Varex Imaging (VREX) Financials

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As of 05:44 PM Eastern

Annual Income Statements for Varex Imaging

This table shows Varex Imaging's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	30	48	-48
Consolidated Net Income / (Loss)	31	49	-47
Net Income / (Loss) Continuing Operations	31	49	-47
Total Pre-Tax Income	45	31	5.00
Total Operating Income	88	77	32
Total Gross Profit	284	290	257
Total Revenue	859	893	811
Operating Revenue	859	893	811
Total Cost of Revenue	576	603	554
Operating Cost of Revenue	576	603	554
Total Operating Expenses	195	213	225
Selling, General & Admin Expense	118	128	138
Research & Development Expense	77	85	87
Total Other Income / (Expense), net	-44	-46	-27
Interest Expense	40	29	30
Interest & Investment Income	0.40	3.70	7.30
Other Income / (Expense), net	-4.30	-20	-4.20
Income Tax Expense	14	-17	52
Net Income / (Loss) Attributable to Noncontrolling Interest	0.50	0.50	0.50
Basic Earnings per Share	$0.76	$1.20	($1.17)
Weighted Average Basic Shares Outstanding	39.80M	40.30M	40.80M
Diluted Earnings per Share	$0.73	$1.08	($1.17)
Weighted Average Diluted Shares Outstanding	41.60M	50.30M	40.80M
Weighted Average Basic & Diluted Shares Outstanding	40.10M	40.50M	41.10M

This table shows Varex Imaging's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	8.20	13	3.10	4.10	9.10	32	-0.50	1.40	1.40	-50	-0.30
Consolidated Net Income / (Loss)	8.40	13	3.20	4.30	9.20	32	-0.40	1.60	1.50	-50	-0.10
Net Income / (Loss) Continuing Operations	8.40	13	3.20	4.30	9.20	32	-0.40	1.60	1.50	-50	-0.10
Total Pre-Tax Income	14	14	5.40	7.80	17	1.00	-0.60	2.30	0.80	2.50	2.50
Total Operating Income	23	25	13	16	24	24	4.20	7.70	9.30	11	11
Total Gross Profit	73	75	63	73	76	78	57	66	67	67	69
Total Revenue	215	231	206	228	232	227	190	206	209	206	200
Operating Revenue	215	231	206	228	232	227	190	206	209	206	200
Total Cost of Revenue	141	157	142	156	156	149	133	140	142	139	131
Operating Cost of Revenue	141	157	142	156	156	149	133	140	142	139	131
Total Operating Expenses	50	50	50	57	52	54	53	58	58	56	57
Selling, General & Admin Expense	30	30	30	34	32	32	32	36	36	34	34
Research & Development Expense	20	20	20	23	20	22	21	23	22	22	24
Total Other Income / (Expense), net	-9.50	-11	-7.60	-7.80	-7.10	-23	-4.80	-5.40	-8.50	-8.40	-8.70
Interest Expense	9.40	9.40	7.50	7.30	7.30	7.20	7.30	7.90	7.40	7.60	8.00
Interest & Investment Income	0.10	0.20	0.50	0.70	0.90	1.60	1.90	1.80	1.80	1.80	2.10
Other Income / (Expense), net	-0.20	-1.30	-0.60	-1.20	-0.70	-18	0.60	0.70	-2.90	-2.60	-2.80
Income Tax Expense	5.10	0.90	2.20	3.50	7.90	-31	-0.20	0.70	-0.70	52	2.60
Net Income / (Loss) Attributable to Noncontrolling Interest	0.20	0.10	0.10	0.20	0.10	0.10	0.10	0.20	0.10	0.10	0.20
Basic Earnings per Share	$0.21	$0.32	$0.08	$0.10	$0.23	$0.79	($0.01)	$0.03	$0.03	($1.22)	($0.01)
Weighted Average Basic Shares Outstanding	39.90M	39.80M	40.10M	40.20M	40.40M	40.30M	40.60M	40.70M	40.90M	40.80M	41.10M
Diluted Earnings per Share	$0.20	$0.32	$0.08	$0.10	$0.21	$0.69	($0.01)	$0.03	$0.03	($1.22)	($0.01)
Weighted Average Diluted Shares Outstanding	40.50M	41.60M	40.60M	40.50M	50.40M	50.30M	40.60M	41.20M	41.20M	40.80M	41.10M
Weighted Average Basic & Diluted Shares Outstanding	39.90M	40.10M	40.10M	40.40M	40.40M	40.50M	40.60M	40.90M	40.90M	41.10M	41.20M

