V2X, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data V2X, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,191	1,115	1,279	1,383	1,396	1,784	2,891	3,963	4,322	4,480
Cost of revenue	1,084	1,013	1,165	1,255	1,271	1,623	2,596	3,628	3,979	4,107
Gross profit	107	102	114	128	124	160	295	335	343	373
Selling, general and administrative	64.1	60.7	66.4	78.3	80.7	98.4	239	210	184	179
Operating income	42.8	41.2	48.1	49.6	43.5	62	55.8	124	159	194
Pre-tax income	37.2	36.6	43	43.2	38.7	54	-6.11	-24.5	38.8	101
Income tax	13.5	-22.9	7.9	10	1.73	8.31	8.22	-1.95	4.16	23
Net income	23.7	59.5	35.1	33.2	37	45.7	-14.3	-22.6	34.7	77.9
EBITDA	44.7	42.9	49.9	53	47.6	68.5	69.2	147	180	211
EPS, basic	2.21	5.40	3.13	2.90	3.19	3.91	-0.68	-0.73	1.10	2.47
EPS, diluted	2.16	5.31	3.08	2.86	3.14	3.86	-0.68	-0.73	1.08	2.45
Shares, basic (weighted)	10.7	11	11.2	11.4	11.6	11.7	21	31.1	31.5	31.6
Shares, diluted (weighted)	11	11.2	11.4	11.6	11.8	11.8	21	31.1	32	31.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	47.7	77.5	66.1	35.3	66.9	38.5	116	72.7	268	369
Receivables	172	175	232	269	315	349	729	706	710	730
Inventory							45	47	50.9	45.9
Other current assets	13.4	6.75	15.1	16.2	8.62	15.1	4.12	7.86	21.6	22.9
Total current assets	244	272	313	321	408	423	932	875	1,102	1,226
Property, plant and equipment	3.06	3.73	13.4	18.8	22.6	23.8	78.7	85.4	62	52.4
Lease right-of-use assets				14.7	18.7	43.7	52.8	41.2	37.4	29.3
Goodwill	217	217	234	262	340	322	1,654	1,657	1,657	1,677
Intangible assets		0.12	8.63	14.9	48.1	66.6	498	408	323	240
Other non-current assets	1.18	2.82	3.25	5.37	6.33	10.4	17.9	15.9	84.4	76.5
Total assets	465	496	572	636	844	889	3,233	3,082	3,229	3,272
Accounts payable	118	116	156	148	160	213	407	453	548	557
Accrued liabilities	17.7	19.2	22.3	37.4	40.7	55	197	214	262	258
Deferred revenue	6.05	7.43	7.13	14.1	13.1	15.7	76.4	110	98.7	109
Short-term debt	15.8	4	4.5	6.5	8.6	10.4	11.9	15.4	20	14.9
Total current liabilities	188	182	225	245	288	358	783	840	996	1,007
Long-term debt	67.8	73.2	69.1	63	169	94.2	1,263	1,100	1,087	1,083
Lease liabilities				9.81	14	34.5	41.1	34.7	33.7	30.4
Other non-current liabilities	2.56	1.46	1.46	20	28.4	20.1	133	104	98	69.1
Total liabilities	348	312	351	378	539	539	2,236	2,091	2,203	2,188
Total debt	83.6	77.2	73.6	69.5	179	105	1,275	1,116	1,107	1,098
Paid-in capital	63.9	67.5	71.7	78.8	82.8	88.1	749	762	770	779
Retained earnings	58	117	153	185	222	268	253	231	266	343
Treasury stock									0	-30.3
Other comprehensive income	-4.58	-1.68	-3.16	-5.08	-0.03	-5.9	-5.53	-2.69	-9.42	-7.91
Shareholders' equity	117	183	220	259	305	350	997	991	1,026	1,085
Total equity	117	183	220	259	305	350	997	991	1,026	1,085
Total liabilities and equity	465	496	572	636	844	889	3,233	3,082	3,229	3,272
Shares outstanding	10.9	11.1	11.3	11.5	11.6	11.7	30.5	31.2	31.6	31.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	23.7	59.5	35.1	33.2	37	45.7	-14.3	-22.6	34.7	77.9
Depreciation and amortization	1.92	1.69	1.8	3.38	4.1	6.53	13.5	22.4	20.7	17
Stock-based compensation	4.65	4.47	4.1	8.26	9.45	8.33	32.7	32.8	16	11.9
Deferred income tax	-2.26	-35.8	0.48	-6.76	-10.6	-5.77	2.19	-7.03	8.21	9.33
Change in receivables	37.8	0.18	-24.6	-21.1	1	-36.4	-52.3	19.1	25.2	-23.5
Change in inventory						-5.23	-3.6	-0.31	-3.98
Change in payables	-3.77	-4.35	30	-11.7	-2.68	57	71.8	43.2	75.3	5.46
Cash from operations	36.6	35.4	40.1	27.6	64.1	61.3	93.5	188	254	182
Capital expenditures	-0.74	-2.34	-10	-16.2	-4.5	-9.78	-12.4	-25	-11.8	-11.9
Acquisitions	0	0	-36.9	-45.1	-134	0.26	194	0	-16.9	-27.5
Cash from investing	-0.05	-2.34	-46.8	-55.8	-138	-12.6	176	-22.6	-28.7	-29.6
Debt issued	0	80	0	0		0	0	250	0	0
Debt repaid	-29	-86	-4	-4.5	-6.5	-8.6	-108	-433	-15.3	-15
Stock issued	2.15	2.03	1.6	3.67	0.06	0.38	0.41	0.03	0.15	0.56
Share buybacks								0	0	-30
Cash from financing	-28.1	-7.13	-3.29	-1.9	106	-75.6	-193	-211	-24.5	-51.5
Exchange rate effect	-0.85	3.87	-1.23	-0.66	1.58	-3.33	1.34	2.29	-5.42	-0.26
Net change in cash	7.66	29.8	-11.3	-30.8	33.4	-30.2	77.6	-43.4	196	101
Free cash flow	35.9	33.1	30	11.4	59.6	51.6	81.1	163	242	170
Interest paid	5.28	5.89	4.97	6.23	3.72	5.8	54.3	117	108	78.3
Income taxes paid	26.1	4.8	11.6	4.51	14.5	9.7	13.4	8.36	8.82	9.63

