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Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash-to-Debt 2.42
VAR's Cash-to-Debt is ranked higher than
51% of the 330 Companies
in the Global Medical Devices industry.

( Industry Median: 2.32 vs. VAR: 2.42 )
Ranked among companies with meaningful Cash-to-Debt only.
VAR' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.24  Med: 3.61 Max: 31.66
Current: 2.42
0.24
31.66
Equity-to-Asset 0.42
VAR's Equity-to-Asset is ranked lower than
81% of the 309 Companies
in the Global Medical Devices industry.

( Industry Median: 0.63 vs. VAR: 0.42 )
Ranked among companies with meaningful Equity-to-Asset only.
VAR' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.32  Med: 0.52 Max: 0.6
Current: 0.42
0.32
0.6
Debt-to-Equity 0.25
VAR's Debt-to-Equity is ranked higher than
56% of the 220 Companies
in the Global Medical Devices industry.

( Industry Median: 0.30 vs. VAR: 0.25 )
Ranked among companies with meaningful Debt-to-Equity only.
VAR' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.01  Med: 0.13 Max: 0.66
Current: 0.25
0.01
0.66
Debt-to-EBITDA 0.65
VAR's Debt-to-EBITDA is ranked higher than
76% of the 158 Companies
in the Global Medical Devices industry.

( Industry Median: 1.98 vs. VAR: 0.65 )
Ranked among companies with meaningful Debt-to-EBITDA only.
VAR' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.07  Med: 0.49 Max: 1.25
Current: 0.65
0.07
1.25
Interest Coverage 45.48
VAR's Interest Coverage is ranked lower than
56% of the 212 Companies
in the Global Medical Devices industry.

( Industry Median: 66.37 vs. VAR: 45.48 )
Ranked among companies with meaningful Interest Coverage only.
VAR' s Interest Coverage Range Over the Past 10 Years
Min: 36.76  Med: 100.85 Max: 226.41
Current: 45.48
36.76
226.41
Piotroski F-Score: 6
Altman Z-Score: 5.43
Beneish M-Score: -2.98
WACC vs ROIC
9.31%
12.12%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating Margin % 16.46
VAR's Operating Margin % is ranked higher than
81% of the 312 Companies
in the Global Medical Devices industry.

( Industry Median: 1.96 vs. VAR: 16.46 )
Ranked among companies with meaningful Operating Margin % only.
VAR' s Operating Margin % Range Over the Past 10 Years
Min: 14.74  Med: 20.48 Max: 22.67
Current: 16.46
14.74
22.67
Net Margin % 4.27
VAR's Net Margin % is ranked higher than
59% of the 312 Companies
in the Global Medical Devices industry.

( Industry Median: 1.40 vs. VAR: 4.27 )
Ranked among companies with meaningful Net Margin % only.
VAR' s Net Margin % Range Over the Past 10 Years
Min: 4.27  Med: 15.05 Max: 16.52
Current: 4.27
4.27
16.52
ROE % 8.02
VAR's ROE % is ranked higher than
66% of the 304 Companies
in the Global Medical Devices industry.

( Industry Median: 0.95 vs. VAR: 8.02 )
Ranked among companies with meaningful ROE % only.
VAR' s ROE % Range Over the Past 10 Years
Min: 8.02  Med: 27.24 Max: 31.67
Current: 8.02
8.02
31.67
ROA % 3.58
VAR's ROA % is ranked higher than
64% of the 332 Companies
in the Global Medical Devices industry.

( Industry Median: -0.26 vs. VAR: 3.58 )
Ranked among companies with meaningful ROA % only.
VAR' s ROA % Range Over the Past 10 Years
Min: 3.58  Med: 14.35 Max: 16.54
Current: 3.58
3.58
16.54
ROC (Joel Greenblatt) % 78.38
VAR's ROC (Joel Greenblatt) % is ranked higher than
91% of the 327 Companies
in the Global Medical Devices industry.

( Industry Median: 3.87 vs. VAR: 78.38 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
VAR' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 55.54  Med: 92.91 Max: 107.75
Current: 78.38
55.54
107.75
3-Year Revenue Growth Rate -0.40
VAR's 3-Year Revenue Growth Rate is ranked lower than
65% of the 254 Companies
in the Global Medical Devices industry.

