Varex Imaging Corporation Financial Ratios — VREX Stock

Profitability (USD)

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	290.7	55.95	22.53	-126.83	69.05	61.77	51.89	-53.25	- -
Return on Assets (%)	- -	50.84	15.74	11.36	6.21	2.71	1.53	-5.32	1.52	2.6	3.89	-3.96	-6.06
Return on Capital (%)	- -	- -	1,453.82	650.22	22.09	- -	6.47	- -	8.04	10.78	- -	-53.57	- -
Return on Invested Capital (%)	- -	61.94	18.87	13.88	8.18	- -	4.38	- -	4.83	6.24	- -	-29.76	- -
Gross Margin (%)	40.03	40.66	39.63	40.06	36.31	32.83	32.88	25.76	33.19	32.99	32.49	31.68	34.39
EBITDA Margin (%)	26.71	27.16	22.11	20.06	15.91	11.6	11.49	1.16	13.62	14.17	12.35	7.79	11.05
Operating Margin (%)	25.2	25.69	20.16	17.59	11.99	6.14	6.47	-4.19	9.06	10.26	8.63	3.96	7.83
Incremental Operating Margin (%)	- -	46.75	91.68	150.82	-32.56	-48.07	41.67	- -	131.58	34.14	-32.65	54.61	101.19
Pretax Margin (%)	25.57	25.42	20.18	16.93	10.71	3.32	2.75	-9.83	3.5	5.18	3.5	0.62	-7.01
Profit Margin (%)	16.36	16.07	12.65	11.05	7.39	3.56	1.99	-7.84	2.13	3.53	5.31	-6.02	-8.32
Net Income to Common Margin (%)	16.36	16.07	12.65	11.05	7.39	3.56	1.99	-7.84	2.13	3.53	5.31	-6.02	-8.32
Effective Tax Rate (%)	36.02	36.8	36.68	34.29	30.48	- -	26.51	- -	37.41	30.79	- -	1,066	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	290.7	55.95	22.53	-126.83	69.05	61.77	51.89	-53.25	- -

Credit (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	484	390	395	484	459	436	470	470	396
ST Debt	- -	- -	- -	- -	20	25	31	9	9	6	5	50	6
LT Debt	- -	- -	- -	- -	464	365	364	476	450	430	464	420	390
Total Debt/EBITDA	- -	- -	- -	- -	4.36	4.35	4.4	56.34	4.12	3.58	4.26	7.44	4.24
Net Debt/EBITDA	- -	- -	-0.15	-0.29	3.61	3.77	4.07	41.24	2.6	2.67	2.63	4.35	2.38
Total Debt/EBIT	- -	- -	- -	- -	5.78	8.21	7.82	-15.68	6.2	4.95	6.09	14.65	5.99
Net Debt/EBIT	- -	- -	-0.16	-0.33	4.79	7.11	7.23	-11.48	3.91	3.68	3.76	8.56	3.37
EBITDA to Interest Expense	447.25	206.78	116.5	65.47	9.03	4.13	4.25	0.35	2.89	3.35	4.13	2.36	2.85
EBITDA-CapEx/Interest Expense	426.5	181	87.92	50.26	7.39	3.19	3.31	-0.61	2.49	2.76	3.36	1.35	2.15
EBIT to Interest Expense	422	195.56	106.25	57.42	6.8	2.19	2.39	-1.27	1.92	2.42	2.89	1.2	2.02
Interest Expense	- -	1	1	2	12	22	21	24	39	36	27	27	33
Common Equity/Total Assets	- -	- -	- -	- -	3.41	6.36	7.2	1.45	2.95	5.42	9.48	5.34	-0.5
Long-Term Debt/Equity (%)	- -	- -	- -	- -	118.89	83.02	79.44	102.17	90.72	78.71	79.9	77.34	80.15
Long-Term Debt/Capital (%)	- -	- -	- -	- -	87.43	78.32	75.34	92.39	88.92	83.73	77.2	76.48	96.44
