Varex Imaging Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Varex Imaging Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	620	698	773	781	738	818	859	893	811	845
Cost of revenue	372	445	520	524	548	547	576	603	554	554
Gross profit	248	254	254	257	190	272	284	290	257	291
Research and development	53.5	67.3	83	78.1	78.9	71.9	77	84.8	87	91.1
Selling, general and administrative	85.8	103	123	128	142	126	118	128	138	133
Operating expenses	139	170	209	211	224	197	195	213	225	318
Operating income	109	83.7	44.5	45.7	-33.7	74.1	88.2	77.1	32.1	-27.8
Interest expense	1.9	12.3	21.7	21.1	31.4	42.1	39.8	29.3	30.2	35.5
Interest income	0.3	0.2	0.2	0.1	0.1	0.1	0.4	3.7	7.3	8.5
Other non-operating income	-4.1	-8.9	-18.8	-24.2	-38.9	-45.5	-43.7	-45.8	-27.1	-31.4
Pre-tax income	105	74.8	25.7	21.5	-72.6	28.6	44.5	31.3	5	-59.2
Income tax	36	22.8	-2.6	5.7	-15.2	10.7	13.7	-16.6	53.3	10.7
Net income to minority interests	0.5	0.4	0.8	0.3	0.5	0.5	0.5	0.5	0.5	0.4
Net income	68.5	51.6	27.5	15.5	-57.9	17.4	30.3	47.4	-48.8	-70.3
EBITDA	119	101	70.5	69.2	-11.4	94.6	107	96.6	53.3	-4.6
EPS, basic	1.83	1.37	0.73	0.41	-1.49	0.44	0.76	1.18	-1.20	-1.70
EPS, diluted	1.82	1.36	0.72	0.40	-1.49	0.43	0.73	1.07	-1.20	-1.70
Shares, basic (weighted)	37.4	37.6	37.9	38.2	38.8	39.3	39.8	40.3	40.8	41.4
Shares, diluted (weighted)	37.7	38	38.4	38.6	38.8	40.3	41.6	50.3	40.8	41.4

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.5	83.3	51.9	29.9	101	145	89.4	153	169	145
Short-term investments								41.3	31.8	10.1
Receivables	122	164	154	141	124	155	173	164	158	157
Inventory	197	235	235	248	272	225	303	278	265	299
Other current assets	3.8	13.9	17.1	19.3	25.7	29.5	44	23.3	26.9	30.7
Total current assets	360	495	458	438	522	554	610	658	650	642
Property, plant and equipment	109	148	145	142	145	140	141	144	153	158
Lease right-of-use assets				0	27.7	24.3	23.2	29	28.3	29.4
Goodwill	74.7	242	244	291	293	292	285	289	291	198
Intangible assets	20.7	91.3	73.8	86.3	67.5	50.7	33.6	22.4	16.1	14
Other non-current assets	3.4	11	16.5	27.5	32.2	32.6	43.2	37.5	46.8	38.6
Total assets	622	1,040	988	1,039	1,140	1,148	1,184	1,250	1,214	1,107
Accounts payable	41.9	58.9	66.3	58.2	72.9	58.8	78.2	64.7	59.1	69.9
Accrued liabilities	23.9	62.4	47.5	75.7	70.5	89.7	81.4	82.6	78.6	98.4
Deferred revenue	12	10.5	13.2	10.5	8.6	9.1	7.4	10.2	7.9	13
Short-term debt	0	20	25	30.7	2.5	2.8	2.1	1.5	46.3	1.5
Total current liabilities	77.8	152	152	175	161	167	173	163	196	187
Long-term debt	0	464	365	364	453	432	412	441	397	366
Lease liabilities				0	23.1	18.7	18	23.1	23	24
Other non-current liabilities	5.3	4.7	8.5	32.5	34.9	31.8	33.8	41.6	50.4	38.1
Total liabilities	86.1	650	549	580	674	651	638	669	670	621
Total debt	0	484	390	395	455	435	414	443	443	368
Paid-in capital	0	343	358	372	434	449	469	450	467	483
Retained earnings	0	35.1	62.4	74.4	16.1	33.5	63.8	118	64.4	-5.9
Other comprehensive income	0	0.8	5.8	-1.7	0.8	0	0.1	-1.2	-2.9	-5.2
Shareholders' equity	526	379	426	445	452	483	533	568	529	473
Minority interests		0	2.1	3.3	14.1	13.2	13.3	13.3	14.1	14
Total equity	526	379	428	448	466	497	543	576	543	487
Total liabilities and equity	622	1,040	988	1,039	1,140	1,148	1,184	1,250	1,214	1,107
Shares outstanding	0	37.6	38	38.4	39.1	39.4	40.1	40.5	41.1	41.7

