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Varex ImagingVREX +0.85%69 PB Ratio is 0.95 as of Jul. 21, 2026, which is 45% below its 10-year median of 1.73. GuruFocus rates VREX with a GF Score™ of 69/100 and a GF Value™ of $14.01 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 786 Medical Devices & Instruments companies, Varex Imaging ranks better than 81.3% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-21), Varex Imaging's share price is $10.72. Varex Imaging's Book Value per Share for the quarter that ended in Mar. 2026 was $11.25. Hence, Varex Imaging's PB Ratio of today is 0.95.
The historical rank and industry rank for Varex Imaging's PB Ratio or its related term are showing as below:
VREX'
s PB Ratio Range Over the Past 10 Years
Min: 0.52 Med: 1.73 Max: 4.12
Current: 0.95
During the past 13 years, Varex Imaging's highest PB Ratio was 4.12. The lowest was 0.52. And the median was 1.73.
VREX's PB Ratio is ranked better than 81.3% of 786
companies
in the Medical Devices & Instruments industry
Industry Median: 2.005
vs VREX: 0.95
During the past 12 months, Varex Imaging's average Book Value Per Share Growth Rate was -15.00% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -5.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 0.30% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 0.30% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Varex Imaging was 6.60% per year. The lowest was -6.20% per year. And the median was 1.70% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Varex Imaging PB Ratio Related Terms
Varex Imaging PB Ratio Historical Data
* Premium members only.
The historical data trend for Varex Imaging's PB Ratio 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.
For the Medical Devices subindustry, Varex Imaging's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Varex Imaging's PB Ratio distribution charts can be found below:
* The bar in red indicates where Varex Imaging's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Varex Imaging's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Varex Imaging (VREX) has a PB Ratio of 0.95 as of Jul. 21, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Varex Imaging and its competitors. This is 45% below median its historical median of 1.73. Over the past decade, Varex Imaging's PB Ratio has ranged from 0.52 to 4.12. According to the industry distribution chart, Varex Imaging ranks #147 out of 786 companies in the Medical Devices & Instruments industry, placing it in the top 18.7%.
Is Varex Imaging's PB Ratio too high?
Varex Imaging's current PB Ratio of 0.95 is 45% below median its 10-year median of 1.73. Over the past 10 years, this metric has ranged from a low of 0.52 to a high of 4.12. The Medical Devices & Instruments industry median PB Ratio is 2.01. Varex Imaging's value of 0.95 is 52.6% below this industry median. Based on the distribution chart, Varex Imaging ranks #147 out of 786 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Varex Imaging has a GF Score™ of 69/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Varex Imaging's PB Ratio compare to VMD and DCTH?
According to the Medical Devices & Instruments industry distribution chart, Varex Imaging ranks #147 out of 786 companies for PB Ratio. This places Varex Imaging in the top 19% of its industry — outperforming the majority of peers. The industry median PB Ratio is 2.01. Varex Imaging's value of 0.95 is 52.6% below this benchmark. Historically, Varex Imaging's own PB Ratio has ranged from 0.52 to 4.12 over the past decade. While the company's 10-year median is 1.73 vs. the industry median of 2.01, Varex Imaging has consistently been below 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 PB Ratio for a Medical Devices & Instruments company?
The median PB Ratio among Medical Devices & Instruments companies is 2.01, based on 786 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Varex Imaging's current PB Ratio of 0.95 is 52.6% below 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Varex Imaging and its competitors. For the Medical Devices & Instruments industry, the median PB Ratio is 2.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Varex Imaging's current PB Ratio is 0.95, which is 45% below median its own 10-year median of 1.73. 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 $14.01, compared to a current price of $10.72 — trading 23.5% below its estimated fair value. The current PB Ratio is 0.95, which is 45% below median its 10-year median of 1.73 and 52.6% below the Medical Devices & Instruments industry median of 2.01. Varex Imaging's overall GF Score™ is 69/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Varex Imaging (VREX), the current PB Ratio is 0.95 as of Jul. 21, 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 $10.72 is trading 23.5% below its estimated GF Value™ of $14.01.
GuruFocus considers Varex Imaging to be Modestly Undervalued.
Key valuation signals for VREX:
PB Ratio: 0.95 (45% below median its 10-year median of 1.73)
GF Value™: $14.01 vs. price of $10.72 (23.5% below fair value)
Industry Position: 52.6% below the Medical Devices & Instruments median (#147 of 786)
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.
69GF Score
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