Overview Key strengths Key risks Operations in Norfolk, Va., San Diego, Calif, and throughout the Pacific Northwest provide key access to its primary customer, the U.S. Navy. High customer and program concentration and limited scope of operations. Long term demand supported by robust defense spending and the aging U.S. fleet. Ship repair revenue can be somewhat volatile due to project timing. Solid EBITDA margins. Aggressive financial policy will likely cause leverage to remain elevated. It's maintenance and modernization segment benefits from the U.S. Navy's healthy spending appetite on ship repair and modernization. The company was recently awarded work on the USS Kidd, and the U.S. Navy intends to award VMG similar contracts on the USS Gridley and USS Sampson in
