vs
Side-by-side financial comparison of SMITH & WESSON BRANDS, INC. (SWBI) 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 $124.7M, roughly 1.7× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs 1.1%, a 0.4% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -4.8%).
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
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.
SWBI vs VREX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $124.7M | $209.6M |
| Net Profit | $1.9M | $2.3M |
| Gross Margin | 24.3% | 33.3% |
| Operating Margin | 3.3% | 7.3% |
| Net Margin | 1.5% | 1.1% |
| Revenue YoY | -3.9% | 4.9% |
| Net Profit YoY | -53.6% | 866.7% |
| EPS (diluted) | $0.04 | $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 | $124.7M | $228.9M | ||
| Q3 25 | $85.1M | $203.0M | ||
| Q2 25 | $140.8M | $212.9M | ||
| Q1 25 | $115.9M | $199.8M | ||
| Q4 24 | $129.7M | — | ||
| Q3 24 | $88.3M | $205.7M | ||
| Q2 24 | $159.1M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $1.9M | $12.2M | ||
| Q3 25 | $-3.4M | $-89.1M | ||
| Q2 25 | $8.6M | $6.9M | ||
| Q1 25 | $2.1M | $-300.0K | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $-1.9M | $-51.1M | ||
| Q2 24 | $27.9M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 24.3% | 34.0% | ||
| Q3 25 | 25.9% | 33.3% | ||
| Q2 25 | 28.8% | 36.0% | ||
| Q1 25 | 24.1% | 34.3% | ||
| Q4 24 | 26.6% | — | ||
| Q3 24 | 27.4% | 32.6% | ||
| Q2 24 | 35.5% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 3.3% | 8.6% | ||
| Q3 25 | -3.5% | -39.8% | ||
| Q2 25 | 9.3% | 10.4% | ||
| Q1 25 | 4.1% | 5.6% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | -1.7% | 5.3% | ||
| Q2 24 | 17.4% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 1.5% | 5.3% | ||
| Q3 25 | -4.0% | -43.9% | ||
| Q2 25 | 6.1% | 3.2% | ||
| Q1 25 | 1.8% | -0.2% | ||
| Q4 24 | 3.5% | — | ||
| Q3 24 | -2.1% | -24.8% | ||
| Q2 24 | 17.5% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.04 | $0.29 | ||
| Q3 25 | $-0.08 | $-2.15 | ||
| Q2 25 | $0.19 | $0.17 | ||
| Q1 25 | $0.05 | $-0.01 | ||
| Q4 24 | $0.10 | — | ||
| Q3 24 | $-0.04 | $-1.25 | ||
| Q2 24 | $0.60 | $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 | $22.4M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $363.2M | $476.9M |
| Total Assets | $548.6M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $22.4M | $155.1M | ||
| Q3 25 | $18.0M | $152.6M | ||
| Q2 25 | $25.2M | $223.0M | ||
| Q1 25 | $26.7M | $212.6M | ||
| Q4 24 | $39.1M | — | ||
| Q3 24 | $35.5M | $200.5M | ||
| Q2 24 | $60.8M | $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 | $363.2M | $472.6M | ||
| Q3 25 | $364.4M | $455.3M | ||
| Q2 25 | $372.5M | $549.7M | ||
| Q1 25 | $366.9M | $540.2M | ||
| Q4 24 | $371.5M | — | ||
| Q3 24 | $380.0M | $529.1M | ||
| Q2 24 | $399.9M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $548.6M | $1.1B | ||
| Q3 25 | $554.6M | $1.1B | ||
| Q2 25 | $559.6M | $1.4B | ||
| Q1 25 | $578.9M | $1.3B | ||
| Q4 24 | $587.4M | — | ||
| Q3 24 | $571.3M | $1.2B | ||
| Q2 24 | $577.4M | $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 | $27.3M | $-16.1M |
| Free Cash FlowOCF − Capex | $16.3M | $-26.8M |
| FCF MarginFCF / Revenue | 13.1% | -12.8% |
| Capex IntensityCapex / Revenue | 8.8% | 5.1% |
| Cash ConversionOCF / Net Profit | 14.22× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $21.3M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $27.3M | $7.9M | ||
| Q3 25 | $-8.1M | $7.7M | ||
| Q2 25 | $40.8M | $16.6M | ||
| Q1 25 | $-9.8M | $9.5M | ||
| Q4 24 | $-7.4M | — | ||
| Q3 24 | $-30.8M | $25.9M | ||
| Q2 24 | $43.7M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $16.3M | $2.3M | ||
| Q3 25 | $-12.4M | $1.4M | ||
| Q2 25 | $33.5M | $9.8M | ||
| Q1 25 | $-16.1M | $5.3M | ||
| Q4 24 | $-10.7M | — | ||
| Q3 24 | $-35.5M | $19.9M | ||
| Q2 24 | $38.2M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 13.1% | 1.0% | ||
| Q3 25 | -14.6% | 0.7% | ||
| Q2 25 | 23.8% | 4.6% | ||
| Q1 25 | -13.9% | 2.7% | ||
| Q4 24 | -8.3% | — | ||
| Q3 24 | -40.2% | 9.7% | ||
| Q2 24 | 24.0% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 8.8% | 2.4% | ||
| Q3 25 | 5.0% | 3.1% | ||
| Q2 25 | 5.2% | 3.2% | ||
| Q1 25 | 5.4% | 2.1% | ||
| Q4 24 | 2.5% | — | ||
| Q3 24 | 5.3% | 2.9% | ||
| Q2 24 | 3.5% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 14.22× | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.73× | 2.41× | ||
| Q1 25 | -4.68× | — | ||
| Q4 24 | -1.63× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.57× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWBI
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
