Varex Imaging Corporation (VREX) Key Metrics
VREX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $781.8M
- Enterprise value
- $1.06B
- P/E (TTM)
- 34.7 10-yr median 34.5
- Forward P/E
- 20.3
- PEG ratio
- 4.98
- Price / sales
- 0.9 10-yr median 1.1
- Price / book
- 1.6 10-yr median 1.7
- EV / EBITDA
- 12.7 10-yr median 14.5
- Dividend yield
- —
- Beta
- 0.97
VREX key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsVREX valuation Price multiples at each fiscal year-end price.
Price / sales+1.4%
0.6
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / book+19.5%
1.1
FY2025 · hover or tap a bar for each year
FY2016FY2025
EV / EBITDA+1,706.5%
217.2
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / free cash flow+14.5%
27.3
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow yield−0.5 pts
3.7%
FY2025 · hover or tap a bar for each year
FY2016FY2025
VREX returns How much profit the business earns on the capital it uses.
Return on equity−5.3 pts
−14.0%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on invested capital−4.8 pts
−2.9%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on assets−2.2 pts
−6.0%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow margin−0.3 pts
2.2%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Asset turnover+10.5%
0.73
FY2025 · hover or tap a bar for each year
FY2016FY2025
VREX per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+2.6%
$20.40
FY2025 · hover or tap a bar for each year
FY2016FY2025
Earnings per share
−$1.70
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow per share−9.2%
$0.45
FY2025 · hover or tap a bar for each year
FY2016FY2025
Book value per share−13.0%
$11.42
FY2025 · hover or tap a bar for each year
FY2016FY2025
Shares outstanding+1.5%
41.4M
FY2025 · hover or tap a bar for each year
FY2016FY2025
VREX financial health Debt, liquidity and how easily interest is covered.
Debt / equity−3.3%
0.85
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt−$23.1M
$246.8M
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt / EBITDA+66.22
70.51
FY2025 · hover or tap a bar for each year
FY2016FY2025
Current ratio+3.3%
3.43
FY2025 · hover or tap a bar for each year
FY2016FY2025
Interest coverage
-0.8
FY2025 · hover or tap a bar for each year
FY2016FY2025
Debt / assets−6.1%
0.36
FY2025 · hover or tap a bar for each year
FY2016FY2025
VREX efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−4 days
68 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days of inventory+7 days
186 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days payables outstanding+2 days
42 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Cash conversion cycle+1 days
211 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Capex / revenue−0.6 pts
2.7%
FY2025 · hover or tap a bar for each year
FY2016FY2025
VREX valuation history
Fiscal year-endToday10-year median
VREX returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VREX debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VREX cash returned to shareholders
DividendsBuybacksFree cash flow
VREX price vs earnings per share
