.21 | -534% |
| Q1 2025 | -$1.03 | -212% |
| Q4 2024 | -$1.17 | -218% |
| Q3 2024 | -$1.17 | -208% |
VREX has returned to profit: it earned $0.52 per share over the past year, after losing money the year before.
VREX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $210.5M | +3.7% |
| Q1 2026 | $216M | +1.5% |
| Q4 2025 | $209.6M | +4.9% |
| Q3 2025 | $228.9M | +11% |
| Q2 2025 | $203M | -2.9% |
| Q1 2025 | $212.9M | +3.2% |
| Q4 2024 | $199.8M | +5.2% |
| Q3 2024 | $205.7M | -9.5% |
VREX's revenue has grown year over year for four quarters in a row: $211M last quarter, up 3.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 11% | +51 points |
| Q1 2026 | 6.7% | -3.7 points |
| Q4 2025 | 7.3% | +1.7 points |
| Q3 2025 | 8.6% | +3.3 points |
| Q2 2025 | -40% | -44 points |
| Q1 2025 | 10% | +6.7 points |
| Q4 2024 | 5.6% | +3.4 points |
| Q3 2024 | 5.3% | -5.4 points |
VREX's operating margin was 11% last quarter, up 51 points from the same quarter a year ago.
VREX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $12M | +757% |
| Q1 2026 | -$7.7M | -179% |
| Q4 2025 | -$26.8M | -606% |
| Q3 2025 | $2.3M | -88% |
| Q2 2025 | $1.4M | -58% |
| Q1 2025 | $9.8M | +$12.5M |
| Q4 2024 | $5.3M | +$5.4M |
| Q3 2024 | $19.9M | -52% |
VREX's free cash flow was −$20M over the past year, against $36M the year before.
VREX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.4% | +600K shares |
| 1 year | +2.7% | +1.1M shares |
| 3 years | -15% | -7.8M shares |
| 5 years | +3.1% | +1.3M shares |
| Available history | +10% | +4M shares |
VREX has 43M diluted shares, up 2.7% from a year ago.
VREX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.5x | Moderate |
| Q4 2025 | 75.2x | High |
| Q1 2025 | 4.5x | High |
| Q4 2024 | 5.7x | High |
| Q3 2024 | 4.4x | High |
| Q2 2024 | 3.6x | Elevated |
| Q1 2024 | 3.2x | Elevated |
| Q4 2023 | 3.0x | Moderate |
VREX's net debt is about 2.5 years of its operating earnings (EBITDA), down from 4.3 years a year ago.
VREX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 74.5 | Overbought |
| Stochastic | 65.8 | Neutral |
VREX's weekly RSI is 75 (overbought) and its Stochastic is 66 (neutral).
VREX PE vs Healthcare Sector
| Metric | VREX | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 26x | 36% above |
| PE % | 65 | 29 | 36 pts above |
VREX is trading at 35x earnings, a 36% premium to the Healthcare sector's median of 26x.
VREX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.4 | 0.8% below |
| 20 week MA | $16.3 | 12% above |
| 50 week MA | $13.5 | 35% above |
| 100 week MA | $12.1 | 51% above |
| 200 week MA | $14.9 | 23% above |
VREX has slipped below its 8-week average, but it's still above the other four, and 23% above its 200-week average.
VREX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.3 | $16.3 | -46% |
| 2021 | $16.3 | $31.8 | +96% |
| 2022 | $31.8 | $19.8 | -38% |
| 2023 | $19.8 | $20.5 | +3.5% |
| 2024 | $20.5 | $14.8 | -28% |
| 2025 | $14.8 | $11.8 | -20% |
| 2026 YTD | $11.8 | $18.3 | +54% |
VREX is up 54% so far in 2026, after finishing lower in four of the previous six years.