Home 
Today's Top Picks 
Top Performers 
Watchlist 
My Robo Portfolios 
ETF Zone 
Help & Tutorial - Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
- About
VREX 
Varex Imaging Corp (VREX)
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- Pass (Skip investing)
Stock price based on last close (see disclosures)
- ALL
- 1Y
- 1M
- 1W
Upturn Advisory Summary
01/09/2026: VREX (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
5 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $17.2
1 Year Target Price $17.2
| 3 | Strong Buy |
| 1 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 7.2% | Avg. Invested days 36 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  4.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 01/09/2026 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 555.01M USD | Price to earnings Ratio - | 1Y Target Price 17.2 |
Price to earnings Ratio - | 1Y Target Price 17.2 | ||
Volume (30-day avg) 5 | Beta 0.86 | 52 Weeks Range 6.76 - 15.46 | Updated Date 01/9/2026 |
52 Weeks Range 6.76 - 15.46 | Updated Date 01/9/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -1.7 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -8.32% | Operating Margin (TTM) 8.56% |
Management Effectiveness
Return on Assets (TTM) 3.56% | Return on Equity (TTM) -13.58% |
Valuation
Trailing PE - | Forward PE 20.08 | Enterprise Value 795813279 | Price to Sales(TTM) 0.66 |
Enterprise Value 795813279 | Price to Sales(TTM) 0.66 | ||
Enterprise Value to Revenue 0.94 | Enterprise Value to EBITDA 1136.88 | Shares Outstanding 41919432 | Shares Floating 41089929 |
Shares Outstanding 41919432 | Shares Floating 41089929 | ||
Percent Insiders 1.46 | Percent Institutions 95.18 |
Upturn AI SWOT
Varex Imaging Corp
Company Overview
History and Background
Varex Imaging Corporation was spun off from Varian Medical Systems in May 2017. Varian Medical Systems itself was founded in 1948. Varex Imaging focuses on X-ray imaging components, and its spin-off aimed to allow the business to operate with greater focus and agility in the medical and industrial imaging markets.
Core Business Areas
- Software and Services: Varex also offers image processing software and provides maintenance and repair services for its products, as well as offering custom engineering services for specialized imaging needs.
- X-ray Components: Varex designs, manufactures, and markets a broad range of X-ray tubes, digital flat panel detectors, and other components used in medical imaging systems (such as CT scanners, mammography, fluoroscopy, and radiography) and industrial imaging applications (such as security screening and non-destructive testing).
Leadership and Structure
Varex Imaging is led by a management team including a Chief Executive Officer, Chief Financial Officer, and heads of various operational divisions. The company is organized around its product lines and geographic regions.
Top Products and Market Share
Key Offerings
- Custom Imaging Solutions: Varex offers custom-designed components and systems for original equipment manufacturers (OEMs) and specialized applications, leveraging their expertise in X-ray technology. This segment competes with internal R&D departments of large OEMs and other specialized engineering firms.
- Digital Flat Panel Detectors (FPDs): Varex provides both direct and indirect conversion FPDs, which are crucial for digital radiography and fluoroscopy. These detectors enable higher image quality and lower radiation doses. Key competitors in this space include Agfa HealthCare, Carestream, Fujifilm Medical Systems, and companies that integrate detectors into their imaging systems like Siemens Healthineers and GE Healthcare.
- X-ray Tubes: Varex is a leading global supplier of X-ray tubes used in a wide array of medical and industrial imaging applications. They offer a diverse portfolio including rotating anode tubes, fixed anode tubes, and specialized tubes. Competitors include companies like Canon Medical Systems (formerly Toshiba Medical Systems), GE Healthcare, Philips, and specialized tube manufacturers.
Market Dynamics
Industry Overview
The medical and industrial imaging market is characterized by continuous innovation, driven by the demand for higher resolution, lower radiation doses, improved diagnostic accuracy, and increased workflow efficiency. The market is influenced by regulatory requirements, technological advancements (e.g., AI in imaging), and global healthcare spending trends. The industrial segment is driven by security needs and quality control in manufacturing.
Positioning
Varex Imaging is positioned as a key component supplier to original equipment manufacturers (OEMs) in the medical and industrial imaging sectors. Its competitive advantage lies in its broad product portfolio, deep technical expertise in X-ray physics and engineering, and its long-standing relationships with major imaging system providers. The company's ability to offer customized solutions also differentiates it.
Total Addressable Market (TAM)
The global medical imaging market is substantial and projected to grow significantly, with estimates often in the tens of billions of dollars annually. The industrial imaging market is also a multi-billion dollar segment. Varex's TAM is tied to the market for X-ray tubes and digital detectors within these broader markets. Varex holds a significant share in these component segments, serving a large portion of the overall imaging market through its OEM customers.
Upturn SWOT Analysis
Strengths
- Strong market position as a leading supplier of X-ray tubes and digital detectors.
