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Side-by-side financial comparison of POWER SOLUTIONS INTERNATIONAL, INC. (PSIX) 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 $191.2M, roughly 1.1× POWER SOLUTIONS INTERNATIONAL, INC.). POWER SOLUTIONS INTERNATIONAL, INC. runs the higher net margin — 8.4% vs 1.1%, a 7.3% gap on every dollar of revenue. On growth, POWER SOLUTIONS INTERNATIONAL, INC. posted the faster year-over-year revenue change (32.5% vs 4.9%). POWER SOLUTIONS INTERNATIONAL, INC. produced more free cash flow last quarter ($-7.6M vs $-26.8M). Over the past eight quarters, POWER SOLUTIONS INTERNATIONAL, INC.'s revenue compounded faster (41.7% CAGR vs 0.8%).
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, is an electric power transmission and distribution company headquartered in Ahmedabad. As of April 2025, the company operates a cumulative transmission network of 26,696 circuit kilometers and is one of the largest private sector power transmission companies operating in India.
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.
PSIX vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $191.2M | $209.6M |
| Net Profit | $16.1M | $2.3M |
| Gross Margin | 21.9% | 33.3% |
| Operating Margin | 12.7% | 7.3% |
| Net Margin | 8.4% | 1.1% |
| Revenue YoY | 32.5% | 4.9% |
| Net Profit YoY | -31.0% | 866.7% |
| EPS (diluted) | $0.69 | $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 | $191.2M | $228.9M | ||
| Q3 25 | $203.8M | $203.0M | ||
| Q2 25 | $191.9M | $212.9M | ||
| Q1 25 | $135.4M | $199.8M | ||
| Q4 24 | $144.3M | — | ||
| Q3 24 | $125.8M | $205.7M | ||
| Q2 24 | $110.6M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $16.1M | $12.2M | ||
| Q3 25 | $27.6M | $-89.1M | ||
| Q2 25 | $51.2M | $6.9M | ||
| Q1 25 | $19.1M | $-300.0K | ||
| Q4 24 | $23.3M | — | ||
| Q3 24 | $17.3M | $-51.1M | ||
| Q2 24 | $21.5M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 21.9% | 34.0% | ||
| Q3 25 | 23.9% | 33.3% | ||
| Q2 25 | 28.2% | 36.0% | ||
| Q1 25 | 29.7% | 34.3% | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 28.9% | 32.6% | ||
| Q2 24 | 31.8% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 12.7% | 8.6% | ||
| Q3 25 | 13.9% | -39.8% | ||
| Q2 25 | 16.9% | 10.4% | ||
| Q1 25 | 18.2% | 5.6% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 16.3% | 5.3% | ||
| Q2 24 | 22.9% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 8.4% | 5.3% | ||
| Q3 25 | 13.5% | -43.9% | ||
| Q2 25 | 26.7% | 3.2% | ||
| Q1 25 | 14.1% | -0.2% | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 13.8% | -24.8% | ||
| Q2 24 | 19.5% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.69 | $0.29 | ||
| Q3 25 | $1.20 | $-2.15 | ||
| Q2 25 | $2.22 | $0.17 | ||
| Q1 25 | $0.83 | $-0.01 | ||
| Q4 24 | $1.01 | — | ||
| Q3 24 | $0.75 | $-1.25 | ||
| Q2 24 | $0.94 | $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 | $41.3M | $125.6M |
| Total DebtLower is stronger | $96.6M | $367.6M |
| Stockholders' EquityBook value | $178.6M | $476.9M |
| Total Assets | $424.7M | $1.1B |
| Debt / EquityLower = less leverage | 0.54× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $41.3M | $155.1M | ||
| Q3 25 | $49.0M | $152.6M | ||
| Q2 25 | $49.5M | $223.0M | ||
| Q1 25 | $50.0M | $212.6M | ||
| Q4 24 | $55.3M | — | ||
| Q3 24 | $40.5M | $200.5M | ||
| Q2 24 | $28.8M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $96.6M | $367.5M | ||
| Q3 25 | $96.7M | $367.5M | ||
| Q2 25 | $1.8M | $567.2M | ||
| Q1 25 | $1.0M | $567.0M | ||
| Q4 24 | $184.0K | — | ||
| Q3 24 | $238.0K | $443.4M | ||
| Q2 24 | $292.0K | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $178.6M | $472.6M | ||
| Q3 25 | $162.5M | $455.3M | ||
| Q2 25 | $135.7M | $549.7M | ||
| Q1 25 | $84.3M | $540.2M | ||
| Q4 24 | $65.3M | — | ||
| Q3 24 | $42.1M | $529.1M | ||
| Q2 24 | $24.8M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $424.7M | $1.1B | ||
| Q3 25 | $458.9M | $1.1B | ||
| Q2 25 | $437.7M | $1.4B | ||
| Q1 25 | $372.7M | $1.3B | ||
| Q4 24 | $328.2M | — | ||
| Q3 24 | $339.1M | $1.2B | ||
| Q2 24 | $307.6M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.54× | 0.78× | ||
| Q3 25 | 0.60× | 0.81× | ||
| Q2 25 | 0.01× | 1.03× | ||
| Q1 25 | 0.01× | 1.05× | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.01× | 0.84× | ||
| Q2 24 | 0.01× | 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 | $-4.6M | $-16.1M |
| Free Cash FlowOCF − Capex | $-7.6M | $-26.8M |
| FCF MarginFCF / Revenue | -4.0% | -12.8% |
| Capex IntensityCapex / Revenue | 1.6% | 5.1% |
| Cash ConversionOCF / Net Profit | -0.29× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $-4.6M | $7.9M | ||
| Q3 25 | $3.3M | $7.7M | ||
| Q2 25 | $16.7M | $16.6M | ||
| Q1 25 | $8.8M | $9.5M | ||
| Q4 24 | $32.7M | — | ||
| Q3 24 | $12.6M | $25.9M | ||
| Q2 24 | $1.5M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $-7.6M | $2.3M | ||
| Q3 25 | $1.7M | $1.4M | ||
| Q2 25 | $14.6M | $9.8M | ||
| Q1 25 | $5.4M | $5.3M | ||
| Q4 24 | $30.0M | — | ||
| Q3 24 | $12.1M | $19.9M | ||
| Q2 24 | $822.0K | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | -4.0% | 1.0% | ||
| Q3 25 | 0.8% | 0.7% | ||
| Q2 25 | 7.6% | 4.6% | ||
| Q1 25 | 4.0% | 2.7% | ||
| Q4 24 | 20.8% | — | ||
| Q3 24 | 9.7% | 9.7% | ||
| Q2 24 | 0.7% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 1.6% | 2.4% | ||
| Q3 25 | 0.8% | 3.1% | ||
| Q2 25 | 1.1% | 3.2% | ||
| Q1 25 | 2.5% | 2.1% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 0.3% | 2.9% | ||
| Q2 24 | 0.6% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | -0.29× | 0.65× | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.33× | 2.41× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 0.73× | — | ||
| Q2 24 | 0.07× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PSIX
| Energy End Market | $153.4M | 80% |
| Industrial End Market | $33.3M | 17% |
| Transportation End Market | $4.6M | 2% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
