Recent News
May 4, 2026 — V2X reported first-quarter 2026 results, including $1.25 billion in revenue, adjusted diluted EPS of $1.53 and raised full-year guidance. May 18, 2026 — the company disclosed a modernization contract for aircraft survivability systems and continues to announce program awards that expanded backlog. May 7, 2026 — Vertex Aerospace sold approximately 2.0 million V2X shares in a secondary offering priced at $74.35 per share.
Technical Analysis
Directional indicators show a strong trend environment (ADX 30.87) with downside pressure: DI+ at 23.82 decreasing while DI- at 26.37 increasing signals bearish directional bias that strengthens current downside risk.
MACD sits near zero (MACD 0.05) but is decreasing and remains below its signal line (signal 2.14), indicating declining bullish momentum and a bearish momentum configuration until MACD crosses above the signal line.
MRO reads 24.8 and is decreasing; the positive MRO implies price presently sits above target levels and therefore carries a tendency to pull back toward modeled targets as momentum falls.
RSI at 58.52 and trending down shows waning upside conviction rather than overbought conditions; price retains scope to fall before hitting classic oversold thresholds.
Price relationships reinforce weakened short-term technicals: the close at $71.03 sits below the 12/26-day EMAs (12-day EMA $78.92, 26-day EMA $79.50) and below the 20-day average ($82.69) while remaining above the 200-day average ($65.23), a configuration consistent with a corrective phase inside a longer-term uptrend. The close currently trades beneath the 1x lower Bollinger band ($74.97), indicating price sits outside short-term volatility bands.
Volume shows thinning near-term participation: daily volume (521,561) trails the 10-day average (758,302) but sits above the 200-day average (459,101), implying reduced recent conviction versus the immediate past while longer-term interest persists. Low 42-day beta (0.23) keeps moves muted versus the market.
Fundamental Analysis
Top line: total revenue equals $1,254,128,000. Reported revenue growth stands at 2.91% (overall), while the reported year-over-year figure shows a large negative read in the provided YoY field; the company concurrently disclosed revenue of $1.25B for Q1 in its May release.
Profitability: EBIT equals $42,741,000 and EBITDA $70,850,000, producing an EBIT margin of 3.41%, up 15.29% year-over-year but down 15.73% quarter-over-quarter. Compared with the industry peer mean for EBIT margin (approximately 15.25%), V2X’s margin sits below the industry peer mean and median values.
EPS and earnings quality: Reported adjusted diluted EPS of $1.53 beat the estimate of $1.25 by $0.28, a surprise of about 22.4%, supporting the recent guidance raise reported with first-quarter results.
Cash flow and leverage: operating cash flow totaled negative $124,098,000 and free cash flow totaled negative $132,201,000; free cash flow yield stands at roughly -6.32%. Cash and short-term investments equal $208,666,000 versus net debt of $867,197,000, producing elevated net leverage (debt to EBITDA ~15.2x) and a net-debt position that materially exceeds cash balances.
Balance sheet and working capital: current ratio approximates 1.25 and quick ratio about 1.20, both below the industry peer mean current ratio (~1.61) and peer quick ratio (~2.29). The cash conversion cycle reads negative (~-28.9 days), reflecting fast collections relative to payables.
