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Side-by-side financial comparison of BALCHEM CORP (BCPC) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
BALCHEM CORP is the larger business by last-quarter revenue ($270.7M vs $209.6M, roughly 1.3× Varex Imaging Corp). BALCHEM CORP runs the higher net margin — 14.9% vs 1.1%, a 13.8% gap on every dollar of revenue. On growth, BALCHEM CORP posted the faster year-over-year revenue change (8.1% vs 4.9%). BALCHEM CORP produced more free cash flow last quarter ($33.8M vs $-26.8M). Over the past eight quarters, BALCHEM CORP's revenue compounded faster (7.5% CAGR vs 0.8%).
Balchem Corp is a global specialty chemicals and nutritional ingredients provider that develops, manufactures and distributes application-specific products for human nutrition, animal health, pharmaceutical and industrial end markets, serving customers across North America, Europe and Asia Pacific.
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.
BCPC vs VREX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.7M | $209.6M |
| Net Profit | $40.3M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 20.5% | 7.3% |
| Net Margin | 14.9% | 1.1% |
| Revenue YoY | 8.1% | 4.9% |
| Net Profit YoY | 8.7% | 866.7% |
| EPS (diluted) | $1.25 | $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 | $270.7M | $209.6M | ||
| Q4 25 | $263.6M | $228.9M | ||
| Q3 25 | $267.6M | $203.0M | ||
| Q2 25 | $255.5M | $212.9M | ||
| Q1 25 | $250.5M | $199.8M | ||
| Q4 24 | $240.0M | — | ||
| Q3 24 | $239.9M | $205.7M | ||
| Q2 24 | $234.1M | $209.1M |
| Q1 26 | $40.3M | $2.3M | ||
| Q4 25 | $39.2M | $12.2M | ||
| Q3 25 | $40.3M | $-89.1M | ||
| Q2 25 | $38.3M | $6.9M | ||
| Q1 25 | $37.1M | $-300.0K | ||
| Q4 24 | $33.6M | — | ||
| Q3 24 | $33.8M | $-51.1M | ||
| Q2 24 | $32.1M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 35.6% | 34.0% | ||
| Q3 25 | 35.7% | 33.3% | ||
| Q2 25 | 36.4% | 36.0% | ||
| Q1 25 | 35.2% | 34.3% | ||
| Q4 24 | 36.0% | — | ||
| Q3 24 | 35.6% | 32.6% | ||
| Q2 24 | 35.5% | 32.0% |
| Q1 26 | 20.5% | 7.3% | ||
| Q4 25 | 19.8% | 8.6% | ||
| Q3 25 | 20.4% | -39.8% | ||
| Q2 25 | 20.1% | 10.4% | ||
| Q1 25 | 20.4% | 5.6% | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 20.0% | 5.3% | ||
| Q2 24 | 19.6% | 4.4% |
| Q1 26 | 14.9% | 1.1% | ||
| Q4 25 | 14.9% | 5.3% | ||
| Q3 25 | 15.1% | -43.9% | ||
| Q2 25 | 15.0% | 3.2% | ||
| Q1 25 | 14.8% | -0.2% | ||
| Q4 24 | 14.0% | — | ||
| Q3 24 | 14.1% | -24.8% | ||
| Q2 24 | 13.7% | 0.7% |
| Q1 26 | $1.25 | $0.05 | ||
| Q4 25 | $1.21 | $0.29 | ||
| Q3 25 | $1.24 | $-2.15 | ||
| Q2 25 | $1.17 | $0.17 | ||
| Q1 25 | $1.13 | $-0.01 | ||
| Q4 24 | $1.03 | — | ||
| Q3 24 | $1.03 | $-1.25 | ||
| Q2 24 | $0.98 | $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 | $72.9M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $1.3B | $476.9M |
| Total Assets | $1.7B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $72.9M | $125.6M | ||
| Q4 25 | $74.6M | $155.1M | ||
| Q3 25 | $65.1M | $152.6M | ||
| Q2 25 | $65.4M | $223.0M | ||
| Q1 25 | $49.9M | $212.6M | ||
| Q4 24 | $49.5M | — | ||
| Q3 24 | $73.7M | $200.5M | ||
| Q2 24 | $63.7M | $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 | $1.3B | $476.9M | ||
| Q4 25 | $1.3B | $472.6M | ||
| Q3 25 | $1.3B | $455.3M | ||
| Q2 25 | $1.3B | $549.7M | ||
| Q1 25 | $1.2B | $540.2M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $529.1M | ||
| Q2 24 | $1.1B | $581.2M |
| Q1 26 | $1.7B | $1.1B | ||
| Q4 25 | $1.7B | $1.1B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.6B | $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 | $40.1M | $-16.1M |
| Free Cash FlowOCF − Capex | $33.8M | $-26.8M |
| FCF MarginFCF / Revenue | 12.5% | -12.8% |
| Capex IntensityCapex / Revenue | 2.3% | 5.1% |
| Cash ConversionOCF / Net Profit | 0.99× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.1M | $-16.1M | ||
| Q4 25 | $67.3M | $7.9M | ||
| Q3 25 | $65.6M | $7.7M | ||
| Q2 25 | $47.3M | $16.6M | ||
| Q1 25 | $36.5M | $9.5M | ||
| Q4 24 | $52.3M | — | ||
| Q3 24 | $51.3M | $25.9M | ||
| Q2 24 | $45.0M | $8.0M |
| Q1 26 | $33.8M | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $1.4M | ||
| Q2 25 | — | $9.8M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.9M | ||
| Q2 24 | — | $3.3M |
| Q1 26 | 12.5% | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | 2.3% | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.2% |
| Q1 26 | 0.99× | -7.00× | ||
| Q4 25 | 1.72× | 0.65× | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 1.23× | 2.41× | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.52× | — | ||
| Q2 24 | 1.40× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BCPC
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
