Varex Imaging Corporation — Earnings Quality Grade F
VREX · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 68 days, change -3 days YoY
AR growth -0.7% vs revenue growth 4.1%
Revenue 4.1%, CFFO -11.8%. Cash follows revenue
Expense Quality
Inventory 13.1% vs COGS 0.0%. Normal
CapEx growth -14.9% vs revenue 4.1%. Normal
SG&A/Gross Profit = 45.9%. Normal
Gross margin 34.4%, change +2.7pp. Stable
Cash Flow Quality
CFFO/NI = -0.59. Below 1.0
FCF $0.0B, FCF/NI = -0.27
Accruals ratio = -10.1%. Low accruals
Cash $0.2B covers only 39% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 45% of equity
Debt/EBITDA = 565.6x (>4x). Financial stress
Other assets -17.5% vs revenue 4.1%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -31% YoY. Normal
Manipulation Score
M-Score = -3.06 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25