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Friday 6 November 2026
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VSE Corporation
VSEC Industrials Aerospace & Defense
VSE Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 41.5% from fiscal 2024.
- Revenue
- +65.0%
- EPS
- +513.3%
- Free cash flow
- +217.0%
- Total debt
- +149.8%
Quarter to June 2026, against a year earlier
173.54
8.83
+5.36%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
16.03 | 13.75 | 9.32 | 11.32 | 0.00 | 95.22 | 21.18 | 22.91 | 115.98 | 338.76 |
Piotroski F-Score |
4 | 7 | 5 | 3 | 5 | 3 | 6 | 4 | 5 | 7 |
P/S ratio |
0.62 | 0.70 | 0.47 | 0.55 | 0.64 | 1.59 | 0.89 | 1.04 | 2.16 | 3.28 |
Altman Z-Score |
2.61 | 3.28 | 2.99 | 2.47 | 2.42 | 2.30 | 2.38 | 2.10 | 2.69 | 5.07 |
Altman Z″-Score (non-manufacturers) |
3.41 | 4.29 | 5.03 | 4.04 | 4.18 | 4.05 | 4.49 | 4.43 | 4.85 | 5.62 |
P/FCF ratio |
10.53 | 11.29 | 20.51 | 49.81 | 12.41 | 0.00 | 0.00 | 0.00 | 0.00 | 639.72 |
Beneish M-Score |
(2.40) | (2.37) | (2.48) | (2.31) | (3.06) | (0.75) | (2.78) | (2.16) | (2.05) | (1.96) |
P/Operating CF |
22.85 | 49.05 | 21.08 | 751.07 | 807.41 | 59.19 | 48.59 | 32.04 | 30.71 | 97.02 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 44 |
P/B ratio |
1.68 | 1.83 | 0.99 | 1.15 | 1.19 | 1.83 | 1.32 | 1.45 | 1.72 | 2.54 |
Price to Tangible BV |
0.00 | 0.00 | 9.33 | 0.00 | 29.10 | 12.68 | 4.09 | 5.94 | 4.69 | 7.28 |
EV/Sales |
0.96 | 0.96 | 0.72 | 0.91 | 1.02 | 2.18 | 1.32 | 1.53 | 2.67 | 3.48 |
EV/EBITDA |
8.58 | 9.07 | 6.35 | 7.87 | 17.75 | 45.81 | 11.13 | 17.53 | 23.65 | 29.59 |
EV/Operating CF |
14.11 | 14.43 | 26.76 | 38.13 | 18.89 | (59.59) | 109.49 | (60.32) | (67.69) | 143.60 |
EV/FCF |
16.32 | 15.35 | 31.82 | 81.99 | 19.74 | (37.39) | (278.88) | (32.52) | (40.61) | 678.86 |
Quick Ratio |
0.68 | 0.87 | 0.97 | 0.72 | 0.56 | 0.61 | 0.40 | 0.47 | 0.63 | 1.10 |
Current Ratio |
1.74 | 2.18 | 2.68 | 2.16 | 2.55 | 2.58 | 2.44 | 2.70 | 3.23 | 3.76 |
Net Debt/EBITDA |
3.04 | 2.40 | 2.26 | 3.09 | 6.59 | 12.41 | 3.61 | 5.61 | 4.51 | 1.71 |
Debt/Assets |
35.75% | 30.71% | 28.10% | 31.92% | 32.19% | 30.98% | 28.64% | 31.80% | 24.69% | 14.43% |
Debt/Equity |
0.93 | 0.66 | 0.55 | 0.74 | 0.70 | 0.68 | 0.64 | 0.70 | 0.44 | 0.20 |
Asset Turnover |
1.08 | 1.18 | 1.10 | 1.01 | 0.81 | 0.57 | 0.70 | 0.46 | 0.51 | 0.59 |
Operating CF/Net income |
1.76 | 1.29 | 0.54 | 0.49 | (6.92) | (2.21) | 0.29 | (0.56) | (2.03) | 2.31 |
Capex/Depreciation |
(0.25) | (0.12) | (0.12) | (0.36) | (0.06) | (0.41) | (0.44) | (0.75) | (0.69) | (0.51) |
Interest Coverage |
5.23 | 5.88 | 6.04 | 4.36 | 1.03 | (0.22) | 3.00 | 1.61 | 1.68 | 4.36 |
| 11.06% | 14.26% | 11.29% | 10.71% | (1.44%) | 2.06% | 6.47% | 7.34% | 1.91% | 0.96% | |
| 4.19% | 6.06% | 5.53% | 4.99% | (0.64%) | 0.94% | 2.93% | 3.33% | 0.99% | 0.62% | |
ROIC |
6.55% | 6.99% | 6.68% | 5.96% | 1.43% | (0.24%) | 4.55% | 3.02% | 2.64% | 3.37% |
Return on Tangible Assets |
15.57% | 20.61% | 15.53% | 15.78% | (2.05%) | 2.44% | 7.69% | 7.18% | 2.08% | 1.57% |
Average Days of Receivables |
53.40 | 47.22 | 53.01 | 56.70 | 42.93 | 82.24 | 49.40 | 85.85 | 73.40 | 62.59 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
0.96% | 0.32% | 0.53% | 0.56% | 0.47% | 0.72% | 0.54% | 1.31% | 1.73% | 1.20% |
Intangible Assets out of Total Assets |
0.49 | 0.49 | 0.46 | 0.48 | 0.44 | 0.39 | 0.30 | 0.35 | 0.36 | 0.46 |
