Varex Imaging (VREX)
Builds X-ray imaging components for medical, security, cargo, and industrial systems.
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Supplies X-ray tubes, detectors, software, accelerators, and inspection systems for Medical and Industrial customers. Sales are mainly OEM-driven, with demand shaped by CT, cargo screening, photon-counting detectors, trade rules, tariffs, and product innovation.
Designs and manufactures X-ray imaging components for Medical and Industrial customers. The portfolio includes X-ray tubes, flat panel and photon-counting detectors, linear accelerators, image-processing software, and selected stand-alone inspection systems used in CT, mammography, oncology, dental, security, cargo, and industrial workflows.
Revenue is organized around Medical and Industrial segments and flows mainly through global OEMs that build Varex components into larger systems, with replacement products also sold through service firms, distributors, and direct channels. Operations span North America, Europe, Asia, and India. The business depends on OEM demand, CT and cargo-system cycles, photon-counting detector adoption, China trade and regulatory developments, tariffs, and continued product innovation.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 17, 2026 | CJS Securities | Downgrade | ||
| Aug 11, 2026 | Oppenheimer | Downgrade | ||
| Aug 10, 2026 | Oppenheimer | Downgrade | Rating: — | |
| Aug 10, 2026 | B. Riley | Downgrade | ||
| Aug 10, 2026 | Sidoti & Co. | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jul 3, 2026Cash & short-term investments $99.2M · Total debt $373.6M · Total assets $1.10B · Shareholders' equity $496.6M
- Revenue
- $210.5M
- Operating income
- $22.8M
- Net income
- $15.7M
No dividends on record.
| Institutions | 97.26% | 40.95M shares | |
|---|---|---|---|
| 189 holders · as of Jun 30, 2026 | |||
| Insiders | 1.73% | 727.5K shares | |
| 14 holders · as of Sep 15, 2026 | |||
| Strategic holders | 4.76% | 2.00M shares | |
| 1 holder · as of Aug 24, 2017 | |||
| Adds to | 103.75% | ||
42.10M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 103.75%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Pzena Investment Management LLCInstitution | 10.32% | 4.34M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 9.25% | 3.89M | as of Jun 30, 2026 |
Allspring Global Investments Holdings, LLCInstitution | 5.43% | 2.28M | as of Jun 30, 2026 |
Neuberger Berman Group LLCInstitution | 4.95% | 2.08M | as of Jun 30, 2026 |
QV Investors Inc.Strategic | 4.76% | 2.00M | filed Aug 24, 2017 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Jay K. Kunkel | director | −8,121 | $18.48 |
| Sep 11, 2026 | Shubham Maheshwari | officer: Chief Financial Officer | −130,000 | $18.46 |
| Mar 20, 2026 | Jay K. Kunkel | director | −4,510 | $11.14 |
| Sep 19, 2025 | Karen L. Aranki | officer: Chief Human Resources Officer | −3,174 | $12.34 |
- GE HealthCare
Large CT and X-ray systems maker with in-house imaging components
- Philips (ADR)
Medical imaging OEM tied to X-ray, CT, tube, and detector competition
- Teledyne Technologies
Detector specialist across medical, dental, industrial, and NDT uses
- OSI Systems
Rapiscan security systems rival in cargo and vehicle inspection
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Varex Imaging | $18.50 | +0.14% | $777.6M | 35.2 | 19.5 | 0.9 | +3.7% |
| GE HealthCare | $66.33 | +2.34% | $29.27B | 18.8 | 12.8 | 1.4 | +5.8% |
| Philips (ADR) | $24.92 | +0.08% | $24.34B | 18.7 | 12.9 | 1.2 | −2.8% |
| Teledyne Technologies | $612.05 | +0.49% | $28.23B | 29.4 | 24.0 | 4.4 | +9.8% |
| OSI Systems | $202.39 | +0.99% | $3.30B | 22.4 | 17.8 | 1.8 | −4.1% |
| Median | 20.6 | 15.4 | 1.6 | +1.5% |