Varex Imaging Corp. (VREX) intrinsic value & 10-year financials
Varex Imaging Corp. (VREX) has a Graham intrinsic value of $14.42 per share. At $18.41 on Oct 17, 2026, the stock trades 28% above that value. Over the last 10 fiscal years revenue grew 3.5% a year to $844.6M, with an average return on invested capital of 5.0%.
- Graham intrinsic value
- $14.42
- Share price (Oct 17, 2026)
- $18.41
- Price vs Graham value
- 28% above
- Market cap
- $762.2M
- Revenue (FY2025)
- $844.6M
- Revenue growth (10-yr CAGR)
- 3.5%
- ROIC (10-yr avg)
- 5.0%
- Free cash flow (FY2025)
- $18.8M
VREX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $844.6M | -$70.3M | -$1.70 | $18.8M | -3.3% | -3.6% |
| FY2024 | $811.0M | -$47.7M | -$1.17 | $20.4M | 4.0% | 1.9% |
| FY2023 | $893.4M | $48.2M | $1.08 | $87.7M | 8.6% | 8.8% |
| FY2022 | $859.4M | $30.3M | $0.73 | -$4.4M | 10.3% | 7.3% |
| FY2021 | $818.1M | $17.4M | $0.43 | $77.5M | 9.1% | 5.7% |
| FY2020 | $738.3M | -$57.9M | -$1.49 | -$10.3M | -4.6% | -3.3% |
| FY2019 | $780.6M | $15.5M | $0.40 | $52.1M | 5.9% | 4.2% |
| FY2018 | $773.4M | $27.5M | $0.72 | $64.9M | 5.8% | 5.8% |
| FY2017 | $698.1M | $51.6M | $1.36 | $54.4M | 12.0% | 9.1% |
| FY2016 | $620.1M | $68.5M | $1.82 | $45.3M | 17.6% | 14.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Varex Imaging Corp has demonstrated mature, steady growth, with revenue compounding at 3.5% annually over the past decade.
Varex Imaging Corp has historically struggled to out-earn its cost of capital, averaging just 5.1% ROIC.
Over the decade, Varex Imaging Corp shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Varex Imaging Corp is modeled at 3.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14.42 per share.