AMTM vs VVX: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AMTM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMTM and VVX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMTM and VVX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Amentum Holdings provides engineering, technology and mission support services to government customers, mostly in the United States. Its work spans nuclear operations and environmental remediation for the Department of Energy, space and science support for NASA, logistics, base operations and aviation sustainment for the Department of Defense, plus cyber, intelligence and critical digital infrastructure programs. The company reports in two segments, Digital Solutions and Global Engineering Solutions, and its revenue is overwhelmingly services and labor rather than manufactured hardware, which is a very different economic model from a traditional defense prime.

Full AMTM guide

V2X, Inc. is a mission-solutions contractor formed by the 2022 merger of Vectrus and Vertex Aerospace, headquartered in McLean, Virginia. It operates across roughly 300-plus locations in dozens of countries, delivering four broad capability sets: operations and logistics (base operating support, supply chain, facilities, and equipment maintenance), aerospace (aircraft maintenance, modification, and fleet sustainment), training (pilot and operator training programs such as the Air Force T-6 and C-12 fleets), and technology (communications, electronic security, digital integration, and more recently AI tools embedded in service delivery). Nearly all of its revenue comes from U.S. federal customers, primarily the Army, Air Force, Navy, and national security agencies, with a growing slice from foreign military customers.

Full VVX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMTM drivers: A record backlog that front loads visibility; Deleveraging as the main value lever.
• VVX drivers: Backlog-covered revenue visibility; Program ramps in training and aerospace.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Amentum is a government services contractor, so budget outcomes, continuing resolutions, shutdowns and shifting agency priorities flow almost directly into revenue. For VVX, contract concentration is the central risk: the LOGCAP V Kuwait task order alone was around 10% of revenue in 2024, and its scope reduction cuts related revenue from about $180 million in the first half of 2026 to roughly $20 million to $30 million in the second half.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMTM if you believe its drivers more; VVX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMTM and VVX guides.

AMTM. Amentum trades at a low single digit multiple of revenue that is typical for labor based federal services rather than the richer multiples defense hardware primes command, because margins are structurally thin. The gap between the ~$8.9 billion enterprise value and the ~$5.4 billion market cap is the leverage story in one number. The company pays no dividend, and fiscal third quarter results covering the period ended July 3, 2026 were scheduled for August 11, 2026, with consensus near $0.61 adjusted EPS on about $3.57 billion of revenue.

VVX. V2X trades at roughly 30x trailing GAAP earnings but closer to the mid-teens on forward adjusted earnings, a gap driven mainly by amortization of intangibles from the Vertex merger. The stock roughly doubled off its 52-week low near $47 to the high $80s over the past year, so much of the deleveraging and margin-recovery story is already reflected in the price. Adjusted EBITDA of roughly $347.5 million to $362.5 million on nearly $5 billion of revenue is the reminder that this is a scale-and-execution business, not a high-margin one.

Headline figures (approximate, August 2026): AMTM shows revenue (fy2026 guidance) ~$13.95B to ~$14.3B, backlog (fiscal q2 2026) ~$47.8B, book to bill ~1.2x, adjusted ebitda (trailing twelve months) ~$1.11B, market capitalization ~$5.4B to ~$5.8B (shares ~$23); VVX shows revenue (ttm) ~$4.9B, q2 2026 revenue ~$1.26B (+17% YoY), total backlog ~$12.7B, 2026 revenue guidance ~$4.875B to $5.025B.

AMTM and VVX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMTM and VVX exposure against your real portfolio. It is not an investment adviser.