V2X (VVX) – A Solid End to 2023

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Wednesday, March 06, 2024

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Solid 2023. The transformation of V2X continued in 2023. The Company has emerged as a leader in the operational segment of the broader federal services marketplace. V2X is advancing how missions are operated by leveraging converged and engineered solutions, at the intersection of technology and operations. This includes modernization and sustainment support that elongates platform life cycles while enhancing capabilities.

4Q23 Results. Record revenue of $1.04 billion was up 6.4% y-o-y, and above our $1.01 billion forecast. Adjusted EBITDA came in at $82.1 million versus $82.3 million in 4Q22 and our $75 million estimate. Adjusted diluted EPS was $1.22 compared to $0.97 last year and our $0.97 estimate.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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