olivLaw · US equity research
Varex Imaging Corporation VREX
Electronic Components, NEC · SIC 3679 · Vertical: Electronic Components, NEC (SIC 3679)
Varex Imaging makes X-ray imaging components, from tubes and detectors to industrial inspection systems, mainly sold to OEM makers of medical equipment. The company entered 2026 under an agreement to be acquired by Teledyne, while tariffs and pressure from China remain important factors for the business. Revenue reached 844.6 million USD in fiscal 2025 and 210.5 million USD in the third quarter of fiscal 2026.
At the close of 04 Nov 2026, Varex Imaging Corporation (VREX) stock was 18.51 USD (−0.11% on the day), with market capitalisation 779.3 m USD, P/E 35.4 on diluted EPS of 0.52 USD over the last 12 months, beta 1.69, 52-week range 9.32–18.58 USD. Latest reported quarter (Q3 2026): revenue of 210.5 m USD (+3.7% YoY), net income of 15.7 m USD, diluted EPS 0.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.8
- strong (55–70)
- Bollinger (20, 2)
- 18.37 – 18.52
- in the upper half of the band · %B 0.94 · band width 0.8%
- SMA 50 / 200
- 18.46 / 13.59
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.09 / 0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.3% | −1.1% | +1.4 pp | — |
| 3 months | +49.4% | −0.5% | +49.8 pp | — |
| 6 months | +52.1% | +4.4% | +47.7 pp | — |
| Year to date | +58.9% | +12.3% | +46.6 pp | — |
| 1 year | +56.9% | +13.5% | +43.3 pp | +9.6% |
| 3 years | −1.5% | +76.4% | −77.9 pp | +61.4% |
| 5 years | −34.8% | +63.7% | −98.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 03 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 205.7 m | 199.8 m | 212.9 m | 203.0 m | 228.9 m | 209.6 m | 216.0 m | 210.5 m |
| Cost of revenue | 138.6 m | 131.3 m | 136.2 m | 135.5 m | 151.1 m | 139.8 m | 143.4 m | 133.8 m |
| Gross profit | 67.1 m | 68.5 m | 76.7 m | 67.5 m | 77.8 m | 69.8 m | 72.6 m | 76.7 m |
| Research & development | 21.9 m | 23.5 m | 22.0 m | 21.4 m | 24.2 m | 21.7 m | 22.2 m | 23.3 m |
| SG&A | 34.3 m | 33.8 m | 32.6 m | 32.9 m | 34.0 m | 32.7 m | 36.0 m | 30.6 m |
| Operating income | 10.9 m | 11.2 m | 22.1 m | -80.7 m | 19.6 m | 15.4 m | 14.4 m | 22.8 m |
| Interest expense | 7.6 m | 8.0 m | 10.2 m | 9.4 m | 7.9 m | 7.9 m | 17.2 m | 5.8 m |
| Pre-tax income | 2.5 m | 2.5 m | 10.8 m | -86.6 m | 14.1 m | 3.8 m | -6.4 m | 16.2 m |
| Income tax | 53.5 m | 2.6 m | 3.7 m | 2.5 m | 1.9 m | 1.4 m | 1.6 m | 300.0 k |
| Net income | -51.1 m | -300.0 k | 6.9 m | -89.1 m | 12.2 m | 2.3 m | -8.1 m | 15.7 m |
| Diluted EPS | -1.29 ≈ | -0.01 | 0.17 | -2.15 | 0.29 ≈ | 0.05 | -0.19 | 0.37 |
| Operating cash flow | 25.9 m | 9.5 m | 16.6 m ≈ | 7.7 m ≈ | 7.9 m | -16.1 m | -1.5 m ≈ | 21.0 m ≈ |
| Capex | 6.0 m | 4.2 m | 6.8 m ≈ | 6.3 m ≈ | 5.6 m | 10.7 m | 6.2 m ≈ | 9.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 65 percentile of its own 26-quarter history (min 19.3, median 31.7, max 239.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 773.4 m | 780.6 m | 738.3 m | 818.1 m | 859.4 m | 893.4 m | 811.0 m | 844.6 m |
