# V2X, Inc. (VVX)

> Source: Nexqual · https://nexqual.com/VVX · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, V2X, Inc. (VVX), nexqual.com/VVX" · informational, not investment advice.

**Price:** USD 80.52 (+4.02% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 77.41 · day 77.32–81.08 · 52w 50.89–93.98 · market cap $2.52B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $4.90B, net income $91.8M (1.9% margin), free cash flow $130M (SEC filings).
- Valuation: P/E 27.5x (avg 33.2x at the last 2 fiscal year-ends), EV/EBITDA 15.2x, net debt $850M.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $694K; 2 not under a Rule 10b5-1 plan ($694K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.58 on a 1–5 scale) (12 analysts), mean target USD 88.91 (range 67–102).
- Total return with dividends: 1Y +41.2% vs S&P 500 +14.4%; 5Y +66.3% vs S&P 500 +79.1%.
- Next earnings: 2026-11-02, EPS estimate USD 1.49, revenue estimate $1.22B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.78B | $2.89B | $3.96B | $4.32B | $4.48B | $4.90B |
| Gross profit | $160M | $295M | $335M | $343M | $373M | — |
| Operating income | $62.0M | $55.8M | $124M | $159M | $194M | $205M |
| Net income | $45.7M | -$14.3M | -$22.6M | $34.7M | $77.9M | $91.8M |
| EPS (diluted) | $3.86 | -$0.68 | -$0.73 | $1.08 | $2.45 | — |
| Free cash flow | $51.6M | $81.1M | $163M | $242M | $170M | $130M |
| Gross margin | 9.0% | 10.2% | 8.4% | 7.9% | 8.3% | — |
| Operating margin | 3.5% | 1.9% | 3.1% | 3.7% | 4.3% | 4.2% |
| Net margin | 2.6% | -0.5% | -0.6% | 0.8% | 1.7% | 1.9% |
| Revenue growth | +27.8% | +62.1% | +37.1% | +9.1% | +3.7% | — |
| Cash + short-term investments | $38.5M | $116M | $72.7M | $268M | $369M | — |
| Total debt | $105M | $1.27B | $1.12B | $1.11B | $1.10B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 27.5x · P/S 0.5x · EV/EBITDA 15.2x · EV/Sales 0.7x · P/FCF 19.3x · P/B 2.2x · FCF yield 5.17% · Earnings yield 3.64% · Net debt $850M · EV $3.37B
P/E at fiscal year-ends: Dec 2025 22.3x, Dec 2024 44.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Nance Jeremy John | SVP and General Counsel | 3,500 | $287K | 20.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-11 | Parker Melvin | Director | 5,000 | $407K | 19.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.58 on a 1–5 scale), 12 analysts; mean target USD 88.91 (low 67, high 102).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-28 | RBC Capital | Target lowered | Sector Perform | $88 → $81 |
| 2026-08-04 | Truist Securities | Target raised | Hold | $70 → $85 |
| 2026-08-04 | Morgan Stanley | Target raised | Equal-Weight | $80 → $90 |
| 2026-08-04 | Baird | Downgrade | Outperform → Neutral | $94 |
| 2026-07-28 | Citizens | Target raised | Market Outperform | $90 → $102 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +41.2% | +66.3% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | +41.4% | +10.7% |
| Volatility (annualized) | 40.4% | 41.3% |
| Max drawdown | -25.0% (Jun 2026→Oct 2026) | -41.9% (Nov 2021→Jul 2022) |

## Peers (Aerospace & Defense)
SARO (StandardAero, Inc.) USD 23.79 +7.11% · KTOS (Kratos Defense & Security Solut) USD 43.59 +5.88% · CAE (CAE Inc) USD 26.27 +1.98% · DRS (Leonardo DRS, Inc.) USD 39.64 +11.66% · HII (Huntington Ingalls Industries, ) USD 316.21 +13.23% · MOG-B (Moog Inc.) USD 350.17 -0.00%

## More
Full page: https://nexqual.com/VVX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $797.5M | 63.5% | +26.1% |
| Middle East | $324.6M | 25.8% | +1.3% |
| Asia | $86.6M | 6.9% | +12.7% |
| Europe | $48.0M | 3.8% | -1.7% |
| Total revenue | $1.26B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.49 | $1.51 | -1.1% | $1.22B | 11 |
| Next quarter (ends 2026-12-31) | $1.59 | $1.62 | -2.0% | $1.25B | 11 |
| Current fiscal year (ends 2026-12-31) | $6.23 | $6.09 | +2.1% | $4.98B | 12 |
| Next fiscal year (ends 2027-12-31) | $6.94 | $6.77 | +2.5% | $5.24B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±11.4%; last 8 reports averaged ±8.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 56.4% | ±11.4% |
| 2026-12-18 | 50 | 49.9% | ±14.8% |
| 2027-02-19 | 113 | 46.9% | ±20.6% |
| 2027-05-21 | 204 | 46.3% | ±27.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 3, 2026 | Quarter ended Jun 30, 2026 | $1.64 | $1.44 | Beat +13.9% | -12.7% |
| May 4, 2026 | Quarter ended Mar 31, 2026 | $1.53 | $1.25 | Beat +22.4% | +12.9% |
| Feb 23, 2026 | Quarter ended Dec 31, 2025 | $1.56 | $1.34 | Beat +16.4% | +2.1% |
| Nov 3, 2025 | Quarter ended Sep 30, 2025 | $1.37 | $1.21 | Beat +13.2% | +0.0% |
| Aug 4, 2025 | — | — | — | — | +18.0% |
| May 5, 2025 | — | — | — | — | -3.1% |
| Feb 24, 2025 | — | — | — | — | +15.7% |
| Nov 4, 2024 | — | — | — | — | +2.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 15.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1601548/000201238326003858/0002012383-26-003858-index.htm |
| 2026-08-10 | 8-K | Director or executive officer change, or pay arrangement — “Resignation of L. Roger Mason, Jr. as Chief Growth Officer On August 7, 2026, Dr. L. Roger Mason, Jr. resigned from his position as: (i) Senior Vice President and Chief Growth Officer of V2X, Inc. (the "Company") and (ii) all positions held for each direct and indirect subsidiary of the Company, each effective immediately, to serve as the Director of the National Reconnaissance Office of the U.S. Department of War. In anticipation of Dr. Mason's resignation and in recognition for his contributions to the Company…” | https://www.sec.gov/Archives/edgar/data/1601548/000162828026055284/0001628280-26-055284-index.htm |
| 2026-08-06 | Schedule 13G/A | BlackRock, Inc.: 12.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1601548/000201238326003232/0002012383-26-003232-index.htm |
| 2026-08-06 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 14.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1601548/000031506626002177/0000315066-26-002177-index.htm |
| 2026-08-03 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1601548/000160154826000039/0001601548-26-000039-index.htm |
| 2026-08-03 | 10-Q | Quarterly report · period ended Jul 3, 2026 | https://www.sec.gov/Archives/edgar/data/1601548/000160154826000038/0001601548-26-000038-index.htm |
| 2026-07-14 | Schedule 13G | Dimensional Fund Advisors LP: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1601548/000035420426000814/0000354204-26-000814-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.