Varex Imaging Management
Management criteria checks 3/4
Varex Imaging's CEO is Sunny Sanyal, appointed in Jan 2017, has a tenure of 9.58 years. total yearly compensation is $4.63M, comprised of 17.6% salary and 82.4% bonuses, including company stock and options. directly owns 0.55% of the company’s shares, worth $4.28M. The average tenure of the management team and the board of directors is 7.1 years and 9.3 years respectively.
Key information
Sunny Sanyal
Chief executive officer
US$4.6m
Total compensation
| CEO salary percentage | 17.60% |
| CEO tenure | 9.6yrs |
| CEO ownership | 0.6% |
| Management average tenure | 7.1yrs |
| Board average tenure | 9.3yrs |
Recent management updates
Recent updates
Narrative Update • Aug 11
VREX: Future Returns Will Depend On Teledyne Deal Completion Risk
The analyst price target for Varex Imaging has been updated from $12.00 to $18.90, as analysts now anchor their views to the agreed $18.90 per share cash acquisition offer from Teledyne Technologies and see limited potential upside beyond this level in the absence of a competing bid. Analyst Commentary Recent research updates on Varex Imaging cluster around the announced US$18.90 per share cash offer from Teledyne Technologies.Narrative Update • Jul 01
VREX: Future Upside Will Depend On Delivering 2026 Revenue Outlook
Analysts have lowered their price target for Varex Imaging to $12 from $16, citing updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What’s in the News for Varex Imaging Varex Imaging issued earnings guidance for the third quarter of fiscal 2026, expecting revenues between $210 million and $225 million.
Narrative Update • Jun 17
VREX: Higher Long Term P/E Assumption Will Drive Future Repricing
The analyst price target for Varex Imaging has moved slightly lower to $18.0 from $18.4, with analysts citing updates in discount rate, revenue growth, profit margin and future P/E assumptions as key drivers of the change. What’s in the News for Varex Imaging Varex Imaging issued earnings guidance for the third quarter of fiscal 2026, with expected revenues in the range of $210 million to $225 million.Narrative Update • Jun 02
VREX: Future Upside Will Rely On Executing 2026 Revenue Guidance
Analysts have kept their $16.00 price target for Varex Imaging unchanged, citing updated assumptions that now reflect a slightly lower discount rate, a modest adjustment to expected revenue growth and profit margins, and a higher future P/E multiple. What's in the News Varex Imaging issued earnings guidance for the third quarter of fiscal 2026, with expected revenue in the range of $210 million to $225 million.Narrative Update • May 12
VREX: Future Upside Will Depend On Discount Rate And Margin Delivery
Analysts have raised their price target on Varex Imaging from $16.00 to $18.00, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels. Analyst Commentary Even with the price target moving to US$18.00, some bearish analysts are stressing that this is not an all clear signal for Varex Imaging.Narrative Update • Apr 27
VREX: Future Upside Will Depend On Q2 2026 Revenue And Margin Delivery
Analysts recently raised their price target on Varex Imaging by $2. This change reflects updated views on revenue growth, profit margin potential, and a lower assumed future P/E multiple, while keeping fair value estimates unchanged.Narrative Update • Apr 10
VREX: Refined Discount Rate And P/E Assumptions Will Support Future Repricing
Analysts recently raised their price target on Varex Imaging by $2, reflecting updated assumptions on discount rate, profit margin, and future P/E. They see these assumptions as better aligned with the company’s risk and earnings profile.Narrative Update • Mar 26
VREX: Higher Profitability Assumptions Will Support A Repriced Earnings Multiple
Analysts have raised their average price target for Varex Imaging by $1, reflecting updated views on fair value, profitability assumptions, and P/E expectations cited in recent research, including the latest move from B. Riley.Narrative Update • Mar 12
