VREXVarex Imaging Corp
Electronic Components, NEC · $777M market cap · 2,400 employees
2.2×
More likely than average to be taken private
Top 6% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
3of 15 firedHow well they predict deals →
- Shareholder dissentYes77% lowest supportAny vote under 80% support
- Quiet on AIYes0.3 per 10K words · 16th pctBottom quartile of AI mentions in 10-Ks
- Buyout-sizedYes$777M market capMarket cap $500M–$5B
12 other checks
- 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 SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo18% of assetsOver 40% of assets
- Low revenue per employeeNo$352K · 42nd pctBottom quartile of its SIC industry
- Net cashNo—More cash than debt, positive EBITDA
- Recurring revenueNo5 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo1 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
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% |
| Aug 10, 2026 | 8-K | Teledyne Technologies Incorporated | — | — |
Key numbers
- Revenue
- $845M
- 4.1% YoY
- Operating margin
- -3.3%
- 183% YoY
- EBITDA
- −$5M
- 109% YoY
- Net debt / EBITDA
- —
- $247M net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| 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% |
13D filers
None on file.
Insider trading
−$3Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $3M · 3 trades
Pay vs performance
No pay-versus-performance disclosure yet.