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	69	52	28.3	15.8	-57.4	17.9	30.8	47.9	-48.3	-69.9
Depreciation and amortization	9.8	16.9	26	23.5	22.3	20.5	19	19.5	21.2	23.2
Stock-based compensation	9.5	8.4	10	11.7	13.4	13.9	14	13.5	15.3	15
Deferred income tax	3.7	-8.9	-7.7	-11.6	-3.2	-2.9	-0.5	-39.3	38.4	-0.7
Change in receivables	-4.6	-23.1	9	14.8	17.7	-32.9	-18.1	9.8	6.7	0.1
Change in inventory	-23.5	-4.2	-2.4	-11.1	-42.7	42.8	-85	20.2	6.6	-39.9
Change in payables	-1.9	4.9	5.2	-9	14.3	-13.6	19.7	-15	-3.2	6.2
Cash from operations	74.2	75.2	85.3	71.9	13.2	92.6	16.9	108	47.3	41.7
Capital expenditures	-28.9	-20.2	-20.4	-19.8	-23.5	-15.1	-21.3	-20.7	-26.9	-22.9
Acquisitions	-1.2	-272	-4.8	-69.5	-1.6	0	0	-1	0.9	0
Purchases of investments					0	0	-18.7	-52.2	-56.6	-30.6
Sales and maturities of investments					0	0	2	28.3	58.8	50.5
Cash from investing	-21.6	-292	-25.2	-93.2	-26.9	-16.2	-48.4	-44.9	-27.5	10.3
Debt issued								0	0	127
Stock issued	0	2.8	3.8	0.8	1.5	0	3.8	0.2	0	0
Cash from financing	-36.8	263	-90.4	-0.1	83.6	-32.3	-23.8	-0.2	-3.3	-75.9
Exchange rate effect	0.1	0.9	-0.5	-0.7	0.9	-0.1	-0.2	0.1	-0.1	0.6
Net change in cash	15.9	47.4	-30.8	-22.1	70.8	44	-55.5	63.4	16.4	-23.3
Free cash flow	45.3	55	64.9	52.1	-10.3	77.5	-4.4	87.7	20.4	18.8
Interest paid	0	9.8	19.3	19.9	16.7	21.6	29.5	27.4	27.6	31.3
Income taxes paid	0	6	13.8	8.2	4.2	14.1	2.2	16.7	20.2	18.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $18.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.3%	Gross profit / revenue.
Operating margin	8.3%	Operating income / revenue.
EBITDA margin	11.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.2%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	-2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.3%	Cash from operations / revenue.
Effective tax rate	18.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.6%	Research and development expense / revenue.
SG&A / revenue	15.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-186.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-108.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-11.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	35.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-10.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.38x	Current assets / current liabilities.
Quick ratio	1.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.6%	Total debt / total assets.
Liabilities / assets	53.6%	Total liabilities / total assets.
Net debt	$247.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.61x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.86x	Operating income / interest expense.
Working capital	$445.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$286.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.79x	Revenue / average total assets.
Fixed asset turnover	5.11x	Revenue / average property, plant and equipment.
Inventory turnover	1.64x	Cost of revenue / average inventory.
Days inventory	223 days	365 x average inventory / cost of revenue.
Receivables turnover	5.98x	Revenue / average receivables.
Days sales outstanding	61 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	230 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-91.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	278.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.31	Revenue / diluted weighted shares.
FCF per share	-$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.27	Cash from operations / diluted weighted shares.
Book value per share	$11.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.80	Tangible book value / shares outstanding.
Cash per share	$2.35	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$776.7M	Share price x shares outstanding.
Enterprise value	$1.02B	Market cap + total debt - cash - short-term investments.
P/E	35.1x	Market cap / net income. Only when net income is positive.
P/S	0.90x	Market cap / revenue.
P/B	1.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.71x	Market cap / tangible book value, when positive.
P/OCF	68.7x	Market cap / cash from operations, when positive.
EV/Sales	1.18x	Enterprise value / revenue.
EV/EBIT	14.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.8x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.6%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).

What was Varex Imaging Corp's revenue in fiscal 2025?

Varex Imaging Corp reported revenue of $844.6M for fiscal 2025, 4.1% higher than the year before.

Was Varex Imaging Corp profitable in fiscal 2025?

No. It reported a net loss of $70.3M.

How much free cash flow did Varex Imaging Corp generate in fiscal 2025?

Cash from operations of $41.7M minus capital expenditures of $22.9M left free cash flow of $18.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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