- Broad and diverse product portfolio serving both medical and industrial applications.
- Deep technical expertise and R&D capabilities in X-ray technology.
- Long-standing relationships with major original equipment manufacturers (OEMs).
- Global manufacturing and distribution network.
Weaknesses
- Dependence on a relatively small number of large OEM customers.
- Exposure to cyclicality in the medical device and industrial equipment markets.
- Competition from integrated imaging system manufacturers who may develop components in-house.
- Relatively smaller scale compared to some of the large, diversified healthcare conglomerates.
Opportunities
- Growth in emerging markets for medical imaging technologies.
- Expansion of applications in industrial imaging (e.g., advanced security screening, quality control).
- Development and integration of AI-powered solutions for imaging.
- Strategic acquisitions to expand product offerings or market reach.
- Increasing demand for advanced detectors offering higher resolution and faster imaging.
Threats
- Intensifying competition from existing and new players.
- Changes in regulatory environments for medical devices.
- Technological obsolescence if new imaging modalities emerge that do not rely on X-ray.
- Global supply chain disruptions and material cost volatility.
- Economic downturns impacting capital expenditures by healthcare providers and industrial clients.
Competitors and Market Share
Key Competitors
- Siemens Healthineers (SIEM.DE)
- GE HealthCare (GEHC)
- Philips (PHIA.AS)
- Canon Medical Systems (Part of Canon Inc. - TYO: 7751)
- Fujifilm Holdings Corporation (TYO: 4901)
- Carestream Health (Private)
Competitive Landscape
Varex's advantage lies in its specialization and component-level expertise, allowing it to be a preferred supplier for many OEMs. However, larger integrated competitors like Siemens Healthineers and GE HealthCare have the advantage of offering complete imaging systems, potentially leveraging internal component development. Varex must continually innovate to maintain its technological edge and competitive pricing.
Growth Trajectory and Initiatives
Historical Growth: Since its spin-off in 2017, Varex has focused on consolidating its position, expanding its product lines, and integrating acquired businesses. Growth has been characterized by organic expansion and strategic tuck-in acquisitions. Revenue growth has been steady, albeit sometimes moderated by industry cycles. For instance, revenues have been in the $400M+ range annually since its inception.
Future Projections: Analyst projections typically forecast continued modest revenue growth for Varex, driven by ongoing innovation in medical imaging, increasing demand in emerging markets, and the expansion of its industrial imaging segment. Projections may also anticipate margin expansion through operational efficiencies and product mix improvements. Specific growth rate percentages from financial analysts would be provided here.
Recent Initiatives: Varex has been active in developing new detector technologies, expanding its software capabilities, and pursuing acquisitions to enhance its product portfolio and market reach. Recent initiatives might include investments in advanced materials for detectors, partnerships for AI integration, and the acquisition of smaller technology companies.
Summary
Varex Imaging Corp is a well-established leader in X-ray imaging components, boasting strong technical expertise and long-term OEM relationships. Its diverse product portfolio and presence in both medical and industrial markets provide a solid foundation. The company needs to navigate the competitive landscape, particularly from larger integrated players, and manage its dependence on key customers. Continued investment in innovation and strategic growth initiatives will be crucial for sustained success.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Varex Imaging Corp Investor Relations
- Company SEC Filings (10-K, 10-Q)
- Financial News and Analysis Websites (e.g., Bloomberg, Reuters, Yahoo Finance)
- Industry Market Research Reports
Disclaimers:
This JSON output is for informational purposes only and does not constitute financial advice. Market share data and competitor information are estimates and can vary based on the definition of the market segment. Financial data should be verified with official filings. Stock symbols for international companies are provided for context but are not direct US stock listings. Investment decisions should be made in consultation with a qualified financial advisor.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Varex Imaging Corp
Exchange NASDAQ | Headquaters Salt Lake City, UT, United States | ||
IPO Launch date 2017-01-20 | President, CEO & Director Mr. Sunny S. Sanyal | ||
Sector Healthcare | Industry Medical Devices | Full time employees 2400 | Website https://www.vareximaging.com |
Full time employees 2400 | Website https://www.vareximaging.com | ||
Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. It operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. This segment's products are used in a range of applications, including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses. The Industrial segment designs, develops, manufactures, sells, and services Linatron X-ray linear accelerators, non-intrusive cargo inspection systems, X-ray tubes, digital detectors, high voltage connectors, and coolers for use in security and inspection applications, such as baggage screening at airports, cargo screening at ports and borders, and nondestructive testing, irradiation, and inspection in various applications. It sells its products through imaging system original equipment manufacturers, independent service companies, and distributors, as well as directly to end-users. The company has operations in North America, Latin America, Europe, the Middle East, India, Africa, Asia, and Australia. The company was incorporated in 2016 and is headquartered in Salt Lake City, Utah.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.