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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $209.6M, roughly 1.1× Varex Imaging Corp). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs 1.1%, a 3.3% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 4.9%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-26.8M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs 0.8%).
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.
CSW vs VREX — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $209.6M |
| Net Profit | $10.3M | $2.3M |
| Gross Margin | 39.7% | 33.3% |
| Operating Margin | 7.4% | 7.3% |
| Net Margin | 4.4% | 1.1% |
| Revenue YoY | 20.3% | 4.9% |
| Net Profit YoY | -61.9% | 866.7% |
| EPS (diluted) | $0.62 | $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 | $233.0M | $228.9M | ||
| Q3 25 | $277.0M | $203.0M | ||
| Q2 25 | $263.6M | $212.9M | ||
| Q1 25 | $230.5M | $199.8M | ||
| Q4 24 | $193.6M | — | ||
| Q3 24 | $227.9M | $205.7M | ||
| Q2 24 | $226.2M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $10.3M | $12.2M | ||
| Q3 25 | $40.7M | $-89.1M | ||
| Q2 25 | $40.9M | $6.9M | ||
| Q1 25 | $35.1M | $-300.0K | ||
| Q4 24 | $26.9M | — | ||
| Q3 24 | $36.1M | $-51.1M | ||
| Q2 24 | $38.6M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 39.7% | 34.0% | ||
| Q3 25 | 43.0% | 33.3% | ||
| Q2 25 | 43.8% | 36.0% | ||
| Q1 25 | 44.2% | 34.3% | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | 32.6% | ||
| Q2 24 | 47.5% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 7.4% | 8.6% | ||
| Q3 25 | 20.5% | -39.8% | ||
| Q2 25 | 20.8% | 10.4% | ||
| Q1 25 | 19.5% | 5.6% | ||
| Q4 24 | 15.3% | — | ||
| Q3 24 | 22.6% | 5.3% | ||
| Q2 24 | 24.3% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 4.4% | 5.3% | ||
| Q3 25 | 14.7% | -43.9% | ||
| Q2 25 | 15.5% | 3.2% | ||
| Q1 25 | 15.2% | -0.2% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.8% | -24.8% | ||
| Q2 24 | 17.1% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.62 | $0.29 | ||
| Q3 25 | $2.41 | $-2.15 | ||
| Q2 25 | $2.43 | $0.17 | ||
| Q1 25 | $2.05 | $-0.01 | ||
| Q4 24 | $1.60 | — | ||
| Q3 24 | $2.26 | $-1.25 | ||
| Q2 24 | $2.47 | $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 | $40.2M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $1.1B | $476.9M |
| Total Assets | $2.3B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $40.2M | $155.1M | ||
| Q3 25 | $31.5M | $152.6M | ||
| Q2 25 | $38.0M | $223.0M | ||
| Q1 25 | $225.8M | $212.6M | ||
| Q4 24 | $213.8M | — | ||
| Q3 24 | $273.2M | $200.5M | ||
| Q2 24 | $18.9M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | $800.1M | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $1.1B | $472.6M | ||
| Q3 25 | $1.1B | $455.3M | ||
| Q2 25 | $1.1B | $549.7M | ||
| Q1 25 | $1.1B | $540.2M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | $529.1M | ||
| Q2 24 | $650.2M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $2.3B | $1.1B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.1B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | 0.75× | 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 | $28.9M | $-16.1M |
| Free Cash FlowOCF − Capex | $22.7M | $-26.8M |
| FCF MarginFCF / Revenue | 9.8% | -12.8% |
| Capex IntensityCapex / Revenue | 2.6% | 5.1% |
| Cash ConversionOCF / Net Profit | 2.81× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $28.9M | $7.9M | ||
| Q3 25 | $61.8M | $7.7M | ||
| Q2 25 | $60.6M | $16.6M | ||
| Q1 25 | $27.3M | $9.5M | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $66.8M | $25.9M | ||
| Q2 24 | $62.7M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $22.7M | $2.3M | ||
| Q3 25 | $58.7M | $1.4M | ||
| Q2 25 | $57.7M | $9.8M | ||
| Q1 25 | $22.8M | $5.3M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $61.3M | $19.9M | ||
| Q2 24 | $59.6M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 9.8% | 1.0% | ||
| Q3 25 | 21.2% | 0.7% | ||
| Q2 25 | 21.9% | 4.6% | ||
| Q1 25 | 9.9% | 2.7% | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 26.9% | 9.7% | ||
| Q2 24 | 26.3% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 2.6% | 2.4% | ||
| Q3 25 | 1.1% | 3.1% | ||
| Q2 25 | 1.1% | 3.2% | ||
| Q1 25 | 2.0% | 2.1% | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.4% | 2.9% | ||
| Q2 24 | 1.4% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 2.81× | 0.65× | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | 2.41× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
