olivLaw · US equity research
V2X, Inc. VVX
Services-Facilities Support Management Services · SIC 8744 · Vertical: Engineering, research and management services (SIC 874x)
V2X provides critical mission solutions, mainly to U.S. defense customers, spanning readiness training, supply chain, assured communications and platform modernization. In the second quarter of 2026 it reported revenue of 1.26 billion USD, up 17%, and raised its 2026 guidance, at a time when the defense budget remains large.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, V2X, Inc. (VVX) stock was 77.47 USD (−4.15% on the day), with market capitalisation 2.4 bn USD, P/E 24.7 on diluted EPS of 3.14 USD over the last 12 months, beta 0.76, 52-week range 52.16–90.81 USD. Latest reported quarter (Q3 2026): revenue of 1.3 bn USD (+8.9% YoY), net income of 32.0 m USD (+30.0% YoY), diluted EPS 1.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.5
- strong (55–70)
- Bollinger (20, 2)
- 64.43 – 83.42
- in the upper half of the band · %B 0.69 · band width 25.7%
- SMA 50 / 200
- 74.12 / 74.05
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.00 / 1.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.3% | −1.1% | +10.4 pp | — |
| 3 months | −0.6% | −0.5% | −0.2 pp | — |
| 6 months | +1.2% | +4.4% | −3.2 pp | — |
| Year to date | +42.0% | +12.3% | +29.7 pp | — |
| 1 year | +35.7% | +13.5% | +22.1 pp | −20.9% |
| 3 years | +50.6% | +76.4% | −25.8 pp | −29.7% |
| 5 years | +48.3% | +63.7% | −15.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.0 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn |
| Cost of revenue | 1.1 bn | 937.8 m | 982.6 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn |
| SG&A | 55.9 m | 43.8 m | 42.8 m | 38.8 m | 53.7 m | 61.7 m | 55.7 m | 44.0 m |
| Operating income | 51.6 m | 34.3 m | 52.9 m | 55.7 m | 51.4 m | 44.1 m | 53.8 m | 59.5 m |
| Pre-tax income | 26.3 m | 10.1 m | 29.5 m | 32.7 m | 28.6 m | 23.5 m | 33.2 m | 41.5 m |
| Income tax | 1.3 m | 2.0 m | 7.1 m | 8.1 m | 5.9 m | 4.6 m | 7.7 m | 9.5 m |
| Net income | 25.0 m | 8.1 m | 22.4 m | 24.6 m | 22.8 m | 18.9 m | 25.5 m | 32.0 m |
| Diluted EPS | 0.78 ≈ | 0.25 | 0.70 | 0.77 | 0.72 ≈ | 0.60 | 0.81 | 1.01 |
| Operating cash flow | 223.1 m | -95.5 m | 28.5 m ≈ | 39.4 m ≈ | 209.5 m | -129.9 m | 21.6 m ≈ | 67.3 m ≈ |
| Capex | 1.1 m | 2.7 m | 2.5 m ≈ | 4.5 m ≈ | 2.3 m | 2.3 m | 1.1 m ≈ | 3.4 m ≈ |
| Share repurchases | 0 | — | — | — | 20.0 m | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 79 percentile of its own 34-quarter history (min 5.3, median 15.0, max 205.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.4 bn | 1.8 bn | 2.9 bn | 4.0 bn | 4.3 bn | 4.5 bn |
| Revenue YoY | +14.7% | +8.1% | +0.9% | +27.8% | +62.1% | +37.1% | +9.1% | +3.7% |
| Net income | 35.1 m | 33.2 m | 37.0 m | 45.7 m | -14.3 m | -22.6 m | 34.7 m | 77.9 m |
| Net income YoY | −41.0% | −5.4% | +11.4% | +23.8% | −131.3% | unavailable | unavailable | +124.5% |
| Diluted EPS | 3.08 | 2.86 | 3.14 | 3.86 | -0.68 | -0.73 | 1.08 | 2.45 |
| Diluted EPS YoY | −42.0% | −7.1% | +9.8% | +22.9% | −117.6% | unavailable | unavailable | +126.9% |
| net % | 2.7% | 2.4% | 2.6% | 2.6% | -0.5% | -0.6% | 0.8% | 1.7% |
| Free cash flow | 30.0 m | 11.4 m | 59.6 m | 51.6 m | 81.1 m | 162.9 m | 242.5 m | 170.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 369.0 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 729.2 m USD
- Equity
- 1.1 bn USD
- Total assets
- 3.3 bn USD
- Debt / equity
- 1.01x
- Current ratio
- 1.22x
- ROE
- 7.4%
- ROA