Share price at year-endEPS (right axis)
VREX key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $513.4M | $486.3M | $945.1M | $879.4M | $1.14B | $493.5M | $1.10B | $1.10B | $1.29B | — |
| Enterprise value | $760.2M | $756.2M | $1.22B | $1.23B | $1.45B | $877.4M | $1.47B | $1.44B | $1.69B | — |
| P/E ratio | — | — | 19.9 | 29.0 | 65.3 | — | 71.1 | 40.0 | 24.9 | — |
| Price / sales | 0.6 | 0.6 | 1.1 | 1.0 | 1.4 | 0.7 | 1.4 | 1.4 | 1.8 | — |
| Price / book | 1.1 | 0.9 | 1.7 | 1.6 | 2.4 | 1.1 | 2.5 | 2.6 | 3.4 | — |
| Price / free cash flow | 27.3 | 23.8 | 10.8 | — | 14.7 | — | 21.1 | 17.0 | 23.4 | — |
| Price / operating cash flow | 12.3 | 10.3 | 8.7 | 52.0 | 12.3 | 37.4 | 15.3 | 12.9 | 17.2 | — |
| EV / sales | 0.9 | 0.9 | 1.4 | 1.4 | 1.8 | 1.2 | 1.9 | 1.9 | 2.4 | — |
| EV / EBITDA | 217.2 | 12.0 | 12.9 | 10.7 | 13.9 | — | 17.5 | 16.0 | 15.2 | — |
| EV / free cash flow | 40.4 | 37.1 | 13.9 | — | 18.7 | — | 28.2 | 22.2 | 30.7 | — |
| Earnings yield | −13.7% | −9.8% | 5.0% | 3.4% | 1.5% | −11.7% | 1.4% | 2.5% | 4.0% | — |
| Free cash flow yield | 3.7% | 4.2% | 9.3% | −0.5% | 6.8% | −2.1% | 4.7% | 5.9% | 4.3% | — |
| Dividend yield | — | — | — | 0.3% | 0.1% | 10.8% | 0.0% | 0.1% | 17.7% | — |
| Shareholder yield (dividends + buybacks) | — | 0.5% | 0.1% | 0.6% | 0.2% | 11.1% | 0.2% | 0.3% | 17.8% | — |
| Share price at fiscal year-end | $12.40 | $11.92 | $18.79 | $21.14 | $28.20 | $12.72 | $28.54 | $28.66 | $33.84 | — |
| Per share | ||||||||||
| Revenue per share | $20.40 | $19.88 | $17.76 | $20.66 | $20.30 | $19.03 | $20.22 | $20.14 | $18.37 | $16.15 |
| Earnings per share | −$1.70 | −$1.17 | $0.94 | $0.73 | $0.43 | −$1.49 | $0.40 | $0.72 | $1.36 | $1.78 |
| Operating cash flow per share | $1.01 | $1.16 | $2.16 | $0.41 | $2.30 | $0.34 | $1.86 | $2.22 | $1.96 | $1.93 |
| Free cash flow per share | $0.45 | $0.50 | $1.74 | −$0.11 | $1.92 | −$0.27 | $1.35 | $1.69 | $1.45 | $1.18 |
| Cash per share | $3.75 | $4.91 | $3.85 | $2.15 | $3.59 | $2.59 | $0.77 | $1.35 | $2.19 | $0.95 |
| Book value per share | $11.42 | $13.12 | $11.29 | $12.82 | $11.99 | $11.64 | $11.55 | $11.10 | $9.97 | $13.70 |
| Tangible book value per share | $6.29 | $5.59 | $5.11 | $5.18 | $3.48 | $2.35 | $1.78 | $2.83 | $1.21 | $11.21 |
| Dividends per share | — | — | — | $0.07 | $0.03 | $1.37 | $0.01 | $0.02 | $5.98 | $5.91 |
| Capex per share | $0.55 | $0.66 | $0.41 | $0.51 | $0.37 | $0.61 | $0.51 | $0.53 | $0.53 | $0.75 |
| Debt per share | $9.71 | $11.53 | $9.34 | $10.49 | $11.40 | $12.49 | $10.24 | $10.15 | $12.73 | $0.01 |
| Shares outstanding | 41.4M | 40.8M | 50.3M | 41.6M | 40.3M | 38.8M | 38.6M | 38.4M | 38.0M | 38.4M |
| Change in shares outstanding | +1.5% | −18.9% | +20.9% | +3.2% | +3.9% | +0.5% | +0.5% | +1.1% | −1.0% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −14.0% | −8.7% | 8.6% | 6.0% | 3.7% | −12.9% | 3.6% | 6.8% | 11.4% | 13.6% |
| Return on invested capital (ROIC) | −2.9% | 1.9% | 8.9% | 7.3% | 5.7% | −3.2% | 0.8% | 5.8% | 9.2% | 15.0% |
| Return on assets (ROA) | −6.0% | −3.9% | 3.9% | 2.6% | 1.5% | −5.3% | 1.5% | 2.7% | 6.2% | 11.4% |