| Revenue YoY | +10.8% | +0.9% | −5.4% | +10.8% | +5.0% | +4.0% | −9.2% | +4.1% |
| Net income | 27.5 m | 15.5 m | -57.9 m | 17.4 m | 30.3 m | 47.4 m | -48.8 m | -70.3 m |
| Net income YoY | −46.7% | −43.6% | −473.5% | unavailable | +74.1% | +56.4% | −203.0% | unavailable |
| Diluted EPS | 0.72 | 0.40 | -1.49 | 0.43 | 0.73 | 1.07 | -1.20 | -1.70 |
| Diluted EPS YoY | −47.1% | −44.4% | −472.5% | unavailable | +69.8% | +46.6% | −212.1% | unavailable |
| net % | 3.6% | 2.0% | -7.8% | 2.1% | 3.5% | 5.3% | -6.0% | -8.3% |
| Free cash flow | 64.9 m | 52.1 m | -10.3 m | 77.5 m | -4.4 m | 87.7 m | 20.4 m | 18.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 03 Oct 2025
- Cash
- 145.0 m USD
- Financial debt
- 367.5 m USD
- Net debt
- 222.5 m USD
- Equity
- 486.6 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.76x
- Current ratio
- 3.43x
- ROE
- -13.7%
- ROA
- -6.1%
- FCF margin
- 2.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 738.3 m | 818.1 m | 859.4 m | 893.4 m | 811.0 m | 844.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Cost of revenue | 548.1 m | 546.6 m | 575.9 m | 603.1 m | 554.1 m | 554.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Gross profit | 190.2 m | 271.5 m | 283.5 m | 290.3 m | 256.9 m | 290.5 m | SEC (XBRL)· 18 Nov 2025verified |
| Research & development | 78.9 m | 71.9 m | 77.0 m | 84.8 m | 87.0 m | 91.1 m | SEC (XBRL)· 18 Nov 2025verified |
| SG&A | 142.2 m | 125.5 m | 118.3 m | 128.4 m | 137.8 m | 133.3 m | SEC (XBRL)· 18 Nov 2025verified |
| Operating income | -33.7 m | 74.1 m | 88.2 m | 77.1 m | 32.1 m | -27.8 m | SEC (XBRL)· 18 Nov 2025verified |
| Interest expense | 31.4 m | 42.1 m | 39.8 m | 29.3 m | 30.2 m | 35.5 m | SEC (XBRL)· 18 Nov 2025verified |
| Pre-tax income | -72.6 m | 28.6 m | 44.5 m | 31.3 m | 5.0 m | -59.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Income tax | -15.2 m | 10.7 m | 13.7 m | -16.6 m | 53.3 m | 10.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Net income | -57.9 m | 17.4 m | 30.3 m | 47.4 m | -48.8 m | -70.3 m | SEC (XBRL)· 18 Nov 2025verified |
| Diluted EPS | -1.49 | 0.43 | 0.73 | 1.07 | -1.20 | -1.70 | SEC (XBRL)· 18 Nov 2025verified |
| Weighted average diluted shares | 38.8 m | 40.3 m | 41.6 m | 50.3 m | 40.8 m | 41.4 m | SEC (XBRL)· 18 Nov 2025verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 100.6 m | 144.6 m | 89.4 m | 152.6 m | 168.7 m | 145.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Receivables | 123.8 m | 155.3 m | 173.3 m | 163.6 m | 157.7 m | 156.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Inventories | 271.9 m | 224.8 m | 303.2 m | 277.5 m | 264.8 m | 299.4 m | SEC (XBRL)· 18 Nov 2025verified |
| Current assets | 522.0 m | 554.2 m | 609.9 m | 658.3 m | 649.9 m | 641.8 m | SEC (XBRL)· 18 Nov 2025verified |