- 2.4%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.8 bn | 2.9 bn | 4.0 bn | 4.3 bn | 4.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 1.3 bn | 1.6 bn | 2.6 bn | 3.6 bn | 4.0 bn | 4.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 124.2 m ≈ | 160.4 m ≈ | 295.0 m ≈ | 334.9 m ≈ | 343.0 m ≈ | 373.4 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| SG&A | 80.7 m | 98.4 m | 239.2 m | 210.4 m | 183.8 m | 179.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 43.5 m | 62.0 m | 55.8 m | 124.4 m | 159.2 m | 194.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 38.7 m | 54.0 m | -6.1 m | -24.5 m | 38.8 m | 100.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 1.7 m | 8.3 m | 8.2 m | -1.9 m | 4.2 m | 23.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | 37.0 m | 45.7 m | -14.3 m | -22.6 m | 34.7 m | 77.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | 3.14 | 3.86 | -0.68 | -0.73 | 1.08 | 2.45 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 11.8 m | 11.8 m | 21.0 m | 31.1 m | 32.0 m | 31.8 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 66.9 m | 38.5 m | 116.1 m | 72.7 m | 268.3 m | 369.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | — | — | 45.0 m | 47.0 m | 50.9 m | 45.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 408.4 m | 423.3 m | 931.9 m | 874.9 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 03 Aug 2026verified |
| Property, plant & equipment, net | 22.6 m | 23.8 m | 78.7 m | 85.4 m | 62.0 m | 52.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 339.7 m | 321.7 m | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 48.1 m | 66.6 m | 498.0 m | 407.5 m | 323.1 m | 239.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 843.8 m | 889.5 m | 3.2 bn | 3.1 bn | 3.2 bn | 3.3 bn | SEC (XBRL)· 03 Aug 2026verified |
| Accounts payable | 159.6 m | 212.5 m | 406.7 m | 453.1 m | 547.6 m | 557.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 8.6 m | 10.4 m | 11.9 m | 15.4 m | 20.0 m | 14.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 168.8 m | 94.2 m | 1.3 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 288.4 m | 358.2 m | 783.1 m | 840.2 m | 996.2 m | 1.0 bn | SEC (XBRL)· 03 Aug 2026verified |
| Total liabilities | 538.9 m | 539.4 m | 2.2 bn | 2.1 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 03 Aug 2026verified |
| Equity | 304.9 m † | 350.1 m † | 997.1 m † | 990.8 m † | 1.0 bn † | 1.1 bn † | SEC (XBRL)· 23 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 64.1 m | 61.3 m | 93.5 m | 188.0 m | 254.2 m | 182.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 4.5 m | 9.8 m | 12.4 m | 25.0 m | 11.8 m | 11.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 59.6 m ≈ | 51.6 m ≈ | 81.1 m ≈ | 162.9 m ≈ | 242.5 m ≈ | 170.1 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -138.0 m | -12.6 m | 176.0 m | -22.6 m | -28.7 m | -29.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | 105.8 m | -75.6 m | -193.2 m | -211.0 m | -24.5 m | -51.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 30.0 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet47
- Growth100
- Quality72
- Returns12
- Valuation66
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 40.51 – 74.69 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E40.51 – 74.69 (Mid 52.97)14 companies used · median multiple 16.9x · quartiles 12.9x – 23.8xAERT, BAH, EXPO, FCN, G, HCKT, HURN, ICFI, III, IT, RMR, TSSI, VCIG, ZTG
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.2% | 67 (vs peers) | 17% |
| Net margin · Quality | 2.0% | 51 (vs peers) | 10% |
| FCF conversion · Quality | 160.7% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 15.7% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 24.7x | 52 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.6% | 82 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.8% | 12 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial47/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality72/100 · 3/3 factors with a value
- Returns· partial12/100 · 1/2 factors with a value
- Valuation66/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
V2X, Inc. (VVX). Latest full fiscal year: 2025; data up to 2026-10-02.