| Return on tangible assets | −7.9% | −5.2% | 5.0% | 3.5% | 2.2% | −7.4% | 2.3% | 4.1% | 7.3% | 13.0% |
| Free cash flow margin | 2.2% | 2.5% | 9.8% | −0.5% | 9.5% | −1.4% | 6.7% | 8.4% | 7.9% | 7.3% |
| Income quality (OCF / net income) | — | — | 2.29 | 0.56 | 5.32 | — | 4.64 | 3.10 | 1.45 | 1.08 |
| Financial health | ||||||||||
| Total debt | $401.9M | $470.4M | $469.8M | $436.4M | $459.4M | $484.5M | $395.1M | $389.8M | $483.9M | $200,000 |
| Cash & short-term investments | $155.1M | $200.5M | $193.9M | $89.4M | $144.6M | $100.6M | $29.9M | $51.9M | $83.3M | $36.5M |
| Net debt | $246.8M | $269.9M | $275.9M | $347.0M | $314.8M | $383.9M | $365.2M | $337.9M | $400.6M | −$36.3M |
| Debt / equity | 0.85 | 0.88 | 0.83 | 0.82 | 0.95 | 1.07 | 0.89 | 0.91 | 1.28 | 0.00 |
| Debt / assets | 0.36 | 0.39 | 0.38 | 0.37 | 0.40 | 0.43 | 0.38 | 0.39 | 0.47 | 0.00 |
| Net debt / EBITDA | 70.51 | 4.29 | 2.91 | 3.03 | 3.01 | — | 4.35 | 3.77 | 3.61 | −0.30 |
| Current ratio | 3.43 | 3.32 | 4.04 | 3.52 | 3.33 | 3.25 | 2.51 | 3.00 | 3.26 | 4.63 |
| Quick ratio | 1.83 | 1.97 | 2.34 | 1.77 | 1.98 | 1.56 | 1.09 | 1.46 | 1.72 | 2.09 |
| Interest coverage | -0.8 | 1.0 | 2.6 | 2.2 | 1.7 | -1.1 | 0.4 | 2.1 | 6.8 | 57.4 |
| Working capital | $454.6M | $454.0M | $495.5M | $436.8M | $387.6M | $361.4M | $265.2M | $305.5M | $343.5M | $282.1M |
| Invested capital | $719.4M | $805.0M | $843.6M | $880.4M | $798.1M | $835.6M | $811.2M | $764.1M | $779.6M | $489.7M |
| Tangible asset value | $274.2M | $242.1M | $270.1M | $228.6M | $153.6M | $105.2M | $82.7M | $122.0M | $57.0M | $440.9M |
| Net current asset value | $21.0M | −$17.9M | −$10.3M | −$27.8M | −$96.8M | −$151.7M | −$140.7M | −$91.0M | −$154.6M | $273.8M |
| Graham number | — | — | $15.47 | $14.50 | $10.79 | — | $10.22 | $13.37 | $17.46 | $23.45 |
| Graham net-net per share | −$4.78 | −$5.31 | −$4.23 | −$6.41 | −$6.89 | −$8.87 | −$8.30 | −$6.88 | −$8.60 | $3.67 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $2.8M | $1.3M | $53.1M | $500,000 | $600,000 | $227.1M | $227.1M |
| Share buybacks (net) | — | $2.2M | $1.4M | $2.8M | $1.5M | $1.8M | $2.1M | $2.3M | $1.9M | $0 |
| Dividend payout ratio | — | — | — | 9.2% | 7.5% | — | 3.2% | 2.2% | 440.1% | 331.5% |
| Dividends + buybacks / free cash flow | — | 10.8% | 1.6% | — | 3.6% | — | 5.0% | 4.5% | 416.4% | 501.3% |
| Capex / revenue | 2.7% | 3.3% | 2.3% | 2.5% | 1.8% | 3.2% | 2.5% | 2.6% | 2.9% | 4.7% |
| Capex / operating cash flow | 54.9% | 56.9% | 19.1% | 126.0% | 16.3% | 178.0% | 27.5% | 23.9% | 27.1% | 38.9% |
| Capex / depreciation | 0.84 | 0.86 | 0.62 | 0.63 | 0.40 | 0.59 | 0.51 | 0.48 | 0.74 | 1.89 |
| Stock-based compensation / revenue | 1.8% | 1.9% | 1.5% | 1.6% | 1.7% | 1.8% | 1.5% | 1.3% | 1.2% | 1.5% |
| R&D / revenue | 10.8% | 10.7% | 9.5% | 9.0% | 8.8% | 10.7% | 10.0% | 10.7% | 9.6% | 8.6% |
| SG&A / revenue | 15.8% | 17.0% | 14.4% | 13.8% | 15.3% | 19.2% | 16.4% | 16.3% | 14.7% | 13.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 68.1 | 72.5 | 69.0 | 69.8 | 62.3 | 65.5 | 69.0 | 74.9 | 74.7 | 70.6 |
