# Varex Imaging share price today (Varex Imaging Corporation, VREX)

> Varex Imaging Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. VREX · Healthcare · Medical Devices · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/vrex

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## Key numbers

- Business trend: Getting worse, from fewer quarters than usual
- Price: $18.53 (+58.5% in a year)
- P/E: 35.6×, too little history to compare yet
- Revenue (Jul 2026): $211 M (+3.7% on a year ago)
- Profit (Jul 2026): $15.7 M
- Operating margin: 10.8% (+4.3 points on a year ago)
- ROE: −14%, FY25
- ROIC: 7.5%, against a 9.2% cost of capital: −1.7 points

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Varex Imaging share price today? Varex Imaging Corporation's share price was $18.53 at the close on 3 November 2026. That is 35.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between $10 and $19, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 14 weeks in a row. Over the last 1 year the share price moved +127% while the S&P 500 moved +21%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Varex Imaging pay? Varex Imaging Corporation pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is Varex Imaging on? Varex Imaging is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Varex Imaging profitable? Varex Imaging Corporation earned $15.7 M of net profit in the Jul 2026 quarter. The full FY25 year was a loss of $70.3 M. That is 7.5% of the quarter's revenue. The same quarter a year earlier lost $89.1 M. 5 of the last 12 reported quarters were loss-making. ## How much revenue does Varex Imaging make, and is it growing? Varex Imaging Corporation reported $211 M of revenue in the Jul 2026 quarter, +3.7% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 4 years it has grown 0.8% a year on average. The last full year, FY25, came in at $845 M. The last four reported quarters add to $865 M. FY25 revenue was $845 M, +4.1% on the year before. Recent pace: the last four quarters grew +5.4% on average, against 0.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +5.3%, against +1.9% a year over the last 8 quarters (accelerating). ## How much of every $100 of sales does Varex Imaging keep? Varex Imaging Corporation's operating margin was 10.8% in the Jul 2026 quarter, 4.3 percentage points higher than the same quarter a year ago. Across 5 years it has been between 4.0% and 10.5%. The latest quarter is above every full year in that period. Why the margin moved: operating margin changed +4.3 percentage points on the year while gross margin changed +3.1 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Varex Imaging's profit turning into cash? Over the last 3 years, 229% of Varex Imaging Corporation's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $41.7 M of operating cash against −$70.3 M of profit. After $22.9 M of spending on assets, $18.8 M was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Varex Imaging's cash go? Varex Imaging Corporation does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $70.5 M on assets over the last 3 years. Averaged over those years that is 2.8% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $70.5 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Varex Imaging's P/E ratio, and how does it compare with its own history? Varex Imaging Corporation's P/E is 35.6×, with too little history to compare. Its usual P/E (the middle reading) is 35.6×, over 4 months of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple. ## Is the Varex Imaging business getting better or worse? Varex Imaging Corporation's business is getting worse. Profit and EPS growth are shrinking: profit growth is −490.6% in the latest quarter, against +59.1% at its best in 12 quarters, with ROE falling at -14.4%. This is based on 12 quarters of 4 measures, with some gaps. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## How much does Varex Imaging earn on its capital? Varex Imaging Corporation earned a ROE of −14% in FY25. Its return on capital used (ROIC) is 1.7 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −8.3% net margin and 0.76× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −8.3% net margin × 0.76× asset turnover × 2.28× leverage (assets divided by equity) ≈ −14.4% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 7.5% − 9.2% = −1.7 percentage points. The 9.2% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 7.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 8.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Varex Imaging have too much debt? Varex Imaging Corporation has total debt of $379 M against shareholder equity of $510 M as of Jul 2026, so its debt is 0.74× its equity. Year by year, that ratio went from 0.93 in FY21 to 0.83 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Varex Imaging shareholding pattern? 3.9% of Varex Imaging Corporation's tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 3.0 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Varex Imaging from balance-sheet trouble? For Varex Imaging Corporation, the Z-score is 1.98. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the grey area between the two. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 1.98 is in the grey area, neither clearly safe nor clearly in trouble. ## How does Varex Imaging rank in its industry? There is no score against its industry: Varex Imaging Corporation is not among the largest members shown in this industry comparison for Medical Devices. The score ranks a company within its industry: each measure is scored against the other members. Without that group there is no score, so none is shown. ## Which companies is Varex Imaging compared with? No sector comparison is shown here, not among the largest members shown in this industry comparison. ## Which companies are close to Varex Imaging in size? Varex Imaging is the 48th largest of 75 Medical Devices companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Beta Bionics, Inc., OrthoPediatrics Corp. and InMode. Just below it: Cytek Biosciences, Inc., Pacific Biosciences of California, Inc. and Tactile Systems Technology, Inc. ### Medical Devices companies close in size

1. [Beta Bionics, Inc.](https://www.sectoralpha.in/us/stocks/bbnx) $821 million
2. [OrthoPediatrics Corp.](https://www.sectoralpha.in/us/stocks/kids) $820 million
3. [InMode Ltd.](https://www.sectoralpha.in/us/stocks/inmd) $809 million
4. Varex Imaging Corporation $781 million
5. [Cytek Biosciences, Inc.](https://www.sectoralpha.in/us/stocks/ctkb) $775 million
6. [Pacific Biosciences of California, Inc.](https://www.sectoralpha.in/us/stocks/pacb) $758 million
7. [Tactile Systems Technology, Inc.](https://www.sectoralpha.in/us/stocks/tcmd) $561 million

[All 75 Medical Devices companies, largest first](https://www.sectoralpha.in/us/sectors/medical-devices#all-companies)

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1. [Financial Institutions, Inc.](https://www.sectoralpha.in/us/stocks/fisi) $784 million · Banks - Regional
2. [CTO Realty Growth, Inc.](https://www.sectoralpha.in/us/stocks/cto) $779 million · REIT - Diversified
3. Varex Imaging Corporation $778 million
4. [Fidus Investment Corporation](https://www.sectoralpha.in/us/stocks/fdus) $775 million · Asset Management
5. [Azul S.A.](https://www.sectoralpha.in/us/stocks/azul) $773 million · Airlines

## What else do people ask about Varex Imaging? ### What were Varex Imaging's latest quarterly results? Varex Imaging Corporation reported revenue of $211 M and net profit of $15.7 M for the Jul 2026 quarter. Earnings per share were $0.37. The operating margin was 10.8%, 4.3 percentage points higher than a year earlier (as of 3 November 2026). ### What is Varex Imaging's market cap? Varex Imaging Corporation's market capitalisation is $781 M at a stock price of $18.53. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Varex Imaging performing? Varex Imaging Corporation's latest readings are below. Over the past 13 weeks it has done better than the S&P 500, for 14 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Varex Imaging's stock price go up? This page does not forecast Varex Imaging Corporation's stock price. What it shows instead: the stock price is $18.53. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Is Varex Imaging's profit real cash? Yes, over the last 3 years, 229% of Varex Imaging Corporation's reported profit came in as cash from operations. The latest year was lower at -59%, so the trend is worth watching. In FY25, operating cash was $41.7 M against reported profit of −$70.3 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 3 November 2026). ### Where is Varex Imaging in its business cycle? Varex Imaging Corporation's FY25 operating margin was 7.8%, against a 5-year range of 4.0% to 10.5%: the middle of its own range, neither a peak nor a low. The latest quarter was 10.8%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Varex Imaging story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Varex Imaging a stock worth studying right now? What the numbers show: Varex Imaging Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.