This table details how cash moves in and out of Varex Imaging's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-56	63	16
Net Cash From Operating Activities	17	108	47
Net Cash From Continuing Operating Activities	17	108	47
Net Income / (Loss) Continuing Operations	31	49	-47
Consolidated Net Income / (Loss)	31	49	-47
Depreciation Expense	19	20	21
Amortization Expense	26	16	13
Non-Cash Adjustments To Reconcile Net Income	29	40	22
Changes in Operating Assets and Liabilities, net	-87	-16	39
Net Cash From Investing Activities	-48	-45	-28
Net Cash From Continuing Investing Activities	-48	-45	-28
Purchase of Property, Plant & Equipment	-21	-21	-27
Acquisitions	-0.60	-1.00	0.90
Purchase of Investments	-21	-55	-57
Sale of Property, Plant & Equipment	-	0.00	0.00
Sale and/or Maturity of Investments	2.00	35	61
Other Investing Activities, net	-9.10	-3.60	-5.30
Net Cash From Financing Activities	-24	-0.20	-3.30
Net Cash From Continuing Financing Activities	-24	-0.20	-3.30
Repayment of Debt	-30	-2.90	-4.90
Issuance of Common Equity	4.90	3.90	3.80
Other Financing Activities, net	1.00	-1.20	-2.20
Other Net Changes in Cash	-	0.10	-0.10
Cash Interest Paid	30	27	28
Cash Income Taxes Paid	2.20	17	20

This table details how cash moves in and out of Varex Imaging's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-16	-10	-7.80	23	14	34	-11	0.50	15	13	131
Net Cash From Operating Activities	-2.70	17	-3.70	27	38	47	10	3.10	8.00	26	9.50
Net Cash From Continuing Operating Activities	-2.70	17	-3.70	27	38	47	10	3.10	8.00	26	9.50
Net Income / (Loss) Continuing Operations	8.40	13	3.20	4.30	9.20	32	-0.40	1.60	1.50	-50	-0.10
Consolidated Net Income / (Loss)	8.40	13	3.20	4.30	9.20	32	-0.40	1.60	1.50	-50	-0.10
Depreciation Expense	4.70	4.70	4.60	4.70	4.90	5.30	5.10	5.20	5.30	5.60	6.20
Amortization Expense	6.50	6.20	4.00	4.10	4.00	4.20	4.30	4.20	2.50	1.70	1.70
Non-Cash Adjustments To Reconcile Net Income	7.30	7.90	4.00	6.90	5.30	24	1.60	7.50	6.80	5.70	8.20
Changes in Operating Assets and Liabilities, net	-30	-15	-20	7.30	14	-18	-0.30	-15	-8.10	63	-6.50
Net Cash From Investing Activities	-14	-28	-3.70	-3.80	-23	-15	-20	-1.30	7.70	-14	-3.00
Net Cash From Continuing Investing Activities	-14	-28	-3.70	-3.80	-23	-15	-20	-1.30	7.70	-14	-3.00
Purchase of Property, Plant & Equipment	-4.00	-9.80	-5.50	-5.60	-4.20	-5.40	-10	-5.80	-4.70	-6.00	-4.20
Acquisitions	-	-0.30	0.00	-	-	-1.00	0.90	-	-	-	0.00
Purchase of Investments	-10	-11	-9.00	-3.60	-24	-19	-25	-11	-2.20	-20	-21
Sale and/or Maturity of Investments	-	2.00	11	7.50	5.20	12	14	16	15	15	24
Other Investing Activities, net	0.10	-8.70	-0.20	-2.10	-0.10	-1.20	-0.10	-0.90	-0.40	-3.90	-0.90
Net Cash From Financing Activities	1.40	0.20	-0.40	-0.50	-0.70	1.40	-1.70	-1.30	-1.10	0.80	125
Net Cash From Continuing Financing Activities	1.40	0.20	-0.40	-0.50	-0.70	1.40	-1.70	-1.30	-1.10	0.80	125
Repayment of Debt	-0.50	-0.40	-0.40	-1.10	-0.70	-0.70	-0.70	-2.50	-1.00	-0.70	-0.80
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	127
Other Financing Activities, net	-	-0.70	0.00	-1.40	-	0.20	-1.00	-0.80	-0.10	-0.30	-1.20
Cash Interest Paid	14	-	14	0.10	14	-	14	0.10	14	-	14
Cash Income Taxes Paid	2.80	2.80	4.50	2.30	3.00	6.90	2.70	10	3.90	3.50	6.20

This table presents Varex Imaging's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	1,184	1,250	1,217
Total Current Assets	610	658	650
Cash & Equivalents	89	153	169
Short-Term Investments	-	41	32
Accounts Receivable	173	164	158
Inventories, net	303	278	265
Prepaid Expenses	44	23	27
Plant, Property, & Equipment, net	141	144	153
Total Noncurrent Assets	433	448	414
Long-Term Investments	46	29	27
Goodwill	285	289	291
Intangible Assets	34	22	16
Noncurrent Deferred & Refundable Income Taxes	2.30	41	4.70
Other Noncurrent Operating Assets	66	67	75
Total Liabilities & Shareholders' Equity	1,184	1,250	1,217
Total Liabilities	638	669	668
Total Current Liabilities	173	163	196
Short-Term Debt	2.10	1.50	46
Accounts Payable	78	65	59
Accrued Expenses	81	83	79
Current Deferred Revenue	7.40	10	7.90
Other Current Liabilities	4.00	3.80	4.00
Total Noncurrent Liabilities	465	506	472
Long-Term Debt	412	441	397
Noncurrent Deferred & Payable Income Tax Liabilities	0.50	0.00	1.40
Other Noncurrent Operating Liabilities	52	65	73
Total Equity & Noncontrolling Interests	547	581	549
Total Preferred & Common Equity	533	568	535
Preferred Stock	0.00	0.00	0.00
Total Common Equity	533	568	535
Common Stock	470	451	468
Retained Earnings	64	118	70
Accumulated Other Comprehensive Income / (Loss)	0.10	-1.20	-2.90
Noncontrolling Interest	13	13	14

