VREX
HealthcareVarex Imaging Corporation · Medical - Devices · $430M
What is Varex Imaging Corporation?
Varex Imaging Corporation designs and manufactures X-ray imaging components for medical and industrial customers worldwide. Founded in 2017 and headquartered in Salt Lake City, the company serves original equipment manufacturers, distributors, and end-users across multiple continents.
Varex operates through two segments. The Medical segment produces X-ray tubes, digital detectors, high voltage connectors, image-processing software, and related components used in radiographic imaging, CT, mammography, radiation therapy, and dental applications. The Industrial segment manufactures Linatron X-ray accelerators, detectors, and connectors used in airport security screening, cargo inspection at ports and borders, and nondestructive testing. Products reach customers through OEM partnerships, independent service companies, distributors, and direct sales.
Varex Imaging was founded in 2017 and is headquartered in Salt Lake City, Utah.
- X-ray tubes for medical and industrial imaging
- Digital detectors for radiographic and CT applications
- Linatron X-ray accelerators for security screening
- High voltage connectors and image-processing software
- Collimators, generators, and automatic exposure control devices
Is VREX a Good Stock to Buy?
UQS Score rates VREX as Poor overall, reflecting broad weakness across most of its five evaluation pillars.
The one area where VREX stands out relative to its overall profile is Valuation, which is rated Good — suggesting the market may already be pricing in the company's challenges, leaving less downside from a pure valuation standpoint.
Quality, Moat, Growth, and Risk are all rated Weak, indicating meaningful headwinds across profitability, competitive positioning, expansion trajectory, and balance-sheet or operational risk factors.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does VREX pay dividends?
No — Varex Imaging Corporation does not currently pay a dividend.
Varex Imaging does not currently pay a dividend. Given the company's Weak Quality and Growth pillar ratings, capital is likely directed toward operational needs and debt management rather than shareholder distributions. Income-focused investors should be aware that no dividend income is available from VREX at this time.
When does VREX report earnings?
Varex Imaging reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
The company's Weak Growth pillar suggests recent results have not demonstrated meaningful revenue or earnings expansion relative to sector peers. Operational and risk challenges reflected in the UQS profile may continue to weigh on near-term results.
For the most recent quarter's results and upcoming reporting dates, visit Varex Imaging's investor relations page directly.
VREX Price History
-52.2% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Varex Imaging Corporation?
Based on Varex Imaging Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
VREX Long-term Outlook
The combination of Weak Growth and Weak Risk pillar ratings points to a cautious fundamental outlook for VREX. The company faces headwinds in expanding its business while managing operational and financial risks that are above average for the sector. The Good Valuation rating offers a partial offset, but sustained improvement would likely require meaningful progress across quality and moat dimensions.
Growth drivers
- Expanding global demand for medical imaging infrastructure
- Security and cargo screening investment at ports and borders
- Potential OEM partnership growth in industrial inspection markets
Key risks
- Weak competitive moat leaves revenue vulnerable to substitution
- Elevated risk profile may constrain financial flexibility
- Slow growth trajectory relative to healthcare sector peers
VREX vs Peers
Varex Imaging operates in a niche within the broader healthcare technology space, and its UQS profile can be viewed alongside other small-cap healthcare names.
Pacific Biosciences focuses on long-read DNA sequencing technology, operating in genomics rather than imaging hardware.
Orthofix Medical specializes in orthopedic products and spine solutions, serving a distinct clinical market from X-ray component manufacturing.
NeuroPace develops implantable neurostimulation devices for epilepsy, competing for healthcare capital in a very different therapeutic category.
Frequently Asked Questions
What does Varex Imaging do?
Varex Imaging designs and manufactures X-ray imaging components across two segments. The Medical segment supplies X-ray tubes, digital detectors, and related software for clinical imaging applications. The Industrial segment produces accelerators and detectors used in airport security, cargo screening, and nondestructive testing.
Does VREX pay dividends?
Varex Imaging does not currently pay a dividend. The company does not have a history of shareholder distributions, and its current financial profile suggests capital is allocated toward operations rather than income payouts. VREX is not suitable for dividend-focused investors at this time.
When does VREX report earnings?
Varex Imaging follows a standard quarterly earnings cadence for US-listed companies. Specific upcoming report dates are not covered by our data source. Check Varex Imaging's investor relations page for the most current schedule.
