vs
Side-by-side financial comparison of MASIMO CORP (MASI) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
MASIMO CORP is the larger business by last-quarter revenue ($371.5M vs $209.6M, roughly 1.8× Varex Imaging Corp). Varex Imaging Corp runs the higher net margin — 1.1% vs -27.0%, a 28.1% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -26.4%). MASIMO CORP produced more free cash flow last quarter ($50.9M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -17.7%).
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
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.
MASI vs VREX — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $371.5M | $209.6M |
| Net Profit | $-100.4M | $2.3M |
| Gross Margin | 62.1% | 33.3% |
| Operating Margin | 22.5% | 7.3% |
| Net Margin | -27.0% | 1.1% |
| Revenue YoY | -26.4% | 4.9% |
| Net Profit YoY | -1124.5% | 866.7% |
| EPS (diluted) | $-1.84 | $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 | $371.5M | $203.0M | ||
| Q2 25 | $370.9M | $212.9M | ||
| Q1 25 | $372.0M | $199.8M | ||
| Q4 24 | $600.7M | — | ||
| Q3 24 | $504.6M | $205.7M | ||
| Q2 24 | $496.3M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | — | $12.2M | ||
| Q3 25 | $-100.4M | $-89.1M | ||
| Q2 25 | $51.3M | $6.9M | ||
| Q1 25 | $-170.7M | $-300.0K | ||
| Q4 24 | $-349.6M | — | ||
| Q3 24 | $9.8M | $-51.1M | ||
| Q2 24 | $16.0M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | 62.1% | 33.3% | ||
| Q2 25 | 62.9% | 36.0% | ||
| Q1 25 | 62.9% | 34.3% | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | 52.2% | 32.6% | ||
| Q2 24 | 51.3% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | 22.5% | -39.8% | ||
| Q2 25 | 17.4% | 10.4% | ||
| Q1 25 | 21.0% | 5.6% | ||
| Q4 24 | -59.8% | — | ||
| Q3 24 | 6.0% | 5.3% | ||
| Q2 24 | 5.7% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | -27.0% | -43.9% | ||
| Q2 25 | 13.8% | 3.2% | ||
| Q1 25 | -45.9% | -0.2% | ||
| Q4 24 | -58.2% | — | ||
| Q3 24 | 1.9% | -24.8% | ||
| Q2 24 | 3.2% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $-1.84 | $-2.15 | ||
| Q2 25 | $0.94 | $0.17 | ||
| Q1 25 | $-3.12 | $-0.01 | ||
| Q4 24 | $-6.54 | — | ||
| Q3 24 | $0.18 | $-1.25 | ||
| Q2 24 | $0.29 | $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 | $312.3M | $125.6M |
| Total DebtLower is stronger | $559.1M | $367.6M |
| Stockholders' EquityBook value | $810.0M | $476.9M |
| Total Assets | $1.8B | $1.1B |
| Debt / EquityLower = less leverage | 0.69× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | — | $155.1M | ||
| Q3 25 | $312.3M | $152.6M | ||
| Q2 25 | $149.6M | $223.0M | ||
| Q1 25 | $130.8M | $212.6M | ||
| Q4 24 | $177.6M | — | ||
| Q3 24 | $158.5M | $200.5M | ||
| Q2 24 | $129.6M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | $559.1M | $367.5M | ||
| Q2 25 | $613.7M | $567.2M | ||
| Q1 25 | $651.0M | $567.0M | ||
| Q4 24 | $765.2M | — | ||
| Q3 24 | $772.6M | $443.4M | ||
| Q2 24 | $781.6M | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | — | $472.6M | ||
| Q3 25 | $810.0M | $455.3M | ||
| Q2 25 | $1.0B | $549.7M | ||
| Q1 25 | $946.4M | $540.2M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.5B | $529.1M | ||
| Q2 24 | $1.4B | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $3.1B | $1.2B | ||
| Q2 24 | $2.9B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | 0.69× | 0.81× | ||
| Q2 25 | 0.59× | 1.03× | ||
| Q1 25 | 0.69× | 1.05× | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.53× | 0.84× | ||
| Q2 24 | 0.57× | 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 | $56.8M | $-16.1M |
| Free Cash FlowOCF − Capex | $50.9M | $-26.8M |
| FCF MarginFCF / Revenue | 13.7% | -12.8% |
| Capex IntensityCapex / Revenue | 1.6% | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $191.0M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | — | $7.9M | ||
| Q3 25 | $56.8M | $7.7M | ||
| Q2 25 | $69.4M | $16.6M | ||
| Q1 25 | $31.1M | $9.5M | ||
| Q4 24 | $50.5M | — | ||
| Q3 24 | $25.6M | $25.9M | ||
| Q2 24 | $74.5M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | $50.9M | $1.4M | ||
| Q2 25 | $65.6M | $9.8M | ||
| Q1 25 | $28.5M | $5.3M | ||
| Q4 24 | $46.0M | — | ||
| Q3 24 | $16.9M | $19.9M | ||
| Q2 24 | $66.9M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | 13.7% | 0.7% | ||
| Q2 25 | 17.7% | 4.6% | ||
| Q1 25 | 7.7% | 2.7% | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 3.3% | 9.7% | ||
| Q2 24 | 13.5% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | 1.6% | 3.1% | ||
| Q2 25 | 1.0% | 3.2% | ||
| Q1 25 | 0.7% | 2.1% | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 1.7% | 2.9% | ||
| Q2 24 | 1.5% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.35× | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.61× | — | ||
| Q2 24 | 4.66× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MASI
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
