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Varex ImagingVREX +1.22%70 Debt-to-EBITDA is 11.88 as of Mar. 2026, which is 170% above its 10-year median of 4.40. GuruFocus rates VREX with a GF Score™ of 70/100 and a GF Value™ of $14.03 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 469 Medical Devices & Instruments companies, Varex Imaging ranks worse than 213219.4% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Varex Imaging's Debt-to-EBITDA or its related term are showing as below:
VREX'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -55.69 Med: 4.4 Max: 565.57
Current: -22.21
During the past 13 years, the highest Debt-to-EBITDA Ratio of Varex Imaging was 565.57. The lowest was -55.69. And the median was 4.40.
VREX's Debt-to-EBITDA is ranked worse than 100% of 469
companies
in the Medical Devices & Instruments industry
Industry Median: 1.62
vs VREX: -22.21
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Varex Imaging Debt-to-EBITDA Related Terms
Varex Imaging Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Varex Imaging's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
VREX vs OFIX, VMD, KIDS: Debt-to-EBITDA Comparison
For the Medical Devices subindustry, Varex Imaging's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Varex Imaging Debt-to-EBITDA vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Varex Imaging's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Varex Imaging's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Varex Imaging (VREX) has a Debt-to-EBITDA of 11.88 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Varex Imaging. This is 170% above median its historical median of 4.40. According to the industry distribution chart, Varex Imaging ranks #999999 out of 469 companies in the Medical Devices & Instruments industry.
Is Varex Imaging's Debt-to-EBITDA too high?
Varex Imaging's current Debt-to-EBITDA of 11.88 is 170% above median its 10-year median of 4.40. The Medical Devices & Instruments industry median Debt-to-EBITDA is 1.62. Varex Imaging's value of 11.88 is 633.3% above this industry median. Based on the distribution chart, Varex Imaging ranks #999999 out of 469 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Varex Imaging has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Varex Imaging's Debt-to-EBITDA compare to OFIX and VMD?
According to the Medical Devices & Instruments industry distribution chart, Varex Imaging ranks #999999 out of 469 companies for Debt-to-EBITDA. This places Varex Imaging in the lower half of its industry. The industry median Debt-to-EBITDA is 1.62. Varex Imaging's value of 11.88 is 633.3% above this benchmark. While the company's 10-year median is 4.40 vs. the industry median of 1.62, Varex Imaging has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Medical Devices & Instruments company?
The median Debt-to-EBITDA among Medical Devices & Instruments companies is 1.62, based on 469 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Varex Imaging's current Debt-to-EBITDA of 11.88 is 633.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Varex Imaging. For the Medical Devices & Instruments industry, the median Debt-to-EBITDA is 1.62 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Varex Imaging's current Debt-to-EBITDA is 11.88, which is 170% above median its own 10-year median of 4.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Varex Imaging stock overvalued right now?
Based on GuruFocus' analysis, Varex Imaging (VREX) is currently considered Modestly Undervalued. The stock's GF Value™ is $14.03, compared to a current price of $12.42 — trading 11.5% below its estimated fair value. The current Debt-to-EBITDA is 11.88, which is 170% above median its 10-year median of 4.40 and 633.3% above the Medical Devices & Instruments industry median of 1.62. Varex Imaging's overall GF Score™ is 70/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Varex Imaging (VREX), the current Debt-to-EBITDA is 11.88 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Varex Imaging (VREX) Overvalued in 2026?
Based on GuruFocus' analysis, Varex Imaging stock appears to be undervalued.
The current stock price of $12.42 is trading 11.5% below its estimated GF Value™ of $14.03.
GuruFocus considers Varex Imaging to be Modestly Undervalued.
Key valuation signals for VREX:
Debt-to-EBITDA: 11.88 (170% above median its 10-year median of 4.40)
GF Value™: $14.03 vs. price of $12.42 (11.5% below fair value)
Industry Position: 633.3% above the Medical Devices & Instruments median (#999999 of 469)
No single metric tells the full story. See the VREX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Varex Imaging Corp Designs, manufactures, sells, and services X-ray imaging components, including X-ray tubes, detectors, ionization chambers, high-voltage connectors, software, collimators, generators, exposure control devices, and heat exchangers.. The company operates through two segments: Medical, the key revenue driver, providing X-ray imaging components and accessories for healthcare applications, and Industrial, which provides Linatron X-ray accelerators, X-ray tubes, flat panel detectors, high-voltage connectors, and coolers for non-medical use. Geographically, it generates the majority of its revenue from Europe, the Middle East, and Africa (EMEA), with the rest coming from the Americas and Asia Pacific.
70GF Score
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