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Side-by-side financial comparison of MICROVISION, INC. (MVIS) 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 $223.0K, roughly 939.9× MICROVISION, INC.). Varex Imaging Corp runs the higher net margin — 1.1% vs -16930.9%, a 16932.0% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -86.5%). MICROVISION, INC. produced more free cash flow last quarter ($-15.6M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -51.7%).
MicroVision Inc. is a technology company specializing in advanced LiDAR sensors, miniature display solutions, and perception software. Its core products serve automotive ADAS, augmented reality devices, consumer electronics, and industrial automation markets, delivering high-precision, low-power sensing technologies for next-generation smart applications.
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.
MVIS vs VREX — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $223.0K | $209.6M |
| Net Profit | $-37.8M | $2.3M |
| Gross Margin | -7220.6% | 33.3% |
| Operating Margin | -18570.0% | 7.3% |
| Net Margin | -16930.9% | 1.1% |
| Revenue YoY | -86.5% | 4.9% |
| Net Profit YoY | -21.2% | 866.7% |
| EPS (diluted) | $-0.12 | $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 | $223.0K | $228.9M | ||
| Q3 25 | $241.0K | $203.0M | ||
| Q2 25 | $155.0K | $212.9M | ||
| Q1 25 | $589.0K | $199.8M | ||
| Q4 24 | $1.6M | — | ||
| Q3 24 | $190.0K | $205.7M | ||
| Q2 24 | $1.9M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $-37.8M | $12.2M | ||
| Q3 25 | $-14.2M | $-89.1M | ||
| Q2 25 | $-14.2M | $6.9M | ||
| Q1 25 | $-28.8M | $-300.0K | ||
| Q4 24 | $-31.2M | — | ||
| Q3 24 | $-15.5M | $-51.1M | ||
| Q2 24 | $-23.9M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | -7220.6% | 34.0% | ||
| Q3 25 | -297.1% | 33.3% | ||
| Q2 25 | -361.9% | 36.0% | ||
| Q1 25 | 6.6% | 34.3% | ||
| Q4 24 | -149.5% | — | ||
| Q3 24 | -206.8% | 32.6% | ||
| Q2 24 | 18.2% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | -18570.0% | 8.6% | ||
| Q3 25 | -5278.4% | -39.8% | ||
| Q2 25 | -9455.5% | 10.4% | ||
| Q1 25 | -2383.7% | 5.6% | ||
| Q4 24 | -1119.5% | — | ||
| Q3 24 | -8266.3% | 5.3% | ||
| Q2 24 | -1296.4% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | -16930.9% | 5.3% | ||
| Q3 25 | -5899.2% | -43.9% | ||
| Q2 25 | -9180.0% | 3.2% | ||
| Q1 25 | -4886.1% | -0.2% | ||
| Q4 24 | -1888.2% | — | ||
| Q3 24 | -8166.8% | -24.8% | ||
| Q2 24 | -1259.5% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $-0.12 | $0.29 | ||
| Q3 25 | $-0.05 | $-2.15 | ||
| Q2 25 | $-0.06 | $0.17 | ||
| Q1 25 | $-0.12 | $-0.01 | ||
| Q4 24 | $-0.15 | — | ||
| Q3 24 | $-0.07 | $-1.25 | ||
| Q2 24 | $-0.11 | $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 | $74.9M | $125.6M |
| Total DebtLower is stronger | $19.2M | $367.6M |
| Stockholders' EquityBook value | $55.5M | $476.9M |
| Total Assets | $103.1M | $1.1B |
| Debt / EquityLower = less leverage | 0.35× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $74.9M | $155.1M | ||
| Q3 25 | $99.5M | $152.6M | ||
| Q2 25 | $91.4M | $223.0M | ||
| Q1 25 | $69.0M | $212.6M | ||
| Q4 24 | $74.7M | — | ||
| Q3 24 | $43.2M | $200.5M | ||
| Q2 24 | $56.6M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $19.2M | $367.5M | ||
| Q3 25 | $29.0M | $367.5M | ||
| Q2 25 | $32.3M | $567.2M | ||
| Q1 25 | $30.1M | $567.0M | ||
| Q4 24 | $33.0M | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $55.5M | $472.6M | ||
| Q3 25 | $90.7M | $455.3M | ||
| Q2 25 | $77.1M | $549.7M | ||
| Q1 25 | $53.2M | $540.2M | ||
| Q4 24 | $48.8M | — | ||
| Q3 24 | $65.9M | $529.1M | ||
| Q2 24 | $78.7M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $103.1M | $1.1B | ||
| Q3 25 | $150.8M | $1.1B | ||
| Q2 25 | $140.6M | $1.4B | ||
| Q1 25 | $116.7M | $1.3B | ||
| Q4 24 | $121.2M | — | ||
| Q3 24 | $88.3M | $1.2B | ||
| Q2 24 | $103.4M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.35× | 0.78× | ||
| Q3 25 | 0.32× | 0.81× | ||
| Q2 25 | 0.42× | 1.03× | ||
| Q1 25 | 0.57× | 1.05× | ||
| Q4 24 | 0.68× | — | ||
| 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 | $-15.4M | $-16.1M |
| Free Cash FlowOCF − Capex | $-15.6M | $-26.8M |
| FCF MarginFCF / Revenue | -7017.5% | -12.8% |
| Capex IntensityCapex / Revenue | 109.4% | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-59.4M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $-15.4M | $7.9M | ||
| Q3 25 | $-16.5M | $7.7M | ||
| Q2 25 | $-12.7M | $16.6M | ||
| Q1 25 | $-14.1M | $9.5M | ||
| Q4 24 | $-15.1M | — | ||
| Q3 24 | $-14.1M | $25.9M | ||
| Q2 24 | $-18.6M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $-15.6M | $2.3M | ||
| Q3 25 | $-16.6M | $1.4M | ||
| Q2 25 | $-12.9M | $9.8M | ||
| Q1 25 | $-14.2M | $5.3M | ||
| Q4 24 | $-15.2M | — | ||
| Q3 24 | $-14.1M | $19.9M | ||
| Q2 24 | $-18.8M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | -7017.5% | 1.0% | ||
| Q3 25 | -6894.6% | 0.7% | ||
| Q2 25 | -8346.5% | 4.6% | ||
| Q1 25 | -2410.4% | 2.7% | ||
| Q4 24 | -918.7% | — | ||
| Q3 24 | -7421.1% | 9.7% | ||
| Q2 24 | -989.5% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 109.4% | 2.4% | ||
| Q3 25 | 53.1% | 3.1% | ||
| Q2 25 | 134.2% | 3.2% | ||
| Q1 25 | 16.8% | 2.1% | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 4.7% | 2.9% | ||
| Q2 24 | 8.7% | 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
MVIS
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