VREX: Future Returns Will Hinge On Executing Q2 2026 Revenue Guidance
Narrative Update on Varex Imaging Analysts have lifted their price target on Varex Imaging by $2, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E that support a refreshed view of the company’s valuation profile. Analyst Commentary Even with the updated price target, some bearish analysts remain cautious.Narrative Update • Feb 25
VREX: Future Returns Will Depend On Delivering Q2 2026 Guidance Execution
Analysts have lifted their price target on Varex Imaging to $16.0 from $14.5, citing updated assumptions around fair value, discount rate, revenue, profit margin and future P/E following recent research that included a $2 increase in target price at B. Riley.Narrative Update • Feb 11
VREX: Future Returns Will Balance Q4 Beat Against Ongoing Execution Risks
Analysts have revised their fair value estimate for Varex Imaging to $14.50 from $12.00, citing updated assumptions on the discount rate, revenue growth, profit margins and future P/E. This follows recent research that included a lower Street price target of $18 from $23, after Q4 revenue of $229M came in above prior estimates and guidance.Analysis Article • Feb 05
It Looks Like Varex Imaging Corporation's (NASDAQ:VREX) CEO May Expect Their Salary To Be Put Under The Microscope
Key Insights Varex Imaging to hold its Annual General Meeting on 12th of February Total pay for CEO Sunny Sanyal...Narrative Update • Jan 27
VREX: Future Returns Will Reflect Cautious Stance After Lowered Price Outlook
Narrative Update Analysts have trimmed their price target on Varex Imaging by $5 to $18, citing recent Q4 revenue of $229M coming in above their estimates and within guidance, along with Q1 2026 revenue guidance of $200M to $215M that aligns closely with current expectations. Analyst Commentary Bearish analysts are reacting to the recent update by trimming their expectations, even as the latest numbers line up with prior guidance and estimates.Narrative Update • Jan 10
VREX: Future Returns Will Reflect Trimmed Outlook After Q1 2026 Revenue Guidance
Narrative Update on Varex Imaging The analyst consensus price target for Varex Imaging has shifted to US$18 from US$23, with analysts pointing to the recent Q4 revenue outcome of US$229m versus prior expectations and the Q1 2026 guidance range of US$200m to US$215m as key inputs behind the revision. Analyst Commentary Bearish analysts have responded to the latest results and guidance by trimming their expectations, even though the recent Q4 revenue outcome of US$229m sat at the high end of management's US$210m to US$230m range and ahead of prior estimates.Analysis Article • Jan 09
Is Varex Imaging (NASDAQ:VREX) A Risky Investment?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Narrative Update • Dec 14
VREX: Future Performance Will Reflect Trimmed Outlook Amid Solid Recent Results
Analysts have trimmed their price target on Varex Imaging to $18 from $23, citing slightly softer long term growth assumptions, despite recent quarterly revenues and forward guidance coming in ahead of or in line with prior expectations. Analyst Commentary Bearish analysts acknowledge Varex Imaging's better than expected quarterly performance and solid positioning within its end markets, but remain cautious on the durability of growth and the balance of risk and reward at current levels.Analysis Article • Nov 20
Varex Imaging Corporation (NASDAQ:VREX) Shares Could Be 35% Below Their Intrinsic Value Estimate
Key Insights Varex Imaging's estimated fair value is US$15.84 based on 2 Stage Free Cash Flow to Equity Varex Imaging's...Analysis Article • Aug 10
Varex Imaging Corporation (NASDAQ:VREX) Just Reported Earnings, And Analysts Cut Their Target Price
NasdaqGS:VREX 1 Year Share Price vs Fair Value Explore Varex Imaging's Fair Values from the Community and select yours...Analysis Article • Aug 06
