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Side-by-side financial comparison of Varex Imaging Corp (VREX) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Bristow Group Inc. is the larger business by last-quarter revenue ($377.3M vs $209.6M, roughly 1.8× Varex Imaging Corp). Bristow Group Inc. runs the higher net margin — 4.9% vs 1.1%, a 3.8% gap on every dollar of revenue. On growth, Bristow Group Inc. posted the faster year-over-year revenue change (6.7% vs 4.9%). Bristow Group Inc. produced more free cash flow last quarter ($47.8M vs $-26.8M). Over the past eight quarters, Bristow Group Inc.'s revenue compounded faster (5.8% CAGR vs 0.8%).
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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
VREX vs VTOL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $209.6M | $377.3M |
| Net Profit | $2.3M | $18.4M |
| Gross Margin | 33.3% | — |
| Operating Margin | 7.3% | 8.5% |
| Net Margin | 1.1% | 4.9% |
| Revenue YoY | 4.9% | 6.7% |
| Net Profit YoY | 866.7% | -42.1% |
| EPS (diluted) | $0.05 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $203.0M | $386.3M | ||
| Q2 25 | $212.9M | $376.4M | ||
| Q1 25 | $199.8M | $350.5M | ||
| Q4 24 | — | $353.5M | ||
| Q3 24 | $205.7M | $365.1M | ||
| Q2 24 | $209.1M | $359.7M |
| Q1 26 | $2.3M | — | ||
| Q4 25 | $12.2M | $18.4M | ||
| Q3 25 | $-89.1M | $51.5M | ||
| Q2 25 | $6.9M | $31.7M | ||
| Q1 25 | $-300.0K | $27.4M | ||
| Q4 24 | — | $31.8M | ||
| Q3 24 | $-51.1M | $28.2M | ||
| Q2 24 | $1.4M | $28.2M |
| Q1 26 | 33.3% | — | ||
| Q4 25 | 34.0% | — | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 36.0% | — | ||
| Q1 25 | 34.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 32.6% | — | ||
| Q2 24 | 32.0% | — |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 8.6% | 8.5% | ||
| Q3 25 | -39.8% | 13.1% | ||
| Q2 25 | 10.4% | 11.3% | ||
| Q1 25 | 5.6% | 9.6% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | 5.3% | 9.1% | ||
| Q2 24 | 4.4% | 12.4% |
| Q1 26 | 1.1% | — | ||
| Q4 25 | 5.3% | 4.9% | ||
| Q3 25 | -43.9% | 13.3% | ||
| Q2 25 | 3.2% | 8.4% | ||
| Q1 25 | -0.2% | 7.8% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | -24.8% | 7.7% | ||
| Q2 24 | 0.7% | 7.8% |
| Q1 26 | $0.05 | — | ||
| Q4 25 | $0.29 | $0.61 | ||
| Q3 25 | $-2.15 | $1.72 | ||
| Q2 25 | $0.17 | $1.07 | ||
| Q1 25 | $-0.01 | $0.92 | ||
| Q4 24 | — | $1.07 | ||
| Q3 24 | $-1.25 | $0.95 | ||
| Q2 24 | $0.03 | $0.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $125.6M | $286.2M |
| Total DebtLower is stronger | $367.6M | $671.5M |
| Stockholders' EquityBook value | $476.9M | $1.1B |
| Total Assets | $1.1B | $2.3B |
| Debt / EquityLower = less leverage | 0.77× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $125.6M | — | ||
| Q4 25 | $155.1M | $286.2M | ||
| Q3 25 | $152.6M | $245.5M | ||
| Q2 25 | $223.0M | $251.8M | ||
| Q1 25 | $212.6M | $191.1M | ||
| Q4 24 | — | $247.5M | ||
| Q3 24 | $200.5M | $200.3M | ||
| Q2 24 | $190.0M | $178.6M |
| Q1 26 | $367.6M | — | ||
| Q4 25 | $367.5M | $671.5M | ||
| Q3 25 | $367.5M | $675.0M | ||
| Q2 25 | $567.2M | $705.2M | ||
| Q1 25 | $567.0M | $701.9M | ||
| Q4 24 | — | $689.8M | ||
| Q3 24 | $443.4M | $629.1M | ||
| Q2 24 | $443.1M | $594.2M |
| Q1 26 | $476.9M | — | ||
| Q4 25 | $472.6M | $1.1B | ||
| Q3 25 | $455.3M | $1.0B | ||
| Q2 25 | $549.7M | $984.4M | ||
| Q1 25 | $540.2M | $931.7M | ||
| Q4 24 | — | $891.7M | ||
| Q3 24 | $529.1M | $899.2M | ||
| Q2 24 | $581.2M | $849.1M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.1B | $2.3B | ||
| Q2 25 | $1.4B | $2.3B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.3B | $2.0B |
| Q1 26 | 0.77× | — | ||
| Q4 25 | 0.78× | 0.63× | ||
| Q3 25 | 0.81× | 0.65× | ||
| Q2 25 | 1.03× | 0.72× | ||
| Q1 25 | 1.05× | 0.75× | ||
| Q4 24 | — | 0.77× | ||
| Q3 24 | 0.84× | 0.70× | ||
| Q2 24 | 0.76× | 0.70× |
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 | $-16.1M | $76.9M |
| Free Cash FlowOCF − Capex | $-26.8M | $47.8M |
| FCF MarginFCF / Revenue | -12.8% | 12.7% |
| Capex IntensityCapex / Revenue | 5.1% | 7.7% |
| Cash ConversionOCF / Net Profit | -7.00× | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-13.3M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-16.1M | — | ||
| Q4 25 | $7.9M | $76.9M | ||
| Q3 25 | $7.7M | $23.1M | ||
| Q2 25 | $16.6M | $99.0M | ||
| Q1 25 | $9.5M | $-603.0K | ||
| Q4 24 | — | $51.1M | ||
| Q3 24 | $25.9M | $66.0M | ||
| Q2 24 | $8.0M | $33.7M |
| Q1 26 | $-26.8M | — | ||
| Q4 25 | $2.3M | $47.8M | ||
| Q3 25 | $1.4M | $-6.2M | ||
| Q2 25 | $9.8M | $67.4M | ||
| Q1 25 | $5.3M | $-52.7M | ||
| Q4 24 | — | $-32.4M | ||
| Q3 24 | $19.9M | $9.0M | ||
| Q2 24 | $3.3M | $-16.7M |
| Q1 26 | -12.8% | — | ||
| Q4 25 | 1.0% | 12.7% | ||
| Q3 25 | 0.7% | -1.6% | ||
| Q2 25 | 4.6% | 17.9% | ||
| Q1 25 | 2.7% | -15.0% | ||
| Q4 24 | — | -9.2% | ||
| Q3 24 | 9.7% | 2.5% | ||
| Q2 24 | 1.6% | -4.6% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | 2.4% | 7.7% | ||
| Q3 25 | 3.1% | 7.6% | ||
| Q2 25 | 3.2% | 8.4% | ||
| Q1 25 | 2.1% | 14.9% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | 2.9% | 15.6% | ||
| Q2 24 | 2.2% | 14.0% |
| Q1 26 | -7.00× | — | ||
| Q4 25 | 0.65× | 4.17× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | 2.41× | 3.12× | ||
| Q1 25 | — | -0.02× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | 5.71× | 1.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
