V2X, Inc. VVX
V2X, Inc. (V2X or the Company) is a leading provider of critical mission solutions primarily to defense customers in 349 locations and 49 countries and territories worldwide. V2X enables its customers' most important missions by delivering end-to-end capabilities at scale across the world. This provides us with the expertise and ability to act as a trusted partner to bring differentiated integrated solutions that define mission success. As of December 31, 2025, we had approximately 16,200 employees and 7,300 subcontract personnel. The Company operates as one segment and offers a broad suite of capabilities including multi-domain high impact readiness, integrated supply chain management, assured communications, mission solutions, and platform renewal and modernization to national security, defense, civilian and international customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.48B | $4.32B | $3.96B | $2.89B | $1.78B | $1.40B | $1.38B | $1.28B | $1.11B | $1.19B |
| Cost of revenue | $4.11B | $3.98B | $3.63B | $2.60B | $1.62B | $1.27B | $1.25B | $1.16B | $1.01B | $1.08B |
| Gross profit | $373.4M | $343.0M | $334.9M | $295.0M | $160.4M | $124.2M | $128.0M | $114.4M | $101.9M | $106.9M |
| SG&A | $179.1M | $183.8M | $210.4M | $239.2M | $98.4M | $80.7M | $78.3M | $66.4M | $60.7M | $64.1M |
| Operating income | $194.3M | $159.2M | $124.4M | $55.8M | $62.0M | $43.5M | $49.6M | $48.1M | $41.2M | $42.8M |
| Pre-tax income | $100.9M | $38.8M | -$24.5M | -$6.1M | $54.0M | $38.7M | $43.2M | $43.0M | $36.6M | $37.2M |
| Income tax | $23.0M | $4.2M | $1.9M | $8.2M | $8.3M | $1.7M | $10.0M | $7.9M | $22.9M | $13.5M |
| Net income | $77.9M | $34.7M | -$22.6M | -$14.3M | $45.7M | $37.0M | $33.2M | $35.1M | $59.5M | $23.7M |
| EPS, basic | 2.47 | 1.10 | -0.73 | -0.68 | 3.91 | 3.19 | 2.90 | 3.13 | 5.40 | 2.21 |
| EPS, diluted | 2.45 | 1.08 | -0.73 | -0.68 | 3.86 | 3.14 | 2.86 | 3.08 | 5.31 | 2.16 |
| Shares, diluted (wtd. avg.) | $31.8M | $32.0M | $31.1M | $21.0M | $11.8M | $11.8M | $11.6M | $11.4M | $11.2M | $11.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $369.0M | $268.3M | $72.7M | $116.1M | $38.5M | $68.7M | $35.3M | $66.1M | $77.5M | $47.7M |
| Receivables | $738.9M | $710.1M | $706.0M | $728.6M | $348.6M | $315.0M | $269.1M | $232.1M | $175.0M | $172.1M |
| Inventory | $45.9M | $50.9M | $47.0M | $45.0M | — | — | — | — | — | — |
| Total current assets | $1.24B | $1.10B | $874.9M | $931.9M | $423.3M | $408.4M | $320.6M | $313.3M | $271.9M | $244.1M |
| Property, plant and equipment | $52.4M | $62.0M | $85.4M | $78.7M | $23.8M | $22.6M | $18.8M | $13.4M | $3.7M | $3.1M |
| Goodwill | $1.68B | $1.66B | $1.66B | $1.65B | $321.7M | $339.7M | $262.0M | $233.6M | $216.9M | $216.9M |
| Other intangibles | $239.8M | $323.1M | $407.5M | $498.0M | $66.6M | $48.1M | $14.9M | $8.6M | $121.0K | — |
| Total assets | $3.28B | $3.23B | $3.08B | $3.23B | $889.5M | $843.8M | $636.4M | $572.2M | $495.6M | $465.3M |
| Accounts payable | $557.0M | $547.6M | $453.1M | $406.7M | $212.5M | $159.6M | $148.0M | $156.4M | $115.9M | $118.1M |
| Short-term debt | $14.9M | $20.0M | $15.4M | $11.8M | $10.4M | $8.6M | $6.5M | $4.5M | $4.0M | $15.8M |
| Total current liabilities | $1.02B | $996.2M | $840.2M | $783.1M | $358.2M | $288.4M | $245.1M | $225.0M | $182.2M | $187.8M |
| Long-term debt | $1.08B | $1.09B | $1.10B | $1.26B | $94.2M | $168.8M | $63.0M | $69.1M | $73.2M | $67.8M |
| Total liabilities | $2.20B | $2.20B | $2.09B | $2.24B | $539.4M | $538.9M | $377.5M | $350.9M | $312.2M | $347.9M |
| Retained earnings | $343.4M | $265.5M | $230.9M | $253.4M | $267.8M | $222.0M | $185.1M | $152.6M | $117.4M | $58.0M |
| Total equity | $1.08B | $1.03B | $990.8M | $997.1M | $350.1M | $304.9M | $258.9M | $220.3M | $182.6M | $117.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $182.0M | $254.2M | $188.0M | $93.5M | $61.3M | $64.1M | $27.6M | $40.1M | $35.4M | $36.6M |
| Depreciation and amortisation | $17.0M | $20.7M | $22.4M | $13.5M | $6.5M | $4.1M | $3.4M | $1.8M | $1.7M | $1.9M |
| Stock-based compensation | $11.9M | $16.0M | $32.8M | $32.7M | $8.3M | $9.4M | $8.3M | $4.1M | $4.5M | $4.6M |
| Capital expenditure | $11.9M | $11.8M | $25.0M | $12.4M | $9.8M | $4.5M | $16.2M | $10.0M | $2.3M | $741.0K |
| Investing cash flow | -$29.6M | -$28.6M | -$22.6M | $176.0M | -$12.6M | -$138.0M | -$55.8M | -$46.8M | -$2.3M | -$52.0K |
| Financing cash flow | -$51.5M | -$24.5M | -$211.0M | -$193.2M | -$75.6M | $105.8M | -$1.9M | -$3.3M | -$7.1M | -$28.1M |
| Buybacks | $30.0M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001601548-26-000015.
Others in SIC 8744
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| VCIG | VCI Global Ltd | — | — | — |
| SPPL | SIMPPLE LTD. | — | — | 66.3% |