V2X Holdings (VVX) reported a backlog of nearly $13 billion at the Jefferies Global Industrials Conference on September 10, 2026, giving the defense services contractor more than two years of revenue visibility.
President and CEO Jeremy Wensinger said the company generated approximately $4.9 billion in revenue and posted new awards of $1 billion in Q2 2025. The trailing twelve-month book-to-bill ratio was "well above 1.0x," he said.
V2X serves multiple U.S. government agencies, including the Department of Defense, NASA, the FBI and the DEA. Its contract mix runs roughly 60% cost-plus with the remainder fixed-price, and average contract durations span five to seven years.
"We push our customers all the time to convert our stuff to fixed price. We love fixed price. We do exceptionally well on fixed price work," Wensinger said.
The company targets leverage of 2.0x or below by end of 2025. Wensinger described cash flow conversion as "very strong" and "very predictable," with revenue visibility "very good." On margins, he called improvement a "slow boil."
V2X has been working to accelerate its proposal pipeline, reporting a 50% increase in bid velocity during 2024 and targeting further 30% growth in 2025. The firm operates a million-square-foot engineering facility in Indianapolis, a proposal support center of excellence in Orlando, and maintains a workforce of approximately 16,000.
In product development, Wensinger pointed to the Tempest counter-unmanned aircraft system (CUAS). "We took something that was on the back of a napkin, moved it into theater in six-ish months and achieved a 97% kill rate," he said.
V2X is collaborating with Google and IBM on digital twin and predictive maintenance initiatives. The company completed a small acquisition last year of QinetiQ's intelligence business to gain access to specific intelligence-community contract vehicles.
Wensinger, who marked his two-year anniversary as CEO in August, noted the enduring nature of the company's mission sets. "They have long legs to them. They're enduring," he said regarding V2X's core programs.
