vs
Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $162.5M, roughly 1.3× Bitcoin Depot Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs 1.1%, a 2.3% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 4.9%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
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.
BTM vs VREX — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $209.6M |
| Net Profit | $5.5M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 7.3% | 7.3% |
| Net Margin | 3.4% | 1.1% |
| Revenue YoY | 20.1% | 4.9% |
| Net Profit YoY | 690.4% | 866.7% |
| EPS (diluted) | $0.08 | $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 | — | $228.9M | ||
| Q3 25 | $162.5M | $203.0M | ||
| Q2 25 | $172.1M | $212.9M | ||
| Q1 25 | $164.2M | $199.8M | ||
| Q3 24 | $135.3M | $205.7M | ||
| Q2 24 | $163.1M | $209.1M | ||
| Q1 24 | $138.5M | $206.2M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | — | $12.2M | ||
| Q3 25 | $5.5M | $-89.1M | ||
| Q2 25 | $6.1M | $6.9M | ||
| Q1 25 | $4.2M | $-300.0K | ||
| Q3 24 | $-939.0K | $-51.1M | ||
| Q2 24 | $-2.6M | $1.4M | ||
| Q1 24 | $-1.5M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% | ||
| Q1 24 | — | 31.9% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | 7.3% | -39.8% | ||
| Q2 25 | 9.2% | 10.4% | ||
| Q1 25 | 10.8% | 5.6% | ||
| Q3 24 | 4.1% | 5.3% | ||
| Q2 24 | 4.7% | 4.4% | ||
| Q1 24 | 0.5% | 3.7% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | 3.4% | -43.9% | ||
| Q2 25 | 3.5% | 3.2% | ||
| Q1 25 | 2.6% | -0.2% | ||
| Q3 24 | -0.7% | -24.8% | ||
| Q2 24 | -1.6% | 0.7% | ||
| Q1 24 | -1.1% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $0.08 | $-2.15 | ||
| Q2 25 | $0.16 | $0.17 | ||
| Q1 25 | $0.20 | $-0.01 | ||
| Q3 24 | $-0.05 | $-1.25 | ||
| Q2 24 | $-0.13 | $0.03 | ||
| Q1 24 | $-0.25 | $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 | $59.3M | $125.6M |
| Total DebtLower is stronger | $67.5M | $367.6M |
| Stockholders' EquityBook value | $21.0M | $476.9M |
| Total Assets | $125.3M | $1.1B |
| Debt / EquityLower = less leverage | 3.21× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | — | $155.1M | ||
| Q3 25 | $59.3M | $152.6M | ||
| Q2 25 | $48.0M | $223.0M | ||
| Q1 25 | $35.0M | $212.6M | ||
| Q3 24 | $32.2M | $200.5M | ||
| Q2 24 | $43.9M | $190.0M | ||
| Q1 24 | $42.2M | $188.9M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | $67.5M | $367.5M | ||
| Q2 25 | $66.5M | $567.2M | ||
| Q1 25 | $56.2M | $567.0M | ||
| Q3 24 | $44.5M | $443.4M | ||
| Q2 24 | $41.2M | $443.1M | ||
| Q1 24 | $37.6M | $442.9M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | — | $472.6M | ||
| Q3 25 | $21.0M | $455.3M | ||
| Q2 25 | $4.7M | $549.7M | ||
| Q1 25 | $-4.6M | $540.2M | ||
| Q3 24 | $-7.9M | $529.1M | ||
| Q2 24 | $4.4M | $581.2M | ||
| Q1 24 | $5.0M | $576.1M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $125.3M | $1.1B | ||
| Q2 25 | $109.1M | $1.4B | ||
| Q1 25 | $89.7M | $1.3B | ||
| Q3 24 | $87.4M | $1.2B | ||
| Q2 24 | $97.5M | $1.3B | ||
| Q1 24 | $90.1M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | 3.21× | 0.81× | ||
| Q2 25 | 14.18× | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | 9.27× | 0.76× | ||
| Q1 24 | 7.54× | 0.77× |
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 | $6.6M | $-16.1M |
| Free Cash FlowOCF − Capex | $2.5M | $-26.8M |
| FCF MarginFCF / Revenue | 1.6% | -12.8% |
| Capex IntensityCapex / Revenue | 2.5% | 5.1% |
| Cash ConversionOCF / Net Profit | 1.20× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | — | $7.9M | ||
| Q3 25 | $6.6M | $7.7M | ||
| Q2 25 | $10.2M | $16.6M | ||
| Q1 25 | $16.3M | $9.5M | ||
| Q3 24 | $5.8M | $25.9M | ||
| Q2 24 | $10.1M | $8.0M | ||
| Q1 24 | $1.3M | $3.1M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | $2.5M | $1.4M | ||
| Q2 25 | $9.8M | $9.8M | ||
| Q1 25 | $15.9M | $5.3M | ||
| Q3 24 | $-1.0M | $19.9M | ||
| Q2 24 | $7.6M | $3.3M | ||
| Q1 24 | $789.0K | $-2.7M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 5.7% | 4.6% | ||
| Q1 25 | 9.7% | 2.7% | ||
| Q3 24 | -0.8% | 9.7% | ||
| Q2 24 | 4.7% | 1.6% | ||
| Q1 24 | 0.6% | -1.3% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | 2.5% | 3.1% | ||
| Q2 25 | 0.2% | 3.2% | ||
| Q1 25 | 0.2% | 2.1% | ||
| Q3 24 | 5.0% | 2.9% | ||
| Q2 24 | 1.5% | 2.2% | ||
| Q1 24 | 0.4% | 2.8% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | 2.41× | ||
| Q1 25 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× | ||
| Q1 24 | — | 2.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
