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Nortech Systems vs Varex Imaging: revenue, profit, margins and growth compared

Nortech Systems brought in $118.4M of revenue in fiscal 2025, Varex Imaging $844.6M in fiscal 2025. Revenue changed by -7.6% at Nortech Systems and +4.1% at Varex Imaging on the year before, so Varex Imaging grew faster. Nortech Systems kept -0.2% of its revenue as net profit, Varex Imaging -8.3%. Free cash flow was $2.1M at Nortech Systems and $18.8M at Varex Imaging.

Side by side, latest fiscal year

NSYSVREX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (October 3, 2025)
Revenue$118.4M$844.6M
Revenue growth-7.6%+4.1%
Net income-$252K-$70.3M
Net margin-0.2%-8.3%
Free cash flow$2.1M$18.8M
Free cash flow margin1.8%2.2%
Earnings per share (diluted)-$0.09-$1.70
Cash$1.7M$145M
Debtn/a$367.5M
Price to earningsn/an/a
Market value$32.2M$776.7M
Dividend yieldn/an/a
Rank by revenue in sector#422 of 638 · Technology#242 of 638 · Technology

Over the years

Revenue
NSYS FY2018: $113.4MNSYS FY2019: $116.3MNSYS FY2020: $104.1MNSYS FY2021: $115.2MNSYS FY2022: $134.1MNSYS FY2023: $139.3MNSYS FY2024: $128.1MNSYS FY2025: $118.4MVREX FY2018: $773.4MVREX FY2019: $780.6MVREX FY2020: $738.3MVREX FY2021: $818.1MVREX FY2022: $859.4MVREX FY2023: $893.4MVREX FY2024: $811MVREX FY2025: $844.6MFY18FY19FY20FY21FY22FY23FY24FY25
NSYS $118.4MVREX $844.6M
Net income
NSYS FY2018: $166KNSYS FY2019: -$1.2MNSYS FY2020: -$1.5MNSYS FY2021: $7.2MNSYS FY2022: $2MNSYS FY2023: $6.9MNSYS FY2024: -$1.3MNSYS FY2025: -$252KVREX FY2018: $27.5MVREX FY2019: $15.5MVREX FY2020: -$57.9MVREX FY2021: $17.4MVREX FY2022: $30.3MVREX FY2023: $47.4MVREX FY2024: -$48.8MVREX FY2025: -$70.3MFY18FY19FY20FY21FY22FY23FY24FY25
NSYS -$252KVREX -$70.3M
Net margin
NSYS FY2018: 0.1%NSYS FY2019: -1.1%NSYS FY2020: -1.5%NSYS FY2021: 6.2%NSYS FY2022: 1.5%NSYS FY2023: 4.9%NSYS FY2024: -1.0%NSYS FY2025: -0.2%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
NSYS -0.2%VREX -8.3%
Revenue growth
NSYS FY2019: +2.6%NSYS FY2020: -10.5%NSYS FY2021: +10.6%NSYS FY2022: +16.5%NSYS FY2023: +3.9%NSYS FY2024: -8.0%NSYS FY2025: -7.6%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
NSYS -7.6%VREX +4.1%
Free cash flow
NSYS FY2018: $1MNSYS FY2019: $278KNSYS FY2020: $878KNSYS FY2021: -$5.8MNSYS FY2022: $3MNSYS FY2023: $485KNSYS FY2024: -$3.5MNSYS FY2025: $2.1MVREX FY2018: $64.9MVREX FY2019: $52.1MVREX FY2020: -$10.3MVREX FY2021: $77.5MVREX FY2022: -$4.4MVREX FY2023: $87.7MVREX FY2024: $20.4MVREX FY2025: $18.8MFY18FY19FY20FY21FY22FY23FY24FY25
NSYS $2.1MVREX $18.8M

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

Questions about Nortech Systems and Varex Imaging

Which is bigger by revenue, Nortech Systems or Varex Imaging?

Varex Imaging is bigger by revenue: $844.6M in fiscal 2025, against $118.4M for Nortech Systems in fiscal 2025.

Which keeps more of its revenue as profit, Nortech Systems or Varex Imaging?

Nortech Systems had a net margin of -0.2% in fiscal 2025; Varex Imaging had -8.3% in fiscal 2025.

Which grew revenue faster, Nortech Systems or Varex Imaging?

In their latest fiscal years revenue changed by -7.6% at Nortech Systems 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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