This table presents Varex Imaging's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Total Assets	1,163	1,181	1,191	1,212	1,242	1,252	1,253	1,332
Total Current Assets	593	607	618	639	646	652	649	657
Cash & Equivalents	100	82	104	119	141	142	156	176
Short-Term Investments	-	-	-	-	-	47	34	37
Accounts Receivable	158	158	160	163	140	152	152	138
Inventories, net	300	320	311	298	290	286	282	280
Prepaid Expenses	36	48	44	59	75	25	26	26
Plant, Property, & Equipment, net	136	143	143	142	148	148	148	151
Total Noncurrent Assets	434	431	430	431	448	452	455	524
Long-Term Investments	48	48	47	47	28	29	27	25
Goodwill	287	288	289	289	290	289	289	287
Intangible Assets	37	32	29	26	22	18	16	14
Noncurrent Deferred & Refundable Income Taxes	0.50	1.90	2.10	2.80	42	48	55	3.10
Other Noncurrent Operating Assets	61	61	62	67	66	68	68	195
Total Liabilities & Shareholders' Equity	1,163	1,181	1,191	1,212	1,242	1,252	1,253	1,332
Total Liabilities	635	656	658	667	659	662	657	778
Total Current Liabilities	172	157	157	159	150	154	195	151
Short-Term Debt	2.50	2.10	2.00	1.80	1.60	1.50	46	1.40
Accounts Payable	83	86	74	75	74	69	70	66
Accrued Expenses	70	56	67	68	62	69	67	70
Current Deferred Revenue	12	9.20	10	11	9.40	10	8.10	9.40
Other Current Liabilities	4.70	3.90	3.90	3.40	3.80	3.80	3.70	3.70
Total Noncurrent Liabilities	463	499	501	508	509	507	463	628
Long-Term Debt	410	441	441	441	441	441	397	566
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.00	0.00	0.00	-	-	-	0.00
Other Noncurrent Operating Liabilities	53	58	60	67	68	66	66	62
Total Equity & Noncontrolling Interests	528	525	533	545	583	590	595	554
Total Preferred & Common Equity	515	512	520	532	569	576	581	540
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	515	512	520	532	569	576	581	540
Common Stock	466	438	442	445	454	459	463	470
Retained Earnings	51	73	77	87	118	119	120	70
Accumulated Other Comprehensive Income / (Loss)	-1.50	0.10	0.20	-0.30	-2.20	-1.70	-1.80	-0.30
Noncontrolling Interest	13	13	13	13	14	14	14	14

