VSE Corporation
VSEC Industrials Aerospace & Defense
In the quarter to June 2026, revenue grew 65.0%, EPS grew 513.3%, free cash flow grew 217.0% and total debt rose 149.8%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
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VSE Corporation (VSEC) Altman Z-score
VSE Corporation's Altman Z-score for fiscal 2025 is 5.07, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.07 | 2.38 |
| FY2024 | 2.69 | 0.59 |
| FY2023 | 2.10 | (0.28) |
| FY2022 | 2.38 | 0.08 |
| FY2021 | 2.30 | (0.12) |
| FY2020 | 2.42 | (0.04) |
| FY2019 | 2.47 | (0.52) |
| FY2018 | 2.99 | (0.29) |
| FY2017 | 3.28 | 0.67 |
| FY2016 | 2.61 | 0.29 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.39 | |
| Retained earnings / total assets | 0.20 | — | 0.27 | |
| EBIT / total assets | 0.04 | — | 0.15 | |
| Market value of equity / total liabilities | 6.19 | — | 3.72 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Safe zone | 5.07 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.62 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ACHR Archer Aviation Inc. compare | 9.4× |
| KRMN Karman Holdings Inc. compare | 8.9× |
| MRCY Mercury Systems Inc compare | 6.1× |
| VSEC VSE Corporation | 5.1× |
| LOAR Loar Holdings Inc. compare | 5.1× |
| MOG.B Moog Inc. compare | 4.0× |
| AIR AAR Corp. compare | 3.7× |
| BETA BETA Technologies, Inc. compare | 3.5× |
| PL Planet Labs PBC compare | 3.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets