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) Piotroski F-score
VSE Corporation's Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | 2.00 |
| FY2024 | 5 | 1.00 |
| FY2023 | 4 | (2.00) |
| FY2022 | 6 | 3.00 |
| FY2021 | 3 | (2.00) |
| FY2020 | 5 | 2.00 |
| FY2019 | 3 | (2.00) |
| FY2018 | 5 | (2.00) |
| FY2017 | 7 | 3.00 |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 0.62% | 0.99% | Pass | 1 |
| Positive operating cash flow | 26.99m | (31.04m) | Pass | 1 |
| Rising return on assets | 0.62% | 0.99% | Fail | 0 |
| Cash flow above net income | 15.29m | (46.36m) | Pass | 1 |
| Falling long-term leverage | 0.15 | 0.26 | Pass | 1 |
| Rising current ratio | 3.76 | 3.23 | Pass | 1 |
| No new shares issued | 21,139,000 | 17,879,000 | Fail | 0 |
| Rising gross margin | 14.22% | 13.00% | Pass | 1 |
| Rising asset turnover | 0.59 | 0.51 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VSEC VSE Corporation | 7 |
| AIR AAR Corp. compare | 6 |
| MRCY Mercury Systems Inc compare | 6 |
| KRMN Karman Holdings Inc. compare | 6 |
| MOG.B Moog Inc. compare | 6 |
| LOAR Loar Holdings Inc. compare | 5 |
| BETA BETA Technologies, Inc. compare | 5 |
| PL Planet Labs PBC compare | 2 |
| ACHR Archer Aviation Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover