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v0.1
VREX$9.96-2.69%
Fair $38.47+286.5%

VREX

Varex Imaging Corporation

Healthcare / Medical DevicesNasdaqGS

$9.96

-0.27 (-2.69%)

Significantly Undervalued+286.5%Fair Value $38.47Fund rank 30/100 · PassSEC 11/11 yrs|
SA 34/D
F-Score: 5/9
Margin CompressionLow Profitability

FCF base 3Y

$5.08

-20.1% CAGR · yield 9.2%

FCF base 5Y

$4.94

-13.1% base · -4.0% expected

Precio de entrada

$2.05

MOS 27% · confianza 49%

FCF escenarios

modelled · normalized FCF $20.4M · quality 40.7/100

Pass 30/100
Bear 5Y$2.14-26.5%
Base 5Y$4.94-13.1%
Bull 5Y$20.48+15.5%
Return 18/100Downside 6/100Model quality 27/100Data QA 68/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

34/100

D

Piotroski

5/9

balance/quality

Valuation

100/100

+286.5% upside

5Y CAGR

-4.0%

34/100

Data QA

100/100

SEC 100%

Latest source: sec-companyfactsPeriods: 11Warnings: 2sec-companyfacts: 11
Operating margin has declined for 3 consecutive years ROE is -14.9%, below the 5% threshold
Thesis & Journal · VREXLocal privado en este navegador · Varex Imaging Corporation
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$420M

P/E

N/A

•

EV/EBITDA

947.2x

↑

ROE

-14.9%

↓

Gross Margin

34.4%

↓

Debt/Equity

0.78

↑
52-Week Range$10
$7$15
EV/EBITDA Historical947.2x

TradingView lightweight chart

VREX price, volumen y niveles de valoración

Último $9.955Periodo -63.1%
Buy zone: $2.050Bear 5Y: $2.140Fair value: $38.47Base 5Y: $4.940Bull 5Y: $20.48

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2015–2025 · 10 años de histórico normalizado

Revenue CAGR

+2.9%

FCF CAGR

-9.5%

FCF margin

2.2%

FCF / Net income

-0.27x

Latest source

SEC-backed

Margin decomposition

Último año: revenue $844.6M · net income $-70.3M · FCF $18.8M

2015-FY → 2025-FY

Gross margin

34.4%-5.2% pts

Operating margin

-3.3%-23.5% pts

Net margin

-8.3%-21.0% pts

FCF margin

2.2%-5.8% pts
SEC-backed annual metrics active for 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015. Local SEC Companyfacts override Yahoo/FMP for audited annual line items; provider-only fields remain as fallback.
MetricTTM
2025SEC
2024SEC
2023SEC
2022SEC
2021SEC
2020SEC
2019SEC
2018SEC
2017SEC
2016SEC
2015SEC
Income Statement
Revenue$844.6M$844.6M$811.0M$893.4M$859.4M$818.1M$738.3M$780.6M$773.4M$698.1M$620.1M$632.3M
Net Income$-70.3M$-70.3M$-48.8M$47.4M$30.3M$17.4M$-57.9M$15.5M$27.5M$51.6M$68.5M$80.0M
EBITDA$700000.00$700000.00$62.9M$91.2M$114.5M———————
EPS-1.70-1.70-1.201.070.730.43-1.490.400.721.361.822.12
Gross Margin34.4%34.4%31.7%32.5%33.0%33.2%25.8%32.9%32.8%36.3%40.1%39.6%
Operating Margin-3.3%-3.3%4.0%8.6%10.3%9.1%-4.6%5.9%5.8%12.0%17.6%20.2%
Net Margin-8.3%-8.3%-6.0%5.3%3.5%2.1%-7.8%2.0%3.6%7.4%11.0%12.7%
Balance Sheet
Debt/Equity0.780.780.840.780.780.901.010.890.911.280.00—
Current Ratio3.203.20——————————
Cash Flow
Free Cash Flow$18.8M$18.8M$20.4M$87.7M$-4.4M$77.5M$-10.3M$52.1M$64.9M$55.0M$45.3M$50.9M
Returns
ROE-14.9%-14.9%-9.2%8.3%5.7%3.6%-12.8%3.5%6.5%13.6%13.0%16.1%
Valuation
P/E———9.4113.7923.42—25.1813.997.405.534.75
EV/EBITDA947.20947.2012.2913.9410.76———————
P/B0.880.880.780.890.790.840.860.870.911.010.720.77
Growth & Yield
Revenue Growth4.1%4.1%-9.2%4.0%5.0%10.8%-5.4%0.9%10.8%12.6%-1.9%—
EPS Growth-41.7%-41.7%-212.1%46.6%69.8%128.9%-472.5%-44.4%-47.1%-25.3%-14.2%—

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%
Reverse DCF requires positive EPS; loss-making or zero-EPS companies cannot produce a clean EPS hurdle.

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total +29.8%

Total return

+29.8%

Start / end P/E

n/dx → n/dx

EPS bridge

-1.20 → -1.70

Residual

+29.8%

EPS growthn/d
Multiple reratingn/d
Dividend+0.0%
Residual / FX / buybacks / cross-term+29.8%

EPS/multiple decomposition requires positive EPS at both endpoints; residual absorbs price move not explained by dividends.

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.

10.8x
13.9x
EV/EBITDA vs Sector947.2x
6.3xmed 12.6x1420.8x