The Returns At Varex Imaging (NASDAQ:VREX) Aren't Growing
NasdaqGS:VREX 1 Year Share Price vs Fair Value Explore Varex Imaging's Fair Values from the Community and select yours...Analysis Article • Jul 19
Calculating The Intrinsic Value Of Varex Imaging Corporation (NASDAQ:VREX)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Varex Imaging fair value estimate is US$8.72 With US$7.24...Analysis Article • Jun 10
These 4 Measures Indicate That Varex Imaging (NASDAQ:VREX) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Analysis Article • May 11
Earnings Beat: Varex Imaging Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
Varex Imaging Corporation ( NASDAQ:VREX ) just released its quarterly report and things are looking bullish. The...Analysis Article • Apr 25
Lacklustre Performance Is Driving Varex Imaging Corporation's (NASDAQ:VREX) 32% Price Drop
To the annoyance of some shareholders, Varex Imaging Corporation ( NASDAQ:VREX ) shares are down a considerable 32% in...Analysis Article • Apr 25
Little Excitement Around Varex Imaging Corporation's (NASDAQ:VREX) Revenues As Shares Take 32% Pounding
To the annoyance of some shareholders, Varex Imaging Corporation ( NASDAQ:VREX ) shares are down a considerable 32% in...Analysis Article • Apr 04
Be Wary Of Varex Imaging (NASDAQ:VREX) And Its Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...Seeking Alpha • Jan 21
Varex Imaging Corporation: A Mixed Picture
Summary Varex Imaging Corporation's stock has declined 25% over the past year, and revenues decreased year-over-year basis in the most recent quarter. The stock did see net insider buying in its stock in 2024 and Varex did deliver solid operating cash flow in its last quarterly earnings report. What is ahead for Varex and its shareholders in 2025? An updated analysis of Varex Imaging Corporation follows in the paragraphs below. Read the full article on Seeking AlphaAnalysis Article • Dec 19
Varex Imaging (NASDAQ:VREX) Is Finding It Tricky To Allocate Its Capital
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? When we...Analysis Article • Nov 07
There's Reason For Concern Over Varex Imaging Corporation's (NASDAQ:VREX) Massive 29% Price Jump
The Varex Imaging Corporation ( NASDAQ:VREX ) share price has done very well over the last month, posting an excellent...Analysis Article • Oct 22
Does Varex Imaging (NASDAQ:VREX) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
New Narrative • Sep 24
Expanding In India And Innovating In Photon Technology Boosts Prospects Despite Challenges In China And Semiconductor Softness
Expansion into India and focus on photon counting technology aim to recover market share in radiographic and dental sectors, potentially increasing revenue.Seeking Alpha • Sep 11
Varex Imaging: Headroom Capped Without Higher Earnings On Capital Employed
Summary Varex Imaging has high net working capital density and low capital turnover that see it earn sub-par rates on its operating assets. Varex's Q3 FY24 earnings showed extended weakness across all operating domains, with China a continued drag on performance. Valuations are unsupportive and without capacity to roll back cash earnings to grow the capital base or earnings power, my view is VREX is worth ~$13/share today. Read the full article on Seeking AlphaAnalysis Article • Aug 20
Little Excitement Around Varex Imaging Corporation's (NASDAQ:VREX) Earnings
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 18x, you may...Analysis Article • May 10
We Like Varex Imaging's (NASDAQ:VREX) Earnings For More Than Just Statutory Profit
Despite posting healthy earnings, Varex Imaging Corporation's ( NASDAQ:VREX ) stock has been quite weak. Along with the...Seeking Alpha • Feb 07
Varex Imaging Corporation: The Picture Is Cloudy After Quarterly Results
