VREXVarex Imaging Corp

Electronic Components, NEC

Revenue: $845M; 4.1% YoY
Operating margin: -3.3%; 183% YoY
EBITDA: −$5M; 109% YoY
Market cap: $777M
Employees: 2,400; $352K revenue each
Net debt / EBITDA: —; $247M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$352K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$777M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$818M	$859M	$893M	$811M	$845M	4.1%
Operating income	$74M	$88M	$77M	$32M	−$28M	187%
Net income	$17M	$30M	$47M	−$49M	−$70M	44%
Operating cash flow	$93M	$17M	$108M	$47M	$42M	12%
Capex	$15M	$21M	$21M	$27M	$23M	15%
Stock-based comp	$14M	$14M	$14M	$15M	$15M	2.0%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 21, 2026	DEFM14A	Teledyne Technologies Incorporated	$18.90	30.53%
Sep 8, 2026	PREM14A	Teledyne Technologies Incorporated	$18.90	30.53%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 3
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.