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Consulting services · Industrials · Fiscal year ends Dec 31
V2X reported revenue of $4.5B in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $194M, an operating margin of 4.3%, and net income was $78M. Operating cash flow of $182M less capital expenditure of $12M left free cash flow of $170M. Net debt was $729M.
Ranks among the 10 consulting services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,784 | 2,891 | 3,963 | 4,322 | 4,480 |
| Cost of revenue | 1,623 | 2,596 | 3,628 | 3,979 | 4,107 |
| Gross profit | 160 | 295 | 335 | 343 | 373 |
| Selling, general & admin | 98.4 | 239 | 210 | 184 | 179 |
| Operating income | 62.0 | 55.8 | 124 | 159 | 194 |
| Pre-tax income | 54.0 | −6.1 | −24.5 | 38.8 | 101 |
| Income tax | 8.3 | 8.2 | −1.9 | 4.2 | 23.0 |
| Net income | 45.7 | −14.3 | −22.6 | 34.7 | 77.9 |
| Diluted EPS | 3.86 | −0.68 | −0.73 | 1.08 | 2.45 |
| Diluted shares | 11.8 | 21.0 | 31.1 | 32.0 | 31.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 38.5 | 116 | 72.7 | 268 | 369 |
| Receivables | 349 | 729 | 706 | 710 | 730 |
| Inventory | – | 45.0 | 47.0 | 50.9 | 45.9 |
| Current assets | 423 | 932 | 875 | 1,102 | 1,226 |
| Net PP&E | 23.8 | 78.7 | 85.4 | 62.0 | 52.4 |
| Goodwill | 322 | 1,654 | 1,657 | 1,657 | 1,677 |
| Total assets | 889 | 3,233 | 3,082 | 3,229 | 3,272 |
| Payables | 213 | 407 | 453 | 548 | 557 |
| Deferred revenue | 15.7 | 76.4 | 110 | 98.7 | 109 |
| Current liabilities | 358 | 783 | 840 | 996 | 1,007 |
| Short-term debt | 10.4 | 11.9 | 15.4 | 20.0 | 14.9 |
| Long-term debt | 94.2 | 1,263 | 1,100 | 1,087 | 1,083 |
| Total liabilities | 539 | 2,236 | 2,091 | 2,203 | 2,188 |
| Shareholders' equity | 350 | 997 | 991 | 1,026 | 1,085 |
| Backlog (remaining obligations) | 1,398 | 2,997 | 3,629 | 3,483 | 3,375 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 61.3 | 93.5 | 188 | 254 | 182 |
| Capital expenditure | 9.8 | 12.4 | 25.0 | 11.8 | 11.9 |
| Free cash flow | 51.6 | 81.1 | 163 | 242 | 170 |
| Depreciation & amortisation | 6.5 | 13.5 | 22.4 | 20.7 | 17.0 |
| Stock-based compensation | 8.3 | 32.7 | 32.8 | 16.0 | 11.9 |
| Acquisitions | −0.3 | −194 | 0.0 | 16.9 | 27.5 |
| Share buybacks | – | – | 0.0 | 0.0 | 30.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 62.1% | 37.1% | 9.1% | 3.7% |
| Operating income growth (YoY) | – | −10.1% | 123.1% | 28.0% | 22.0% |
| EPS growth (YoY) | – | −117.6% | – | – | 126.9% |
| Gross margin | 9.0% | 10.2% | 8.4% | 7.9% | 8.3% |
| Operating margin | 3.5% | 1.9% | 3.1% | 3.7% | 4.3% |
| Net margin | 2.6% | −0.5% | −0.6% | 0.8% | 1.7% |
| Return on equityBlank when equity is negative | 13.1% | −1.4% | −2.3% | 3.4% | 7.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.7% | 2.3% | 5.6% | 7.1% | 8.6% |
| Free cash flow margin | 2.9% | 2.8% | 4.1% | 5.6% | 3.8% |
| Cash conversion (CFO ÷ net income) | 1.34x | −6.52x | −8.33x | 7.33x | 2.34x |
| Receivable days | 71 | 92 | 65 | 60 | 59 |
| Inventory days | – | 6 | 5 | 5 | 4 |
| Payable days | 48 | 57 | 46 | 50 | 50 |
| Debt ÷ equity | 0.30x | 1.28x | 1.13x | 1.08x | 1.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 66.1 | 1,159 | 1,043 | 839 | 729 |
| Current ratio | 1.18x | 1.19x | 1.04x | 1.11x | 1.22x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.