| Goodwill | 293.1 m | 292.2 m | 284.5 m | 288.5 m | 291.0 m | 198.4 m | SEC (XBRL)· 18 Nov 2025verified |
| Intangibles (excl. goodwill) | 67.5 m | 50.7 m | 33.6 m | 22.4 m | 16.1 m | 14.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Total assets | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 18 Nov 2025verified |
| Accounts payable | 72.9 m | 58.8 m | 78.2 m | 64.7 m | 59.1 m | 69.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Short-term debt | 2.5 m | 2.8 m | 2.1 m | 1.5 m | 46.3 m | 1.5 m | SEC (XBRL)· 18 Nov 2025verified |
| Long-term debt | 452.8 m | 431.7 m | 412.3 m | 441.1 m | 397.1 m | 366.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Current liabilities | 160.6 m | 166.6 m | 173.1 m | 162.8 m | 195.9 m | 187.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Total liabilities | 673.7 m | 651.0 m | 637.7 m | 668.6 m | 670.4 m | 620.8 m | SEC (XBRL)· 18 Nov 2025verified |
| Equity | 465.8 m | 496.5 m | 542.6 m | 576.1 m | 543.2 m | 486.6 m | SEC (XBRL)· 18 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 13.2 m | 92.6 m | 16.9 m | 108.4 m | 47.3 m | 41.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Capex | 23.5 m | 15.1 m | 21.3 m | 20.7 m | 26.9 m | 22.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Free cash flow | -10.3 m ≈ | 77.5 m ≈ | -4.4 m ≈ | 87.7 m ≈ | 20.4 m ≈ | 18.8 m ≈ | SEC (XBRL)· 18 Nov 2025derived |
| Investing cash flow | -26.9 m | -16.2 m | -48.4 m | -44.9 m | -27.5 m | 10.3 m | SEC (XBRL)· 18 Nov 2025verified |
| Financing cash flow | 83.6 m | -32.3 m | -23.8 m | -200.0 k | -3.3 m | -75.9 m | SEC (XBRL)· 18 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 27 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 779.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth11
- Valuation38
- Quality14
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.05 – 117.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/Sales17.05 – 117.18 (Mid 70.16)5 companies used · median multiple 3.7x · quartiles 1.1x – 6.0xAEIS, MVIS, NSYS, OST, VRT
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 27/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 34.3% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | 8.3% | 45 (vs peers) | 10% |
| FCF margin · Quality | -2.3% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -0.6% | 0 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 4.1% | 33 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 1.2x | 67 (vs peers) | 19% |
| FCF yield · Valuation | -2.6% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth11/100 · 2/2 factors with a value
- Quality14/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation38/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Varex Imaging Corp (VREX). Latest full fiscal year: 2025; data up to 2026-07-03.
Figures computed from the financial statements: revenue 844.6 m USD in 2025; YoY growth 4.1%; net margin 2.6%; ROE 4.6%.