This table displays calculated financial ratios and metrics derived from Varex Imaging's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	5.05%	3.96%	-9.22%
EBITDA Growth	8.91%	-27.80%	-33.33%
EBIT Growth	18.84%	-32.18%	-50.97%
NOPAT Growth	31.63%	96.51%	-352.60%
Net Income Growth	72.07%	58.12%	-196.92%
EPS Growth	69.77%	47.95%	-208.33%
Operating Cash Flow Growth	-81.75%	541.42%	-56.37%
Free Cash Flow Firm Growth	-134.60%	632.38%	-285.13%
Invested Capital Growth	11.97%	-2.98%	-4.42%
Revenue Q/Q Growth	0.60%	-0.45%	-2.61%
EBITDA Q/Q Growth	-2.28%	-16.34%	-0.80%
EBIT Q/Q Growth	-2.56%	-22.69%	6.49%
NOPAT Q/Q Growth	16.00%	130.15%	-167.17%
Net Income Q/Q Growth	16.67%	62.88%	-236.02%
EPS Q/Q Growth	15.87%	52.11%	-258.11%
Operating Cash Flow Q/Q Growth	-66.47%	38.27%	-30.95%
Free Cash Flow Firm Q/Q Growth	-196.21%	527.90%	-159.17%
Invested Capital Q/Q Growth	4.02%	-2.65%	-6.82%
Profitability Metrics	-	-	-
Gross Margin	32.99%	32.49%	31.68%
EBITDA Margin	14.94%	10.38%	7.62%
Operating Margin	10.26%	8.63%	3.96%
EBIT Margin	9.76%	6.37%	3.44%
Profit (Net Income) Margin	3.58%	5.45%	-5.82%
Tax Burden Percent	69.21%	155.59%	-944.00%
Interest Burden Percent	53.04%	55.01%	17.92%
Effective Tax Rate	30.79%	-55.59%	1,044.00%
Return on Invested Capital (ROIC)	7.81%	14.76%	-38.70%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.84%	-13.85%	78.70%
Return on Net Nonoperating Assets (RNNOA)	-1.91%	-6.12%	30.35%
Return on Equity (ROE)	5.90%	8.64%	-8.35%
Cash Return on Invested Capital (CROIC)	-3.48%	17.78%	-34.18%
Operating Return on Assets (OROA)	7.20%	4.68%	2.26%
Return on Assets (ROA)	2.64%	4.00%	-3.83%
Return on Common Equity (ROCE)	5.75%	8.43%	-8.15%
Return on Equity Simple (ROE_SIMPLE)	5.77%	8.58%	-8.82%
Net Operating Profit after Tax (NOPAT)	61	120	-303
NOPAT Margin	7.10%	13.43%	-37.36%
Net Nonoperating Expense Percent (NNEP)	11.65%	28.60%	-117.40%
Cost of Revenue to Revenue	67.01%	67.51%	68.32%
SG&A Expenses to Revenue	13.77%	14.37%	16.99%
R&D to Revenue	8.96%	9.49%	10.73%
Operating Expenses to Revenue	22.73%	23.86%	27.72%
Earnings before Interest and Taxes (EBIT)	84	57	28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	128	93	62
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.58	1.34	0.91
Price to Tangible Book Value (P/TBV)	3.92	2.96	2.14
Price to Revenue (P/Rev)	0.98	0.85	0.60
Price to Earnings (P/E)	27.84	15.75	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	3.59%	6.35%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.38	1.24	0.94
Enterprise Value to Revenue (EV/Rev)	1.32	1.11	0.89
Enterprise Value to EBITDA (EV/EBITDA)	8.84	10.70	11.61
Enterprise Value to EBIT (EV/EBIT)	13.53	17.44	25.73
Enterprise Value to NOPAT (EV/NOPAT)	18.60	8.27	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	67.18	9.15	15.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.86	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.76	0.76	0.81
Long-Term Debt to Equity	0.75	0.76	0.72
Financial Leverage	0.50	0.44	0.39
Leverage Ratio	2.24	2.16	2.18
Compound Leverage Factor	1.19	1.19	0.39
Debt to Total Capital	43.12%	43.24%	44.67%
Short-Term Debt to Total Capital	0.22%	0.15%	4.66%
Long-Term Debt to Total Capital	42.90%	43.09%	40.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.38%	1.30%	1.42%
Common Equity to Total Capital	55.50%	55.46%	53.91%
Debt to EBITDA	3.23	4.77	7.17
Net Debt to EBITDA	2.17	2.37	3.50
Long-Term Debt to EBITDA	3.21	4.76	6.43
Debt to NOPAT	6.79	3.69	-1.46
Net Debt to NOPAT	4.56	1.83	-0.71
Long-Term Debt to NOPAT	6.75	3.68	-1.31
Altman Z-Score	2.27	2.15	1.71
Noncontrolling Interest Sharing Ratio	2.54%	2.36%	2.42%
Liquidity Ratios	-	-	-
Current Ratio	3.52	4.04	3.32
Quick Ratio	1.52	2.20	1.83
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-27	145	-268
Operating Cash Flow to CapEx	79.34%	523.67%	175.84%
Free Cash Flow to Firm to Interest Expense	-0.68	4.93	-8.86
Operating Cash Flow to Interest Expense	0.42	3.70	1.57
Operating Cash Flow Less CapEx to Interest Expense	-0.11	2.99	0.68
Efficiency Ratios	-	-	-
Asset Turnover	0.74	0.73	0.66
Accounts Receivable Turnover	5.23	5.30	5.05
Inventory Turnover	2.18	2.08	2.04
Fixed Asset Turnover	6.11	6.27	5.46
Accounts Payable Turnover	8.41	8.44	8.95
Days Sales Outstanding (DSO)	69.78	68.82	72.30
Days Inventory Outstanding (DIO)	167.32	175.72	178.61
Days Payable Outstanding (DPO)	43.41	43.24	40.78
Cash Conversion Cycle (CCC)	193.69	201.30	210.14
Capital & Investment Metrics	-	-	-
Invested Capital	825	801	765
Invested Capital Turnover	1.10	1.10	1.04
