Varex Imaging Corp
VREX · Electronic Components, NEC · 42.1M shares · +7%/yr ↑ dilution · EDGAR filings ↗
Reference price $11.14 · est. market cap ~$469M — last insider sale, 2026-03-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C52X-ray imaging-components maker near breakeven with slightly positive free cash flow and leverage.
Strengths
- Slightly positive free cash flow — FCF $19M
Risks
- Near-breakeven/net loss — operating margin -3%, net margin -8%
- Leverage — D/E 0.77 (75th)
- Customer-concentration/OEM-demand cyclicality — per 10-K
Notable findings
- Net lossNet loss (net margin -8.3%)
- Customer concentration~75% of revenue from one customer/distributor — 7 % 75
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $155M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
34.4%
Operating margin
-3.3%
Net margin
-8.3%
Return on equity
-14.9%
Return on assets
-6.3%
ROIC
-2.6%
Revenue growth (QoQ)
3.1%
Debt / equity
0.8×
Current ratio
3.4×
Free cash flow
$19M
Tangible book value
$260M
Cash & investments
$155M
Stock comp / revenue
1.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-20 | Kunkel Jay K. | Sell | 4.5K | $11.14 |
| 2026-02-09 | Kunkel Jay K. | Option exercise | 8.5K | — |
| 2026-02-09 | Chertoff Jocelyn D | Option exercise | 8.5K | — |
| 2026-02-09 | Bardwell Kathleen | Option exercise | 8.5K | — |
| 2026-02-09 | Rosebrough Walter M Jr | Option exercise | 10K | — |
| 2026-02-09 | TSINGOS CHRISTINE A | Option exercise | 8.5K | — |
| 2026-02-09 | GUERTIN TIMOTHY E | Option exercise | 8.5K | — |
| 2025-12-10 | Jonaitis Mark S. | Option exercise | 4.7K | — |
| 2025-12-10 | Jonaitis Mark S. | Option exercise | 7.9K | — |
| 2025-12-10 | Jonaitis Mark S. | Tax withheld | 5.5K | $11.70 |
| 2025-12-10 | Hartmann Andrew | Option exercise | 4.7K | — |
| 2025-12-10 | Hartmann Andrew | Option exercise | 7.9K | — |
| 2025-12-10 | Hartmann Andrew | Tax withheld | 3.6K | $11.70 |
| 2025-12-10 | SANYAL SUNNY | Option exercise | 27K | — |
| 2025-12-10 | SANYAL SUNNY | Option exercise | 48K | — |
| 2025-12-10 | SANYAL SUNNY | Tax withheld | 33K | $11.70 |
| 2025-12-10 | Aranki Karen L | Option exercise | 6.7K | — |
| 2025-12-10 | Aranki Karen L | Tax withheld | 1.9K | $11.70 |
| 2025-12-10 | Maheshwari Shubham | Option exercise | 7.1K | — |
| 2025-12-10 | Maheshwari Shubham | Option exercise | 14K | — |
| 2025-12-10 | Maheshwari Shubham | Tax withheld | 5.2K | $11.70 |
| 2025-09-19 | Aranki Karen L | Sell | 3.2K | $12.34 |
| 2025-08-14 | Kunkel Jay K. | Sell | 3.0K | $10.49 |
| 2025-06-18 | Kunkel Jay K. | Sell | 2.6K | $7.77 |
| 2025-05-15 | Maheshwari Shubham | Option exercise | 3.7K | — |
| 2025-05-15 | Aranki Karen L | Tax withheld | 1.6K | $7.89 |
| 2025-05-15 | Maheshwari Shubham | Tax withheld | 919 | $7.89 |
| 2025-05-15 | Aranki Karen L | Option exercise | 4.8K | — |
| 2025-04-02 | SANYAL SUNNY | Sell | 8.7K | $11.24 |
| 2025-03-20 | Honeysett Kimberley E. | Sell | 4.0K | $12.81 |
| 2025-02-15 | SANYAL SUNNY | Tax withheld | 15K | $13.27 |
| 2025-02-15 | Jonaitis Mark S. | Tax withheld | 2.8K | $13.27 |
| 2025-02-15 | Honeysett Kimberley E. | Option exercise | 5.8K | — |
| 2025-02-15 | Honeysett Kimberley E. | Tax withheld | 2.8K | $13.27 |
| 2025-02-15 | Jonaitis Mark S. | Option exercise | 5.8K | — |
| 2025-02-15 | Hartmann Andrew | Option exercise | 5.8K | — |
| 2025-02-15 | Hartmann Andrew | Tax withheld | 2.7K | $13.27 |
| 2025-02-15 | SANYAL SUNNY | Option exercise | 34K | — |
| 2025-02-14 | GUERTIN TIMOTHY E | Option exercise | 6.6K | — |
| 2025-02-13 | TSINGOS CHRISTINE A | Option exercise | 6.6K | — |
| 2025-02-13 | Chertoff Jocelyn D | Option exercise | 6.6K | — |
| 2025-02-13 | Rosebrough Walter M Jr | Option exercise | 6.6K | — |
| 2025-02-13 | Bardwell Kathleen | Option exercise | 3.6K | — |
| 2025-02-13 | Kunkel Jay K. | Option exercise | 6.6K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-16 | Material agreement1.02Debt obligationOtherExhibits | filing ↗ |
| 2026-02-13 | Shareholder vote | filing ↗ |
| 2026-02-10 | ResultsExhibits | filing ↗ |
| 2025-11-18 | ResultsExhibits | filing ↗ |
| 2025-09-11 | Exec/director change | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
| 2025-05-08 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-07 | 2026-04-03 | 0001681622-26-000052 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001681622-26-000051 ↗ |
| 8-K | 2026-03-16 | 2026-03-13 | 0001681622-26-000035 ↗ |
| 8-K | 2026-02-13 | 2026-02-12 | 0001681622-26-000031 ↗ |
| 10-Q | 2026-02-10 | 2026-01-02 | 0001681622-26-000016 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001681622-26-000015 ↗ |
| 10-K | 2025-11-18 | 2025-10-03 | 0001681622-25-000108 ↗ |
| 8-K | 2025-11-18 | 2025-11-18 | 0001681622-25-000106 ↗ |
| 8-K | 2025-09-11 | 2025-09-05 | 0001681622-25-000090 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001681622-25-000083 ↗ |
| 10-Q | 2025-08-07 | 2025-07-04 | 0001681622-25-000084 ↗ |
| 8-K | 2025-05-08 | 2025-05-08 | 0001681622-25-000061 ↗ |