Figures computed from the financial statements: revenue 4.5 bn USD in 2025; YoY growth 3.7%; net margin 2.0%; ROE 8.8%.
The estimated value range is 40.51–74.69 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 52.97 USD, the price of 77.47 USD leaves a potential of -31.6% (value / price − 1) and a margin of safety of -46.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 160.7%
- Revenue CAGR 3Y: 15.7%
- FCF yield: 6.6%
What contradicts it
- Shareholder yield (distributions): 0.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Engineering, research and management services (SIC 874x) · same industry group (3-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RTORentokil Initial PLC | 61.1 bn | 130.4 | 8.7% | 6.8% | +4.4% | −13% / −12% |
| ITGartner, Inc. | 13.1 bn | 14.8 | 365.8% | 14.8% | +3.7% | −11% / −52% |
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| VVXV2X, Inc. | 2.4 bn | 24.7 | 8.8% | 2.0% | +3.7% | +36% / +51% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| EVHEvolent Health, Inc. | 542.7 m | — | -79.0% | -24.1% | −26.6% | +14% / −83% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| VCIGVCI Global Limited | 141.3 m | 0.1 | 14.7% | 28.3% | +40.6% | −99% / −100% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
1- and 3-year price returns: for VVX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 51.04 Total return -34% · Per year -34% | 89.82 Total return 16% · Per year 16% | 134.72 Total return 74% · Per year 74% |
| 3 years | 60.54 Total return -22% · Per year -8% | 118.78 Total return 53% · Per year 15% | 194.00 Total return 150% · Per year 36% |
| 5 years | 71.81 Total return -7% · Per year -2% | 157.09 Total return 103% · Per year 15% | 279.36 Total return 261% · Per year 29% |
- Exit P/E± 29.70
- Net margin± 20.79
- Annual revenue growth± 15.50
- Annual dilution± 1.75
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
V2X provides critical mission solutions, mainly to U.S. defense customers, spanning readiness training, supply chain, assured communications and platform modernization. In the second quarter of 2026 it reported revenue of 1.26 billion USD, up 17%, and raised its 2026 guidance, at a time when the defense budget remains large 13.
SWOT
Strengths
- The company has a strong position in defense mission solutions, with a wide global footprint and integrated capabilities from training to maintenance.
- Its relationship with the federal government is well established, and multi-year contracts give high visibility on future revenue.
- Total backlog and the ability to win new orders support continuity, and the 2026 guidance was raised.
Weaknesses
- A significant share of revenue depends on a small number of large contracts, and losing one would have a major impact.
- Debt remains high, and interest costs limit financial flexibility.
- Margins are under pressure from firm-fixed-price contracts and the risk of cost overruns.
Opportunities
- Additional defense budgets could open new programs in training, modernization and logistics.
- Expansion into emerging markets and new domains could widen the customer base and support long-term growth.
- Debt reduction could free resources for investment in innovation and more competitive solutions.
Threats
- Scope reductions or failure to recompete existing contracts could reduce revenue.
- Procurement policy changes or funding delays could slow new awards.
