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Varex Imaging Corporation

VREX

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Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems in select application areas. Our components are used in medical diagnostic imaging, security inspection systems, and i…

Valuation & Multiples

Based on TTM earnings · Diluted shares

Market Cap$779M
EPS$0.52
P/E35.60
P/FCF-38.58
EV/EBITDA13.83
FCF Yield–
Div. Yield–
Net Debt/FCF-13.9x
Varex Imaging Corporation intrinsic value
52-Week Range
$9.32$18.58

Profitability & Returns

Revenue (TTM)

$865M

▲ +4.1% YoY

Net Income (TTM)

$22M

▼ -44.1% YoY

Op. Margin

8.35%

▼ -7.2pp YoY

ROIC

7.69%

▼ -4.8pp YoY

Cash Flow & Balance Sheet

FCF (TTM)

-$20M

▼ -7.8% YoY

Op. Cash Flow (TTM)

$11M

▼ -11.8% YoY

Net Debt

$280M

Cash & Equiv.

$99M

5Y CAGR: +2.7%

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Held by ETFs

VREX is in 31 US ETFs. The largest of them, with VREX's weight in each:

Varex Imaging (VREX) in four numbers

Fair value (earnings)
$8.91
Price $18.51 is 108% above it.
Intrinsic Value
Quality score
10/100
Best check: share count change, 2.4%. Weakest: return on capital, 7.7%.
Quality
Dividend
None
Last paid in 2017, nothing since.
Dividends
P/E
35.60
Price to free cash flow -38.58.
Financials

Questions about Varex Imaging

Is Varex Imaging (VREX) overvalued?

At $18.51, Varex Imaging's price is 108% above the $8.91 a share fair value that Intrinsiqq's calculator gets from its earnings. It trades at 35.60 times earnings. The growth behind that figure is yours to set on the Intrinsic Value tab. See how to tell if a stock is overvalued.

What is Varex Imaging's fair value?

Intrinsiqq's calculator puts Varex Imaging's fair value at $8.91 a share. It grows earnings per share 0% a year for 5 years, applies an exit P/E of 27.6, and works back at a 10% yearly return. A 25% margin of safety gives a buy-below price of $6.68. Every input can be changed on the Intrinsic Value tab.

Is Varex Imaging a high-quality business?

Varex Imaging scores 10 out of 100 on Intrinsiqq's quality score, which makes it a lower-quality business on these measures. The score blends 7 checks computed from SEC filings. Its best check is share count change at 2.4%, and its weakest is return on capital at 7.7%. The Quality tab shows every check against its target.

Does Varex Imaging (VREX) pay a dividend?

No. Varex Imaging (VREX) does not currently pay a dividend. The last payment in our data was in 2017, and nothing has been paid since. Nor has its share count fallen meaningfully over the last twelve months, so cash is kept in the business. The Dividends tab shows its cash returns.

Source: 10-Q filed 3 Aug 2026 (period ending 3 Jul 2026), SEC. Price: last close 4 Nov 2026. How this is calculated. Sector medians are approximate S&P 500 benchmarks and update periodically. Analysis, not investment advice.

Spot a number that looks wrong? Check it in VREX's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

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