Share Based Compensation of Revenue |
0.30% | 0.40% | 0.43% | 0.43% | 0.43% | 0.82% | 0.67% | 1.42% | 1.06% | 1.15% |
Graham Net Nets |
(0.34) | (0.16) | (0.09) | (0.31) | (0.16) | (0.05) | 0.00 | 0.05 | 0.12 | 0.08 |
Graham Number |
36.34 | 46.74 | 46.70 | 50.05 | 0.00 | 21.88 | 41.73 | 52.11 | 31.93 | 27.95 |
Earnings Yield |
6.24% | 7.27% | 10.73% | 8.83% | (1.25%) | 1.05% | 4.72% | 4.37% | 0.86% | 0.30% |
Free Cash Flow Yield |
9.49% | 8.86% | 4.88% | 2.01% | 8.05% | (3.67%) | (0.53%) | (4.52%) | (3.04%) | 0.16% |
Revenue per Share |
64.09 | 70.15 | 64.11 | 68.68 | 59.97 | 38.35 | 52.38 | 38.50 | 43.98 | 52.62 |
Operating CF per Share |
4.37 | 4.65 | 1.73 | 1.64 | 3.24 | (1.40) | 0.63 | (1.54) | (1.74) | 1.28 |
Capex per Share |
(0.59) | (0.28) | (0.28) | (0.88) | (0.14) | (0.83) | (0.88) | (1.32) | (1.16) | (1.01) |
Free Cash Flow per Share |
3.78 | 4.38 | 1.46 | 0.76 | 3.10 | (2.24) | (0.25) | (2.87) | (2.89) | 0.27 |
Cash per Share |
0.04 | 0.06 | 0.01 | 0.07 | 0.03 | 0.04 | 0.02 | 0.55 | 1.65 | 3.28 |
Shareholders Equity per Share |
23.64 | 27.05 | 30.19 | 33.14 | 32.29 | 33.25 | 35.17 | 43.65 | 55.27 | 68.06 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
23.64 | 27.05 | 30.19 | 33.14 | 32.29 | 33.25 | 35.17 | 43.65 | 55.27 | 68.06 |
Free Cash Flow |
40.79 | 47.41 | 15.86 | 8.37 | 34.21 | (28.05) | (3.16) | (40.49) | (51.74) | 5.71 |
Working Capital |
110.02 | 134.56 | 176.34 | 191.16 | 215.73 | 284.03 | 324.27 | 487.14 | 666.85 | 655.82 |
Capital Expenditures |
(6.40) | (3.01) | (2.99) | (9.63) | (1.55) | (10.45) | (11.21) | (18.67) | (20.70) | (21.28) |
Net Current Asset Value |
(148.18) | (87.38) | (29.21) | (127.42) | (68.81) | (37.23) | (1.38) | 40.42 | 210.90 | 303.56 |
EV/EBIT |
12.92 | 13.39 | 9.31 | 11.39 | 48.51 | 0.00 | 16.45 | 26.26 | 35.76 | 43.26 |
Capex to Sales |
0.01 | 0.00 | 0.00 | 0.01 | 0.00 | 0.02 | 0.02 | 0.03 | 0.03 | 0.02 |
Price to Operating Income |
8.34 | 9.85 | 6.00 | 6.92 | 30.50 | 0.00 | 11.11 | 17.85 | 28.94 | 40.76 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.42 | 0.47 | 0.51 | 0.62 | 0.66 | 0.60 | 0.63 | 0.43 | 0.42 | 0.45 |
Cash ROIC |
8.29% | 9.74% | 3.12% | 1.32% | 5.63% | (3.99%) | (0.43%) | (3.84%) | (3.57%) | 0.32% |
Accounts Receivable Turnover |
7.70 | 7.62 | 6.99 | 6.90 | 6.80 | 5.17 | 6.73 | 4.98 | 5.50 | 6.38 |
Accounts Payable Turnover |
9.21 | 8.59 | 10.13 | 10.66 | 8.33 | 4.95 | 4.90 | 3.15 | 4.30 | 6.36 |
Inventory Turnover |
5.03 | 5.11 | 4.18 | 3.47 | 2.48 | 1.61 | 1.70 | 1.08 | 1.46 | 1.93 |
Average Days of Payables |
55.55 | 35.06 | 33.53 | 37.16 | 45.25 | 90.34 | 78.64 | 132.96 | 77.63 | 59.10 |
Days of Inventory on Hand |
80.58 | 70.41 | 97.18 | 119.31 | 157.77 | 253.37 | 232.80 | 384.87 | 231.61 | 211.86 |
Average Receivables |
89.84 | 99.78 | 99.80 | 109.08 | 97.37 | 93.15 | 99.53 | 109.28 | 143.03 | 174.42 |
Average Payables |
67.04 | 80.01 | 61.71 | 62.75 | 70.39 | 93.87 | 121.78 | 150.77 | 159.26 | 150.00 |
Average Inventory |
122.73 | 134.47 | 149.49 | 192.51 | 236.02 | 288.06 | 351.57 | 440.65 | 467.46 | 493.95 |
Average Assets |
639.60 | 645.43 | 633.92 | 742.35 | 812.97 | 849.32 | 959.17 | 1,175.06 | 1,546.48 | 1,885.60 |
Average Common Equity |
242.25 | 274.14 | 310.75 | 345.75 | 359.71 | 386.83 | 433.43 | 533.13 | 802.46 | 1,213.50 |
Columns are period end dates · fundamentals updated 26 Oct 2026