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V2x, Inc. (VVX) stock

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NYSE: VVX NYSE Aerospace & Defense Next results ~February 22, 2027

C Fundamentals grade

V2x, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$83

Cash-flow model

Base case. Range ~$56–$120 across our lower- and higher-growth cases (5.9%–15.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 0% above our base value.

Price used: $83.20, November 2, 2026

V2x, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds195 adding, 108 cuttingOf 57 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter V2x files

10-Q filed November 2: V2x

Revenue for the twelve months to October 2026 was $5.00bn, up 13.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 3.2%. Our model value is little changed at $83.08 a share, against a share price of $83.17. The rating stays Hold. At that price, our model says the market is pricing in about 9.5% a year of cash-flow growth for five years, slower than the 22.9% a year revenue growth it has delivered.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where V2x stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $4.90bn, up 13.0% on a year earlier, faster than the 9.0% growth a quarter earlier. Free-cash-flow margin fell to 2.7% from 4.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $82.91 a share, against a share price of $76.62. At that price, our model says the market is pricing in about 9.6% a year of cash-flow growth for five years, slower than the 22.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 22, 2027 (estimated)

V2x, Inc.'s trailing-twelve-month revenue grew 13.2% year on year, with a free-cash-flow margin of 3.2%. Where it stands out: stock pay as % of revenue of 0.3% ranks 3 of 53 aerospace & defense companies we cover. Where it lags: gross margin of 8.5% ranks 44 of 46 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$83 per share in the base case (~$56–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 13.8% while net income grew 23.8%: a 38pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.8% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 5 insiders sold $488M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: gross margin. Gross margin of 8.5% ranks 44 of 46 aerospace & defense companies we cover (median 28.3%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 32.1% ranks 36 of 47 aerospace & defense companies we cover (median 22.1%).
  • Heavily shorted. 11.4% of the shares available to trade are sold short (3.9 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$1.64 against an average estimate of $1.50: beat by 9.7%
Revenue
$1.27bn, up 8.9% on a year earlier
Next report
November 2, 2026; average EPS estimate $1.59

V2x's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.5%
  • 1 week+8.3%
  • 1 month+17.5%
  • This year+52.5%
  • 1 year+45.7%
  • 5 years+66.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5B
Operating margin
4.2%
Net margin
2.0%
EPS (TTM, diluted)
$3.15

Growth

Revenue growth
+13.2%
Change in growth rate
+0.2 pts
Share count change
−1.8%

Cash

Free cash flow (TTM)
$159M
FCF margin
3.2%
Stock pay % of revenue
0.3%

Earnings

Last results
November 2, 2026
Next results (est.)
February 22, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Results
  4. Announcement
  5. Partnership
  6. Announcement
  7. Announcement
  8. Partnership
  9. Leadership
  10. Partnership
  11. Partnership
  12. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

V2x, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 8.9% a year of cash-flow growth for five years.That is slower than the 22.9% a year revenue growth V2x has delivered.

  • Priced in8.9%
  • Last 12 months13.2%
  • 3 years a year8.6%
  • 5 years a year22.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($79.70, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$83
Price used
$79.70close November 3, 2026
Implied change
▲ +4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of V2x, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($133M, FY2026 Q3 TTM), growing 5.9% and 9% in the next two years (forecasts, guidance and its record), then back to 10.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$56–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of V2x, Inc.'s free cash flow after stock-based pay ( $133M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value V2x, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$83 ~$56–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$140–$240 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$12 ~$7.8–$20 Left out: out of range vs price (0.15x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$83–$170 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare V2x, Inc. with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −37%
  • Last year's free-cash-flow margin change, if it persists ▼ −27%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $36$58$87$126$176$240
8.5% $22$38$59$86$122$168
10% $13$26$42$63$90$125