Increase / (Decrease) in Invested Capital	88	-25	-35
Enterprise Value (EV)	1,135	992	718
Market Capitalization	843	759	488
Book Value per Share	$13.37	$14.05	$13.08
Tangible Book Value per Share	$5.40	$6.36	$5.57
Total Capital	961	1,024	993
Total Debt	414	443	443
Total Long-Term Debt	412	441	397
Net Debt	279	220	216
Capital Expenditures (CapEx)	21	21	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	350	303	300
Debt-free Net Working Capital (DFNWC)	439	497	500
Net Working Capital (NWC)	437	496	454
Net Nonoperating Expense (NNE)	30	71	-256
Net Nonoperating Obligations (NNO)	279	220	216
Total Depreciation and Amortization (D&A)	45	36	34
Debt-free, Cash-free Net Working Capital to Revenue	40.67%	33.93%	36.97%
Debt-free Net Working Capital to Revenue	51.07%	55.63%	61.69%
Net Working Capital to Revenue	50.83%	55.46%	55.98%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.76	$1.20	($1.17)
Adjusted Weighted Average Basic Shares Outstanding	39.80M	40.30M	40.80M
Adjusted Diluted Earnings per Share	$0.73	$1.08	($1.17)
Adjusted Weighted Average Diluted Shares Outstanding	41.60M	50.30M	40.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	40.10M	40.50M	41.10M
Normalized Net Operating Profit after Tax (NOPAT)	61	54	22
Normalized NOPAT Margin	7.10%	6.04%	2.77%
Pre Tax Income Margin	5.18%	3.50%	0.62%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.11	1.94	0.92
NOPAT to Interest Expense	1.53	4.09	-10.03
EBIT Less CapEx to Interest Expense	1.57	1.24	0.03
NOPAT Less CapEx to Interest Expense	1.00	3.39	-10.92
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Varex Imaging's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.56%	2.25%	3.42%	6.29%	8.25%	-1.73%	-7.59%	-9.64%	-9.95%	-9.54%	5.16%
EBITDA Growth	-9.57%	-8.06%	-13.93%	-35.20%	-4.71%	-52.92%	-32.38%	-23.28%	-56.17%	-3.11%	14.79%
EBIT Growth	-11.97%	-8.63%	-6.06%	-41.46%	3.07%	-71.67%	-61.29%	-41.67%	-72.77%	25.76%	75.00%
NOPAT Growth	-30.17%	46.16%	13.49%	-42.14%	-9.02%	3,276.50%	-61.84%	-37.71%	33.93%	-127.98%	-115.24%
Net Income Growth	-31.15%	50.00%	100.00%	-43.42%	9.52%	142.42%	-112.50%	-62.79%	-83.70%	-255.94%	75.00%
EPS Growth	-31.03%	45.45%	166.67%	-44.44%	5.00%	115.63%	-112.50%	-70.00%	-85.71%	-276.81%	0.00%
Operating Cash Flow Growth	-112.22%	-66.21%	-134.26%	428.92%	1,496.30%	175.44%	378.38%	-88.64%	-78.78%	-45.01%	-7.77%
Free Cash Flow Firm Growth	-188.55%	-236.18%	-335.37%	-340.02%	-59.38%	1,330.93%	84.41%	126.80%	215.90%	-122.71%	-84.71%
Invested Capital Growth	3.17%	11.97%	14.00%	8.11%	3.67%	-2.98%	2.12%	-1.08%	-0.15%	-4.42%	3.15%
Revenue Q/Q Growth	-0.09%	7.88%	-11.15%	10.99%	1.75%	-2.07%	-16.45%	8.53%	1.41%	-1.63%	-2.87%
EBITDA Q/Q Growth	-5.03%	0.59%	-38.60%	10.48%	39.66%	-50.31%	-11.80%	25.35%	-20.22%	9.86%	4.49%
EBIT Q/Q Growth	-7.32%	2.19%	-46.78%	16.13%	63.19%	-71.91%	-27.27%	75.00%	-23.81%	29.69%	1.20%
NOPAT Q/Q Growth	-3.72%	60.92%	-66.55%	11.63%	51.39%	5,872.40%	-99.62%	82.19%	225.54%	-1,347.68%	99.79%
Net Income Q/Q Growth	10.53%	57.14%	-75.76%	34.38%	113.95%	247.83%	-101.25%	500.00%	-6.25%	-3,426.67%	99.80%
EPS Q/Q Growth	11.11%	60.00%	-75.00%	25.00%	110.00%	228.57%	-101.45%	400.00%	0.00%	-4,166.67%	99.18%
Operating Cash Flow Q/Q Growth	67.47%	733.33%	-121.64%	837.84%	38.10%	24.93%	-78.13%	-69.90%	158.06%	223.75%	-63.32%
Free Cash Flow Firm Q/Q Growth	-145.52%	-545.96%	-46.23%	44.17%	69.77%	5,088.77%	-101.85%	195.94%	30.73%	-1,077.41%	84.93%
Invested Capital Q/Q Growth	4.07%	4.02%	1.61%	-1.72%	-0.21%	-2.65%	6.96%	-4.80%	0.74%	-6.82%	15.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.22%	32.20%	30.79%	31.86%	32.86%	34.30%	30.05%	31.91%	31.99%	32.62%	34.28%
EBITDA Margin	15.85%	14.78%	10.21%	10.17%	13.95%	7.08%	7.47%	8.63%	6.79%	7.58%	8.16%
Operating Margin	10.72%	10.63%	6.32%	6.84%	10.42%	10.69%	2.21%	3.73%	4.45%	5.30%	5.61%
EBIT Margin	10.63%	10.07%	6.03%	6.31%	10.12%	2.90%	2.53%	4.07%	3.06%	4.04%	4.20%
Profit (Net Income) Margin	3.92%	5.70%	1.56%	1.88%	3.96%	14.07%	-0.21%	0.78%	0.72%	-24.26%	-0.05%
Tax Burden Percent	62.22%	93.62%	59.26%	55.13%	53.80%	3,200.00%	66.67%	69.57%	187.50%	-1,996.00%	-4.00%
Interest Burden Percent	59.21%	60.52%	43.55%	54.17%	72.77%	15.15%	-12.50%	27.38%	12.50%	30.12%	29.76%
Effective Tax Rate	37.78%	6.38%	40.74%	44.87%	46.20%	-3,100.00%	0.00%	30.43%	-87.50%	2,096.00%	104.00%
Return on Invested Capital (ROIC)	7.30%	10.95%	4.12%	4.18%	6.23%	375.77%	1.60%	2.71%	8.45%	-109.55%	-0.21%
ROIC Less NNEP Spread (ROIC-NNEP)	5.15%	7.16%	2.47%	2.58%	4.82%	76.51%	0.46%	1.26%	2.12%	-32.60%	-0.10%
