This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
V2X is a major U.S. defense contractor whose business is fundamentally oriented toward military applications. According to SIPRI data for 2024, the company generated an estimated $3.76 billion in arms revenue, constituting approximately 87% of its total revenue of $4.32 billion. This revenue is derived from specialized services and solutions sold almost exclusively to military customers.
The company’s operations are centered on providing integrated mission solutions across the defense lifecycle, including logistics, sustainment, and modernization of military systems. Recent contract awards underscore this focus: in December 2025, V2X secured a $72 million contract to provide engineering services for a key battlefield communications system, and in February 2026, it won a prime position on the Pentagon’s $25 billion Advanced Technology Services and Platforms program aimed at modernizing defense systems and accelerating AI integration. These are not sales of incidental, dual-use goods but purpose-built services for warfare and military operations.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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