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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
HUTCHMED (China) Ltd is the larger business by last-quarter revenue ($270.8M vs $209.6M, roughly 1.3× Varex Imaging Corp). Varex Imaging Corp runs the higher net margin — 1.1% vs 0.7%, a 0.4% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -16.5%). HUTCHMED (China) Ltd produced more free cash flow last quarter ($3.4M vs $-26.8M).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
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.
HCM vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $209.6M |
| Net Profit | $2.0M | $2.3M |
| Gross Margin | 37.7% | 33.3% |
| Operating Margin | -13.2% | 7.3% |
| Net Margin | 0.7% | 1.1% |
| Revenue YoY | -16.5% | 4.9% |
| Net Profit YoY | -83.6% | 866.7% |
| EPS (diluted) | $0.00 | $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 | $270.8M | $228.9M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | $277.7M | $212.9M | ||
| Q1 25 | $324.5M | $199.8M | ||
| Q3 24 | — | $205.7M | ||
| Q2 24 | $305.7M | $209.1M | ||
| Q1 24 | — | $206.2M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $2.0M | $12.2M | ||
| Q3 25 | — | $-89.1M | ||
| Q2 25 | $455.0M | $6.9M | ||
| Q1 25 | $11.9M | $-300.0K | ||
| Q3 24 | — | $-51.1M | ||
| Q2 24 | $25.8M | $1.4M | ||
| Q1 24 | — | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 37.7% | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | 0.1% | 36.0% | ||
| Q1 25 | 48.0% | 34.3% | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | 41.1% | 32.0% | ||
| Q1 24 | — | 31.9% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | -13.2% | 8.6% | ||
| Q3 25 | — | -39.8% | ||
| Q2 25 | -1.3% | 10.4% | ||
| Q1 25 | -5.0% | 5.6% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | -9.0% | 4.4% | ||
| Q1 24 | — | 3.7% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 0.7% | 5.3% | ||
| Q3 25 | — | -43.9% | ||
| Q2 25 | 163.8% | 3.2% | ||
| Q1 25 | 3.7% | -0.2% | ||
| Q3 24 | — | -24.8% | ||
| Q2 24 | 8.4% | 0.7% | ||
| Q1 24 | — | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.00 | $0.29 | ||
| Q3 25 | — | $-2.15 | ||
| Q2 25 | $0.52 | $0.17 | ||
| Q1 25 | $0.01 | $-0.01 | ||
| Q3 24 | — | $-1.25 | ||
| Q2 24 | $0.03 | $0.03 | ||
| Q1 24 | — | $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 | $1.4B | $125.6M |
| Total DebtLower is stronger | $93.2M | $367.6M |
| Stockholders' EquityBook value | $1.2B | $476.9M |
| Total Assets | $1.8B | $1.1B |
| Debt / EquityLower = less leverage | 0.08× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $1.4B | $155.1M | ||
| Q3 25 | — | $152.6M | ||
| Q2 25 | $1.4B | $223.0M | ||
| Q1 25 | $836.1M | $212.6M | ||
| Q3 24 | — | $200.5M | ||
| Q2 24 | $802.5M | $190.0M | ||
| Q1 24 | — | $188.9M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $93.2M | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | $93.4M | $567.2M | ||
| Q1 25 | $82.8M | $567.0M | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | $82.1M | $443.1M | ||
| Q1 24 | — | $442.9M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $1.2B | $472.6M | ||
| Q3 25 | — | $455.3M | ||
| Q2 25 | $1.2B | $549.7M | ||
| Q1 25 | $759.9M | $540.2M | ||
| Q3 24 | — | $529.1M | ||
| Q2 24 | $740.1M | $581.2M | ||
| Q1 24 | — | $576.1M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.8B | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | — | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.08× | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | 0.08× | 1.03× | ||
| Q1 25 | 0.11× | 1.05× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | 0.11× | 0.76× | ||
| Q1 24 | — | 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 | $8.2M | $-16.1M |
| Free Cash FlowOCF − Capex | $3.4M | $-26.8M |
| FCF MarginFCF / Revenue | 1.2% | -12.8% |
| Capex IntensityCapex / Revenue | 1.8% | 5.1% |
| Cash ConversionOCF / Net Profit | 4.21× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $8.2M | $7.9M | ||
| Q3 25 | — | $7.7M | ||
| Q2 25 | $-72.9M | $16.6M | ||
| Q1 25 | $40.3M | $9.5M | ||
| Q3 24 | — | $25.9M | ||
| Q2 24 | $-39.8M | $8.0M | ||
| Q1 24 | — | $3.1M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $3.4M | $2.3M | ||
| Q3 25 | — | $1.4M | ||
| Q2 25 | $-82.2M | $9.8M | ||
| Q1 25 | $32.5M | $5.3M | ||
| Q3 24 | — | $19.9M | ||
| Q2 24 | $-49.9M | $3.3M | ||
| Q1 24 | — | $-2.7M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | -29.6% | 4.6% | ||
| Q1 25 | 10.0% | 2.7% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | -16.3% | 1.6% | ||
| Q1 24 | — | -1.3% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 1.8% | 2.4% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | 3.3% | 3.2% | ||
| Q1 25 | 2.4% | 2.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | 3.3% | 2.2% | ||
| Q1 24 | — | 2.8% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 4.21× | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.16× | 2.41× | ||
| Q1 25 | 3.38× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.54× | 5.71× | ||
| Q1 24 | — | 2.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