Return on Net Nonoperating Assets (RNNOA)	2.79%	3.56%	1.30%	1.33%	2.44%	33.81%	0.25%	0.58%	0.94%	-12.57%	-0.05%
Return on Equity (ROE)	10.09%	14.51%	5.42%	5.51%	8.67%	409.58%	1.85%	3.29%	9.39%	-122.12%	-0.26%
Cash Return on Invested Capital (CROIC)	3.61%	-3.48%	-5.38%	-0.94%	2.85%	17.78%	12.27%	16.86%	55.03%	-34.18%	-29.13%
Operating Return on Assets (OROA)	7.81%	7.42%	4.50%	4.76%	7.65%	2.13%	1.83%	2.85%	2.07%	2.65%	2.68%
Return on Assets (ROA)	2.88%	4.20%	1.16%	1.42%	2.99%	10.33%	-0.15%	0.54%	0.48%	-15.95%	-0.03%
Return on Common Equity (ROCE)	9.82%	14.14%	5.28%	5.37%	8.45%	399.92%	1.80%	3.21%	9.16%	-119.16%	-0.26%
Return on Equity Simple (ROE_SIMPLE)	5.13%	0.00%	6.33%	5.60%	5.63%	0.00%	7.93%	7.36%	5.97%	0.00%	-8.68%
Net Operating Profit after Tax (NOPAT)	14	23	7.70	8.60	13	778	2.94	5.36	17	-218	-0.45
NOPAT Margin	6.67%	9.95%	3.75%	3.77%	5.61%	341.95%	1.55%	2.60%	8.34%	-105.77%	-0.22%
Net Nonoperating Expense Percent (NNEP)	2.15%	3.79%	1.66%	1.59%	1.41%	299.26%	1.14%	1.45%	6.33%	-76.95%	-0.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	0.29%	-	-	-	-0.04%
Cost of Revenue to Revenue	65.78%	67.80%	69.21%	68.14%	67.14%	65.70%	69.95%	68.09%	68.01%	67.38%	65.72%
SG&A Expenses to Revenue	14.08%	12.83%	14.74%	14.94%	13.82%	14.03%	17.05%	17.22%	17.03%	16.67%	16.92%
R&D to Revenue	9.42%	8.73%	9.73%	10.08%	8.61%	9.59%	10.79%	10.96%	10.52%	10.65%	11.76%
Operating Expenses to Revenue	23.50%	21.56%	24.47%	25.02%	22.44%	23.61%	27.84%	28.18%	27.55%	27.32%	28.68%
Earnings before Interest and Taxes (EBIT)	23	23	12	14	24	6.60	4.80	8.40	6.40	8.30	8.40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	34	34	21	23	32	16	14	18	14	16	16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	1.58	1.59	1.40	1.79	1.34	1.46	1.28	1.04	0.91	1.08
Price to Tangible Book Value (P/TBV)	4.46	3.92	4.24	3.62	4.39	2.96	3.23	2.74	2.18	2.14	2.45
Price to Revenue (P/Rev)	0.99	0.98	0.94	0.83	1.06	0.85	0.94	0.86	0.72	0.60	0.71
Price to Earnings (P/E)	32.78	27.84	25.44	25.59	32.39	15.75	18.57	17.54	17.62	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.05%	3.59%	3.93%	3.91%	3.09%	6.35%	5.39%	5.70%	5.68%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.42	1.38	1.36	1.25	1.51	1.24	1.30	1.19	1.03	0.94	1.05
Enterprise Value to Revenue (EV/Rev)	1.32	1.32	1.32	1.18	1.39	1.11	1.27	1.14	1.01	0.89	1.13
Enterprise Value to EBITDA (EV/EBITDA)	8.58	8.84	9.13	9.20	11.22	10.70	12.99	12.10	13.52	11.61	14.54
Enterprise Value to EBIT (EV/EBIT)	13.10	13.53	13.73	14.18	16.89	17.44	22.63	22.50	32.16	25.73	29.50
Enterprise Value to NOPAT (EV/NOPAT)	21.43	18.60	18.82	19.03	23.85	8.27	9.16	7.53	1.87	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	22.37	67.18	475.39	27.21	15.86	9.15	9.12	9.92	12.30	15.17	19.98
Enterprise Value to Free Cash Flow (EV/FCFF)	39.95	0.00	0.00	0.00	54.00	6.86	10.73	7.05	1.86	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.78	0.76	0.84	0.83	0.81	0.76	0.76	0.75	0.74	0.81	1.02
Long-Term Debt to Equity	0.78	0.75	0.84	0.83	0.81	0.76	0.76	0.75	0.67	0.72	1.02
Financial Leverage	0.54	0.50	0.53	0.51	0.51	0.44	0.53	0.46	0.44	0.39	0.53
Leverage Ratio	2.29	2.24	2.25	2.23	2.21	2.16	2.19	2.17	2.16	2.18	2.26
Compound Leverage Factor	1.36	1.35	0.98	1.21	1.61	0.33	-0.27	0.60	0.27	0.66	0.67
Debt to Total Capital	43.86%	43.12%	45.76%	45.39%	44.84%	43.24%	43.18%	42.87%	42.67%	44.67%	50.57%
Short-Term Debt to Total Capital	0.27%	0.22%	0.22%	0.20%	0.18%	0.15%	0.16%	0.15%	4.45%	4.66%	0.12%
Long-Term Debt to Total Capital	43.60%	42.90%	45.54%	45.19%	44.65%	43.09%	43.02%	42.73%	38.22%	40.01%	50.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.41%	1.38%	1.37%	1.36%	1.36%	1.30%	1.37%	1.36%	1.36%	1.42%	1.25%
Common Equity to Total Capital	54.73%	55.50%	52.87%	53.24%	53.81%	55.46%	55.45%	55.76%	55.97%	53.91%	48.18%
Debt to EBITDA	3.14	3.23	3.54	3.94	4.00	4.77	5.16	5.50	7.11	7.17	8.87
Net Debt to EBITDA	2.02	2.17	2.51	2.59	2.51	2.37	3.18	2.80	3.63	3.50	5.15
Long-Term Debt to EBITDA	3.12	3.21	3.53	3.92	3.98	4.76	5.14	5.48	6.37	6.43	8.85
Debt to NOPAT	7.84	6.79	7.31	8.15	8.50	3.69	3.64	3.42	0.98	-1.46	-2.50
Net Debt to NOPAT	5.04	4.56	5.17	5.36	5.33	1.83	2.25	1.74	0.50	-0.71	-1.45
Long-Term Debt to NOPAT	7.79	6.75	7.27	8.11	8.46	3.68	3.63	3.41	0.88	-1.31	-2.50
Altman Z-Score	2.10	2.10	2.06	2.00	2.24	2.02	2.08	1.98	1.80	1.66	1.62
Noncontrolling Interest Sharing Ratio	2.62%	2.54%	2.58%	2.54%	2.49%	2.36%	2.47%	2.44%	2.41%	2.42%	2.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.44	3.52	3.86	3.93	4.03	4.04	4.30	4.23	3.34	3.32	4.36