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$23.85$30.85$21.58$51.26$49.72$45.77$41.29$46.44$47.83$54.55$83.20
Market value$262m$346m$246m$595m$584m$542m$867m$1.4bn$1.5bn$1.7bn$2.6bn
+ Net debt (− = net cash)$36m−$242000$7m$34m$112m$67m$1.2bn$1.0bn$839m$729m$787m
Enterprise value$298m$346m$253m$629m$696m$609m$2.0bn$2.5bn$2.4bn$2.5bn$3.4bn
Multiples
Price / sales 0.2x0.3x0.2x0.4x0.4x0.3x0.3x0.4x0.4x0.4x0.5x
Price / earnings 11.1x5.8x7.0x17.9x15.8x11.8x——44.1x22.3x26.4x
Price / free cash flow 7.3x10.5x8.2x52.2x9.8x10.5x10.7x8.9x6.3x10.2x16.5x
EV / EBITDA 6.7x8.1x5.1x11.9x14.6x8.9x29.3x16.9x13.2x11.7x15.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard V2x's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Cash operating profit has been a median 5.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 8.9%, moving by 0.5 percentage points (standard deviation) across 9 years.

  • Durability 6 / 20

    Operating margin has been a median 3.5%; its worst year was 1.5%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 9 years, at a median 3.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 168.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.23 +19% $5.0bn +11%
Next $6.94 +11% $5.2bn +5%

Next year's EPS estimate has moved +0.5% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 1 analyst raised V2x, Inc.'s forecast and 0 cut it.

Consensus EPS forecast V2x, Inc., last 90 days
$6.00 $6.20 $6.40 $6.60 $6.80 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.19 Current fiscal year, 60 days ago: $6.23 Current fiscal year, 30 days ago: $6.23 Current fiscal year, 7 days ago: $6.23 Current fiscal year, Now: $6.23 $6.23 Next fiscal year, 90 days ago: $6.91 Next fiscal year, 60 days ago: $6.94 Next fiscal year, 30 days ago: $6.94 Next fiscal year, 7 days ago: $6.94 Next fiscal year, Now: $6.94 $6.94

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.19$6.91
60 days ago $6.23$6.94
30 days ago $6.23$6.94
7 days ago $6.23$6.94
Now $6.23$6.94

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.50 $1.64 +9.7%
Jun 2026 $1.44 $1.64 +13.9%
Mar 2026 $1.25 $1.53 +22.5%
Dec 2025 $1.34 $1.56 +16.5%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows V2x, Inc.'s revenue by +5.9% next year and +9.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.5%, weight 68%) and the company's own record (+10.9%, weight 32%) . How the weights are set.

Analyst recommendations

12 analysts, Nov 2026
Buy542%
Hold650%
Sell18%

Monthly trend

  1. Nov 2026146112
  2. Oct 2026146112
  3. Sep 2026146112

Counts of recommendations published by analysts covering V2x, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.4%
of tradable shares
Days to cover
3.85
at average volume
Short interest, 1 month
+31%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.0%
of shares
Employees
16,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +45.7%

$57.09 on October 31, 2025 to $83.20

ThenNowEffect
Revenue (last 12 months) $4.3bn $4.9bn +13.0%
Net margin 1.6% 1.9% +15.2%
P/E multiple 26.0x 28.6x +10.2%
Share count 32m 32m +1.7%

Biggest factor: net margin.

Last 3 years +61.7%

$51.44 on November 3, 2023 to $83.20

ThenNowEffect
Revenue (last 12 months) $3.9bn $4.9bn +26.9%
P/S multiple 0.3x 0.5x +54.4%
Share count 26m 32m −17.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VVX−8%−10%+13%+3%+14%+53%
Industry peers (median)−4%−11%+14%+22%+19%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VVX33%50%58%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VVX−31%−38%−26%−32%−24%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 56% from August 30, 2016 to September 30, 2016. Getting back needed a 127% gain, reached on July 20, 2017, 293 days after the low.

