V2X

VVX

Aerospace & Defense · Industrials

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jul 3, 2026

How the score breaks down

Quality

Weak

Growth

Exceptional

Cash Flow

Strong

Stability

Good

Valuation

Strong

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Winston Score History

The full picture

V2X, Inc. is a defense services company that helps the U.S. military keep its equipment running and its bases operating. It provides logistics, maintenance, training, and base support services — things like fixing aircraft, managing supply chains, and running facilities on military installations. The company's main customer is the U.S. Department of Defense, and it was formed in 2022 when Vectrus merged with Vertex Aerospace.

V2X earns revenue through long-term government contracts, which provide relatively steady cash flow but thin profit margins — its gross margin sits around 8.5%. The company operates across the U.S., Middle East, Europe, and the Indo-Pacific, supporting missions in over 50 countries. Its competitive position depends heavily on maintaining security clearances, past performance ratings, and deep relationships with military customers, which are hard for new competitors to replicate quickly. The biggest risk is contract concentration — losing or failing to renew a few large government contracts could meaningfully hurt revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+15.5% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

2.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$227M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

V2X is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

8.7%

Thin — 8.7% gross margin

Profit after running costs

Operating Margin

4.3%

Thin — 4.3% operating margin

Return on the money invested

ROCE

9.3%

Below par — 9.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+13.0%

Fast-growing sales (+13.0% YoY)

Profit growth

EPS YoY

+30.8%

Earnings growing fast (+30.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

153%

Turns 153% of profit into real cash

Spare cash per sale

FCF Margin

2.7%

Thin free cash flow (2.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.94

Moderate — manageable debt (0.94)

Covers its interest

Interest Cover

2.54x

Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

26.9x

no trend

Growth-priced — P/E 26.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+15.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.9 → 11.4)

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Dividends

Not applicable for this business.

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