VVX · V2x, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $4.48B | $4.32B | $3.96B | $2.89B | $1.78B | $1.40B |
| Cost of Revenue | $4.11B | $3.98B | $3.63B | $2.60B | $1.62B | $1.27B |
| Gross Profit | $373.38M | $342.96M | $334.86M | $295.01M | $160.42M | $124.15M |
| R&D | - | - | - | - | - | - |
| SG&A | $179.11M | $183.76M | $210.44M | $239.24M | $98.40M | $80.68M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $16.98M | $20.75M | $22.41M | $13.47M | $6.53M | $4.10M |
| Operating Income | $194.27M | $159.20M | $124.42M | $55.77M | $62.02M | $43.48M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $23.02M | $4.16M | ($1.95M) | $8.22M | $8.31M | $1.73M |
| Net Income | $77.88M | $34.68M | ($22.57M) | ($14.33M) | $45.73M | $36.95M |
| EPS - Basic | $2.47 | $1.10 | ($0.73) | ($0.68) | $3.91 | $3.19 |
| EPS - Diluted | $2.45 | $1.08 | ($0.73) | ($0.68) | $3.86 | $3.14 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $368.99M | $268.32M | $72.65M | $116.07M | $38.51M | $66.95M |
| Accounts Receivable | $738.92M | $710.07M | $706.00M | $728.58M | $348.61M | $314.96M |
| Inventory | $45.85M | $50.89M | $46.98M | - | - | - |
| Accounts Payable | $557.04M | $547.57M | $453.05M | $406.71M | $212.53M | $159.59M |
| Current Assets | $1.24B | $1.10B | $874.87M | $931.93M | $423.34M | $408.39M |
| Total Assets | $3.28B | $3.23B | $3.08B | $3.23B | $889.46M | $843.81M |
| Current Liabilities | $1.02B | $996.22M | $840.20M | $783.13M | $358.25M | $288.41M |
| Long-term Debt | $1.08B | $1.09B | $1.10B | $1.26B | $94.25M | $168.75M |
| Total Liabilities | $2.20B | $2.20B | $2.09B | $2.24B | $539.37M | $538.87M |
| Stockholders' Equity | $1.08B | $1.03B | $990.80M | $997.08M | $350.09M | $304.94M |
| Retained Earnings | $343.42M | $265.54M | $230.85M | $253.42M | $267.75M | $222.03M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $181.99M | $254.24M | $187.97M | $93.50M | $61.34M | $64.08M |
| Investing Cash Flow | ($29.58M) | ($28.65M) | ($22.65M) | $175.96M | ($12.64M) | ($138.03M) |
| Financing Cash Flow | ($51.48M) | ($24.50M) | ($211.02M) | ($193.24M) | ($75.58M) | $105.77M |
| CapEx | $11.92M | $11.79M | $25.02M | $12.43M | $9.78M | $4.50M |
| Free Cash Flow | $170.07M | $242.45M | $162.95M | $81.07M | $51.56M | $59.58M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 8.3% | 7.9% | 8.4% | 10.2% | 9.0% | 8.9% |
| Operating margin | 4.3% | 3.7% | 3.1% | 1.9% | 3.5% | 3.1% |
| EBITDA margin | 4.7% | 4.2% | 3.7% | 2.4% | 3.8% | 3.4% |
| Net margin | 1.7% | 0.8% | -0.6% | -0.5% | 2.6% | 2.6% |
| Free cash flow margin | 3.8% | 5.6% | 4.1% | 2.8% | 2.9% | 4.3% |
| FCF / Net income | 2.18 | 6.99 | -7.22 | -5.66 | 1.13 | 1.61 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 4.0% | 4.3% | 5.3% | 8.3% | 5.5% | 5.8% |
| Effective tax rate | 22.8% | 10.7% | - | - | 15.4% | 4.5% |
| Return on assets | 2.4% | 1.1% | -0.7% | -0.4% | 5.1% | 4.4% |
| Return on equity | 7.2% | 3.4% | -2.3% | -1.4% | 13.1% | 12.1% |
| Return on invested capital | 6.9% | 6.7% | 4.7% | 1.9% | 11.8% | 8.8% |
| Liquidity | ||||||
| Current ratio | 1.22 | 1.10 | 1.04 | 1.19 | 1.18 | 1.42 |
| Quick ratio | 1.17 | 1.05 | 0.99 | 1.19 | 1.18 | 1.42 |
| Cash ratio | 0.36 | 0.27 | 0.09 | 0.15 | 0.11 | 0.23 |
| Leverage | ||||||
| Debt / Equity | 1.00 | 1.06 | 1.11 | 1.27 | 0.27 | 0.55 |
| Debt / Assets | 0.33 | 0.34 | 0.36 | 0.39 | 0.11 | 0.20 |
| Debt / EBITDA | 5.13 | 6.04 | 7.49 | 18.24 | 1.37 | 3.55 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 3.02 | 3.15 | 3.11 | 3.24 | 2.54 | 2.77 |
| Liabilities / Assets | 0.67 | 0.68 | 0.68 | 0.69 | 0.61 | 0.64 |
| Efficiency | ||||||
| Asset turnover | 1.37 | 1.34 | 1.29 | 0.89 | 2.01 | 1.65 |
| Inventory turnover | 89.56 | 78.19 | 77.23 | - | - | - |
| Days sales outstanding | 60d | 60d | 65d | 92d | 71d | 82d |
| Days inventory outstanding | 4d | 5d | 5d | - | - | - |
| Days payable outstanding | 50d | 50d | 46d | 57d | 48d | 46d |
| Cash conversion cycle | 15d | 14d | 24d | - | - | - |
| Valuation | ||||||
| P / E | 22.3x | 44.3x | - | - | - | - |
| P / B | 1.6x | 1.5x | - | - | - | - |
| P / S | 0.4x | 0.4x | - | - | - | - |
| EV / EBITDA | 11.6x | 13.0x | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 3.7% | 9.1% | 37.1% | 62.1% | 27.8% | 0.9% |
| Revenue CAGR (3y) | 15.7% | 34.3% | 41.6% | 27.9% | 14.4% | - |
| Revenue CAGR (5y) | 26.3% | 25.6% | 27.2% | - | - | - |
| Gross profit growth (YoY) | 8.9% | 2.4% | 13.5% | 83.9% | 29.2% | -4.4% |
| Operating income growth (YoY) | 22.0% | 28.0% | 123.1% | -10.1% | 42.7% | -15.8% |
| Net income growth (YoY) | 124.5% | - | -57.5% | - | 23.8% | 6.4% |
| EPS growth (YoY) | 126.9% | - | -7.4% | - | 22.9% | 5.0% |
| EPS CAGR (3y) | - | -34.6% | - | - | 7.6% | -16.1% |
| EPS CAGR (5y) | -4.8% | -18.4% | - | - | 12.3% | 1.9% |
| FCF growth (YoY) | -29.9% | 48.8% | 101.0% | 57.2% | -13.5% | 422.4% |
| FCF CAGR (5y) | 23.3% | 84.3% | 40.2% | 19.6% | 7.5% | 26.9% |
| Book value growth (YoY) | 5.7% | 3.6% | -0.6% | 184.8% | 14.8% | 16.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$4.48B totalUS$2.61B · 58.2%
Middle East$1.35B · 30.2%
Asia$313.02M · 7.0%
Europe$206.44M · 4.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.89
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
9/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Facilities Support Management Services
| Company | Revenue (last FY) | Net margin | ROE |
|---|---|---|---|
| VCIG | - | - | - |
Comparing V2X against the 1 most active filer in the same SIC group.