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what it is
V2X keeps military equipment, supply chains, and support systems running for defense customers around the world.
how it gets paid
Last year X made $4.5B in revenue. readiness services was the main engine at $1.6B, or 36% of sales.
why it's growing
Revenue grew 3.7% last year. EDGAR shows Revenue up 179% vs. prior year to $3.3B.
what just happened
Revenue hit $3.3B and EPS reached $1.73, but the bigger story is how violent contract timing can be.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
26.5x trailing p/e — priced about right
4.2% return on capital — nothing to write home about
$1.08 fy2024 eps est
xvary composite: 59/100 — below average
What they do
V2X keeps military equipment, supply chains, and support systems running for defense customers around the world.
You do not casually swap out a contractor that touches readiness, supply chains, and aircraft upgrades. V2X has 16,100 employees and sits inside long government programs, including a 10-year $425 million F-16 cockpit contract. Contract vehicle → preapproved lane to bid work → so what: once you are on it, your seat at the table gets sticky.
How they make money
$4.5B
annual revenue · their business grew +3.7% last year
readiness services
$1.6B
integrated supply chain
$1.3B
mission solutions
$1.0B
platform modernization
$0.6B
The products that matter
military logistics and operations support
Mission Solutions
$2.9B · 64.4% of revenue
this is the center of gravity at $2.9B of the $4.5B revenue base. if this segment stalls, you feel it across the entire stock.
largest segment
government IT and modernization work
IT & Digital
$1.6B · 35.6% of revenue
this segment brings in $1.6B and grew 3%. that's useful diversification, but the current data does not show a margin profile strong enough to change the whole valuation story.
second engine
connected-vehicle deployment work
connected-vehicle programs
revenue not broken out
the snapshot cites an august 2024 usdOT deployment plan, but no revenue is disclosed here. that means you should treat it as optional upside, not a modelable earnings driver.
watch list
Key numbers
6.5%
operating margin
Margin → profit left after operating costs → so what: this is a low-cushion business, and small execution misses matter.
$1.1B
long-term debt
Debt equals 35% of capital, which means your upside depends on steady contract execution, not heroic balance-sheet strength.
4.2%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: 4.2% is weak for a stock trading at 26.5x trailing earnings.
$4.5B
annual revenue
The company is large in sales but small in market value at about $2B, which tells you investors do not trust those sales to turn into rich profits.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 40 / 100
- long-term debt $1.1B (35% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for VVX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $3.3B and EPS reached $1.73, but the bigger story is how violent contract timing can be.
EDGAR shows quarterly revenue up 179% vs. prior year to $3.3B, while annual revenue rose only 3.7% to $4.5B. That is the quiet part loud: one big award can make a quarter look superhuman.
$3.3B
revenue
$1.73
eps
6.5%
operating margin
the number that mattered
$3.3B matters most because it was 73% of the full-year $4.5B revenue base, which shows how lumpy this business can get.
source: EDGAR filing data and company results, 2026
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What could go wrong
the #1 risk is u.s. government contract concentration.
high
u.s. government contract concentration
nearly all of the business ties back to u.s. government and allied government budgets. if appropriations stall, a recompete goes the wrong way, or a program gets pushed out, the revenue base feels it fast.
this exposes nearly all of the $4.5B revenue base to public-sector budgeting and procurement decisions.
high
thin margins on contract execution
a 6.5% operating margin does not leave much room for wage inflation, procurement friction, or badly priced work. this is a business where a small modeling error can become a visible earnings miss.
a 1% margin hit on $4.5B of revenue is roughly $45M less operating income.
med
$1.1B of debt with ordinary economics
the balance sheet grade is B, not distressed, but debt matters more when return on capital is only 4.2%. leverage is manageable until the underlying economics get worse.
$1.1B of long-term debt equals 35% of capital, which reduces flexibility if contracts slip or margins compress.
med
low earnings visibility
earnings predictability is 10/100. in human-speak, the revenue base looks steadier than the profit line. that makes it harder for investors to underwrite a premium multiple with confidence.
if reported earnings keep bouncing around, multiple expansion becomes the hard way to make money.
nearly all revenue depends on government customers, and the business earns only 6.5 cents of operating profit on each $1 of sales. the setup works when execution stays tight. it gets ugly fast when it doesn't.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
operating margin
6.5% is the whole game. if management pushes that higher, the stock starts looking misread. if it slips, the earnings story gets thin in a hurry.
calendar
budget timing and contract recompetes
annual appropriations and award decisions matter because nearly all of the $4.5B revenue base sits inside government spending channels.
trend
segment mix
Mission Solutions is 64.4% of revenue versus 35.6% for IT & Digital. if digital starts gaining share and earning better margins, the valuation conversation changes with it.
risk
earnings consistency
10/100 predictability is low. the market can live with modest growth. it has less patience for profits that refuse to arrive in a straight line.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not have a clean line of sight into smooth quarter-to-quarter earnings.
risk rank
2
that reads safer than 80% of stocks on this system. translation: balance-sheet blowup risk is not the first problem here.
price stability
40 / 100
the stock is tradable, not tranquil. you should expect some headline sensitivity with none of the serenity premium stocks usually get.
source: institutional data
Institutional activity
institutional ownership data for VVX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$66
current price
n/a
target midpoint · n/a from current
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