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VVX

V2X, Inc.

VVX

V2X, Inc. • NYSE
$54.85 ▲ 0.51% (+0.28)
Market Cap $1.73 B
52w High $63.74
52w Low $41.08
Dividend Yield 0%
P/E 21.85
Volume 337.91K
Outstanding Shares 31.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.167B ▲ $38.836M ▼ $24.605M ▲ 2.108% ▲ $0.78 ▲ $79.601M ▲
Q2-2025 $1.078B ▲ $42.793M ▼ $22.391M ▲ 2.076% ▲ $0.71 ▲ $77.934M ▲
Q1-2025 $1.016B ▼ $43.805M ▼ $8.107M ▼ 0.798% ▼ $0.26 ▼ $58.064M ▼
Q4-2024 $1.158B ▲ $55.857M ▲ $25.033M ▲ 2.162% ▲ $0.79 ▲ $79.26M ▲
Q3-2024 $1.082B $41.549M $15.051M 1.391% $0.48 $75.362M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $179.318M ▼ $3.178B ▲ $2.098B ▲ $1.08B ▲
Q2-2025 $190.457M ▲ $3.146B ▲ $2.08B ▲ $1.066B ▲
Q1-2025 $169.062M ▼ $3.103B ▼ $2.068B ▼ $1.036B ▲
Q4-2024 $268.321M ▲ $3.229B ▲ $2.203B ▲ $1.026B ▲
Q3-2024 $59.857M $3.126B $2.124B $1.003B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.605M ▲ $39.447M ▲ $-29.785M ▼ $-13.261M ▼ $-8.139M ▼ $34.967M ▲
Q2-2025 $22.391M ▲ $28.533M ▲ $-2.481M ▲ $-6.819M ▼ $21.395M ▲ $26.052M ▲
Q1-2025 $8.107M ▼ $-95.464M ▼ $-2.609M ▼ $-3.799M ▲ $-99.259M ▼ $-98.163M ▼
Q4-2024 $25.033M ▲ $223.134M ▲ $-1.025M ▲ $-7.76M ▲ $208.464M ▲ $222.047M ▲
Q3-2024 $15.051M $62.654M $-2.186M $-48.264M $15.087M $60.465M

Revenue by Products

Product Q1-2016Q1-2018Q2-2025Q3-2025
FixedPrice Contract
FixedPrice Contract
 $0 ▲$0 ▲$410.00M ▲$440.00M ▲
TimeandMaterials Contract
TimeandMaterials Contract
 $0 ▲$0 ▲$30.00M ▲$30.00M ▲
Facility and Logistics Services
Facility and Logistics Services
 $0 ▲$230.00M ▲$0 ▼$0 ▲
Information Technology and Network Communications Services
Information Technology and Network Communications Services
 $0 ▲$90.00M ▲$0 ▼$0 ▲
Four Largest Contracts
Four Largest Contracts
 $210.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, with a particularly strong step-up around the time of the Vectrus–Vertex merger, showing that the combined company is winning more work. Profitability has improved at the operating level, with better earnings before interest and other charges, but net income has been choppy, including loss years during merger integration and only modest net profit more recently. This suggests the core contract work can be profitable, but restructuring, interest, and integration costs have weighed on the bottom line. The overall picture is of a company that has successfully scaled its sales, is gradually strengthening margins, but still has some earnings volatility to work through.

Balance Sheet

Balance Sheet The balance sheet expanded dramatically with the merger, with total assets and equity both much larger than before, reflecting the scale of the combined business. At the same time, debt levels also moved sharply higher, so the company now relies much more on borrowing than it did previously. Cash on hand has improved compared with the early post‑merger period, but remains modest relative to the size of the business, which makes ongoing cash generation and refinancing important. Overall, the balance sheet shows a bigger, more capable company, but one that carries meaningful leverage and needs to manage that risk carefully.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive and has grown along with the business, which is a key strength. Free cash flow has also been positive for several years, helped by relatively light capital spending needs for this type of services business. This pattern suggests the company is capable of funding its operations, modest investments, and some debt service from internal cash. The main watch point is maintaining this trend if interest costs rise or if working capital swings due to the timing of large contracts.

Competitive Edge

Competitive Edge V2X operates in a niche of defense and government services where long-term relationships, security clearances, and contract performance histories create high barriers to entry. Its deep ties to the U.S. Department of Defense and other government agencies, supported by a very large multi‑year contract backlog, provide strong revenue visibility and a degree of resilience through economic cycles. The merger created a broader service offering across logistics, aerospace, training, and technology, allowing V2X to offer more integrated solutions than many smaller rivals. Key risks include heavy dependence on government budgets and policy priorities, as well as competition from larger defense primes and specialized contractors on new awards.

Innovation and R&D

Innovation and R&D The company’s innovation focus is less about pure research labs and more about applying advanced technology to real defense and infrastructure problems. It is leaning into artificial intelligence, data analytics, and secure networking to modernize legacy platforms, improve logistics, and enhance battlefield awareness, as seen in systems like its mission router and ISR platforms. V2X is also moving further into cyber, intelligence, and software‑enabled solutions, supported by targeted acquisitions that bring in specialized data and cyber capabilities. This push into higher‑tech, higher‑margin areas could deepen its moat if execution is strong, but it also brings ongoing investment needs and competition from highly capable tech and defense players.

Summary

V2X has transformed from a smaller contractor into a sizeable, diversified defense services player, with strong revenue growth and improving underlying profitability. The trade‑off is a more leveraged balance sheet and thinner net margins as it digests a large merger and carries higher interest and integration costs. Consistently positive and growing cash flow is a bright spot, indicating that the contract base converts reasonably well into cash. Strategically, the company appears well positioned, with entrenched government relationships, a large backlog, and a clear push into cyber, intelligence, and AI‑enabled solutions. The main things to watch are how effectively it reduces earnings volatility, manages its debt load, and turns its innovation and contract backlog into steadier, higher‑quality profits over time.

NEWS

November 12, 2025 · 6:30 AM UTC

V2X, INC. ANNOUNCES SALE OF 2.25 MILLION SHARES OF COMMON STOCK IN SECONDARY OFFERING BY VERTEX AEROSPACE

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November 4, 2025 · 12:00 PM UTC

Quectel Launches New LoRa, V2X, Wi-Fi and 5G Durable Fiberglass Antennas to Empower IoT Developers With Broader Design Flexibility

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November 3, 2025 · 4:05 PM UTC

V2X Delivers Solid Third Quarter Results with Record Revenue

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October 13, 2025 · 9:00 AM UTC

V2X to Showcase Advanced Mission Solutions and Debuts "Tempest" Mobile Fires Platform at AUSA 2025

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October 13, 2025 · 8:00 AM UTC

V2X to Announce Third Quarter 2025 Financial Results

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