V2X, Inc. VVX

IndustrialsAerospace & DefenseUnited States of America

Last close 80.52 USD on Nov 1, 2026, +47.3% year to date

Quant rating

Quant rating A Rank 45 of 486 in Industrials

Growth A 38 of 486
Valuation C 227 of 486
Quality C 206 of 486
Revisions B 76 of 486
Momentum B 91 of 486

Wall Street consensus Buy (2.46)Average target 88.58 USD +10.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.5B
Enterprise value: 3.4B
52-week range: 51.47 – 93.72
3-year range: 37.24 – 93.72
Dividend yield: –
Beta (5 years): 0.22
Shares outstanding: 31.3M
Next earnings: Nov 2, 2026

About the company

V2X, Inc. builds innovative solutions that integrate physical and digital environments. The Company is a provider of critical mission solutions primarily to defense customers in 329 locations and 47 countries and territories worldwide. The Company provides a comprehensive suite of integrated solutions and critical service offerings across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients. Its key service offerings include high impact readiness, integrated supply chain management, assured communications, mission solutions and platform renewal and modernization. Its assured communications capabilities include full lifecycle network management, network systems installation and activation, and information assurance. Its mission solutions capabilities provide customers with full-spectrum support for logistics, infrastructure sustainment, and contingency operations around the globe.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,480	4,322	3,963	2,891	1,784	–
Revenue growth	3.7%	9.1%	37.1%	62.1%	27.8%	26.3%
EPS (basic, normalized)	2.45	1.08	−0.73	−0.68	3.86	–
EPS growth	126.9%	–	–	–	–	–
Gross margin	8.3%	7.9%	8.4%	10.2%	9.0%	8.8%
Net margin	1.7%	0.8%	−0.6%	−0.5%	2.6%	0.8%
ROE	7.4%	3.4%	−2.3%	−2.1%	14.0%	4.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	210
Current ratio	1.32x
Long-term debt (mil)	1,048
Net debt (mil)	854
Total equity (mil)	1,134
Net debt / equity	0.75x
Net debt / EBITDA	2.64x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,480	+3.7%	0.8x	323	+4.8%	10.4x	2.45	+126.9%	32.9x
2026	4,976	+11.1%	0.7x	358	+10.7%	9.4x	5.94	+142.5%	13.6x
2027	5,240	+5.3%	0.6x	387	+8.1%	8.7x	6.91	+16.2%	11.7x
2028	5,569	+6.3%	0.6x	418	+8.0%	8.1x	7.70	+11.5%	10.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,976	0.0%	+0.8%	+4.2%	5.94	0.0%	+7.1%	+19.8%
2027	5,240	+0.1%	+0.9%	+3.7%	6.91	+0.1%	+7.2%	+13.3%
2028	5,569	+0.2%	+2.8%	+6.8%	7.70	0.0%	+8.7%	+4.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,011	1,072	1,082	1,158	1,016	1,078	1,167	1,219	1,254	1,257
Sales mean (mil)	974	1,020	1,066	1,096	1,031	1,049	1,134	1,214	1,125	1,208
Surprise	+3.7%	+5.1%	+1.5%	+5.7%	−1.5%	+2.8%	+2.9%	+0.4%	+11.5%	+4.0%
EPS reported	0.04	−0.21	0.47	0.78	0.25	0.70	0.77	0.72	1.53	1.64
EPS mean	0.00	0.19	0.35	0.64	0.40	0.33	0.70	0.81	1.05	1.36
Surprise	−2,100.0%	−212.9%	+35.3%	+22.8%	−37.8%	+113.2%	+10.3%	−11.6%	+45.9%	+20.5%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VVX V2X, Inc.	2.5B	2.64x	1.7%	2.22x	13.6x	11.7x	9.4x	8.7x
GE General Electric Company	311.9B	1.05x	19.0%	17.80x	37.0x	32.3x	26.4x	23.3x
RTX RTX Corporation	269.6B	1.90x	7.6%	3.89x	25.8x	24.7x	17.6x	16.4x
BA Boeing Co	135.9B	4.05x	2.1%	20.75x	−84.7x	207.3x	48.1x	28.0x
LMT Lockheed Martin Corporation	147.1B	1.54x	6.7%	14.56x	20.8x	19.1x	14.4x	13.3x
GD General Dynamics Corp	100.8B	0.42x	8.0%	3.76x	21.8x	19.9x	15.2x	14.0x
Mean		1.93x	7.5%	10.50x	5.7x	52.5x	21.9x	17.3x
Median		1.72x	7.1%	9.23x	21.3x	22.3x	16.4x	15.2x

