VREXVarex Imaging Corporation
Is it safe?
Nothing alarming, nothing pristine: comfortable debt (A) and big price swings.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -84% · now at/near its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can VREX take a bad year?
Varex Imaging Corporation carries $248M of net debt at 2.89× EBITDA: a load its earnings can carry.
Net debt · as at Q3 2026 · between two and four years of EBITDA, normal for a stable business
- Net debt / EBITDA
- 2.89×
Net debt / EBITDA
- Cash runway
- 4.9 years
Cash runway · burning $5.0M a quarter at the current rate
- Annualised volatility
- 64%
Annualised volatility · three times the market's own swing
Details›
- Total debtQ3 2026
- $347M
- Cash and short-term investments
- $99M
- Net debt
- $248M
- EBITDA, trailing twelve months
- $86M
- Operating profit, trailing twelve months
- $72M
- Debt / equity
- 0.70×
- Total debt / EBITDA
- 4.05×
- Annualised volatilitytwo years of daily moves
- 64%
- Worst drawdown on file
- −84%
- Below its 52-week high
- 0.67%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.