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

Varex Imaging brought in $844.6M of revenue in fiscal 2025, Vertiv $10.2B in fiscal 2025. Revenue changed by +4.1% at Varex Imaging and +27.7% at Vertiv on the year before, so Vertiv grew faster. Varex Imaging kept -8.3% of its revenue as net profit, Vertiv 13.0%. Free cash flow was $18.8M at Varex Imaging and $1.9B at Vertiv.

Side by side, latest fiscal year

VREXVRT
Fiscal year endedFY2025 (October 3, 2025)FY2025 (December 31, 2025)
Revenue$844.6M$10.2B
Revenue growth+4.1%+27.7%
Net income-$70.3M$1.3B
Net margin-8.3%13.0%
Free cash flow$18.8M$1.9B
Free cash flow margin2.2%18.5%
Earnings per share (diluted)-$1.70$3.41
Cash$145M$1.7B
Debt$367.5M$2.9B
Price to earningsn/a74.3
Market value$776.7M$97.5B
Dividend yieldn/an/a
Rank by revenue in sector#240 of 530 · Technology#58 of 530 · Technology

Over the years

Revenue
VREX FY2018: $773.4MVREX FY2019: $780.6MVREX FY2020: $738.3MVREX FY2021: $818.1MVREX FY2022: $859.4MVREX FY2023: $893.4MVREX FY2024: $811MVREX FY2025: $844.6MVRT FY2018: $4.3BVRT FY2019: $4.4BVRT FY2020: $4.4BVRT FY2021: $5BVRT FY2022: $5.7BVRT FY2023: $6.9BVRT FY2024: $8BVRT FY2025: $10.2BFY18FY19FY20FY21FY22FY23FY24FY25
VREX $844.6MVRT $10.2B
Net income
VREX FY2018: $27.5MVREX FY2019: $15.5MVREX FY2020: -$57.9MVREX FY2021: $17.4MVREX FY2022: $30.3MVREX FY2023: $47.4MVREX FY2024: -$48.8MVREX FY2025: -$70.3MVRT FY2018: -$314MVRT FY2019: -$140.8MVRT FY2020: -$327.3MVRT FY2021: $119.6MVRT FY2022: $76.6MVRT FY2023: $460.2MVRT FY2024: $495.8MVRT FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
VREX -$70.3MVRT $1.3B
Net margin
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%VRT FY2018: -7.3%VRT FY2019: -3.2%VRT FY2020: -7.5%VRT FY2021: 2.4%VRT FY2022: 1.3%VRT FY2023: 6.7%VRT FY2024: 6.2%VRT FY2025: 13.0%FY18FY19FY20FY21FY22FY23FY24FY25
VREX -8.3%VRT 13.0%
Revenue growth
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%VRT FY2019: +3.4%VRT FY2020: -1.4%VRT FY2021: +14.4%VRT FY2022: +13.9%VRT FY2023: +20.6%VRT FY2024: +16.7%VRT FY2025: +27.7%FY19FY20FY21FY22FY23FY24FY25
VREX +4.1%VRT +27.7%
Free cash flow
VREX FY2018: $64.9MVREX FY2019: $52.1MVREX FY2020: -$10.3MVREX FY2021: $77.5MVREX FY2022: -$4.4MVREX FY2023: $87.7MVREX FY2024: $20.4MVREX FY2025: $18.8MVRT FY2018: -$286.5MVRT FY2019: $9.9MVRT FY2020: $164.5MVRT FY2021: $137.5MVRT FY2022: -$252.8MVRT FY2023: $772.6MVRT FY2024: $1.2BVRT FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
VREX $18.8MVRT $1.9B

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

Questions about Varex Imaging and Vertiv

Which is bigger by revenue, Varex Imaging or Vertiv?

Vertiv is bigger by revenue: $10.2B in fiscal 2025, against $844.6M for Varex Imaging in fiscal 2025.

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

Varex Imaging had a net margin of -8.3% in fiscal 2025; Vertiv had 13.0% in fiscal 2025.

Which grew revenue faster, Varex Imaging or Vertiv?

In their latest fiscal years revenue changed by +4.1% at Varex Imaging and +27.7% at Vertiv.

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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