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $75.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.5%	Gross profit / revenue.
Operating margin	4.2%	Operating income / revenue.
EBITDA margin	4.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.4%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	2.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.9%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
Return on invested capital (ROIC)	8.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	4.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	24.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	22.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	51.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	34.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	45.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	34.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	124.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	16.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	126.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-4.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-28.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	23.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	28.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	23.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	31.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	22.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.32x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.3%	Total debt / total assets.
Liabilities / assets	64.5%	Total liabilities / total assets.
Net debt	$849.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$290.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	58.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$736.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.53x	Revenue / average total assets.
Fixed asset turnover	100.0x	Revenue / average property, plant and equipment.
Inventory turnover	75.9x	Cost of revenue / average inventory.
Days inventory	5 days	365 x average inventory / cost of revenue.
Receivables turnover	5.92x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	22 days	Days inventory + days sales outstanding - days payables.
FCF conversion	142.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$155.33	Revenue / diluted weighted shares.
FCF per share	$4.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.46	Cash from operations / diluted weighted shares.
Book value per share	$36.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$23.50	Tangible book value / shares outstanding.
Cash per share	$6.84	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.37B	Share price x shares outstanding.
Enterprise value	$3.22B	Market cap + total debt - cash - short-term investments.
P/E	25.8x	Market cap / net income. Only when net income is positive.
P/S	0.48x	Market cap / revenue.
P/B	2.09x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	18.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.9x	Market cap / cash from operations, when positive.
EV/Sales	0.66x	Enterprise value / revenue.
EV/EBIT	15.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.5%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).

What was V2X, Inc.'s revenue in fiscal 2025?

V2X, Inc. reported revenue of $4.48B for fiscal 2025, 3.7% higher than the year before.

Was V2X, Inc. profitable in fiscal 2025?

Yes. Net income was $77.9M, a net margin of 1.7%.

How much free cash flow did V2X, Inc. generate in fiscal 2025?

Cash from operations of $182.0M minus capital expenditures of $11.9M left free cash flow of $170.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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