Who Owns Varex Imaging Company?

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Who Owns Varex Imaging Corporation?

Understanding Varex Imaging's ownership is key to grasping its market position. The company became independent after spinning off from Varian Medical Systems on January 30, 2017.

Varex Imaging, a leader in X-ray components, traces its origins back to the 1930s. It now operates as a publicly traded entity focused on imaging solutions for medical and industrial uses.

As of July 31, 2025, Varex Imaging's market capitalization stood at approximately $302.21 million, a notable 48.07% decrease over the past year. The ownership landscape is diverse, with institutional investors holding about 40.81% of the shares. Insiders own 1.30%, while public companies and individual investors collectively own the remaining 57.89%. This structure influences the company's strategic decisions, including its product development, such as the Varex Imaging BCG Matrix.

The origins of Varex Imaging Corporation trace back to Eimac Products, founded in the 1930s by Jack McCullough and Bill Eitel. While initial ownership details are not readily available, Eimac established a strong reputation for producing high-power transmitter tubes. This expertise laid the groundwork for future advancements in imaging technology.

Early Foundations

Eimac Products, established in the 1930s, was the precursor to Varex Imaging. The company was founded by Jack McCullough and Bill Eitel.

Technological Expertise

Eimac became known for its high-quality, high-power transmitter tubes. Their expertise expanded into new tube types following World War II.

Merger with Varian

A significant development occurred in 1965 when Eimac merged with Varian. The imaging components business then operated as part of Varian Medical Systems for many years.

Integration into Varian

The pioneering vision of Eimac's founders in X-ray imaging technology was continued under the Varian umbrella. Varian Medical Systems became a recognized name in the X-ray imaging sector.

Pre-Spin-off Ownership

During its time as part of Varian Medical Systems, the ownership structure was integrated. There were no independent founding ownership details for Varex until its eventual spin-off.

Legacy of Innovation

The early focus on advanced tube technology by Eimac's founders directly influenced the development of imaging components. This legacy of innovation continued to shape the imaging industry.

The business that would eventually become Varex Imaging Corporation operated as a division within Varian Medical Systems for several decades following the 1965 merger. This period saw the continued development and refinement of X-ray imaging technology, building upon the foundational expertise established by Eimac. The ownership of the imaging components business was thus intrinsically linked to Varian Medical Systems during this time, with no separate Varex ownership structure in place until its eventual separation. Understanding the Revenue Streams & Business Model of Varex Imaging provides context for its evolution from these early stages.

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The most significant event shaping Varex Imaging's ownership was its spin-off from Varian Medical Systems, effective January 30, 2017. This separation distributed Varex stock to Varian shareholders, establishing it as an independent, publicly traded entity. This transition marked the beginning of its evolution towards a diversified shareholder base.

Following its spin-off, Varex Imaging's ownership structure has become increasingly diversified, with institutional investors playing a significant role. As of July 2025, the company had 41,400,000 shares outstanding, with a market capitalization of approximately $302.21 million. This shift reflects a common pattern for newly independent companies, moving from concentrated ownership within a parent to a broader base of public and institutional shareholders.

Key Varex Imaging Shareholders

Major institutional investors hold a substantial portion of Varex Imaging's stock, indicating significant confidence from the financial community. Understanding these stakeholders is crucial for assessing the company's direction and stability.

• Pzena Investment Management, Inc. is a prominent holder, with Richard Pzena owning 3,802,349 shares, representing 9.16% of the company's holdings.
• BlackRock, Inc. and The Vanguard Group, Inc. are also significant institutional investors, with Vanguard holding 2,370,064 shares (5.71%).
• Cooke & Bieler, L.P. and State Street Global Advisors, Inc. are among other key institutional shareholders.
• The collective ownership by institutional investors stands at approximately 40.81%, highlighting their influence on Varex Imaging's corporate ownership.

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The Varex Imaging Corporation's board of directors is responsible for guiding the company's strategic path. Elected at the 2024 Annual Meeting of Stockholders, the directors serving until the 2025 meeting include Kathleen L. Bardwell, Jocelyn D. Chertoff, Timothy E. Guertin, Jay K. Kunkel, Walter M Rosebrough, Jr., Sunny S. Sanyal, and Christine A. Tsingos.

Varex Imaging Corporation adheres to strong corporate governance, with a board composed almost entirely of independent directors, ensuring objective oversight. The separation of the Chairman and Chief Executive Officer roles, with an independent director holding the Chair position, further reinforces this commitment. The company's voting structure for common stock follows the standard one-share-one-vote principle, common for publicly traded entities, without any disclosed dual-class shares or special voting rights that could concentrate control.

Varex Imaging's Governance Structure

Varex Imaging prioritizes independent oversight in its board operations. Key committees also consist of independent members, underscoring a commitment to good governance.

• Independent Directors: All but one board member are independent.
• Committee Independence: All members of key board committees are independent.
• Leadership Separation: The roles of Chairman and CEO are distinct.
• Annual Election: The entire board is subject to annual election by shareholders.
• Voting Rights: Standard one-share-one-vote structure is in place.

Understanding the board of directors and voting power is essential for grasping Varex Imaging ownership. The company's commitment to independent oversight and standard voting rights suggests a governance model focused on shareholder interests. For a deeper understanding of the company's journey, exploring its Brief History of Varex Imaging can provide valuable context on its evolution and ownership changes over time.

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Over the past few years, Varex Imaging Corporation has seen a slight increase in its number of outstanding shares, reaching 41.4 million as of July 2025. This period has also been marked by strategic financial maneuvers, including a significant debt refinancing effort to manage its capital structure.

Institutional investors remain the primary owners of Varex Imaging, holding a substantial majority of the company's stock. While their overall stake saw a minor decrease, key players like BlackRock and The Vanguard Group continue to maintain significant positions, indicating sustained confidence from large financial entities. Insider ownership also saw a slight uptick, suggesting a marginal increase in confidence from those within the company.

Shareholder Structure

Institutional investors dominate Varex Imaging's ownership, with a holding of 96.34% as of May 2025. Insiders hold a smaller but slightly increasing stake of 1.41%.

Debt Management Strategy

In December 2024, Varex Imaging initiated an offering of $125 million in senior secured notes. This move is intended to refinance existing debt, managing the company's overall debt principal of approximately $446.6 million as of September 2024.

Revenue and Market Challenges

Fiscal year 2024 saw a revenue decline of 9%, falling to $811 million from $893 million. This was attributed to macroeconomic factors in China and customer destocking, leading S&P Global Ratings to issue a negative outlook for the company.

Innovation and Future Outlook

Despite market headwinds, Varex Imaging continues to invest in innovation, such as developing its own liquid metal bearing X-ray tubes. Analysts project modest revenue growth of 1% to 2% for 2025, reflecting a cautious but stable outlook. Understanding these dynamics is crucial when examining the Competitors Landscape of Varex Imaging.

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