Quick Ratio	1.49	1.52	1.52	1.68	1.78	2.20	1.87	2.21	1.76	1.83	2.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-10	-65	-95	-53	-16	802	-15	14	19	-182	-27
Operating Cash Flow to CapEx	-67.50%	174.49%	-67.27%	487.50%	897.62%	872.22%	99.04%	53.45%	170.21%	431.67%	226.19%
Free Cash Flow to Firm to Interest Expense	-1.07	-6.93	-12.71	-7.29	-2.20	111.42	-2.04	1.80	2.52	-23.97	-3.43
Operating Cash Flow to Interest Expense	-0.29	1.82	-0.49	3.74	5.16	6.54	1.41	0.39	1.08	3.41	1.19
Operating Cash Flow Less CapEx to Interest Expense	-0.71	0.78	-1.23	2.97	4.59	5.79	-0.01	-0.34	0.45	2.62	0.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.74	0.75	0.75	0.76	0.73	0.72	0.70	0.68	0.66	0.64
Accounts Receivable Turnover	5.58	5.23	6.08	5.61	5.59	5.30	5.90	5.50	5.28	5.05	5.91
Inventory Turnover	2.10	2.18	2.06	2.05	2.04	2.08	1.95	1.94	1.95	2.04	1.94
Fixed Asset Turnover	0.00	6.11	0.00	0.00	6.45	6.27	6.03	5.90	5.74	5.46	5.48
Accounts Payable Turnover	7.63	8.41	7.40	7.79	7.74	8.44	7.43	8.06	7.84	8.95	7.93
Days Sales Outstanding (DSO)	65.37	69.78	60.05	65.10	65.24	68.82	61.85	66.32	69.10	72.30	61.74
Days Inventory Outstanding (DIO)	174.11	167.32	177.41	177.63	178.73	175.72	187.51	188.24	187.18	178.61	188.15
Days Payable Outstanding (DPO)	47.86	43.41	49.30	46.87	47.16	43.24	49.15	45.29	46.59	40.78	46.01
Cash Conversion Cycle (CCC)	191.62	193.69	188.16	195.86	196.81	201.30	200.21	209.27	209.70	210.14	203.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	793	825	839	824	823	801	856	815	821	765	883
Invested Capital Turnover	1.09	1.10	1.10	1.11	1.11	1.10	1.04	1.04	1.01	1.04	0.94
Increase / (Decrease) in Invested Capital	24	88	103	62	29	-25	18	-8.90	-1.20	-35	27
Enterprise Value (EV)	1,128	1,135	1,141	1,034	1,243	992	1,116	974	843	718	929
Market Capitalization	849	843	814	729	952	759	828	735	602	488	586
Book Value per Share	$12.93	$13.37	$12.76	$12.96	$13.16	$14.05	$14.01	$14.19	$14.21	$13.08	$13.14
Tangible Book Value per Share	$4.78	$5.40	$4.78	$5.02	$5.37	$6.36	$6.32	$6.62	$6.75	$5.57	$5.81
Total Capital	941	961	968	976	988	1,024	1,026	1,033	1,038	993	1,121
Total Debt	413	414	443	443	443	443	443	443	443	443	567
Total Long-Term Debt	410	412	441	441	441	441	441	441	397	397	566
Net Debt	265	279	314	291	278	220	273	225	226	216	329
Capital Expenditures (CapEx)	4.00	9.80	5.50	5.60	4.20	5.40	10	5.80	4.70	6.00	4.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	324	350	371	359	363	303	356	310	311	300	295
Debt-free Net Working Capital (DFNWC)	424	439	452	463	482	497	497	499	501	500	508
Net Working Capital (NWC)	421	437	450	461	480	496	496	498	455	454	506
Net Nonoperating Expense (NNE)	5.91	9.83	4.50	4.30	3.82	746	3.34	3.76	16	-168	-0.35
Net Nonoperating Obligations (NNO)	265	279	314	291	278	220	273	225	226	216	329
Total Depreciation and Amortization (D&A)	11	11	8.60	8.80	8.90	9.50	9.40	9.40	7.80	7.30	7.90
Debt-free, Cash-free Net Working Capital to Revenue	37.93%	40.67%	42.77%	40.79%	40.47%	33.93%	40.54%	36.27%	37.34%	36.97%	35.96%
Debt-free Net Working Capital to Revenue	49.58%	51.07%	52.18%	52.65%	53.68%	55.63%	56.64%	58.34%	60.15%	61.69%	61.87%
Net Working Capital to Revenue	49.29%	50.83%	51.94%	52.43%	53.48%	55.46%	56.46%	58.17%	54.61%	55.98%	61.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.21	$0.32	$0.08	$0.10	$0.23	$0.79	($0.01)	$0.03	$0.03	($1.22)	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	39.90M	39.80M	40.10M	40.20M	40.40M	40.30M	40.60M	40.70M	40.90M	40.80M	41.10M
Adjusted Diluted Earnings per Share	$0.20	$0.32	$0.08	$0.10	$0.21	$0.69	($0.01)	$0.03	$0.03	($1.22)	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	40.50M	41.60M	40.60M	40.50M	50.40M	50.30M	40.60M	41.20M	41.20M	40.80M	41.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	39.90M	40.10M	40.10M	40.40M	40.40M	40.50M	40.60M	40.90M	40.90M	41.10M	41.20M
Normalized Net Operating Profit after Tax (NOPAT)	14	23	7.70	8.60	13	17	2.94	5.36	6.51	7.63	7.84
Normalized NOPAT Margin	6.67%	9.95%	3.75%	3.77%	5.61%	7.48%	1.55%	2.60%	3.11%	3.71%	3.92%
Pre Tax Income Margin	6.29%	6.09%	2.63%	3.42%	7.36%	0.44%	-0.32%	1.12%	0.38%	1.22%	1.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.43	2.48	1.65	1.97	3.22	0.92	0.66	1.06	0.86	1.09	1.05
NOPAT to Interest Expense	1.52	2.45	1.03	1.18	1.78	108.00	0.40	0.68	2.36	-28.63	-0.06
EBIT Less CapEx to Interest Expense	2.00	1.44	0.92	1.21	2.64	0.17	-0.77	0.33	0.23	0.30	0.53
NOPAT Less CapEx to Interest Expense	1.10	1.41	0.29	0.41	1.21	107.25	-1.02	-0.06	1.72	-29.42	-0.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Varex Imaging's Financials