Price behaviour

52-week range
$52.16 – $90.81
From 52-week high
−8.4%
vs 50-day average
+12.4%
vs 200-day average
+12.5%
Volatility (1 year)
41%
Beta vs S&P 500
0.37

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 5 down
typical move ±8.0%
After a week
8 up, 3 down
typical move ±7.2%
After a month
5 up, 6 down
typical move ±11.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 −12.7% +3.3% −8.1% −14.2%
May 4, 2026 +12.9% +0.4% +2.1% +22.1%
February 23, 2026 +2.1% −0.3% +3.5% 0.0%
November 3, 2025 0.0% −1.0% −1.5% −1.9%
August 4, 2025 +18.0% +1.0% +11.8% +16.8%
May 5, 2025 −3.1% −1.4% +4.0% −10.3%
February 24, 2025 +15.7% −1.0% +8.8% +20.9%
November 4, 2024 +2.0% +1.0% +11.8% −2.5%
August 6, 2024 −2.4% +0.2% +2.6% +2.7%
May 7, 2024 −4.2% +0.1% −10.9% −9.8%
March 5, 2024 +15.1% −0.5% +14.1% +19.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How V2x, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

V2x, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) V2x, Inc.
$3.5B $4B $4.5B $5B $5.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4B Revenue (TTM), FY24 Q1: $4B Revenue (TTM), FY24 Q2: $4.1B Revenue (TTM), FY24 Q3: $4.2B Revenue (TTM), FY24 Q4: $4.3B Revenue (TTM), FY25 Q1: $4.3B Revenue (TTM), FY25 Q2: $4.3B Revenue (TTM), FY25 Q3: $4.4B Revenue (TTM), FY25 Q4: $4.5B Revenue (TTM), FY26 Q1: $4.7B Revenue (TTM), FY26 Q2: $4.9B Revenue (TTM), FY26 Q3: $5B $5B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4B
FY24 Q1 $4B
FY24 Q2 $4.1B
FY24 Q3 $4.2B
FY24 Q4 $4.3B
FY25 Q1 $4.3B
FY25 Q2 $4.3B
FY25 Q3 $4.4B
FY25 Q4 $4.5B
FY26 Q1 $4.7B
FY26 Q2 $4.9B
FY26 Q3 $5B
Revenue growth, TTM YoY V2x, Inc.
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 37.1% Revenue growth, TTM YoY, FY24 Q1: 19.3% Revenue growth, TTM YoY, FY24 Q2: 6.9% Revenue growth, TTM YoY, FY24 Q3: 7.8% Revenue growth, TTM YoY, FY24 Q4: 9.1% Revenue growth, TTM YoY, FY25 Q1: 7.4% Revenue growth, TTM YoY, FY25 Q2: 5.1% Revenue growth, TTM YoY, FY25 Q3: 5.1% Revenue growth, TTM YoY, FY25 Q4: 3.7% Revenue growth, TTM YoY, FY26 Q1: 9.0% Revenue growth, TTM YoY, FY26 Q2: 13.0% Revenue growth, TTM YoY, FY26 Q3: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 37.1%
