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VREX · NASDAQ · Medical - Devices

Varex Imaging

Builds X-ray imaging components for medical, security, cargo, and industrial systems.

$18.50

After-hours close+0.01 (+0.05%)

At close$18.49(0.00%)

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Profile

Varex Imaging CorporationVREXHealth Care

Supplies X-ray tubes, detectors, software, accelerators, and inspection systems for Medical and Industrial customers. Sales are mainly OEM-driven, with demand shaped by CT, cargo screening, photon-counting detectors, trade rules, tariffs, and product innovation.

Designs and manufactures X-ray imaging components for Medical and Industrial customers. The portfolio includes X-ray tubes, flat panel and photon-counting detectors, linear accelerators, image-processing software, and selected stand-alone inspection systems used in CT, mammography, oncology, dental, security, cargo, and industrial workflows.

Revenue is organized around Medical and Industrial segments and flows mainly through global OEMs that build Varex components into larger systems, with replacement products also sold through service firms, distributors, and direct channels. Operations span North America, Europe, Asia, and India. The business depends on OEM demand, CT and cargo-system cycles, photon-counting detector adoption, China trade and regulatory developments, tariffs, and continued product innovation.

Company facts

CEOSunny S. Sanyal

ListedJan 30, 2017

ExchangeNASDAQ

HeadquartersSalt Lake City, UT

CountryUnited States

Employees2,400

CIK0001681622

ISINUS92214X1063

Key statistics

Market cap$778.9M

EPS (ttm)$0.5244

P/E (ttm)35.28

ROE4.6%

P/B1.57

P/S0.9004

Dividend yield—

Beta1.30vs XLV 0.82

Year to date +58.7% · Average volume (30d) 1.1M

Analysts

Price target, next 12 months$14.50−21.6%Median of 7 analysts · vs the Aug 28 close

ConsensusHold2 of 7 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $18.50

High$14.50−21.6%

Median$14.50−21.6%

Low$14.50−21.6%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating
Aug 17, 2026	CJS Securities	Downgrade	Outperform	Market Perform
Aug 11, 2026	Oppenheimer	Downgrade	Outperform	Perform
Aug 10, 2026	Oppenheimer	Downgrade		Perform
Aug 10, 2026	B. Riley	Downgrade	Buy	Neutral
Aug 10, 2026	Sidoti & Co.	Downgrade	Buy	Neutral

Earnings

EPS

Estimate$0.32

ReportedDue Nov 17, 2026

Revenue

Estimate$229.8M

ReportedDue Nov 17, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 10, 2026Q3 FY26	$0.21	$0.31	+47.5%	$215.5M	$210.5M	−2.3%	+48.75%
May 7, 2026Q2 FY26	$0.22	$0.21	−4.5%	$216.9M	$216.0M	−0.4%	−16.91%
Feb 10, 2026Q1 FY26	$0.14	$0.19	+35.7%	$207.8M	$209.6M	+0.9%	−3.82%
Nov 18, 2025Q4 FY25	$0.18	$0.37	+105.6%	$205.8M	$228.9M	+11.2%	−13.66%

View details

Financial highlights

	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26
Revenue	$212.9M	$203.0M	$228.9M	$209.6M	$216.0M	$210.5M
Gross profit	$76.7M	$67.5M	$77.8M	$69.8M	$72.6M	$76.7M
Operating income	$22.1M	−$80.7M	$19.6M	$15.4M	$14.4M	$22.8M
Net income	$6.9M	−$89.1M	$12.2M	$2.3M	−$8.1M	$15.7M
Diluted EPS	$0.13	−$2.15	$0.29	$0.05	−$0.19	$0.37
Gross margin	36.0%	33.3%	34.0%	33.3%	33.6%	36.4%
Operating margin	10.4%	-39.8%	8.6%	7.3%	6.7%	10.8%

Fiscal years (4-quarter sums)FY21 $818.1M · FY22 $859.4M · FY23 $893.4M · FY24 $811.0M · FY25 $844.6M

Revenue by product · Q3 FY26

Medical Segment$134.0M · 64%

Industrial Segment$76.5M · 36%

Revenue by geography · Q3 FY26

Other Countries$83.0M · 20%

Americas$74.9M · 18%

Asia Pacific$68.7M · 16%

EMEA$66.9M · 16%

United States$61.0M · 14%

Japan$33.4M · 8%

China$33.1M · 8%

Balance sheet, Jul 3, 2026Cash & short-term investments $99.2M · Total debt $373.6M · Total assets $1.10B · Shareholders' equity $496.6M

Dividends

No dividends on record.

Ownership

Institutions 97.28%40.95M sharesInsiders 1.60%672.1K sharesOther 1.12%474.7K shares

Shares outstanding 42.10M · Float 41.40M · 98.3% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Pzena Investment Management LLC	4.34M	10.32%	13F	Aug 7, 2026
BlackRock, Inc.	3.89M	9.25%	13F	Aug 7, 2026
Allspring Global Investments Holdings, LLC	2.28M	5.43%	13F	Aug 13, 2026
Vanguard Capital Management	2.15M	5.10%	13G	Jul 31, 2026
Neuberger Berman Group LLC	2.08M	4.95%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Mar 20, 2026	Jay K. Kunkel	director	−4,510	$11.14
Sep 19, 2025	Karen L. Aranki	officer: Chief Human Resources Officer	−3,174	$12.34