- Cybersecurity risks and operational incidents at sensitive sites could bring costs and lost contracts.
Risks
- Dependence on the U.S. governmenthigh
Most revenue comes from government customers, and changes in budgets or priorities could directly affect operations.
- Contract recompeteshigh
Existing contracts must be recompeted when they end, and losing these competitions could reduce revenue.
- Indebtednessmedium
The level of debt and its cost could limit investment capacity and the ability to absorb shocks.
- Firm-fixed-price contractsmedium
Cost overruns on fixed-price contracts could reduce profitability or cause losses.
- Workforce and unionslow
A shortage of qualified staff or a prolonged work stoppage could affect contract execution.
Investment thesis
What would need to be true (bull case)
- If defense budgets stay high, the company could convert its existing backlog into stable and growing revenue.
- The raised 2026 guidance and second-quarter revenue growth point to solid operational execution.
- Lower net debt could create room for investment and ease financial pressure.
What would break the thesis
- If a major contract is not recompeted successfully, revenue could fall significantly.
- High debt could limit flexibility if funding is delayed or demand weakens.
- Margin pressure from fixed-price contracts could reduce earnings even if revenue grows.
What to watch
- Third-quarter results and any update to 2026 guidanceQ3 2026
- Trend in backlog and the book-to-bill ratioQ3 2026
- Progress in reducing net debt toward the 2.0x leverage levelend 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
V2X is a provider of critical mission solutions, with contracts mostly with the U.S. government, operating across 349 locations in 49 countries and territories 1. The company runs as one segment and combines high impact readiness, integrated supply chain management, assured communications, mission solutions and platform renewal. It had about 16,200 employees and 7,300 subcontract personnel 1.
Most contracts are cost-plus or cost-reimbursable, and V2X is usually the prime contractor, with 95% of revenue in 2025 from contracts where it was prime 1. Contracts are generally multi-year with an initial period of one year or less and annual options, so renewals are central to the model 1.
Segments
Readiness training
This line covers military and commercial training, live training systems, augmented and virtual reality, simulators and the WTRS program for the Army, described as its largest training systems sustainment program 1.
Assured communications and platform modernization
Assured communications covers network management and information assurance, while platform modernization includes aircraft maintenance, repair and infrastructure for military systems 1. The company pointed to program ramp-ups in global training and aerospace 2.
Market context
Trends
- Rising defense spendingtailwind
Higher national security spending could support demand for training, maintenance and logistics as additional funds flow into operational programs 1.
- Kuwait scope changesheadwind
The reduced scope of the LOGCAP V - Kuwait contract cut backlog by 414.6 million USD, though growth in other programs could offset this decline 2.
- Margin and procurement pressuremixed
Procurement reform and competitive pressure could weigh on revenue and margins, especially on firm-fixed-price contracts 1.
- Debt reductiontailwind
Net debt is improving and the company expects to reach a lower leverage level by the end of 2026, which could add financial flexibility if reached 3.
Competitive position
Principal competitors include Amentum, Leidos, SAIC, KBR, Fluor, AAR, General Dynamics and Northrop Grumman, among others 1. Competition varies by service line, and there are usually fewer competitors overseas 1.
Small businesses sometimes receive set-asides, and V2X partners with them as a subcontractor, while teaming with other prime contractors is important for large procurements 1.
- Amentum HoldingsAMTM
Principal competitor named by the company in government support services.
- Leidos HoldingsLDOS
Competitor named through its divisions, active in defense and national security services.
- Science Applications International CorpSAIC
Competitor named in technical and IT support contracts for government.
- KBRKBR
Competitor named in logistics and defense infrastructure services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report02 Nov 2026
- Current report10 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report01 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report11 May 2026Other events · Financial statements and exhibits
- Current report07 May 2026Departure or appointment of officers · Shareholder vote
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Quarterly report04 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / V2X, Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / V2X, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / V2X, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.