Summary Today, we look at Varex Imaging Corporation, which just posted Q1 2024 results, with non-GAAP earnings of six cents a share, falling short of expectations. The company is facing several near-term headwinds, but profit and sales growth are projected to return in FY2025. An analysis around Varex Imaging Corporation is presented in the paragraphs below. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jul 03 2026 | n/a | n/a | US$22m |
| Apr 03 2026 | n/a | n/a | -US$83m |
| Jan 02 2026 | n/a | n/a | -US$68m |
| Oct 03 2025 | US$5m | US$816k | -US$70m |
| Jul 04 2025 | n/a | n/a | -US$134m |
| Apr 04 2025 | n/a | n/a | -US$43m |
| Jan 03 2025 | n/a | n/a | -US$49m |
| Sep 27 2024 | US$5m | US$791k | -US$49m |
| Jun 28 2024 | n/a | n/a | US$34m |
| Mar 29 2024 | n/a | n/a | US$42m |
| Dec 29 2023 | n/a | n/a | US$45m |
| Sep 29 2023 | US$5m | US$766k | US$47m |
| Jun 30 2023 | n/a | n/a | US$29m |
| Mar 31 2023 | n/a | n/a | US$29m |
| Dec 30 2022 | n/a | n/a | US$32m |
| Sep 30 2022 | US$4m | US$715k | US$30m |
| Jul 01 2022 | n/a | n/a | US$26m |
| Apr 01 2022 | n/a | n/a | US$30m |
| Dec 31 2021 | n/a | n/a | US$25m |
| Oct 01 2021 | US$5m | US$637k | US$17m |
| Jul 02 2021 | n/a | n/a | -US$18m |
| Apr 02 2021 | n/a | n/a | -US$58m |
| Jan 01 2021 | n/a | n/a | -US$63m |
| Oct 02 2020 | US$4m | US$585k | -US$58m |
| Jul 03 2020 | n/a | n/a | -US$23m |
| Apr 03 2020 | n/a | n/a | US$4m |
| Jan 03 2020 | n/a | n/a | US$11m |
| Sep 27 2019 | US$3m | US$620k | US$16m |
Compensation vs Market: Sunny's total compensation ($USD4.63M) is above average for companies of similar size in the US market ($USD3.53M).
Compensation vs Earnings: Sunny's compensation has been consistent with company performance over the past year.
CEO
Sunny Sanyal (62 yo)
9.6yrs
Tenure
US$4,634,688
Compensation
Mr. Sunny S. Sanyal serves as Member of Supervisory Board at MeVis Medical Solutions AG since September 24, 2020. Mr. Sanyal served as Deputy Chairman of Supervisory Board at MeVis Medical Solutions AG sin...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 9.6yrs | US$4.63m | 0.55% $ 4.3m | |
| CFO & Principal Accounting Officer | 6.1yrs | US$1.86m | 0.25% $ 2.0m | |
| Advisor | less than a year | US$1.27m | 0.010% $ 79.5k | |
| Senior VP & GM of X-Ray Sources | 9.6yrs | US$1.18m | 0.18% $ 1.4m | |
| Senior VP & GM of X-ray Detectors | 8.1yrs | US$1.26m | 0.086% $ 668.0k | |
| Chief Legal Officer & Corporate Secretary | less than a year | no data | no data | |
| Vice President of Global Marketing | no data | no data | no data | |
| Chief Human Resources Officer | 3.4yrs | US$1.18m | 0.012% $ 90.8k | |
| Senior Vice President of Regulatory & Quality Compliance | no data | no data | 0.055% $ 431.2k | |
| VP & MD of China | 8.4yrs | no data | no data | |
| Senior VP & GM of Industrial Imaging | no data | no data | 0.036% $ 283.1k |
7.1yrs
Average Tenure
56yo
Average Age
Experienced Management: VREX's management team is seasoned and experienced (7.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 9.6yrs | US$4.63m | 0.55% $ 4.3m | |
| Independent Director | 9.6yrs | US$267.99k | 0.10% $ 787.4k | |
| Independent Director | 5.9yrs | US$254.99k | 0.064% $ 494.3k | |
| Independent Chairman of the Board | 8.3yrs | US$322.00k | 0.12% $ 972.0k | |
| Independent Director | 4.1yrs | US$252.99k | 0.029% $ 223.4k | |
| Independent Director | 9.6yrs | US$251.99k | 0.056% $ 432.9k | |
| Independent Director | 9.3yrs | US$252.99k | 0.10% $ 778.9k |
9.3yrs
Average Tenure
70yo
Average Age
Experienced Board: VREX's board of directors are considered experienced (9.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/20 13:06 |
| End of Day Share Price | 2026/08/20 00:00 |
| Earnings | 2026/07/03 |
| Annual Earnings | 2025/10/03 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Varex Imaging Corporation is covered by 9 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Anderson Schock | B. Riley Securities, Inc. |
| Lawrence Solow | CJS Securities, Inc. |
| Rajbir Denhoy | Jefferies LLC |