What is the 13F Pro Quality Score for VREX?

13F Pro ranks Varex Imaging Corp (VREX) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View VREX's current score at https://13fpro.ai/research/VREX (free sign-up required for the full ranking).

Where does 13F Pro source VREX data?

All Varex Imaging Corp fundamentals and ownership data come directly from SEC EDGAR. Varex Imaging Corp files with the SEC under CIK 1681622. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is VREX in?

Varex Imaging Corp (VREX) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

How often is VREX research updated on 13F Pro?

VREX's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Varex Imaging Corp(VREX)Stock Analysis

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13F Pro Quality Score

31.4/100

Rank #2,316 of 2,879 stocks

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

33.5/100

Profitability

18.6/100

Balance Sheet

19.7/100

Earnings Quality

30.0/100

Free Cash Flow

27.4/100

Institutional Flow

66.5/100

Revenue Scale

46.2/100

Dilution Risk

42.4/100

VREX Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Varex Imaging Corp (VREX), a Technology sector company. 13F Pro's AI-powered ranking engine scores VREX at 31.4/100 on a 32-signal composite quality model, placing it at rank #2,316 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include profitability (18.6) and balance sheet strength (19.7), which score below median versus the broader universe. Shareholder dilution risk is elevated at 42.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Varex Imaging Corp reports quarterly revenue of $216.0M, net income of $-8.1M, free cash flow of $-7.7M. Top institutional holders of VREX by reported 13-F value include PZENA INVESTMENT MANAGEMENT, BlackRock,, Allspring Global Investments Holdings,, based on the most recent SEC filings. VREX trades on the Nasdaq exchange and files with the SEC under CIK 1681622. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate VREX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Varex Imaging Corp directly from SEC EDGAR. Varex Imaging Corp's 13F Pro composite quality score has ranged between 8 and 48 since 2021, currently 31.4 — a stable long-term trajectory across 56 quarterly and live scoring snapshots.

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Fun facts about Varex Imaging Corp

Quirks, history, and lore behind VREX — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. technology company · small-cap · listed on Nasdaq · headquartered in Utah.
2
The Numbers
Annual revenue in the range of $800 million, with customers spread across medical, industrial, and security markets worldwide.
3
The History
Spun off from Varian Medical Systems in 2017 as an independent public company, inheriting decades of expertise in a very specialized corner of radiation technology.
4
The Secret
It doesn't treat patients — it makes the X-ray tubes and detectors that go inside the machines that do, supplying the components other manufacturers quietly depend on.
5
The Lore
Its components are embedded in equipment used for airport baggage scanning, cancer radiotherapy, and industrial inspection — you've almost certainly passed through one of its detectors without knowing it.
6
The Giveaway
The world's largest independent supplier of X-ray imaging components, its very name is a portmanteau of its parent, Varian, and the word for energy radiation — Varex.

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Revenue

Q2 2026

$216.0M

Net Income

Q2 2026

$-8.1M

Free Cash Flow

Q2 2026

$-7.7M

D/E Ratio

Q2 2026

0.77

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+4.1% YoY

$844.6MFY 2025

FY22 $859.4MFY23 $893.4MFY24 $811.0MFY25 $844.6M

Net Income

-44.1% YoY

$-70.3MFY 2025

FY22 $30.3MFY23 $47.4MFY24 $-48.8MFY25 $-70.3M

Operating Income

-186.6% YoY

$-27.8MFY 2025

FY22 $88.2MFY23 $77.1MFY24 $32.1MFY25 $-27.8M

EPS (Diluted)

-41.7% YoY

$-1.70FY 2025

FY22 $0.73FY23 $1.07FY24 $-1.20FY25 $-1.70

Total Assets

-8.8% YoY

$1.11BFY 2025

FY22 $1.18BFY23 $1.25BFY24 $1.21BFY25 $1.11B

Total Debt

-24.6% YoY

$369.0MFY 2025

FY22 $416.5MFY23 $444.1MFY24 $489.7MFY25 $369.0M

Op. Cash Flow

-11.8% YoY

$41.7MFY 2025

FY22 $16.9MFY23 $108.4MFY24 $47.3MFY25 $41.7M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2020	FY 2019
Revenue	$844.6M +4.1%	$811.0M -9.2%	$893.4M +4.0%	$859.4M +16.4%	$738.3M -5.4%	$780.6M
Net Income	$-70.3M -44.1%	$-48.8M -203.0%	$47.4M +56.4%	$30.3M +152.3%	$-57.9M -473.5%	$15.5M
Operating Income	$-27.8M -186.6%	$32.1M -58.4%	$77.1M -12.6%	$88.2M +361.7%	$-33.7M -173.7%	$45.7M
EPS (Diluted)	$-1.70 -41.7%	$-1.20 -212.1%	$1.07 +46.6%	$0.73 +149.0%	$-1.49 -472.5%	$0.40
Total Assets	$1.11B -8.8%	$1.21B -2.9%	$1.25B +5.5%	$1.18B +3.9%	$1.14B +9.7%	$1.04B
Total Debt	$369.0M -24.6%	$489.7M +10.3%	$444.1M +6.6%	$416.5M -9.0%	$457.8M +7.5%	$425.8M
Operating Cash Flow	$41.7M -11.8%	$47.3M -56.4%	$108.4M +541.4%	$16.9M +28.0%	$13.2M -81.6%	$71.9M