FY24 Q1 19.3%
FY24 Q2 6.9%
FY24 Q3 7.8%
FY24 Q4 9.1%
FY25 Q1 7.4%
FY25 Q2 5.1%
FY25 Q3 5.1%
FY25 Q4 3.7%
FY26 Q1 9.0%
FY26 Q2 13.0%
FY26 Q3 13.2%
Operating margin (TTM) V2x, Inc.
2.5% 3% 3.5% 4% 4.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 3.1% Operating margin (TTM), FY24 Q1: 3.1% Operating margin (TTM), FY24 Q2: 2.8% Operating margin (TTM), FY24 Q3: 3.5% Operating margin (TTM), FY24 Q4: 3.7% Operating margin (TTM), FY25 Q1: 3.8% Operating margin (TTM), FY25 Q2: 4.4% Operating margin (TTM), FY25 Q3: 4.4% Operating margin (TTM), FY25 Q4: 4.3% Operating margin (TTM), FY26 Q1: 4.3% Operating margin (TTM), FY26 Q2: 4.2% Operating margin (TTM), FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 3.1%
FY24 Q1 3.1%
FY24 Q2 2.8%
FY24 Q3 3.5%
FY24 Q4 3.7%
FY25 Q1 3.8%
FY25 Q2 4.4%
FY25 Q3 4.4%
FY25 Q4 4.3%
FY26 Q1 4.3%
FY26 Q2 4.2%
FY26 Q3 4.2%
FCF margin (TTM) V2x, Inc.
0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.1% FCF margin (TTM), FY24 Q1: 3.6% FCF margin (TTM), FY24 Q2: 1.4% FCF margin (TTM), FY24 Q3: 1.5% FCF margin (TTM), FY24 Q4: 5.6% FCF margin (TTM), FY25 Q1: 4.8% FCF margin (TTM), FY25 Q2: 4.9% FCF margin (TTM), FY25 Q3: 4.2% FCF margin (TTM), FY25 Q4: 3.8% FCF margin (TTM), FY26 Q1: 2.9% FCF margin (TTM), FY26 Q2: 2.7% FCF margin (TTM), FY26 Q3: 3.2% 3.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.1%
FY24 Q1 3.6%
FY24 Q2 1.4%
FY24 Q3 1.5%
FY24 Q4 5.6%
FY25 Q1 4.8%
FY25 Q2 4.9%
FY25 Q3 4.2%
FY25 Q4 3.8%
FY26 Q1 2.9%
FY26 Q2 2.7%
FY26 Q3 3.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar V2x took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.5B
  2. Cost of revenue $4.1B · 91.7%
  3. Gross profit $373M · 8.3%
  4. Selling, general and admin $179M · 4.0%
  5. Operating income $194M · 4.3%
  6. Income tax $23M · 0.5%
  7. Interest and other $93.4M · 2.1%
  8. Net income $77.9M · 1.7%

