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Defense contractor providing military logistics, maintenance, training and IT support services to government agencies worldwide.
Defense contractor providing military logistics, maintenance, training and IT support services to government agencies worldwide.
Wins multi-year service contracts from the US government, many on cost-plus terms where the government repays costs plus a fee, and holds them through re-competitions. The 2022 combination of Vectrus and Vertex Aerospace created a larger company spanning base support, aircraft maintenance and training. Most revenue is from the US Department of Defense.
Moat: narrow (regulatory licence, switching costs, customer qualification). Long-term government contracts and security clearances create high barriers and switching costs.
Headquarters: McLean, Virginia · Founded: 2022 · Employees: 23,500
Size V2X (VVX) is a United States Industrials company (Miscellaneous Commercial Services) with a market value of $2.39B, the 1688th largest of 3,117 United States companies the cockpit tracks. Shares closed at $76.14 on 6 Nov 2026.
Performance Over six months the shares gained 8.7%, against +3.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 13.2% over the last twelve months (peer median +12.3%); the operating margin is 4.2% (peer median 16.3%).
Valuation It trades at 11.3× forward earnings against a peer median of 21.0× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points above its cost of capital (6.1% WACC).
Backlog Backlog (remaining performance obligations) was $3.87B at 2 Oct 2026, up 11% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Short interest Short interest is 7.8% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.00B | $4.48B | $4.32B | $3.96B | $2.89B |
| Revenue growth | — | +4% | +9% | +37% | — |
| Gross profit | $424M | $373M | $343M | $335M | $295M |
| EBITDA | $322M | $307M | $274M | $241M | $118M |
| Net income | $99.2M | $77.9M | $34.7M | -$22.6M | -$14.3M |
| Free cash flow | $158M | $170M | $242M | $163M | $81.1M |
| Capital expenditure | $9.00M | $11.9M | $11.8M | $25.0M | $12.4M |
| Total debt | $1.05B | $1.14B | $1.15B | $1.24B | $1.33B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| V2X VVX | $2.39B | +9% | +13% | 4% | 11.3× | -1.4% |
| Leidos LDOS | $16.2B | +2% | +3% | 12% | 11.4× | -6.4% |
| KBR KBR | $4.69B | +14% | -3% | 9% | 9.5× | -8.7% |
| Fluor FLR | $6.22B | +7% | -5% | -2% | 14.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VVX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | -3.8% | 6th highest of 21 |
| 6-month return | +8.7% | +3.1% | 10th highest of 21 |
| Distance from 52-week high | -19.0% | -25.7% | 7th highest of 21 |
| Revenue growth (TTM) | +13.2% | +12.3% | 10th highest of 20 |
| Operating margin | 4.2% | 16.3% | 4th lowest of 21 |
| Forward P/E | 11.3× | 21.0× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.4% | 5.2% | 6th least demanding of 16 |
| Growth delivered (Del g) | +26.3% | +13.9% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | -27.7 pp | -7.7 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +2.4 pp | +0.7 pp | 8th highest of 19 |
| EV / EBITDA | 9.9× | 11.4× | 5th cheapest of 12 |
| Net debt / EBITDA | 2.5× | 0.2× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| V2X VVX | United States | $2.39B | +9% | +13% | 4% | 11.3× | -1.4% | +26.3% |
| Ardentec 3264.TWO | Taiwan | $2.36B | -30% | +32% | 30% | 12.3× | 5.2% | +7.7% |
| Shanghai GenTech 688596.SS | China | $2.42B | +56% | +4% | 2% | 76.5× | n/a | n/a |
| Sigurd Microelectronics 6257.TW | Taiwan | $2.33B | -19% | +12% | 22% | 14.0× | n/a | n/a |
| S-1 012750.KS | South Korea | $2.45B | +14% | +1% | 7% | 21.8× | -1.2% | +5.4% |
| Suzhou Nanomicro Technology 688690.SS | China | $2.31B | +17% | +26% | 25% | 57.1× | 35.3% | +35.2% |
| KWS SAAT SE & Co KGaA KWS.DE | Germany | $2.48B | -12% | -3% | 15% | 13.2× | -8.2% | +4.4% |
| Visional 4194.T | Japan | $2.51B | +32% | +24% | 25% | 20.2× | -2.4% | +28.2% |
| CECEP Environmental Protection 300140.SZ | China | $2.51B | -18% | -2% | 23% | n/a | -1.2% | +26.0% |
| TIC Solutions TIC | United States | $2.26B | +5% | +39% | -1% | n/a | 51.8% | n/a |
| Biocytogen Pharmaceuticals (Beijing) 688796.SS | China | $2.22B | -19% | +40% | 24% | 92.6× | 32.3% | +41.1% |
| Hui Lyu Ecological Technology Groups 001267.SZ | China | $2.61B | -59% | +90% | 10% | 71.6× | n/a | n/a |
| China Automotive Engineering Research Institute 601965.SS | China | $2.18B | -8% | +12% | 24% | 13.2× | -5.6% | +7.9% |
| International Workplace IWG.L | United Kingdom | $2.63B | +12% | 0% | 4% | 22.5× | 33.6% | +3.3% |
| Firstsource Solutions FSL.NS | India | $2.16B | +25% | +20% | 12% | 22.0× | 20.3% | +13.5% |
| Huron Consulting HURN | United States | $2.63B | +39% | +12% | 12% | 16.5× | -4.0% | +14.3% |
| Sagility SAGILITY.NS | India | $2.15B | +2% | +28% | 18% | 16.4× | 10.3% | +19.5% |
| Pluxee PLX.PA | France | $2.72B | 0% | +1% | 28% | 8.9× | n/a | n/a |
| CoreCivic CXW | United States | $2.84B | +41% | +24% | 10% | 12.1× | -1.6% | +3.0% |
| Anhui XDLK Microsystem 688582.SS | China | $1.95B | -36% | -38% | 21% | 37.3× | 55.7% | +37.0% |
| Heron Neutron Medical 7799.TW | Taiwan | $1.94B | +15% | n/a | -5,071% | 380.6× | n/a | n/a |
V2X reported $3.87B of remaining performance obligations at 2 Oct 2026, up 11% from a year earlier and up 4% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.11.