The merger of Vectrus and Vertex into V2X (VVX) has been a clear success. Investors who bet on the tie-up have been rewarded with 130% returns. But the drivers of those returns — multiple expansion, diversification, deleveraging — have all played out, leaving real concern about a potential catalyst going forward. Recent history suggests that V2X indeed can keep growing the top-line and improving margins, and both M&A and AI could add value.