Filing Flows › V2X (VVX) › Takeover & LBO
Is V2X (VVX) a takeover target?
A leveraged buyout at today's price plus 30% ($99.07 a share) would return about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $72.02 a share (−6% against today's $76.21). Historically 6.9% of companies with its figures were bought within a year (1.38× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $99.07 | today's $76.21 plus 30% |
| × shares | 31.6 million | |
| = Equity value | $3.1B | |
| + Debt refinanced | $1.1B | |
| − Cash | $265M | |
| = Enterprise value | $3.9B | 12.4× EBITDA of $317M |
| Fees | $78.3M | 2% of the price |
| New debt | $1.7B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $2.3B | 56% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $5.4B | $342M | $133M | $139M | $1.6B |
| Year 2 | $5.8B | $365M | $123M | $170M | $1.4B |
| Year 3 | $6.1B | $385M | $110M | $201M | $1.2B |
| Year 4 | $6.3B | $402M | $94.2M | $233M | $998M |
| Year 5 | $6.5B | $414M | $76.4M | $264M | $735M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $4.2B | |
| − Debt left | $735M | |
| = Buyer's equity | $3.4B | |
| Money multiple | 1.53× | on $2.3B put in |
| Buyer's yearly return (IRR) | 8.8% |
Price against return
What the buyer makes at other premiums over today's $76.21; the IRR reaches 20% at $72.02 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $83.83 | 14.3% |
| 20% | $91.45 | 11.4% |
| 30% | $99.07 | 8.8% |
| 40% | $106.69 | 6.6% |
| 50% | $114.31 | 4.6% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $5.0B | |
| EBITDA, last 12 months | $317M | 6.3% of revenue |
| Depreciation and amortization | $108M | |
| Capital spending | $9.0M | |
| Debt | $1.1B | |
| Cash | $265M | |
| Share price | $76.21 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 22% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, V2X would cost about $106.69 a share, $3.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $87.41 | $2.8B |
| Median | 40% | $106.69 | $3.4B |
| High end (a quarter paid more) | 60.2% | $122.09 | $3.9B |
The odds, from history
Historically 6.9% of companies with its figures were bought within a year (1.38× the average). Its figures put it in decile 9 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
V2X's latest quarter
V2X, Q3 2026: revenue $1.3B (+9% year over year), operating margin 4.7%, net earnings $32.0M, operating cash flow $67.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is V2X being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy V2X?
A leveraged buyout at today's price plus 30% ($99.07 a share) would return about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $72.02 a share (−6% against today's $76.21).
What would a takeover of V2X cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, V2X would cost about $106.69 a share, $3.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.