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Side-by-side financial comparison of JBG SMITH Properties (JBGS) 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 $127.6M, roughly 1.6× JBG SMITH Properties). Varex Imaging Corp runs the higher net margin — 1.1% vs -18.1%, a 19.2% gap on every dollar of revenue. On growth, JBG SMITH Properties posted the faster year-over-year revenue change (5.7% vs 4.9%). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -2.9%).
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
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.
JBGS vs VREX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $127.6M | $209.6M |
| Net Profit | $-23.0M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | — | 7.3% |
| Net Margin | -18.1% | 1.1% |
| Revenue YoY | 5.7% | 4.9% |
| Net Profit YoY | 57.1% | 866.7% |
| EPS (diluted) | $-0.32 | $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 | $127.6M | $209.6M | ||
| Q4 25 | $127.6M | $228.9M | ||
| Q3 25 | $123.9M | $203.0M | ||
| Q2 25 | $126.5M | $212.9M | ||
| Q1 25 | $120.7M | $199.8M | ||
| Q4 24 | $130.8M | — | ||
| Q3 24 | $136.0M | $205.7M | ||
| Q2 24 | $135.3M | $209.1M |
| Q1 26 | $-23.0M | $2.3M | ||
| Q4 25 | $-45.5M | $12.2M | ||
| Q3 25 | $-28.6M | $-89.1M | ||
| Q2 25 | $-19.2M | $6.9M | ||
| Q1 25 | $-45.7M | $-300.0K | ||
| Q4 24 | $-59.9M | — | ||
| Q3 24 | $-27.0M | $-51.1M | ||
| Q2 24 | $-24.4M | $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 | -47.5% | 8.6% | ||
| Q3 25 | -27.5% | -39.8% | ||
| Q2 25 | -18.4% | 10.4% | ||
| Q1 25 | -44.7% | 5.6% | ||
| Q4 24 | -53.6% | — | ||
| Q3 24 | -22.4% | 5.3% | ||
| Q2 24 | -24.3% | 4.4% |
| Q1 26 | -18.1% | 1.1% | ||
| Q4 25 | -35.7% | 5.3% | ||
| Q3 25 | -23.1% | -43.9% | ||
| Q2 25 | -15.2% | 3.2% | ||
| Q1 25 | -37.9% | -0.2% | ||
| Q4 24 | -45.8% | — | ||
| Q3 24 | -19.8% | -24.8% | ||
| Q2 24 | -18.0% | 0.7% |
| Q1 26 | $-0.32 | $0.05 | ||
| Q4 25 | $-0.76 | $0.29 | ||
| Q3 25 | $-0.48 | $-2.15 | ||
| Q2 25 | $-0.29 | $0.17 | ||
| Q1 25 | $-0.56 | $-0.01 | ||
| Q4 24 | $-0.70 | — | ||
| Q3 24 | $-0.32 | $-1.25 | ||
| Q2 24 | $-0.27 | $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 | — | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | — | $476.9M |
| Total Assets | $4.3B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $75.3M | $155.1M | ||
| Q3 25 | $64.4M | $152.6M | ||
| Q2 25 | $61.4M | $223.0M | ||
| Q1 25 | $81.3M | $212.6M | ||
| Q4 24 | $145.8M | — | ||
| Q3 24 | $137.0M | $200.5M | ||
| Q2 24 | $163.5M | $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 | — | $476.9M | ||
| Q4 25 | $1.2B | $472.6M | ||
| Q3 25 | $1.2B | $455.3M | ||
| Q2 25 | $1.3B | $549.7M | ||
| Q1 25 | $1.6B | $540.2M | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.9B | $529.1M | ||
| Q2 24 | $2.0B | $581.2M |
| Q1 26 | $4.3B | $1.1B | ||
| Q4 25 | $4.4B | $1.1B | ||
| Q3 25 | $4.4B | $1.1B | ||
| Q2 25 | $4.5B | $1.4B | ||
| Q1 25 | $4.7B | $1.3B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.2B | $1.2B | ||
| Q2 24 | $5.3B | $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 | — | $-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 | $73.3M | $7.9M | ||
| Q3 25 | $8.9M | $7.7M | ||
| Q2 25 | $18.8M | $16.6M | ||
| Q1 25 | $12.9M | $9.5M | ||
| Q4 24 | $129.4M | — | ||
| Q3 24 | $26.4M | $25.9M | ||
| Q2 24 | $23.8M | $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 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JBGS
| Property rental | $105.9M | 83% |
| Third-party real estate services, including reimbursements | $17.2M | 13% |
| Other revenue | $4.5M | 4% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