Valuation metrics: P/E near 43.7x and EV/Revenue around 2.36, with price-to-book about 1.90—P/B sits below the industry peer mean (~3.83). WMDST values the stock as over-valued given the combination of stretched earnings multiple, negative free cash flow yield, and elevated net leverage relative to current earnings power.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-04 |
| NEXT REPORT DATE: | 2026-08-03 |
| CASH FLOW | Begin Period Cash Flow | $ 369.0 M |
| Operating Cash Flow | $ -124.10 M | |
| Capital Expenditures | $ -2.29 M | |
| Change In Working Capital | $ -183.78 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -160.33 M | |
| End Period Cash Flow | $ 208.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 875.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 B | |
| Depreciation | $ 4.0 M | |
| Depreciation and Amortization | $ 28.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 105.8 M | |
| EBITDA | $ 70.8 M | |
| EBIT | $ 42.7 M | |
| Operating Income | $ 44.1 M | |
| Interest Income | $ 1.1 M | |
| Interest Expense | $ 19.2 M | |
| Net Interest Income | $ -18.12 M | |
| Income Before Tax | $ 23.5 M | |
| Tax Provision | $ 4.6 M | |
| Tax Rate | 19.533 % | |
| Net Income | $ 18.9 M | |
| Net Income From Continuing Operations | $ 18.9 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.25 | |
| EPS Actual | $ 1.53 | |
| EPS Difference | $ 0.28 | |
| EPS Surprise | 22.4 % | |
| Forward EPS | $ 1.69 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.2 B | |
| Intangible Assets | $ 1.9 B | |
| Net Tangible Assets | $ -790.47 M | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 208.7 M | |
| Cash | $ 208.7 M | |
| Net Receivables | $ 165.8 M | |
| Inventory | $ 48.7 M | |
| Long-Term Investments | $ 75.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 467.4 M | |
| Short-Term Debt | $ 14.9 M | |
| Total Current Liabilities | $ 933.3 M | |
| Net Debt | $ 867.2 M | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 2.1 B | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ 362.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 35.25 | |
| Shares Outstanding | 31.310 M | |
| Revenue Per-Share | $ 40.05 | |
| VALUATION | Market Capitalization | $ 2.1 B |
| Enterprise Value | $ 3.0 B | |
| Enterprise Multiple | 41.769 | |
| Enterprise Multiple QoQ | 21.222 % | |
| Enterprise Multiple YoY | -4.387 % | |
| Enterprise Multiple IPRWA | high: 139.963 median: 59.13 mean: 49.744 VVX: 41.769 low: -20.211 |
|
| EV/R | 2.36 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.89 | |
| Asset To Liability | 1.529 | |
| Debt To Capital | 0.494 | |
| Debt To Assets | 0.337 | |
| Debt To Assets QoQ | 0.777 % | |
| Debt To Assets YoY | -8.337 % | |
| Debt To Assets IPRWA | high: 1.011 median: 0.444 mean: 0.373 VVX: 0.337 low: 0.007 |
|
| Debt To Equity | 0.975 | |
| Debt To Equity QoQ | -3.71 % | |
| Debt To Equity YoY | -11.579 % | |
| Debt To Equity IPRWA | high: 1.596 median: 1.169 VVX: 0.975 mean: 0.937 low: 0.008 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.896 | |
| Price To Book QoQ | 5.107 % | |
| Price To Book YoY | 25.597 % | |
| Price To Book IPRWA | high: 8.962 median: 4.129 mean: 3.825 VVX: 1.896 low: -2.592 |
|
| Price To Earnings (P/E) | 43.673 | |
| Price To Earnings QoQ | 8.553 % | |
| Price To Earnings YoY | -77.874 % | |
| Price To Earnings IPRWA | high: 187.973 median: 96.611 mean: 83.355 VVX: 43.673 low: -198.669 |
|
| PE/G Ratio | -22.711 | |
| Price To Sales (P/S) | 1.668 | |
| Price To Sales QoQ | 3.914 % | |
| Price To Sales YoY | 8.394 % | |
| Price To Sales IPRWA | high: 18.348 median: 11.502 mean: 9.488 VVX: 1.668 low: 0.393 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 39.395 | |
| Forward PE/G | -20.486 | |
| Forward P/S | 2.39 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -4.561 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.388 | |
| Asset Turnover Ratio QoQ | 2.727 % | |
| Asset Turnover Ratio YoY | 20.815 % | |
| Asset Turnover Ratio IPRWA | high: 0.468 VVX: 0.388 mean: 0.186 median: 0.139 low: 0.011 |
|
| Receivables Turnover | 9.92 | |
| Receivables Turnover Ratio QoQ | -14.561 % | |
| Receivables Turnover Ratio YoY | -12.792 % | |
