Leonardo DRS vs V2X
V2X reported revenue of $4.5 billion in fiscal 2025, 1.2 times Leonardo DRS's $3.6 billion in fiscal 2025. Leonardo DRS's revenue grew 12.8% in its latest year, and V2X's grew 3.6%. Leonardo DRS had an operating margin of 9.5%, against 4.3% at V2X. Free cash flow was $227 million at Leonardo DRS and $170 million at V2X.
Side by side
| Leonardo DRS | V2X | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $3.6B | $4.5B |
| Revenue growth | 12.8% | 3.6% |
| Revenue growth a year, last 5 years | 5.6% | 26.3% |
| Gross margin | 23.8% | 8.3% |
| Operating margin | 9.5% | 4.3% |
| Net margin | 7.6% | 1.7% |
| Free cash flow | $227M | $170M |
| Free cash flow margin | 6.2% | 3.8% |
| Return on capital | 11.6% | 8.2% |
| Net debt to EBITDA | −0.4x | 2.4x |
| Dividends and buybacks | $35M | $30M |
| Change in diluted share count | 0.4% | −0.5% |
| Last close | $34.04 | $76.14 |
| P/E at the last close | 25.0× | 24.2× |
| Insider trades, last 12 months | bought $1.1 million, sold $9.7 million | sold $364.1 million |
| Piotroski F-score | 7 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Leonardo DRSV2X
Operating margin
Percent of revenue
Leonardo DRSV2X
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Leonardo DRSV2X
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Leonardo DRS and V2X pages.