The estimated value range is 17.05–117.18 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 70.16 USD, the price of 18.51 USD leaves a potential of 279.1% (value / price − 1) and a margin of safety of 73.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.4x
What contradicts it
- Gross margin: 34.3%
- FCF margin: -2.3%
- Revenue CAGR 3Y: -0.6%
- FCF yield: -2.6%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Electronic Components, NEC (SIC 3679) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| VRTVertiv Holdings Co | 79.1 bn | 38.4 | 46.6% | 16.0% | +27.7% | +14% / +371% |
| AEISAdvanced Energy Industries, Inc. | 8.6 bn | 30.4 | 19.9% | 12.7% | +21.4% | +0% / +123% |
| PIImpinj, Inc. | 5.6 bn | — | -3.8% | -2.5% | −1.4% | +5% / +116% |
| VICRVicor Corporation | 1.9 bn | 41.7 | 23.5% | 32.2% | +26.1% | +78% / +335% |
| VREXVarex Imaging Corp | 779.3 m | 35.4 | 4.6% | 2.6% | +4.1% | +57% / −1% |
| MPTIM-tron Industries, Inc. | 277.8 m | 23.5 | 12.4% | 16.3% | +11.0% | +24% / +85% |
| ESPEspey Mfg. & Electronics Corp. | 152.7 m | 12.9 | 20.1% | 24.2% | +4.9% | +29% / +197% |
| LGLLgl Group Inc | 84.6 m | — | -0.6% | -5.0% | −2.9% | +15% / +38% |
| MVISMicroVision, Inc. | 42.2 m | — | -197.8% | -2,230.6% | −74.3% | −91% / −97% |
| NSYSNortech Systems Incorporated | 31.2 m | 29.4 | 3.0% | 0.6% | +723.6% | +59% / +26% |
| OSTOstin Technology Group Co., Ltd. | 23.7 m | — | -169.1% | -26.0% | +22.2% | −97% / −99% |
| NEONNeonode Inc. | 10.5 m | 1.3 | 48.6% | 397.8% | −33.7% | −72% / −52% |
| LPLLG Display Co., Ltd. | — | — | -37.2% | -9.6% | +24.8% | −39% / −45% |
1- and 3-year price returns: for VREX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.43 Total return -44% · Per year -44% | 18.49 Total return -0% · Per year -0% | 27.91 Total return 51% · Per year 51% |
| 3 years | 9.12 Total return -51% · Per year -21% | 18.28 Total return -1% · Per year -0% | 30.44 Total return 64% · Per year 18% |
| 5 years | 7.97 Total return -57% · Per year -16% | 18.07 Total return -2% · Per year -0% | 33.19 Total return 79% · Per year 12% |
- Exit P/E± 4.57
- Net margin± 3.20
- Annual revenue growth± 2.76
- Annual dilution± 0.27
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Varex Imaging makes X-ray imaging components, from tubes and detectors to industrial inspection systems, mainly sold to OEM makers of medical equipment. The company entered 2026 under an agreement to be acquired by Teledyne, while tariffs and pressure from China remain important factors for the business. Revenue reached 844.6 million USD in fiscal 2025 and 210.5 million USD in the third quarter of fiscal 2026.
SWOT
Strengths
- Strong position as a leading independent supplier of X-ray components, with long relationships with OEM customers.
- A large installed base of products generates steady demand for replacements and service.
- Technology integration between the Medical and Industrial segments supports product development.
Weaknesses
- Dependence on a few large customers makes revenue sensitive to delayed or lost orders.
- Debt and financing costs have put pressure on profitability in recent years.
- Large inventories used up cash in 2026.
Opportunities
- Growth in security inspection and cargo control systems could open new contracts.
- Development of photon counting detectors could raise the value of products.
- Expansion of CT systems in Asia could support demand for replacement tubes.
Threats
- Tariffs and trade tensions could reduce the competitiveness of exported products.
- Chinese policies to replace foreign suppliers could limit access to the local market.
- OEM customers that produce components in-house could reduce outside orders.
Risks
- Teledyne mergerhigh
Closing the acquisition depends on regulatory approvals and a shareholder vote, and failure of the deal could affect the share price and company plans 2.
- Customer concentrationhigh
The largest customer and the ten largest customers make up a large part of revenue, so losing a major order could affect results 1.
- Tariffs and Chinamedium
Tariffs and Chinese investigations could raise costs and reduce competitive prices in the Chinese market 1.
- Debt and refinancingmedium
Debt was partly refinanced in 2026, but interest costs and future maturities could limit financial flexibility 2.
- Product liabilitylow
Products that deliver radiation could lead to liability claims, and insurance coverage is limited 1.
Investment thesis
What would need to be true (bull case)
- A recovery in the Industrial segment and rising margins, if they continue, could support profitability even without higher Medical sales 3.
- A large installed base and the need to replace tubes could provide recurring revenue 1.
