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Impinj vs Varex Imaging: revenue, profit, margins and growth compared

Impinj brought in $361.1M of revenue in fiscal 2025, Varex Imaging $844.6M in fiscal 2025. Revenue changed by -1.4% at Impinj and +4.1% at Varex Imaging on the year before, so Varex Imaging grew faster. Impinj kept -3.0% of its revenue as net profit, Varex Imaging -8.3%. Free cash flow was $45.9M at Impinj and $18.8M at Varex Imaging.

Side by side, latest fiscal year

PIVREX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (October 3, 2025)
Revenue$361.1M$844.6M
Revenue growth-1.4%+4.1%
Net income-$10.8M-$70.3M
Net margin-3.0%-8.3%
Free cash flow$45.9M$18.8M
Free cash flow margin12.7%2.2%
Earnings per share (diluted)-$0.37-$1.70
Cash$48.2M$145M
Debt$280.9M$367.5M
Price to earningsn/an/a
Market value$5.4B$776.7M
Dividend yieldn/an/a
Rank by revenue in sector#340 of 530 · Technology#240 of 530 · Technology

Over the years

Revenue
PI FY2018: $122.6MPI FY2019: $152.8MPI FY2020: $138.9MPI FY2021: $190.3MPI FY2022: $257.8MPI FY2023: $307.5MPI FY2024: $366.1MPI FY2025: $361.1MVREX FY2018: $773.4MVREX FY2019: $780.6MVREX FY2020: $738.3MVREX FY2021: $818.1MVREX FY2022: $859.4MVREX FY2023: $893.4MVREX FY2024: $811MVREX FY2025: $844.6MFY18FY19FY20FY21FY22FY23FY24FY25
PI $361.1MVREX $844.6M
Net income
PI FY2018: -$35.2MPI FY2019: -$23MPI FY2020: -$51.9MPI FY2021: -$51.3MPI FY2022: -$24.3MPI FY2023: -$43.4MPI FY2024: $40.8MPI FY2025: -$10.8MVREX FY2018: $27.5MVREX FY2019: $15.5MVREX FY2020: -$57.9MVREX FY2021: $17.4MVREX FY2022: $30.3MVREX FY2023: $47.4MVREX FY2024: -$48.8MVREX FY2025: -$70.3MFY18FY19FY20FY21FY22FY23FY24FY25
PI -$10.8MVREX -$70.3M
Net margin
PI FY2018: -28.7%PI FY2019: -15.0%PI FY2020: -37.4%PI FY2021: -26.9%PI FY2022: -9.4%PI FY2023: -14.1%PI FY2024: 11.2%PI FY2025: -3.0%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
PI -3.0%VREX -8.3%
Revenue growth
PI FY2019: +24.6%PI FY2020: -9.1%PI FY2021: +37.0%PI FY2022: +35.5%PI FY2023: +19.3%PI FY2024: +19.0%PI FY2025: -1.4%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
PI -1.4%VREX +4.1%
Free cash flow
PI FY2018: -$18.1MPI FY2019: $2.3MPI FY2020: -$20MPI FY2021: -$9.8MPI FY2022: -$11.4MPI FY2023: -$68MPI FY2024: $111.2MPI FY2025: $45.9MVREX FY2018: $64.9MVREX FY2019: $52.1MVREX FY2020: -$10.3MVREX FY2021: $77.5MVREX FY2022: -$4.4MVREX FY2023: $87.7MVREX FY2024: $20.4MVREX FY2025: $18.8MFY18FY19FY20FY21FY22FY23FY24FY25
PI $45.9MVREX $18.8M

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

Questions about Impinj and Varex Imaging

Which is bigger by revenue, Impinj or Varex Imaging?

Varex Imaging is bigger by revenue: $844.6M in fiscal 2025, against $361.1M for Impinj in fiscal 2025.

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

Impinj had a net margin of -3.0% in fiscal 2025; Varex Imaging had -8.3% in fiscal 2025.

Which grew revenue faster, Impinj or Varex Imaging?

In their latest fiscal years revenue changed by -1.4% at Impinj 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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