Varex Imaging - Public Comps and Valuation Multiples

Varex Imaging Overview

About Varex Imaging

Varex Imaging Corp Designs, manufactures, sells, and services X-ray imaging components, including X-ray tubes, detectors, ionization chambers, high-voltage connectors, software, collimators, generators, exposure control devices, and heat exchangers.. The company operates through two segments: Medical, the key revenue driver, providing X-ray imaging components and accessories for healthcare applications, and Industrial, which provides Linatron X-ray accelerators, X-ray tubes, flat panel detectors, high-voltage connectors, and coolers for non-medical use. Geographically, it generates the majority of its revenue from Europe, the Middle East, and Africa (EMEA), with the rest coming from the Americas and Asia Pacific.

Founded

2016

HQ

Employees

2.4K+

Website

vareximaging.com

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $849M

LTM EBITDA $121M

EV

$719M

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Varex Imaging Financials

As of November 2025, Varex Imaging reported last 12-month revenue of $849M and EBITDA of $121M.

In the same period, Varex Imaging generated $290M in LTM gross profit and -$52.0M in net income.

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Varex Imaging P&L

In the most recent fiscal year, Varex Imaging reported revenue of $845M and EBITDA of $0.7M.

Varex Imaging expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$849M	XXX	$845M	XXX	XXX	XXX
Gross Profit	$290M	XXX	$291M	XXX	XXX	XXX
Gross Margin	34%	XXX	34%	XXX	XXX	XXX
EBITDA	$121M	XXX	$0.7M	XXX	XXX	XXX
EBITDA Margin	14%	XXX	0%	XXX	XXX	XXX
EBIT	-$9.4M	XXX	$66.1M	XXX	XXX	XXX
EBIT Margin	-1%	XXX	8%	XXX	XXX	XXX
Net Profit	-$52.0M	XXX	-$70.3M	XXX	XXX	XXX
Net Margin	-6%	XXX	-8%	XXX	XXX	XXX
Net Debt	XXX	XXX	$223M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Varex Imaging including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $849M. EBITDA for the last twelve months was $121M. In the most recent fiscal year, Varex Imaging achieved $845M in revenue and $0.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$849M	Analyst estimates available to subscribers	$845M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$290M	Analyst estimates available to subscribers	$291M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	34.2% gross margin	Analyst estimates available to subscribers	34.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$121M	Analyst estimates available to subscribers	$0.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	14.2% EBITDA margin	Analyst estimates available to subscribers	0.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$9.4M	Analyst estimates available to subscribers	$66.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-1.1% EBIT margin	Analyst estimates available to subscribers	7.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$52.0M	Analyst estimates available to subscribers	-$70.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-6.1% net profit margin	Analyst estimates available to subscribers	-8.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$223M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Varex Imaging

This financial data table provides comprehensive performance metrics for Varex Imaging, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Varex Imaging generated $849M in revenue over the last twelve months.
The company achieved $121M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $290M.
Net income over the last twelve months reached -$52.0M.

Fiscal Year Performance

In the most recent fiscal year, Varex Imaging reported $845M in total revenue.
Fiscal year EBITDA was $0.7M.
The company maintained a gross profit margin of 34.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 0.1%.
Net profit margin reached -8.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Varex Imaging. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Varex Imaging Stock Performance

Varex Imaging has current market cap of $478M, and EV of $719M.

Market Cap Evolution

Varex Imaging Stock Data

As of December 5, 2025, Varex Imaging's stock price is $11.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$719M	$478M	XXX	XXX	XXX	XXX	$0.89

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Varex Imaging Valuation Multiples

Varex Imaging's trades at 0.9x EV/Revenue multiple, and 15.2x EV/EBITDA.

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Varex Imaging Financial Valuation Multiples

As of December 5, 2025, Varex Imaging has market cap of $478M and EV of $719M.

Equity research analysts estimate Varex Imaging's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Varex Imaging has a P/E ratio of -9.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$478M	XXX	$478M	XXX	XXX	XXX
EV (current)	$719M	XXX	$719M	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.9x	XXX	XXX	XXX
EV/EBITDA	5.9x	XXX	15.2x	XXX	XXX	XXX
EV/EBIT	-76.1x	XXX	17.7x	XXX	XXX	XXX
EV/Gross Profit	2.5x	XXX	n/a	XXX	XXX	XXX
P/E	-9.2x	XXX	-9.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	35.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Varex Imaging Margins & Growth Rates

Varex Imaging's last 12 month revenue growth is 3%

Varex Imaging's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Varex Imaging's rule of 40 is 9% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Varex Imaging's rule of X is 22% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Varex Imaging Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	14%	XXX	6%	XXX	XXX	XXX
EBITDA Growth	-2%	XXX	59%	XXX	XXX	XXX
Rule of 40	9%	XXX	9%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	22%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	11%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	27%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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