Technical analysis

1M+9.0%
3M−10.8%
1Y+34.6%
3Y+60.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, V2X, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,480	4,322	3,963	2,891	1,784	1,396
Cost of revenue	4,107	3,979	3,628	2,596	1,623	1,271
Gross profit	373	343	335	295	160	124
Selling, general & administrative expenses	179	184	210	199	98.4	80.7
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.5	2.0	22.3	39.9	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	192	157	102	55.8	62.0	43.5
Net interest income (expense)	−79.9	−108	−122	−61.9	−8.0	−4.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−10.9	−10.5	−4.2	0	0	0
Net income before taxes	101	38.8	−24.5	−6.1	54.0	38.7
Provision for taxes	23.0	4.2	−1.9	8.2	8.3	1.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	77.9	34.7	−22.6	−14.3	45.7	37.0
Extraordinary items	–	–	–	–	–	–
Net income	77.9	34.7	−22.6	−14.3	45.7	37.0
EBIT, normalized	194	159	124	95.7	62.0	162
EBITDA, normalized	307	274	237	158	78.6	170
Basic EPS, normalized	2.45	1.08	−0.73	−0.68	3.86	–

Balance sheet in millions of USD, fiscal years

Balance sheet, V2X, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	366	265	70.7	116	38.5	66.9
Receivables	739	710	706	729	349	315
Total inventory	45.9	50.9	47.0	–	–	–
Prepaid expenses	58.3	51.6	41.4	74.2	21.2	–
Other current assets	25.9	24.7	9.9	13.0	15.1	26.5
Total current assets	1,235	1,102	875	932	423	408
Property, plant & equipment	52.4	62.0	127	132	67.4	41.3
Goodwill	1,677	1,657	1,657	1,654	322	340
Intangibles	240	323	408	498	66.6	48.1
Long-term investments	10.8	8.6	5.4	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	65.7	75.8	10.5	17.9	10.4	6.3
Total assets	3,281	3,229	3,082	3,233	889	844
Liabilities
Accounts payable	607	619	453	407	213	160
Payable/accrued	–	–	–	–	–	–
Accrued expenses	284	258	262	365	135	120
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	14.9	20.0	15.4	11.8	10.4	8.6
Other current liabilities	109	98.7	110	0	0	0
Total current liabilities	1,016	996	840	783	358	288
Long-term debt	1,083	1,087	1,100	1,263	94.2	169
Minority interest	–	–	–	–	–	–
Other liabilities	97.4	119	151	190	86.9	81.7
Total liabilities	2,196	2,203	2,091	2,236	539	539
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.3	0.3	0.3	0.3	0.1	0.1
Additional paid-in capital	779	770	762	749	88.1	82.8
Retained earnings (accumulated deficit)	343	266	231	253	268	222
Treasury stock	−30.3	0	–	–	–	–
Other equity	−7.9	−9.4	−2.7	−5.5	−5.9	0
Total equity	1,085	1,026	991	997	350	305
Total liabilities & shareholders' equity	3,281	3,229	3,082	3,233	889	844

Cash flow statement in millions of USD, fiscal years

Cash flow statement, V2X, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	77.9	34.7	−22.6	−14.3	45.7	37.0
Depreciation, depletion & amortization	113	115	113	62.1	16.6	8.1
Deferred taxes	9.3	7.7	−7.5	−15.6	−7.3	−10.7
Non-cash items	17.7	26.8	64.4	38.5	9.3	9.8
Changes in working capital	−35.4	70.1	40.8	22.7	−3.0	19.9
Cash from operations	182	254	188	93.5	61.3	64.1
Investing activities
Capital expenditures	−11.9	−11.8	−25.0	−12.4	−9.8	−4.5
Other investing cash flows	−17.7	−16.9	2.4	188	−2.9	−134
Cash from investing	−29.6	−28.6	−22.6	176	−12.6	−138
Financing activities
Financing cash flow items	−7.0	−9.3	−28.5	−4.3	−2.4	−2.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−44.5	−15.2	−183	−189	−73.2	109
Cash from financing	−51.5	−24.5	−211	−193	−75.6	106
Foreign exchange effects	−0.3	−5.4	2.3	1.3	−3.3	1.6
Net change in cash	101	196	−43.4	77.6	−30.2	33.4
Free cash flow	170	242	163	81.1	51.6	59.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.