When does Varex Imaging's financial year end?

According to the most recent income statement we have on file, Varex Imaging's fiscal year ends in September. Their fiscal year 2024 ended on September 27, 2024.

How has Varex Imaging's net income changed over the last 2 years?

Varex Imaging's net income appears to be on a downward trend, with a most recent value of -$47.20 million in 2024, falling from $30.80 million in 2022. The previous period was $48.70 million in 2023.

What is Varex Imaging's operating income?

Varex Imaging's total operating income in 2024 was $32.10 million, based on the following breakdown:

Total Gross Profit: $256.90 million
Total Operating Expenses: $224.80 million

How has Varex Imaging revenue changed over the last 2 years?

Over the last 2 years, Varex Imaging's total revenue changed from $859.40 million in 2022 to $811 million in 2024, a change of -5.6%.

How much debt does Varex Imaging have?

Varex Imaging's total liabilities were at $667.80 million at the end of 2024, a 0.1% decrease from 2023, and a 4.7% increase since 2022.

How much cash does Varex Imaging have?

In the past 2 years, Varex Imaging's cash and equivalents has ranged from $89.40 million in 2022 to $168.70 million in 2024, and is currently $168.70 million as of their latest financial filing in 2024.

How has Varex Imaging's book value per share changed over the last 2 years?

Over the last 2 years, Varex Imaging's book value per share changed from 13.37 in 2022 to 13.08 in 2024, a change of -2.1%.

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This page (NASDAQ:VREX) was last updated on 4/15/2025 by MarketBeat.com Staff

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