Shares of revenue. Source: V2x's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Oct 2026
Income
Revenue 1,191 1,115 1,279 1,383 1,396 1,784 2,891 3,963 4,322 4,480 5,001
Gross profit 107 102 114 128 124 160 295 335 343 373 424
EBITDA 45 43 50 53 48 69 69 147 180 211 225
Operating income 43 41 48 50 43 62 56 124 159 194 209
Net income 24 59 35 33 37 46 −14 −23 35 78 99
Diluted EPS $2.16 $5.31 $3.08 $2.86 $3.14 $3.86 −$0.68 −$0.73 $1.08 $2.45 $3.15
Growth (year on year)
Revenue — −6.4% +14.7% +8.1% +0.9% +27.8% +62.1% +37.1% +9.1% +3.7% +13.2%
EBITDA — −4.1% +16.2% +6.4% −10.3% +44.1% +1.0% +112.0% +22.6% +17.4% +6.6%
Operating income — −3.8% +16.6% +3.3% −12.4% +42.7% −10.1% — +28.0% +22.0% +7.3%
Net income — — −41.0% −5.4% +11.4% +23.8% −131.3% — — — —
Diluted EPS — — −42.0% −7.1% +9.8% +22.9% −117.6% — — — —
Margins
Gross margin 9.0% 9.1% 8.9% 9.3% 8.9% 9.0% 10.2% 8.4% 7.9% 8.3% 8.5%
EBITDA margin 3.8% 3.8% 3.9% 3.8% 3.4% 3.8% 2.4% 3.7% 4.2% 4.7% 4.5%
Operating margin 3.6% 3.7% 3.8% 3.6% 3.1% 3.5% 1.9% 3.1% 3.7% 4.3% 4.2%
Net margin 2.0% 5.3% 2.7% 2.4% 2.6% 2.6% −0.5% −0.6% 0.8% 1.7% 2.0%
Free-cash-flow margin 3.0% 3.0% 2.3% 0.8% 4.3% 2.9% 2.8% 4.1% 5.6% 3.8% 3.2%
Cash flow
Cash from operations 37 35 40 28 64 61 93 188 254 182 168
Capital spending 1 2 10 16 5 10 12 25 12 12 9
Free cash flow 36 33 30 11 60 52 81 163 242 170 159
Stock-based pay 5 4 4 8 9 8 33 33 16 12 15
Free cash flow after stock pay 31 29 26 3 50 43 48 130 226 158 145
Balance sheet
Cash 48 77 66 35 67 39 116 73 268 369 265
Total debt 84 77 74 70 179 105 1,275 1,116 1,107 1,098 1,052
Net debt (negative = net cash) 36 −0 7 34 112 67 1,159 1,043 839 729 787
Diluted shares 11m 11m 11m 12m 12m 12m 21m 31m 32m 32m 32m
Returned to shareholders
Buybacks — — — — — — — 0 0 30 —
Total returned — — — — — — — 0 0 30 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · October 2, 2026
What it owns · $3.2bn
Short-term assets $1.2bnLonger-term assets $2.0bn
What it owes, and who funded it · $3.2bn
Short-term liabilities $918mLonger-term liabilities $1.1bnShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $918m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $265m of cash against $1.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 90% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 31% to 90% over five years.
  • A year's operating cash flow covers at least 20% of debt $168m of operating cash flow against $1.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From V2x, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$30M
Diluted share count
−1.8%
year over year
Sales & admin spending
4.3%
of revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated VVX ATI HEI MOG.A WWD SARO Median
Revenue, last 12 months $5.0bn $5.0bn $5.2bn $4.3bn $4.2bn $6.3bn $769m
Revenue growth, last 12 months 13.2% 9.4% 20.7% 15.7% 22.3% 12.6% 15.5%
Revenue growth, 3-year average 8.6% 6.8% 25.1% 10.3% 14.7% — 12.6%
Revenue growth, latest quarter 8.9% 26.5% 23.1% 15.2% 21.2% 4.6% 15.8%
Gross margin 8.5% 24.5% 40.4% 28.2% 29.5% 15.0% 27.8%
Operating margin 4.2% 16.5% 24.0% 13.3% — 9.5% 9.0%
Operating margin, 3-year average 4.0% 14.4% 22.5% 11.9% — 8.4% 6.0%
Net margin 2.0% 11.1% 16.4% 8.7% 13.2% 5.1% 5.5%
Cash from operations / revenue 3.4% 14.6% 21.5% 11.2% 14.0% 4.6% 5.5%
Free-cash-flow margin 3.2% 8.4% 19.9% 8.1% 9.0% 3.5% 3.4%
Free-cash-flow margin, 3-year average 3.0% 7.6% 17.6% 3.4% 9.4% 1.9% 3.0%
Stock pay / revenue 0.3% 0.6% 0.4% 0.5% 0.8% 0.3% 1.2%
Change in share count −1.8% −3.3% 0.3% −0.3% 0.1% 4.5% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 13.2% 15.5% 31 of 57
Change in growth rate Growth +0.2pp +2.2pp 37 of 57
Gross margin Profitability 8.5% 28.3% 44 of 46
Operating margin Profitability 4.2% 8.5% 31 of 51
Net margin Profitability 2.0% 5.5% 37 of 57
Free-cash-flow margin Cash generation 3.2% 3.4% 30 of 57
Stock pay as % of revenue Cash generation 0.3% 1.5% 3 of 53
Long-term debt as % of assets Balance sheet 32.1% 22.1% 36 of 47
Change in share count Balance sheet -1.8% 2.4% 7 of 51