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	44.6	36.93	35.08	41.76	39.25	36.33	37.15	34.62	35.22
Total Debt/Equity (%)	- -	- -	- -	- -	124.01	88.71	86.13	104.01	92.53	79.82	80.81	86.6	81.36
Total Debt/Capital (%)	- -	- -	- -	- -	91.2	83.68	81.68	94.06	90.7	84.92	78.08	85.64	97.9
Total Debt/Total Assets (%)	- -	- -	- -	- -	46.52	39.46	38.03	42.52	40.03	36.85	37.57	38.76	35.75
Net Debt to Equity	- -	-0.14	-4.16	-6.81	102.67	76.9	79.62	76.15	58.39	59.45	49.91	50.57	45.73
Net Debt/Capital (%)	- -	100	214.58	139.31	89.56	81.64	80.48	85.57	80.11	76.56	64.63	72.18	85.77
EBITDA	179	186	140	124	111	90	90	9	111	122	110	63	93
EBITDA-CapEx	171	163	106	96	91	69	70	-15	96	100	90	36	70
Operating Income (Loss)	169	176	128	109	84	48	50	-31	74	88	77	32	66

Liquidity (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.01	0.26	0.47	0.55	0.34	0.17	0.63	0.87	0.52	1.19	1.02	0.83
Current Ratio	- -	3.93	4.02	4.63	3.26	3.01	2.5	3.25	3.33	3.52	4.04	3.32	3.43
Quick Ratio	- -	1.88	1.76	2.04	1.63	1.35	0.98	1.4	1.8	1.52	2.2	1.83	1.67
CFO/Avg Current Liab	- -	3.45	1.16	0.95	0.66	0.56	0.44	0.08	0.57	0.1	0.65	0.26	0.22
Common Equity/Total Assets	- -	- -	- -	- -	3.41	6.36	7.2	1.45	2.95	5.42	9.48	5.34	-0.5
Long-Term Debt/Equity (%)	- -	- -	- -	- -	118.89	83.02	79.44	102.17	90.72	78.71	79.9	77.34	80.15
Long-Term Debt/Capital (%)	- -	- -	- -	- -	87.43	78.32	75.34	92.39	88.92	83.73	77.2	76.48	96.44
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	44.6	36.93	35.08	41.76	39.25	36.33	37.15	34.62	35.22
Total Debt/Equity (%)	- -	- -	- -	- -	124.01	88.71	86.13	104.01	92.53	79.82	80.81	86.6	81.36
Total Debt/Capital (%)	- -	- -	- -	- -	91.2	83.68	81.68	94.06	90.7	84.92	78.08	85.64	97.9
Total Debt/Total Assets (%)	- -	- -	- -	- -	46.52	39.46	38.03	42.52	40.03	36.85	37.57	38.76	35.75
CFO/Total Liabilities	- -	160.7	96.82	86.18	11.57	15.55	12.39	1.96	14.22	2.65	16.21	7.06	6.72
CFO/CapEx	10.99	5.11	2.48	2.57	3.72	4.18	3.63	0.56	6.13	0.79	5.24	1.76	1.82
Altman's Z-Score	- -	3.84	2.76	2.5	3.21	3.25	3.19	1.84	2.98	2.83	2.71	2.15	2.28

Working Capital (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	10.65	5.13	5.17	4.89	4.87	5.29	5.58	5.86	5.23	5.3	5.05	5.37
Days Sales Outstanding	- -	34.28	71.15	70.63	74.71	74.94	68.97	65.46	62.26	69.78	68.82	72.3	67.91
Inventory Turnover	- -	5.83	2.43	2	2.06	2.21	2.17	2.11	2.2	2.18	2.08	2.04	1.96
Days Inventory Outstanding	- -	62.66	150.37	182.79	177.29	164.97	168.36	173.18	165.84	167.32	175.72	178.61	185.83