( Industry Median: 4.30 vs. VAR: -0.40 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
VAR' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -27.1  Med: 10.5 Max: 17.4
Current: -0.4
-27.1
17.4
3-Year EBITDA Growth Rate -8.80
VAR's 3-Year EBITDA Growth Rate is ranked lower than
76% of the 232 Companies
in the Global Medical Devices industry.

( Industry Median: 7.50 vs. VAR: -8.80 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
VAR' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -25.9  Med: 11.6 Max: 26.9
Current: -8.8
-25.9
26.9
3-Year EPS without NRI Growth Rate -10.50
VAR's 3-Year EPS without NRI Growth Rate is ranked lower than
74% of the 223 Companies
in the Global Medical Devices industry.

( Industry Median: 7.80 vs. VAR: -10.50 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
VAR' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -58.5  Med: 14.2 Max: 113.8
Current: -10.5
-58.5
113.8
GuruFocus has detected 5 Warning Signs with Varian Medical Systems Inc VAR.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» VAR's 30-Y Financials

Financials (Next Earnings Date: 2018-04-26)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q1 2017

VAR Guru Trades in Q1 2017

Steven Cohen 355,900 sh (New)
John Hussman 10,900 sh (+9.00%)
First Eagle Investment 4,641,466 sh (+7.49%)
John Rogers 20,918 sh (+4.07%)
Charles Brandes 166,487 sh (+1.80%)
CI Can Am Small Cap 52,355 sh (unchged)
Richard Pzena Sold Out
Paul Tudor Jones Sold Out
Columbia Wanger 304,513 sh (-8.80%)
Joel Greenblatt 106,226 sh (-68.54%)
» More
Q2 2017

VAR Guru Trades in Q2 2017

Ray Dalio 12,783 sh (New)
Caxton Associates 5,800 sh (New)
George Soros 5,100 sh (New)
Joel Greenblatt 403,452 sh (+279.81%)
Steven Cohen 537,816 sh (+51.11%)
First Eagle Investment 4,679,471 sh (+0.82%)
John Hussman 10,900 sh (unchged)
John Rogers Sold Out
Charles Brandes Sold Out
Columbia Wanger 196,943 sh (-35.33%)
» More
Q3 2017

VAR Guru Trades in Q3 2017

Jim Simons 138,700 sh (New)
Columbia Wanger 291,447 sh (+47.99%)
First Eagle Investment 4,778,741 sh (+2.12%)
John Hussman 10,900 sh (unchged)
Caxton Associates Sold Out
George Soros Sold Out
Ray Dalio 12,779 sh (-0.03%)
Joel Greenblatt 362,501 sh (-10.15%)
CI Can Am Small Cap 33,185 sh (-36.62%)
Steven Cohen 143,100 sh (-73.39%)
» More
Q4 2017

VAR Guru Trades in Q4 2017

George Soros 2,100 sh (New)
Pioneer Investments 175,539 sh (New)
Jim Simons 746,200 sh (+438.00%)
John Hussman 10,900 sh (unchged)
Ray Dalio Sold Out
First Eagle Investment 4,744,676 sh (-0.71%)
Columbia Wanger 182,447 sh (-37.40%)
Steven Cohen 50,261 sh (-64.88%)
Joel Greenblatt 126,221 sh (-65.18%)
» More
» Details