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $2.6B 58.2% ▲ 9.2%
Middle East $1.4B 30.2% ▼ 3.4%
Asia $313M 7.0% ▼ 4.3%
Europe $206M 4.6% ▼ 0.3%

From V2x, Inc.'s 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.3B
Institutions reporting
328
Shares held vs prior quarter
▲ 0.1%
Positions opened / closed
65 / 31

Top buyers and sellers, Q2 2026: 195 institutions bought and 108 sold ; the biggest buyer was FMR LLC (+672K shares) and the biggest seller Aip, LLC (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $329M 4.4M 14.1% ▲ 18.0%
Blackrock, Inc. $190M 2.5M 8.2% ▲ 0.6%
State Street Corp $131M 1.8M 5.6% ▼ 0.3%
Dimensional Fund Advisors LP $119M 1.6M 5.1% ▲ 6.6%
Reinhart Partners, Llc. $105M 1.4M 4.5% ▼ 2.4%
Vanguard Capital Management LLC $94M 1.3M 4.0% ▲ 0.6%
Bank Of America Corp $87.5M 1.2M 3.8% ▲ 126.9%
Ophir Asset Management Pty Ltd $64.5M 865K 2.8% ▲ 2.1%
Vanguard Portfolio Management LLC $60.6M 813K 2.6% ▲ 186.7%
Victory Capital Management Inc $57.3M 769K 2.5% ▼ 6.7%
Geode Capital Management, LLC $54.5M 731K 2.3% ▲ 22.2%
Nuveen, LLC $45.8M 615K 2.0% ▲ 23.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not V2x, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $488M 6 trades by 5 insiders · 0% under pre-set plans
Net ▼ $488M net selling
Insider Date Trade Shares Price Value
Nance Jeremy John SVP and General Counsel August 14, 2026 Sell 3,500 $82.01 $287,035
Parker Melvin Director August 11, 2026 Sell 5,000 $81.41 $407,050
Aipcf Vi, Llc 10% owner March 12, 2026 Sell 2,545,432 $68.21 $174M
Vertex Aerospace Holdco Llc 10% owner December 11, 2025 Sell 1,200,000 $55.05 $66.1M
Aipcf Vi, Llc 10% owner November 13, 2025 Sell 2,250,000 $55.00 $124M
Cusumano Dino M Director November 13, 2025 Sell 2,250,000 $55.00 $124M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 22, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 23, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on V2x, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

V2x, Inc. in brief

What does V2x, Inc. do?
V2x, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is V2x, Inc.'s stock ticker?
V2x, Inc. trades under the ticker VVX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is V2x, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, V2x, Inc. reported revenue of $5B, 13.2% higher than a year earlier, according to its SEC filings.
What is V2x, Inc.'s free cash flow?
V2x, Inc.'s free-cash-flow margin is 3.2% of revenue over the trailing twelve months, ranking 30 of the 57 aerospace & defense companies we cover.
What is V2x, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of V2x, Inc.'s free cash flow after stock-based pay gives ~$83 per share in the base case, and ~$56–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are V2x, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is V2x, Inc.'s market cap?
On November 2, 2026, V2x, Inc.'s market capitalisation was about $2.6B, with a price-to-earnings ratio of 26.4 and net debt of $787M. Market figures come from third-party market data and may be delayed.
How much debt does V2x, Inc. have?
V2x, Inc.'s debt-to-equity ratio is 89.8%, from its latest balance sheet (30.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are V2x, Inc.'s competitors?
In our Aerospace & Defense peer group, the companies closest to V2x, Inc. are ATI Inc, Heico Corp, Moog Inc., Woodward, Inc. and Standardaero, Inc. The side-by-side comparison below sets their revenue, margins and growth against V2x, Inc.'s.
Are insiders buying or selling V2x, Inc. stock?
Over the last 12 months, V2x, Inc.'s directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is V2x, Inc.'s next earnings date?
Around February 22, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — V2x, Inc. announces its own schedule.