Accounts Payable Turnover	- -	26.13	9.11	8.61	9.56	8.31	8.63	8.72	7.59	9.55	8.08	8.75	9.13
Accounts Payable Turnover Days	- -	13.97	40.04	42.41	38.19	43.93	42.31	41.84	48.12	38.21	45.17	41.73	39.99
Cash Conversion Cycle	- -	82.97	181.47	211.02	213.81	195.98	195.01	196.79	179.98	198.89	199.38	209.18	213.75
Inventory to Cash Days	- -	-28.38	-79.22	-112.16	-102.57	-90.03	-99.39	-107.72	-103.58	-97.54	-106.9	-106.31	-117.91
Inventories	- -	140	175	197	234	235	248	272	225	303	278	265	299
Raw Materials	- -	107	121	141	164	150	160	185	168	240	218	214	228
Work In Process	- -	7	20	16	20	25	28	24	20	23	20	16	31
Finished Goods	- -	26	33	40	50	60	60	63	36	40	40	34	40
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	1,272	1,086	1,090	494	1,108	841	757	486	513
- Cash & Cash Equivalents	- -	- -	21	36	83	52	30	101	145	89	153	169	145
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	11	10	11	13	14	14	13	13	13	14	14
+ Total Debt	- -	- -	- -	- -	484	390	395	484	459	436	470	470	396
Enterprise Value	- -	- -	-10	-26	1,684	1,437	1,469	892	1,436	1,202	1,046	770	768
Total Capital	- -	- -	11	10	531	466	484	515	506	514	601	549	404
Total Debt/Capital (%)	- -	- -	- -	- -	91.2	83.68	81.68	94.06	90.7	84.92	78.08	85.64	97.9
Total Debt / EV	- -	- -	- -	- -	0.29	0.27	0.27	0.54	0.32	0.36	0.45	0.61	0.52
EV/Sales	- -	- -	- -	- -	2.41	1.86	1.88	1.21	1.76	1.4	1.17	0.95	0.91
EV/EBITDA	- -	- -	- -	- -	15.16	16.02	16.38	103.67	12.89	9.87	9.48	12.19	8.23
EV/EBIT	- -	- -	- -	- -	20.12	30.26	29.09	- -	19.38	13.62	13.57	24	11.62
EV/Cash Flow to Firm	- -	- -	- -	- -	20.11	13.16	16.81	27.44	12.3	28.55	7.01	- -	9.56
EV/Free Cash Flow to Firm	- -	- -	- -	- -	16.2	11.09	13.7	15.92	10.89	18.96	6.16	- -	7.44
Diluted Market Cap	- -	- -	- -	- -	1,286	1,101	1,102	494	1,136	879	945	486	513
Diluted Enterprise Value	- -	- -	-10	-26	1,698	1,452	1,481	892	1,464	1,240	1,275	802	778
EV per Share	- -	- -	- -	- -	44.79	37.92	38.46	22.98	36.55	30.19	25.96	18.88	18.55
TTM Sales	670	685	632	620	698	773	781	738	818	859	893	811	845
TTM EBITDA	179	186	140	124	111	90	90	9	111	122	110	63	93
TTM Operating Income	169	176	128	109	84	48	50	-31	74	88	77	32	66
TTM Cash Flow to Firm	91	119	86	75	84	109	87	32	117	42	149	-212	80
TTM Free Cash Flow to Firm	100	142	120	104	104	130	107	56	132	63	170	-185	103

Multiples (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	13.48	10.41	12.01	13.45	10.55	23.02	7.32	6.55	7.95
EV/EBIT	- -	- -	- -	- -	20.12	30.26	29.09	- -	19.38	13.62	13.57	24	11.62
