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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) 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 $165.3M, roughly 1.3× INDEPENDENCE REALTY TRUST, INC.). On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs 2.5%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs 0.8%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs VREX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $209.6M |
| Net Profit | — | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | — | 7.3% |
| Net Margin | — | 1.1% |
| Revenue YoY | 2.5% | 4.9% |
| Net Profit YoY | — | 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 | $165.3M | $209.6M | ||
| Q4 25 | $167.1M | $228.9M | ||
| Q3 25 | $167.1M | $203.0M | ||
| Q2 25 | $162.2M | $212.9M | ||
| Q1 25 | $161.2M | $199.8M | ||
| Q4 24 | $161.0M | — | ||
| Q3 24 | $160.1M | $205.7M | ||
| Q2 24 | $158.4M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $33.3M | $12.2M | ||
| Q3 25 | $6.9M | $-89.1M | ||
| Q2 25 | $8.0M | $6.9M | ||
| Q1 25 | $8.4M | $-300.0K | ||
| Q4 24 | $-1.0M | — | ||
| Q3 24 | $12.4M | $-51.1M | ||
| Q2 24 | $10.4M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | — | -39.8% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 19.9% | 5.3% | ||
| Q3 25 | 4.1% | -43.9% | ||
| Q2 25 | 5.0% | 3.2% | ||
| Q1 25 | 5.2% | -0.2% | ||
| Q4 24 | -0.6% | — | ||
| Q3 24 | 7.7% | -24.8% | ||
| Q2 24 | 6.5% | 0.7% |
| Q1 26 | $0.00 | $0.05 | ||
| Q4 25 | $0.14 | $0.29 | ||
| Q3 25 | $0.03 | $-2.15 | ||
| Q2 25 | $0.03 | $0.17 | ||
| Q1 25 | $0.04 | $-0.01 | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $0.05 | $-1.25 | ||
| Q2 24 | $0.05 | $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 | $23.3M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $3.4B | $476.9M |
| Total Assets | $6.1B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | $125.6M | ||
| Q4 25 | $23.6M | $155.1M | ||
| Q3 25 | $23.3M | $152.6M | ||
| Q2 25 | $19.5M | $223.0M | ||
| Q1 25 | $29.1M | $212.6M | ||
| Q4 24 | $21.2M | — | ||
| Q3 24 | $17.6M | $200.5M | ||
| Q2 24 | $21.0M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $2.3B | $367.5M | ||
| Q3 25 | $2.3B | $367.5M | ||
| Q2 25 | $2.2B | $567.2M | ||
| Q1 25 | $2.3B | $567.0M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | $443.4M | ||
| Q2 24 | $2.3B | $443.1M |
| Q1 26 | $3.4B | $476.9M | ||
| Q4 25 | $3.5B | $472.6M | ||
| Q3 25 | $3.5B | $455.3M | ||
| Q2 25 | $3.4B | $549.7M | ||
| Q1 25 | $3.5B | $540.2M | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.4B | $529.1M | ||
| Q2 24 | $3.4B | $581.2M |
| Q1 26 | $6.1B | $1.1B | ||
| Q4 25 | $6.0B | $1.1B | ||
| Q3 25 | $6.1B | $1.1B | ||
| Q2 25 | $6.0B | $1.4B | ||
| Q1 25 | $6.0B | $1.3B | ||
| Q4 24 | $6.1B | — | ||
| Q3 24 | $5.9B | $1.2B | ||
| Q2 24 | $5.9B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.66× | 0.78× | ||
| Q3 25 | 0.66× | 0.81× | ||
| Q2 25 | 0.66× | 1.03× | ||
| Q1 25 | 0.65× | 1.05× | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | 0.84× | ||
| Q2 24 | 0.66× | 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 | — | $-16.1M |
| Free Cash FlowOCF − Capex | — | $-26.8M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $282.1M | $7.9M | ||
| Q3 25 | $79.3M | $7.7M | ||
| Q2 25 | $82.2M | $16.6M | ||
| Q1 25 | $60.4M | $9.5M | ||
| Q4 24 | $259.8M | — | ||
| Q3 24 | $69.2M | $25.9M | ||
| Q2 24 | $83.0M | $8.0M |
| Q1 26 | — | $-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 | — | -12.8% | ||
| 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 | — | 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 | — | -7.00× | ||
| Q4 25 | 8.48× | 0.65× | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | 2.41× | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