Insider Trades

Latest Guru Trades with VAR

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
First Eagle Investment 2017-12-31 Reduce -0.71%0.01%Premium Member Access $111.15 $ 126.5014%4,744,676
First Eagle Investment 2017-12-31 Reduce -0.71%0.01%$100.1 - $112.42 $ 126.5018%4,744,676
Joel Greenblatt 2017-12-31 Reduce -65.18%0.35%$100.1 - $112.42 $ 126.5018%126,221
George Soros 2017-12-31 New Buy0.01%$100.1 - $112.42 $ 126.5018%2,100
First Eagle Investment 2017-09-30 Add 2.12%0.02%$95.88 - $107.87 $ 126.5023%4,778,741
Joel Greenblatt 2017-09-30 Reduce -10.15%0.06%$95.88 - $107.87 $ 126.5023%362,501
George Soros 2017-09-30 Sold Out 0.01%$95.88 - $107.87 $ 126.5023%0
First Eagle Investment 2017-06-30 Add 0.82%0.01%$88.37 - $105.03 $ 126.5032%4,679,471
Joel Greenblatt 2017-06-30 Add 279.81%0.43%$88.37 - $105.03 $ 126.5032%403,452
George Soros 2017-06-30 New Buy0.01%$88.37 - $105.03 $ 126.5032%5,100
Charles Brandes 2017-06-30 Sold Out 0.23%$88.37 - $105.03 $ 126.5032%0
John Rogers 2017-06-30 Sold Out 0.02%$88.37 - $105.03 $ 126.5032%0
Premium More recent guru trades are included for Premium Members only!!
Premium More recent guru trades are included for USA Subscribe Members only!!
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Business Description

Industry: Medical Devices » Medical Devices    NAICS: 334510    SIC: 3844
Compare:XSWX:SOON, NYSE:TFX, OCSE:WDH, NAS:ABMD, SZSE:300003, ASX:COH, XPAR:DIM, LSE:SN., NZSE:FPH, LSE:CTEC, OCSE:GN, NYSE:GMED, OCSE:AMBU B, NAS:MASI, NAS:IART, NYSE:PEN, NAS:LIVN, OSTO:EKTA B, SZSE:002223, HKSE:01066 » details
Traded in other countries:VNM.Germany,
Headquarter Location:USA
Varian Medical Systems Inc is engaged in the healthcare sector. It manufactures medical devices for conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.

Varian Medical Systems designs, manufactures, and sells radiation technology for use in two business segments: oncology systems and proton therapy. The Americas account for the largest portion of revenue (51%), followed by Europe, the Middle East, and Africa (29%) and Asia-Pacific (20%).

Ratios

vs
industry
vs
history
PE Ratio 101.20
VAR's PE Ratio is ranked lower than
90% of the 180 Companies
in the Global Medical Devices industry.

( Industry Median: 30.17 vs. VAR: 101.20 )
Ranked among companies with meaningful PE Ratio only.
VAR' s PE Ratio Range Over the Past 10 Years
Min: 10.77  Med: 18.34 Max: 103.57
Current: 101.2
10.77
103.57
Forward PE Ratio 29.24
VAR's Forward PE Ratio is ranked lower than
56% of the 52 Companies
in the Global Medical Devices industry.

( Industry Median: 25.06 vs. VAR: 29.24 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 91.01
VAR's PE Ratio without NRI is ranked lower than
89% of the 179 Companies
in the Global Medical Devices industry.

( Industry Median: 30.17 vs. VAR: 91.01 )
Ranked among companies with meaningful PE Ratio without NRI only.
VAR' s PE Ratio without NRI Range Over the Past 10 Years
Min: 9.86  Med: 18.34 Max: 93.14
Current: 91.01
9.86
93.14
PB Ratio 8.36
VAR's PB Ratio is ranked lower than
82% of the 310 Companies
in the Global Medical Devices industry.

( Industry Median: 3.06 vs. VAR: 8.36 )
Ranked among companies with meaningful PB Ratio only.
VAR' s PB Ratio Range Over the Past 10 Years
Min: 2.71  Med: 4.48 Max: 8.55
Current: 8.36
2.71
8.55
PS Ratio 4.28
VAR's PS Ratio is ranked lower than
59% of the 294 Companies
in the Global Medical Devices industry.

( Industry Median: 3.15 vs. VAR: 4.28 )
Ranked among companies with meaningful PS Ratio only.
VAR' s PS Ratio Range Over the Past 10 Years
Min: 1.43  Med: 2.67 Max: 4.38
Current: 4.28
1.43
4.38
Price-to-Free-Cash-Flow 26.20
VAR's Price-to-Free-Cash-Flow is ranked higher than
53% of the 107 Companies
in the Global Medical Devices industry.

