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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.
Operating margin is thin at 4.34%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.7%, steady but not accelerating. Free cash flow declined 30% despite revenue growth, conversion is weakening.
Free cash flow declined 30% versus the prior year, cash generation momentum has weakened. Net debt of $770M represents 4.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$4.72B
▲ +3.7% YoY
Net Income (TTM)
$89M
▲ +124.5% YoY
Op. Margin
4.32%
▲ +0.7pp YoY
ROIC
8.09%
▲ +0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$136M
▼ -29.9% YoY
Op. Cash Flow (TTM)
$148M
▼ -28.4% YoY
Net Debt
$867M
Cash & Equiv.
$209M
5Y CAGR: +26.3%
5Y CAGR: +23.3%
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