F

V2X, Inc. — Earnings Quality Grade F

VVX · Industrials

Major red flags

Revenue
$4.5B
2025
Net Income
$78M
2025
Gross Margin
8.3%
Free Cash Flow
$170M
01

Screening Summary

14
Passed
1
Watch
2
Failed
-2.56
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 7 days, change +1 days YoY

!
A2AR vs Revenue Growth

AR growth 11.7% exceeds revenue growth 3.7%

A3Revenue vs CFFO

Revenue 3.7%, CFFO -28.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -9.9% vs COGS 3.2%. Normal

B2CapEx vs Revenue

CapEx growth 1.2% vs revenue 3.7%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 48.0%. Normal

B4Gross Margin

Gross margin 8.3%, change +0.4pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.34. Profits backed by cash

C2Free Cash Flow

FCF $0.2B, FCF/NI = 2.18

C3Accruals Ratio

Accruals ratio = -3.2%. Low accruals

C4Cash vs Debt

Cash $0.4B covers only 34% of debt $1.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.9B = 177% of equity. Over 50%

D2Leverage

Debt/EBITDA = 3.7x. Healthy

D3Soft Asset Growth

Other assets -9.3% vs revenue 3.7%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -3% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.56 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.56
-4.0 Clean-2.22 Grey-1.78 Danger0
1.077
DSRI
AR growing faster than revenue?
0.952
GMI
Gross margin declining?
0.95
AQI
Asset quality deteriorating?
1.037
SGI
Revenue growth rate
0.952
DEPI
Depreciation slowing?
0.94
SGAI
SG&A ratio changing?
-0.0317
TATA
Accruals level
0.991
LVGI
Leverage increasing?
05

Altman Z-Score

1.67
Grey Zone
0 Distress1.102.605.0+ Safe
0.0669
Liquidity
0.1047
Cumulative profit
0.0559
Operating efficiency
0.4939
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25