( Industry Median: 26.44 vs. VAR: 26.20 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
VAR' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 12.87  Med: 19.73 Max: 31.43
Current: 26.2
12.87
31.43
Price-to-Operating-Cash-Flow 23.51
VAR's Price-to-Operating-Cash-Flow is ranked lower than
58% of the 127 Companies
in the Global Medical Devices industry.

( Industry Median: 20.01 vs. VAR: 23.51 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
VAR' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 10.2  Med: 15.9 Max: 25.6
Current: 23.51
10.2
25.6
EV-to-EBIT 24.65
VAR's EV-to-EBIT is ranked higher than
51% of the 174 Companies
in the Global Medical Devices industry.

( Industry Median: 24.76 vs. VAR: 24.65 )
Ranked among companies with meaningful EV-to-EBIT only.
VAR' s EV-to-EBIT Range Over the Past 10 Years
Min: 6.1  Med: 12.1 Max: 28
Current: 24.65
6.1
28
EV-to-EBITDA 21.17
VAR's EV-to-EBITDA is ranked lower than
58% of the 188 Companies
in the Global Medical Devices industry.

( Industry Median: 18.14 vs. VAR: 21.17 )
Ranked among companies with meaningful EV-to-EBITDA only.
VAR' s EV-to-EBITDA Range Over the Past 10 Years
Min: 5.6  Med: 11 Max: 22.9
Current: 21.17
5.6
22.9
EV-to-Revenue 4.05
VAR's EV-to-Revenue is ranked lower than
54% of the 309 Companies
in the Global Medical Devices industry.

( Industry Median: 3.73 vs. VAR: 4.05 )
Ranked among companies with meaningful EV-to-Revenue only.
VAR' s EV-to-Revenue Range Over the Past 10 Years
Min: 1.3  Med: 2.5 Max: 4.2
Current: 4.05
1.3
4.2
Shiller PE Ratio 36.88
VAR's Shiller PE Ratio is ranked higher than
62% of the 58 Companies
in the Global Medical Devices industry.

( Industry Median: 49.95 vs. VAR: 36.88 )
Ranked among companies with meaningful Shiller PE Ratio only.
VAR' s Shiller PE Ratio Range Over the Past 10 Years
Min: 19.19  Med: 25.61 Max: 39.59
Current: 36.88
19.19
39.59
Current Ratio 1.45
VAR's Current Ratio is ranked lower than
83% of the 324 Companies
in the Global Medical Devices industry.

( Industry Median: 2.71 vs. VAR: 1.45 )
Ranked among companies with meaningful Current Ratio only.
VAR' s Current Ratio Range Over the Past 10 Years
Min: 1.38  Med: 1.82 Max: 2.33
Current: 1.45
1.38
2.33
Quick Ratio 1.19
VAR's Quick Ratio is ranked lower than
76% of the 324 Companies
in the Global Medical Devices industry.

( Industry Median: 2.03 vs. VAR: 1.19 )
Ranked among companies with meaningful Quick Ratio only.
VAR' s Quick Ratio Range Over the Past 10 Years
Min: 1.04  Med: 1.46 Max: 1.87
Current: 1.19
1.04
1.87
Days Inventory 115.06
VAR's Days Inventory is ranked higher than
63% of the 294 Companies
in the Global Medical Devices industry.

( Industry Median: 143.61 vs. VAR: 115.06 )
Ranked among companies with meaningful Days Inventory only.
VAR' s Days Inventory Range Over the Past 10 Years
Min: 79.1  Med: 102.38 Max: 148.25
Current: 115.06
79.1
148.25
Days Sales Outstanding 117.46
VAR's Days Sales Outstanding is ranked lower than
84% of the 276 Companies
in the Global Medical Devices industry.

( Industry Median: 69.21 vs. VAR: 117.46 )
Ranked among companies with meaningful Days Sales Outstanding only.
VAR' s Days Sales Outstanding Range Over the Past 10 Years
Min: 85.76  Med: 90.8 Max: 117.46
Current: 117.46
85.76
117.46
Days Payable 35.74
VAR's Days Payable is ranked lower than
72% of the 261 Companies
in the Global Medical Devices industry.