AI Insight: VREX Financial Trends

Debt reduction of ~$200M since Q1 2025 is the standout positive, but persistently weak operating cash flow and thin net income signal execution risk remains elevated.

• Total debt fell sharply from $569M in Q2 2025 to $366M in Q2 2026, a ~$203M reduction in three quarters.

• Operating income recovered to $14M–$20M range in Q4 2025 through Q2 2026, after a severe -$81M swing in Q3 2025.

• Operating cash flow turned negative in Q1 2026 (-$16M) and Q2 2026 (-$2M), reversing prior positive readings.

• Net income remains volatile and thin, ranging from -$89M to $12M over the past eight quarters with no consistent profitability.

⚠ Operating cash flow has gone negative two consecutive quarters (Q1–Q2 2026); sustainability of debt paydown is in question.

⚠ Equity has declined from $581M in Q2 2024 to $474M in Q2 2026, reflecting cumulative net losses eroding the balance sheet.

⚠ Revenue growth remains modest ($216M in Q2 2026 vs. $209M in Q2 2024); top-line acceleration needed to support margin expansion.

AI Insight: VREX Ratio Trends

A massive Q3 2025 impairment charge distorts the TTM picture; underlying quarterly operating margins have stabilized in the 7–9% range.

• Operating margin recovered from -39.8% in Q3 2025 to 8.6% in Q4 2025 and held near 6.7–7.3% in the two most recent quarters.

• ROIC improved from 3.5% in Q2 2024 to 9.3% in Q4 2025, though it edged down to 6.9% in Q2 2026.

• D/E declined from a peak of 1.05 in Q1 2025 to 0.77 in Q2 2026, signaling modest deleveraging.

• Net profit margin turned negative again at -3.8% in Q2 2026 after a brief positive print of 5.3% in Q4 2025.

⚠ The Q3 2025 operating margin collapse to -39.8% and -78.3% ROE suggests a large one-time charge; recurrence risk warrants monitoring.

⚠ TTM NPM of -9.6% is dragged by Q3 2025; watch whether Q3 2026 restores profitability and clears the distortion from the TTM.

⚠ ROIC slipped from 9.3% in Q4 2025 to 6.9% in Q2 2026 — two consecutive quarterly declines worth tracking.

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Available Research

13F Pro tracks comprehensive data for Varex Imaging Corp including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of VREX

PZENA INVESTMENT MANAGEMENT LLC
$42.4M3,992,280 sh
BlackRock, Inc.
$40.5M3,817,830 sh
Allspring Global Investments Holdings, LLC
$28.1M2,647,263 sh
Neuberger Berman Group LLC
$20.4M1,924,949 sh
VANGUARD CAPITAL MANAGEMENT LLC
$19.3M1,820,336 sh
DIMENSIONAL FUND ADVISORS LP
$16.5M1,557,777 sh
COOKE & BIELER LP
$13.8M1,303,012 sh
RICE HALL JAMES & ASSOCIATES, LLC
$13.5M1,274,818 sh
Medina Value Partners, LLC
$13.2M1,241,238 sh
FRONTIER CAPITAL MANAGEMENT CO LLC
$12.2M1,150,007 sh

Fund	Value	Shares
PZENA INVESTMENT MANAGEMENT LLC	$42.4M	3,992,280
BlackRock, Inc.	$40.5M	3,817,830
Allspring Global Investments Holdings, LLC	$28.1M	2,647,263
Neuberger Berman Group LLC	$20.4M	1,924,949
VANGUARD CAPITAL MANAGEMENT LLC	$19.3M	1,820,336
DIMENSIONAL FUND ADVISORS LP	$16.5M	1,557,777
COOKE & BIELER LP	$13.8M	1,303,012
RICE HALL JAMES & ASSOCIATES, LLC	$13.5M	1,274,818
Medina Value Partners, LLC	$13.2M	1,241,238
FRONTIER CAPITAL MANAGEMENT CO LLC	$12.2M	1,150,007

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Is VREX a good stock to buy?

13F Pro's AI-powered analysis of Varex Imaging Corp (VREX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for VREX are available on the VREX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own VREX?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling VREX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Varex Imaging Corp's investment landscape.