Enterprise Value	- -	- -	-10	-26	1,684	1,437	1,469	892	1,436	1,202	1,046	770	768
Low Price	- -	- -	- -	- -	25	27.31	21.57	10.36	11.96	18.9	17.11	10.19	6.76
EV/Sales	- -	- -	- -	- -	2.41	1.86	1.88	1.21	1.76	1.4	1.17	0.95	0.91
EV/EBITDA	- -	- -	- -	- -	15.16	16.02	16.38	103.67	12.89	9.87	9.48	12.19	8.23
Price/Earnings	- -	- -	- -	- -	24.66	39.5	70.34	- -	63.69	27.77	15.98	- -	- -
Price/Earnings Average	- -	- -	- -	- -	23.47	49.58	70.87	-14.98	50.02	31.84	17.37	-13.81	-6.66
Price/Earnings High	- -	- -	- -	- -	26.66	60.31	86.26	-22.11	67.65	42.89	20.32	-17.98	-9.97
Price/Earnings Low	- -	- -	- -	- -	18.22	37.64	53.16	-6.95	27.01	24.83	14.55	-8.52	-3.98
Price/Book Value	- -	- -	- -	- -	35.84	17.3	14.58	29.91	32.69	13.11	6.39	7.51	-93.34
Price/Book Value Average	- -	- -	- -	- -	34.12	21.71	14.68	52.57	25.67	15.03	6.95	10.4	-85.15
Price/Book Value High	- -	- -	- -	- -	38.74	26.41	17.87	77.6	34.72	20.24	8.13	13.54	-127.44
Price/Book Value Low	- -	- -	- -	- -	26.48	16.48	11.02	24.37	13.87	11.72	5.82	6.42	-50.88
Price/Tangible Book Value	- -	- -	- -	- -	22.32	8.9	13.36	4.69	7.22	3.68	2.8	2.06	1.87
Price/Tangible Book Value Average	- -	- -	- -	- -	21.25	11.18	13.46	8.24	5.67	4.22	3.05	2.85	1.71
Price/Tangible Book Value High	- -	- -	- -	- -	24.13	13.59	16.38	12.17	7.66	5.68	3.57	3.72	2.56
Price/Tangible Book Value Low	- -	- -	- -	- -	16.49	8.48	10.1	3.82	3.06	3.29	2.55	1.76	1.02
Price/Sales	- -	- -	- -	- -	1.82	1.4	1.4	0.67	1.35	0.98	0.85	0.6	0.61
Price/Sales Average	- -	- -	- -	- -	1.74	1.76	1.41	1.17	1.06	1.12	0.92	0.83	0.55
Price/Sales High	- -	- -	- -	- -	1.97	2.14	1.71	1.73	1.44	1.51	1.08	1.08	0.83
Price/Sales Low	- -	- -	- -	- -	1.35	1.34	1.06	0.54	0.57	0.88	0.77	0.51	0.33
Price/Cash Flow	- -	- -	- -	- -	16.92	12.73	15.16	37.39	11.97	49.79	6.99	10.28	12.31
Price/Cash Flow Average	- -	- -	- -	- -	16.11	15.98	15.28	65.71	9.4	57.09	7.59	14.25	11.23
Price/Cash Flow High	- -	- -	- -	- -	18.29	19.44	18.6	97	12.71	76.89	8.88	18.55	16.81
Price/Cash Flow Low	- -	- -	- -	- -	12.5	12.13	11.46	30.47	5.08	44.51	6.36	8.79	6.71
Price/Free Cash Flow Average	- -	- -	- -	- -	12.83	13.07	12.1	23.63	8.29	26.4	7.96	9.08	7.25
Price/Free Cash Flow High	- -	- -	- -	- -	14.57	15.9	14.73	34.89	11.21	35.56	9.31	11.82	10.85
Price/Free Cash Flow Low	- -	- -	- -	- -	9.96	9.92	9.08	10.96	4.48	20.58	6.67	5.6	4.33
EV/Sales Average	- -	- -	- -	- -	2.32	2.22	1.89	1.71	1.46	1.54	1.29	1.22	0.87
