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Side-by-side financial comparison of ASTRONICS CORP (ATRO) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
ASTRONICS CORP is the larger business by last-quarter revenue ($240.1M vs $209.6M, roughly 1.1× Varex Imaging Corp). On growth, ASTRONICS CORP posted the faster year-over-year revenue change (15.1% vs 4.9%). ASTRONICS CORP produced more free cash flow last quarter ($15.8M vs $-26.8M). Over the past eight quarters, ASTRONICS CORP's revenue compounded faster (13.9% CAGR vs 0.8%).
Astronics Corporation is an American aerospace electronics corporation founded in 1968, headquartered in East Aurora, New York. It is traded on NASDAQ as Nasdaq: ATRO. It is known for lighting and electronics integrations on military, commercial, and business aircraft and semiconductor test systems.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
ATRO vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $240.1M | $209.6M |
| Net Profit | — | $2.3M |
| Gross Margin | 33.3% | 33.3% |
| Operating Margin | 14.8% | 7.3% |
| Net Margin | — | 1.1% |
| Revenue YoY | 15.1% | 4.9% |
| Net Profit YoY | — | 866.7% |
| EPS (diluted) | $0.82 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $240.1M | $228.9M | ||
| Q3 25 | $211.4M | $203.0M | ||
| Q2 25 | $204.7M | $212.9M | ||
| Q1 25 | $205.9M | $199.8M | ||
| Q4 24 | $208.5M | — | ||
| Q3 24 | $203.7M | $205.7M | ||
| Q2 24 | $198.1M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | — | $12.2M | ||
| Q3 25 | $-11.1M | $-89.1M | ||
| Q2 25 | $1.3M | $6.9M | ||
| Q1 25 | $9.5M | $-300.0K | ||
| Q4 24 | — | — | ||
| Q3 24 | $-11.7M | $-51.1M | ||
| Q2 24 | $1.5M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 33.3% | 34.0% | ||
| Q3 25 | 30.5% | 33.3% | ||
| Q2 25 | 25.8% | 36.0% | ||
| Q1 25 | 29.5% | 34.3% | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 27.1% | 32.6% | ||
| Q2 24 | 28.0% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 14.8% | 8.6% | ||
| Q3 25 | 10.9% | -39.8% | ||
| Q2 25 | 2.3% | 10.4% | ||
| Q1 25 | 6.4% | 5.6% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.1% | 5.3% | ||
| Q2 24 | 3.8% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | -5.2% | -43.9% | ||
| Q2 25 | 0.6% | 3.2% | ||
| Q1 25 | 4.6% | -0.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | -5.8% | -24.8% | ||
| Q2 24 | 0.8% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.82 | $0.29 | ||
| Q3 25 | $-0.31 | $-2.15 | ||
| Q2 25 | $0.04 | $0.17 | ||
| Q1 25 | $0.26 | $-0.01 | ||
| Q4 24 | $-0.07 | — | ||
| Q3 24 | $-0.34 | $-1.25 | ||
| Q2 24 | $0.04 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.2M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $140.1M | $476.9M |
| Total Assets | $706.7M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $18.2M | $155.1M | ||
| Q3 25 | $13.5M | $152.6M | ||
| Q2 25 | $13.5M | $223.0M | ||
| Q1 25 | $24.8M | $212.6M | ||
| Q4 24 | $9.3M | — | ||
| Q3 24 | $5.2M | $200.5M | ||
| Q2 24 | $2.9M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $140.1M | $472.6M | ||
| Q3 25 | $108.9M | $455.3M | ||
| Q2 25 | $271.6M | $549.7M | ||
| Q1 25 | $266.8M | $540.2M | ||
| Q4 24 | $256.1M | — | ||
| Q3 24 | $249.2M | $529.1M | ||
| Q2 24 | $257.9M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $706.7M | $1.1B | ||
| Q3 25 | $682.2M | $1.1B | ||
| Q2 25 | $646.7M | $1.4B | ||
| Q1 25 | $662.2M | $1.3B | ||
| Q4 24 | $648.8M | — | ||
| Q3 24 | $651.6M | $1.2B | ||
| Q2 24 | $644.9M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $27.6M | $-16.1M |
| Free Cash FlowOCF − Capex | $15.8M | $-26.8M |
| FCF MarginFCF / Revenue | 6.6% | -12.8% |
| Capex IntensityCapex / Revenue | 4.9% | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $27.6M | $7.9M | ||
| Q3 25 | $34.2M | $7.7M | ||
| Q2 25 | $-7.6M | $16.6M | ||
| Q1 25 | $20.6M | $9.5M | ||
| Q4 24 | $26.4M | — | ||
| Q3 24 | $8.4M | $25.9M | ||
| Q2 24 | $-6.3M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $15.8M | $2.3M | ||
| Q3 25 | $21.0M | $1.4M | ||
| Q2 25 | $-12.2M | $9.8M | ||
| Q1 25 | $18.5M | $5.3M | ||
| Q4 24 | $23.2M | — | ||
| Q3 24 | $6.5M | $19.9M | ||
| Q2 24 | $-8.1M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 6.6% | 1.0% | ||
| Q3 25 | 9.9% | 0.7% | ||
| Q2 25 | -6.0% | 4.6% | ||
| Q1 25 | 9.0% | 2.7% | ||
| Q4 24 | 11.1% | — | ||
| Q3 24 | 3.2% | 9.7% | ||
| Q2 24 | -4.1% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 4.9% | 2.4% | ||
| Q3 25 | 6.2% | 3.1% | ||
| Q2 25 | 2.2% | 3.2% | ||
| Q1 25 | 1.0% | 2.1% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 0.9% | 2.9% | ||
| Q2 24 | 0.9% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | -5.81× | 2.41× | ||
| Q1 25 | 2.17× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.08× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATRO
| Product Line Electrical Power And Motion | $113.8M | 47% |
| Product Line Avionics | $32.0M | 13% |
| Military Aircraft | $28.0M | 12% |
| General Aviation | $22.3M | 9% |
| Government And Defense | $20.5M | 9% |
| Product Line Systems Certification | $13.2M | 6% |
| Product Line Structures | $3.7M | 2% |
| Product Line Other | $2.3M | 1% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