- The price offered by Teledyne could represent a defined value for shareholders if the deal closes 2.
What would break the thesis
What to watch
- Closing of the Teledyne deal and regulatory approvalsearly 2027
- Development of inventories and operating cash flowQ4 2026
- Resumption or closure of Chinese investigations into CT tubes2027
- Annual results and any strategy changes after the acquisitionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Varex Imaging Corporation is an innovator and manufacturer of X-ray imaging components, including tubes, flat panel and photon counting detectors, linear accelerators and image processing software 1. Its customers are mainly OEM manufacturers that integrate the components into diagnostic, security and industrial inspection systems. The company produces over 27,000 X-ray tubes a year and has about 2,500 employees 12.
The business model relies heavily on replacement parts and service for installed equipment, since CT tubes are replaced periodically and customers tend to stay loyal once components are designed into their systems 1. The company has long relationships with large customers and high production volume, which lets it spread fixed costs over more units 1.
In August 2026 Varex announced a merger agreement under which Teledyne Technologies will acquire the company, with shares converted into cash at 18.9 USD each and closing expected in early 2027 23.
Market context
The X-ray component market is competitive, with price pressure and OEM makers that can choose in-house production or outsourcing 1. Medical demand depends on equipment replacement and investment in CT and mammography systems, while Industrial benefits from demand for security and inspection 1.
The market is also shaped by trade policy: tariffs between the United States and China raised costs and cut margins on some products, and Chinese investigations into CT tubes were suspended but could be resumed 1. Geographically, sales are fairly evenly split between the Americas, EMEA and APAC 1.
Trends
- Tariffs and trade warmixed
Tariffs imposed in 2025 and retaliation by other countries raised costs and reduced the competitiveness of products exported from the United States, especially to China 1. If tensions ease, pressure on margins could decline, and a recovery of tariffs paid could support results 3.
- Chinese investigationsheadwind
China's Ministry of Commerce opened investigations into imported CT tubes and then suspended them, and they could return 1. If Chinese authorities resume the investigations, the prices of tubes sold in China could become less competitive 1.
- Growth in security inspectiontailwind
Demand for cargo and vehicle inspection systems grew in the third quarter of fiscal 2026, supported by the Industrial segment 3. If this trend continues, it could support revenue outside Medical 3.
- Inventory and working capitalheadwind
Inventories rose in 2026, which contributed to lower cash, and working capital management remains a point to watch 23. If inventory does not convert quickly into sales, pressure on cash flow could persist 2.
Competitive position
The main competition comes from OEM makers that build their own X-ray tubes, as well as independent producers in Europe and Asia 1. In detectors, competitors include Trixell, Canon, Vieworks, Hamamatsu, iRay and CareRay, and in industrial inspection Nuctech, Siemens, Smiths and Leidos appear 1.
Varex's advantage rests on production scale, close integration with customers and a lower total cost of ownership of its products, according to its own statements 1. Competitors outside the United States may receive government support and avoid the same tariffs, which could affect the company's competitiveness 1.
- Canon Medical Systems
Major customer and direct competitor in X-ray tubes and flat panel detectors, with in-house production.
- Teledyne Technologies
Company that agreed to acquire Varex, and also a competitor in industrial X-ray components.
- Siemens Healthineers
OEM customer and competitor in high-energy X-ray sources for industrial applications.
- iRay Technology
Competitor in digital detectors and low-energy components for industrial applications.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Varex Imaging (VREX) Stock Jumps 50% on Teledyne (TDY) Buyout Deal Just as Its Turnaround Gains TractionYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 26 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (amendment)29 Oct 2026Shareholder vote
- Current report29 Oct 2026Shareholder vote
- Current report22 Oct 2026Other events
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report16 Mar 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report13 Feb 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-10-03 · SEC / Varex Imaging Corporation · 18 Nov 2025
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Varex Imaging Corporation · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Varex Imaging Corporation · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.