Is VREX a good stock to buy?
UQS Score rates VREX as Poor, driven by Weak ratings across Quality, Moat, Growth, and Risk pillars. The Valuation pillar is rated Good, which may reflect the market pricing in existing challenges. Investors should weigh the full pillar breakdown before drawing conclusions.
Is VREX overvalued?
The UQS Valuation pillar for VREX is rated Good, suggesting the stock is not considered expensive relative to its fundamentals at current levels. However, a favorable valuation alone does not offset the Weak ratings across other pillars. Full metrics are available to Pro members.
How does VREX compare to its competitors?
Varex Imaging's small-cap peers in the healthcare space — including Pacific Biosciences, Orthofix Medical, and NeuroPace — each operate in distinct niches. VREX's differentiation lies in X-ray component manufacturing for both clinical and industrial markets, though its overall UQS profile rates below average compared to higher-scoring healthcare names.
What is VREX's market cap bracket?
Varex Imaging is classified as a small-cap company. Small-cap stocks can offer niche market exposure but often carry higher volatility and liquidity risk compared to large- or mega-cap peers in the healthcare sector.
Who founded Varex Imaging?
Varex Imaging was established in 2017 as a spin-off from Varian Medical Systems. Detailed founding leadership information is publicly available through the company's official filings and investor relations materials.
Is VREX a long-term quality investment?
As a long-term quality indicator, VREX's Poor UQS Score — with Weak ratings across Quality, Moat, Growth, and Risk — raises meaningful questions about durability of returns over time. The Good Valuation rating is a positive signal, but sustained long-term quality typically requires strength across multiple pillars.
What is the main competitive advantage of Varex Imaging?
Varex Imaging's primary positioning comes from its specialized expertise in X-ray component manufacturing and its established OEM relationships in both medical and industrial markets. However, the UQS Moat pillar is rated Weak, suggesting these advantages may not be strongly defensible against competitive pressure.
What sector does VREX belong to?
Varex Imaging is classified in the Healthcare sector, specifically within medical imaging technology and industrial inspection equipment. Its dual-segment model gives it exposure to both clinical healthcare demand and industrial security infrastructure spending.
Is VREX a growth stock or value stock?
Based on UQS pillar labels, VREX does not fit neatly into either category. The Growth pillar is rated Weak, making it difficult to classify as a growth stock. The Valuation pillar is rated Good, offering some value characteristics — but the overall Poor UQS Score tempers that framing.
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Pro Analysis
VREX — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 31.2 | 10.8 | 20.0 | 31.5 | 40.1 | 74.3 | +0.7 |
| May 8, 2026 | 30.5 | 0.0 | 20.0 | 31.6 | 36.9 | 91.2 | +0.5 |
| May 7, 2026 | 30.0 | 10.8 | 20.0 | 31.6 | 39.6 | 66.7 | -0.2 |
| May 3, 2026 | 30.2 | 10.8 | 20.0 | 31.6 | 39.6 | 68.4 | +0.4 |
| Apr 26, 2026 | 29.8 | 10.8 | 20.0 | 31.6 | 39.6 | 65.5 | -0.3 |
| Apr 19, 2026 | 30.1 | 10.8 | 20.0 | 31.6 | 39.6 | 67.3 | -0.2 |
| Apr 18, 2026 | 30.3 | 10.8 | 20.0 | 31.6 | 39.6 | 69.2 | -2.6 |
| Apr 14, 2026 | 32.9 | 10.8 | 20.0 | 31.6 | 39.6 | 86.4 | -0.2 |
| Apr 12, 2026 | 33.1 | 10.8 | 20.0 | 31.6 | 39.6 | 87.4 | -0.4 |
| Apr 10, 2026 | 33.5 | 10.8 | 20.0 | 31.6 | 39.6 | 90.4 | +0.1 |
VREX — Pillar Breakdown
Quality
— 10.8/100 (25%)Varex Imaging Corporation currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 31.5/100 (20%)Varex Imaging Corporation faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 40.1/100 (15%)Varex Imaging Corporation has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 74.3/100 (15%)Varex Imaging Corporation trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 20/100 (25%)Varex Imaging Corporation operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for VREX.
Score Composition
Financial Data
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How is the VREX UQS Score Calculated?
The UQS (Unified Quality Score) for Varex Imaging Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Varex Imaging Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Varex Imaging Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.