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Advanced Energy Industries vs Varex Imaging: revenue, profit, margins and growth compared

Advanced Energy Industries brought in $1.8B of revenue in fiscal 2025, Varex Imaging $844.6M in fiscal 2025. Revenue changed by +21.4% at Advanced Energy Industries and +4.1% at Varex Imaging on the year before, so Advanced Energy Industries grew faster. Advanced Energy Industries kept 8.2% of its revenue as net profit, Varex Imaging -8.3%. Free cash flow was $125.9M at Advanced Energy Industries and $18.8M at Varex Imaging.

Side by side, latest fiscal year

AEISVREX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (October 3, 2025)
Revenue$1.8B$844.6M
Revenue growth+21.4%+4.1%
Net income$148.4M-$70.3M
Net margin8.2%-8.3%
Free cash flow$125.9M$18.8M
Free cash flow margin7.0%2.2%
Earnings per share (diluted)$3.84-$1.70
Cash$791.2M$145M
Debt$567.5M$367.5M
Price to earnings72.8n/a
Market value$11.2B$776.7M
Dividend yield0.04%n/a
Rank by revenue in sector#157 of 530 · Technology#240 of 530 · Technology

Over the years

Revenue
AEIS FY2018: $718.9MAEIS FY2019: $788.9MAEIS FY2020: $1.4BAEIS FY2021: $1.5BAEIS FY2022: $1.8BAEIS FY2023: $1.7BAEIS FY2024: $1.5BAEIS FY2025: $1.8BVREX FY2018: $773.4MVREX FY2019: $780.6MVREX FY2020: $738.3MVREX FY2021: $818.1MVREX FY2022: $859.4MVREX FY2023: $893.4MVREX FY2024: $811MVREX FY2025: $844.6MFY18FY19FY20FY21FY22FY23FY24FY25
AEIS $1.8BVREX $844.6M
Net income
AEIS FY2018: $147MAEIS FY2019: $64.9MAEIS FY2020: $134.7MAEIS FY2021: $134.7MAEIS FY2022: $199.7MAEIS FY2023: $128.3MAEIS FY2024: $54.2MAEIS FY2025: $148.4MVREX FY2018: $27.5MVREX FY2019: $15.5MVREX FY2020: -$57.9MVREX FY2021: $17.4MVREX FY2022: $30.3MVREX FY2023: $47.4MVREX FY2024: -$48.8MVREX FY2025: -$70.3MFY18FY19FY20FY21FY22FY23FY24FY25
AEIS $148.4MVREX -$70.3M
Net margin
AEIS FY2018: 20.5%AEIS FY2019: 8.2%AEIS FY2020: 9.5%AEIS FY2021: 9.3%AEIS FY2022: 10.8%AEIS FY2023: 7.7%AEIS FY2024: 3.7%AEIS FY2025: 8.2%VREX FY2018: 3.6%VREX FY2019: 2.0%VREX FY2020: -7.8%VREX FY2021: 2.1%VREX FY2022: 3.5%VREX FY2023: 5.3%VREX FY2024: -6.0%VREX FY2025: -8.3%FY18FY19FY20FY21FY22FY23FY24FY25
AEIS 8.2%VREX -8.3%
Revenue growth
AEIS FY2019: +9.7%AEIS FY2020: +79.5%AEIS FY2021: +2.8%AEIS FY2022: +26.8%AEIS FY2023: -10.3%AEIS FY2024: -10.5%AEIS FY2025: +21.4%VREX FY2019: +0.9%VREX FY2020: -5.4%VREX FY2021: +10.8%VREX FY2022: +5.0%VREX FY2023: +4.0%VREX FY2024: -9.2%VREX FY2025: +4.1%FY19FY20FY21FY22FY23FY24FY25
AEIS +21.4%VREX +4.1%
Free cash flow
AEIS FY2018: $130.9MAEIS FY2019: $23.2MAEIS FY2020: $164.9MAEIS FY2021: $111.4MAEIS FY2022: $124.7MAEIS FY2023: $147.9MAEIS FY2024: $74MAEIS FY2025: $125.9MVREX FY2018: $64.9MVREX FY2019: $52.1MVREX FY2020: -$10.3MVREX FY2021: $77.5MVREX FY2022: -$4.4MVREX FY2023: $87.7MVREX FY2024: $20.4MVREX FY2025: $18.8MFY18FY19FY20FY21FY22FY23FY24FY25
AEIS $125.9MVREX $18.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Advanced Energy Industries and Varex Imaging

Which is bigger by revenue, Advanced Energy Industries or Varex Imaging?

Advanced Energy Industries is bigger by revenue: $1.8B in fiscal 2025, against $844.6M for Varex Imaging in fiscal 2025.

Which keeps more of its revenue as profit, Advanced Energy Industries or Varex Imaging?

Advanced Energy Industries had a net margin of 8.2% in fiscal 2025; Varex Imaging had -8.3% in fiscal 2025.

Which grew revenue faster, Advanced Energy Industries or Varex Imaging?

In their latest fiscal years revenue changed by +21.4% at Advanced Energy Industries and +4.1% at Varex Imaging.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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