| Receivables Turnover Ratio IPRWA | VVX: 9.92 high: 3.009 median: 1.582 mean: 1.482 low: 0.465 |
|
| Inventory Turnover | 24.288 | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | VVX: 24.288 high: 4.423 mean: 1.879 median: 0.824 low: 0.087 |
|
| Days Sales Outstanding (DSO) | 9.198 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -28.9 | |
| Cash Conversion Cycle Days QoQ | -20.945 % | |
| Cash Conversion Cycle Days YoY | -17.197 % | |
| Cash Conversion Cycle Days IPRWA | high: 146.656 median: 32.508 mean: 29.824 VVX: -28.9 low: -44.679 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 5.312 | |
| CapEx To Revenue | -0.002 | |
| CapEx To Depreciation | -0.578 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.2 B | |
| Net Invested Capital | $ 2.2 B | |
| Invested Capital | $ 2.2 B | |
| Net Tangible Assets | $ -790.47 M | |
| Net Working Capital | $ 236.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.224 | |
| Current Ratio | 1.253 | |
| Current Ratio QoQ | 3.031 % | |
| Current Ratio YoY | 8.365 % | |
| Current Ratio IPRWA | high: 15.423 mean: 1.611 median: 1.552 VVX: 1.253 low: 0.277 |
|
| Quick Ratio | 1.201 | |
| Quick Ratio QoQ | 2.547 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | high: 9.004 mean: 2.288 median: 1.763 low: 1.33 VVX: 1.201 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 15.185 | |
| Cost Of Debt | 1.423 % | |
| Interest Coverage Ratio | 2.224 | |
| Interest Coverage Ratio QoQ | -6.842 % | |
| Interest Coverage Ratio YoY | 47.782 % | |
| Interest Coverage Ratio IPRWA | high: 17.391 median: 7.905 mean: 7.62 VVX: 2.224 low: -37.084 |
|
| Operating Cash Flow Ratio | -0.133 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.973 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.785 % | |
| Revenue Growth | 2.911 % | |
| Revenue Growth QoQ | -34.036 % | |
| Revenue Growth YoY | -123.763 % | |
| Revenue Growth IPRWA | high: 19.13 % median: 6.339 % mean: 3.345 % VVX: 2.911 % low: -31.437 % |
|
| Earnings Growth | -1.923 % | |
| Earnings Growth QoQ | -113.865 % | |
| Earnings Growth YoY | -97.17 % | |
| Earnings Growth IPRWA | high: 115.385 % VVX: -1.923 % mean: -9.294 % median: -11.005 % low: -162.5 % |
|
| MARGINS | ||
| Gross Margin | 8.438 % | |
| Gross Margin QoQ | -2.1 % | |
| Gross Margin YoY | 9.755 % | |
| Gross Margin IPRWA | high: 88.866 % median: 53.478 % mean: 47.71 % low: 12.423 % VVX: 8.438 % |
|
| EBIT Margin | 3.408 % | |
| EBIT Margin QoQ | -15.727 % | |
| EBIT Margin YoY | 15.291 % | |
| EBIT Margin IPRWA | high: 39.343 % median: 17.678 % mean: 15.25 % VVX: 3.408 % low: -247.525 % |
|
| Return On Sales (ROS) | 3.516 % | |
| Return On Sales QoQ | -16.584 % | |
| Return On Sales YoY | 18.945 % | |
| Return On Sales IPRWA | high: 23.942 % median: 17.448 % mean: 13.384 % VVX: 3.516 % low: -34.487 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -132.20 M | |
| Free Cash Flow Yield | -6.319 % | |
| Free Cash Flow Yield QoQ | -159.658 % | |
| Free Cash Flow Yield YoY | 0.653 % | |
| Free Cash Flow Yield IPRWA | high: 10.25 % median: 0.527 % mean: 0.013 % VVX: -6.319 % low: -7.862 % |
|
| Free Cash Growth | -163.8 % | |
| Free Cash Growth QoQ | -133.252 % | |
| Free Cash Growth YoY | 13.586 % | |
| Free Cash Growth IPRWA | high: 133.946 % median: -64.349 % mean: -84.518 % VVX: -163.8 % low: -506.608 % |
|
| Free Cash To Net Income | -6.986 | |
| Cash Flow Margin | -9.895 % | |
| Cash Flow To Earnings | -6.557 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.585 % | |
| Return On Assets QoQ | -17.021 % | |
| Return On Assets YoY | 128.516 % | |
| Return On Assets IPRWA | high: 4.082 % mean: 1.679 % median: 1.441 % VVX: 0.585 % low: -10.481 % |
|
| Return On Capital Employed (ROCE) | 1.894 % | |
| Return On Equity (ROE) | 0.017 | |
| Return On Equity QoQ | -18.333 % | |
| Return On Equity YoY | 119.029 % | |
| Return On Equity IPRWA | high: 0.186 mean: 0.043 median: 0.038 VVX: 0.017 low: -0.315 |
|
| DuPont ROE | 1.73 % | |
| Return On Invested Capital (ROIC) | 1.578 % | |
| Return On Invested Capital QoQ | -12.138 % | |
| Return On Invested Capital YoY | 40.018 % | |
| Return On Invested Capital IPRWA | high: 5.888 % mean: 2.57 % median: 2.175 % VVX: 1.578 % low: -9.336 % |
|