vs
Side-by-side financial comparison of NORTECH SYSTEMS INC (NSYS) 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 $30.3M, roughly 6.9× NORTECH SYSTEMS INC). NORTECH SYSTEMS INC runs the higher net margin — 3.0% vs 1.1%, a 1.9% gap on every dollar of revenue. On growth, NORTECH SYSTEMS INC posted the faster year-over-year revenue change (5.9% vs 4.9%). NORTECH SYSTEMS INC produced more free cash flow last quarter ($5.5M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -5.9%).
Nortech Systems Inc is a global electronics manufacturing services provider. It delivers end-to-end solutions covering product design, prototyping, full-scale production, and supply chain management for clients operating in medical technology, industrial automation, aerospace and defense, and transportation sectors. It specializes in high-reliability, regulatory-compliant electronic components and assemblies tailored to strict industry standards.
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.
NSYS vs VREX — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $30.3M | $209.6M |
| Net Profit | $897.0K | $2.3M |
| Gross Margin | 16.7% | 33.3% |
| Operating Margin | 3.0% | 7.3% |
| Net Margin | 3.0% | 1.1% |
| Revenue YoY | 5.9% | 4.9% |
| Net Profit YoY | 160.7% | 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 | — | $209.6M | ||
| Q4 25 | $30.3M | $228.9M | ||
| Q3 25 | $30.5M | $203.0M | ||
| Q2 25 | $30.7M | $212.9M | ||
| Q1 25 | $26.9M | $199.8M | ||
| Q4 24 | $28.6M | — | ||
| Q3 24 | $31.4M | $205.7M | ||
| Q2 24 | $33.9M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $897.0K | $12.2M | ||
| Q3 25 | $-146.0K | $-89.1M | ||
| Q2 25 | $313.0K | $6.9M | ||
| Q1 25 | $-1.3M | $-300.0K | ||
| Q4 24 | $-1.5M | — | ||
| Q3 24 | $-739.0K | $-51.1M | ||
| Q2 24 | $157.0K | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 16.7% | 34.0% | ||
| Q3 25 | 16.5% | 33.3% | ||
| Q2 25 | 15.8% | 36.0% | ||
| Q1 25 | 11.4% | 34.3% | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 12.2% | 32.6% | ||
| Q2 24 | 13.6% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 3.0% | 8.6% | ||
| Q3 25 | 3.1% | -39.8% | ||
| Q2 25 | 2.4% | 10.4% | ||
| Q1 25 | -6.0% | 5.6% | ||
| Q4 24 | -4.3% | — | ||
| Q3 24 | -1.5% | 5.3% | ||
| Q2 24 | 1.0% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 3.0% | 5.3% | ||
| Q3 25 | -0.5% | -43.9% | ||
| Q2 25 | 1.0% | 3.2% | ||
| Q1 25 | -4.9% | -0.2% | ||
| Q4 24 | -5.2% | — | ||
| Q3 24 | -2.4% | -24.8% | ||
| Q2 24 | 0.5% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.32 | $0.29 | ||
| Q3 25 | $-0.05 | $-2.15 | ||
| Q2 25 | $0.12 | $0.17 | ||
| Q1 25 | $-0.48 | $-0.01 | ||
| Q4 24 | $-0.51 | — | ||
| Q3 24 | $-0.27 | $-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 | $1.7M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $34.5M | $476.9M |
| Total Assets | $71.9M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $1.7M | $155.1M | ||
| Q3 25 | $1.3M | $152.6M | ||
| Q2 25 | $652.0K | $223.0M | ||
| Q1 25 | $1.2M | $212.6M | ||
| Q4 24 | $916.0K | — | ||
| Q3 24 | $1.2M | $200.5M | ||
| Q2 24 | $1.5M | $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 | $34.5M | $472.6M | ||
| Q3 25 | $33.4M | $455.3M | ||
| Q2 25 | $33.4M | $549.7M | ||
| Q1 25 | $32.8M | $540.2M | ||
| Q4 24 | $34.0M | — | ||
| Q3 24 | $35.7M | $529.1M | ||
| Q2 24 | $36.1M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $71.9M | $1.1B | ||
| Q3 25 | $74.8M | $1.1B | ||
| Q2 25 | $74.8M | $1.4B | ||
| Q1 25 | $73.5M | $1.3B | ||
| Q4 24 | $72.4M | — | ||
| Q3 24 | $77.0M | $1.2B | ||
| Q2 24 | $76.3M | $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 | $5.6M | $-16.1M |
| Free Cash FlowOCF − Capex | $5.5M | $-26.8M |
| FCF MarginFCF / Revenue | 18.0% | -12.8% |
| Capex IntensityCapex / Revenue | 0.5% | 5.1% |
| Cash ConversionOCF / Net Profit | 6.25× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $2.1M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $5.6M | $7.9M | ||
| Q3 25 | $-92.0K | $7.7M | ||
| Q2 25 | $157.0K | $16.6M | ||
| Q1 25 | $-2.9M | $9.5M | ||
| Q4 24 | $793.0K | — | ||
| Q3 24 | $-1.6M | $25.9M | ||
| Q2 24 | $-4.3M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $5.5M | $2.3M | ||
| Q3 25 | $-242.0K | $1.4M | ||
| Q2 25 | $58.0K | $9.8M | ||
| Q1 25 | $-3.2M | $5.3M | ||
| Q4 24 | $503.0K | — | ||
| Q3 24 | $-1.6M | $19.9M | ||
| Q2 24 | $-4.6M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 18.0% | 1.0% | ||
| Q3 25 | -0.8% | 0.7% | ||
| Q2 25 | 0.2% | 4.6% | ||
| Q1 25 | -11.9% | 2.7% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | -5.2% | 9.7% | ||
| Q2 24 | -13.5% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 0.5% | 2.4% | ||
| Q3 25 | 0.5% | 3.1% | ||
| Q2 25 | 0.3% | 3.2% | ||
| Q1 25 | 1.0% | 2.1% | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 0.1% | 2.9% | ||
| Q2 24 | 0.8% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 6.25× | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.50× | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -27.30× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