EV/Sales High	- -	- -	- -	- -	2.56	2.6	2.2	2.27	1.84	1.93	1.45	1.47	1.14
EV/Sales Low	- -	- -	- -	- -	1.94	1.79	1.54	1.08	0.98	1.29	1.14	0.9	0.64
EV/EBITDA Average	- -	- -	-0.07	-0.21	14.61	19.11	16.47	147.13	10.76	10.88	10.46	15.66	7.86
EV/EBITDA High	- -	- -	-0.07	-0.21	16.09	22.4	19.13	195.16	13.51	13.63	11.72	18.88	10.35
EV/EBITDA Low	- -	- -	-0.07	-0.21	12.17	15.45	13.41	93.04	7.16	9.13	9.25	11.58	5.84
EV/EBIT Average	- -	- -	-0.08	-0.24	19.39	36.1	29.26	-40.95	16.17	15.02	14.96	30.83	11.09
EV/EBIT High	- -	- -	-0.08	-0.24	21.35	42.31	33.98	-54.32	20.31	18.82	16.77	37.17	14.61
EV/EBIT Low	- -	- -	-0.08	-0.24	16.15	29.18	23.82	-25.9	10.77	12.61	13.23	22.79	8.24
Last Price	- -	- -	- -	- -	33.84	28.66	28.54	12.72	28.2	21.14	18.79	11.92	12.4
High Price	- -	- -	- -	- -	36.58	43.76	35	33	29.95	32.65	23.9	21.5	16.93
Enterprise Value Average	- -	- -	-10	-26	1,623	1,715	1,477	1,265	1,198	1,325	1,153	990	733
Enterprise Value High	- -	- -	-10	-26	1,787	2,010	1,716	1,678	1,505	1,660	1,293	1,193	966
Enterprise Value Low	- -	- -	-10	-26	1,352	1,386	1,203	800	798	1,113	1,020	732	545

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	37	37	37	38	38	38	39	39	40	41	41	42
Diluted Weighted Avg Shares	38	38	38	38	38	38	39	39	40	42	50	41	41
Basic Weighted Avg Shares	38	38	38	38	38	38	38	39	39	40	40	41	41
Revenue per Share	17.53	17.94	16.55	16.23	18.57	20.41	20.43	19.03	20.82	21.59	22.17	19.88	20.4
EBITDA per Share	4.68	4.87	3.66	3.26	2.95	2.37	2.35	0.22	2.83	3.06	2.74	1.55	2.25
Operating Income per Share	4.42	4.61	3.34	2.86	2.23	1.25	1.32	-0.8	1.89	2.22	1.91	0.79	1.6
Basic EPS, GAAP	2.87	2.88	2.09	1.79	1.37	0.73	0.41	-1.49	0.44	0.76	1.18	-1.2	-1.7
Basic EPS from Cont Ops	2.87	2.88	2.12	1.81	1.38	0.75	0.41	-1.48	0.46	0.77	1.19	-1.18	-1.69
Diluted EPS, GAAP	2.85	2.87	2.08	1.78	1.36	0.72	0.4	-1.49	0.43	0.73	0.94	-1.2	-1.7
Diluted EPS from Cont Ops	2.85	2.87	2.1	1.8	1.37	0.74	0.41	-1.48	0.44	0.74	0.95	-1.18	-1.69
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	2.39	3.1	2.23	1.94	2	2.25	1.88	0.34	2.36	0.42	2.69	1.16	1.01
Free Cash Flow per Basic Share	2.17	2.5	1.33	1.19	1.46	1.71	1.36	-0.27	1.97	-0.11	2.18	0.5	0.45
Cash & Equivalents per Share	- -	0.01	0.54	0.96	2.22	1.37	0.78	2.59	3.68	2.25	4.81	4.91	3.75
Book Value per Share	- -	- -	- -	- -	0.94	1.66	1.96	0.43	0.86	1.61	2.94	1.59	-0.13
Tangible Book Value per Share	- -	8.34	10.39	11.54	1.52	3.22	2.14	2.71	3.91	5.74	6.7	5.79	6.62

Varex Imaging Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)