( Industry Median: 58.34 vs. VAR: 35.74 )
Ranked among companies with meaningful Days Payable only.
VAR' s Days Payable Range Over the Past 10 Years
Min: 32.23  Med: 38.92 Max: 50.77
Current: 35.74
32.23
50.77

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio 3.10
VAR's 3-Year Average Share Buyback Ratio is ranked higher than
97% of the 244 Companies
in the Global Medical Devices industry.

( Industry Median: -5.70 vs. VAR: 3.10 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
VAR' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -3.5  Med: 1.6 Max: 4.7
Current: 3.1
-3.5
4.7

Valuation & Return

vs
industry
vs
history
Price-to-Net-Current-Asset-Value 26.40
VAR's Price-to-Net-Current-Asset-Value is ranked lower than
85% of the 207 Companies
in the Global Medical Devices industry.

( Industry Median: 7.79 vs. VAR: 26.40 )
Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
VAR' s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 2.37  Med: 11.1 Max: 39.93
Current: 26.4
2.37
39.93
Price-to-Tangible-Book 10.56
VAR's Price-to-Tangible-Book is ranked lower than
78% of the 276 Companies
in the Global Medical Devices industry.

( Industry Median: 4.50 vs. VAR: 10.56 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
VAR' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.76  Med: 5.69 Max: 10.56
Current: 10.56
0.76
10.56
Price-to-Intrinsic-Value-Projected-FCF 2.45
VAR's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
51% of the 121 Companies
in the Global Medical Devices industry.

( Industry Median: 2.44 vs. VAR: 2.45 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
VAR' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.85  Med: 1.41 Max: 3.92
Current: 2.45
0.85
3.92
Price-to-Median-PS-Value 1.60
VAR's Price-to-Median-PS-Value is ranked lower than
78% of the 237 Companies
in the Global Medical Devices industry.

( Industry Median: 1.02 vs. VAR: 1.60 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
VAR' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.59  Med: 1.06 Max: 1.76
Current: 1.6
0.59
1.76
Price-to-Graham-Number 6.53
VAR's Price-to-Graham-Number is ranked lower than
89% of the 133 Companies
in the Global Medical Devices industry.

( Industry Median: 2.11 vs. VAR: 6.53 )
Ranked among companies with meaningful Price-to-Graham-Number only.
VAR' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.23  Med: 2.48 Max: 6.53
Current: 6.53
0.23
6.53
Earnings Yield (Greenblatt) % 4.06
VAR's Earnings Yield (Greenblatt) % is ranked higher than
74% of the 332 Companies
in the Global Medical Devices industry.

( Industry Median: 0.74 vs. VAR: 4.06 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
VAR' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 3.6  Med: 8.3 Max: 16.4
Current: 4.06
3.6
16.4
Forward Rate of Return (Yacktman) % -3.17
VAR's Forward Rate of Return (Yacktman) % is ranked lower than
74% of the 125 Companies
in the Global Medical Devices industry.

( Industry Median: 6.60 vs. VAR: -3.17 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
VAR' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -3.2  Med: 18.8 Max: 24.2
Current: -3.17
-3.2
24.2

More Statistics

Revenue (TTM) (Mil) $2,734.90
EPS (TTM) $ 1.25
Beta1.13
Volatility23.47%
52-Week Range $87.49 - 130.29
Shares Outstanding (Mil)105.32

Analyst Estimate

Sep18 Sep19
Revenue (Mil $) 2,801 2,860
EBIT (Mil $)
EBITDA (Mil $) 624 667
EPS ($) 4.47 4.70
EPS without NRI ($) 4.47 4.70
EPS Growth Rate
(Future 3Y To 5Y Estimate)
7.27%
Dividends per Share ($)

Piotroski F-Score Details

Piotroski F-Score: 66
Positive ROAY
Positive CFROAY
Higher ROA yoyN
CFROA > ROAY
Lower Leverage yoyY
Higher Current Ratio yoyN
Less Shares Outstanding yoyY
Higher Gross Margin yoyN
Higher Asset Turnover yoyY

Personalized Checklist

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