| Days of inventory on hand | 185.8 | 178.6 | 175.7 | 167.3 | 165.8 | 173.9 | 169.1 | 165.0 | 177.3 | 182.8 |
| Days payables outstanding | 42.5 | 40.8 | 43.2 | 43.4 | 44.0 | 43.7 | 43.4 | 44.0 | 41.4 | 45.0 |
| Cash conversion cycle (days) | 211.4 | 210.3 | 201.4 | 193.7 | 184.1 | 195.7 | 194.7 | 195.9 | 210.6 | 208.5 |
| Receivables turnover | 5.36 | 5.04 | 5.29 | 5.23 | 5.86 | 5.58 | 5.29 | 4.87 | 4.89 | 5.17 |
| Payables turnover | 8.59 | 8.95 | 8.44 | 8.41 | 8.30 | 8.36 | 8.42 | 8.30 | 8.82 | 8.12 |
| Inventory turnover | 1.96 | 2.04 | 2.08 | 2.18 | 2.20 | 2.10 | 2.16 | 2.21 | 2.06 | 2.00 |
| Asset turnover | 0.73 | 0.66 | 0.73 | 0.74 | 0.72 | 0.68 | 0.77 | 0.76 | 0.84 | 1.03 |
| Average receivables | $157.6M | $161.0M | $168.8M | $164.3M | $139.6M | $132.4M | $147.5M | $158.8M | $142.9M | $120.0M |
| Average payables | $64.5M | $61.9M | $71.5M | $68.5M | $65.8M | $65.5M | $62.2M | $62.6M | $50.4M | $45.8M |
| Average inventory | $282.1M | $271.1M | $290.4M | $264.0M | $248.3M | $261.1M | $242.7M | $234.8M | $215.9M | $186.2M |
| Intangibles / total assets | 19.2% | 25.2% | 24.9% | 26.9% | 29.9% | 31.6% | 36.2% | 32.1% | 32.0% | 15.3% |
Computed from VREX's annual financial statements (latest annual report filed November 18, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VREX valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 34.7 and the forward P/E is 20.3. Varex Imaging earned a return on equity of −14.0% and a return on invested capital of −2.9% in fiscal 2025. It ended the year with $401.9 million of debt and $155.1 million in cash and short-term investments, net debt of $246.8 million. The share count rose 7.8% from 38.4M to 41.4M over 9 years.
See the VREX income statement, the VREX chart for price history, or the VREX stock overview for the latest quote and news.
VREX key metrics FAQ
What is Varex Imaging's P/E ratio?
Varex Imaging's trailing P/E ratio is 34.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 20.3. At the end of fiscal 2025 it was —, compared with a 10-year median of 34.5.
What is Varex Imaging's EV/EBITDA?
Varex Imaging's enterprise value was 217.2 times EBITDA at the end of fiscal 2025 (enterprise value $760.2 million, EBITDA $3.5 million); the current EV/EBITDA is 12.7.
What is Varex Imaging's return on equity?
Varex Imaging's return on equity (ROE) was −14.0% in fiscal 2025: net income of -$70.3 million on average shareholders' equity of $503.9 million.
What is Varex Imaging's ROIC?
Varex Imaging's return on invested capital was −2.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Varex Imaging have?
Varex Imaging had total debt of $401.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.85 and $246.8 million of net debt (70.51 times EBITDA).
What is Varex Imaging's free cash flow yield?
Varex Imaging generated $18.8 million of free cash flow in fiscal 2025, a free cash flow yield of 3.7% on its market value at year-end ($513.4 million).
What is Varex Imaging's current ratio?
Varex Imaging's current ratio was 3.43 at the end of fiscal 2025: current assets were 3.43 times current liabilities.