VSE (VSEC) Financials

$130.21 +1.93 (+1.51%)

As of 02:55 PM Eastern

Annual Income Statements for VSE

This table shows VSE's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	15	39	28	7.97	-5.17	37	35	39	27	25
Consolidated Net Income / (Loss)	15	39	28	7.97	-5.17	37	35	39	27	25
Net Income / (Loss) Continuing Operations	36	43	27	-11	-5.17	37	35	39	27	25
Total Pre-Tax Income	46	57	36	-15	0.43	46	45	45	42	41
Total Operating Income	81	88	54	-2.71	14	60	54	54	52	51
Total Gross Profit	126	110	73	17	75	84	72	73	74	69
Total Revenue	1,080	860	669	481	662	753	697	760	692	534
Operating Revenue	1,080	860	669	481	662	753	697	760	692	534
Total Cost of Revenue	954	750	596	465	586	669	625	687	618	465
Operating Cost of Revenue	954	750	596	465	586	669	625	687	618	465
Total Operating Expenses	45	22	19	19	61	24	18	18	23	19
Selling, General & Admin Expense	15	7.62	3.64	3.45	3.12	4.19	3.71	2.43	6.61	3.29
Amortization Expense	18	14	16	16	18	19	16	16	16	16
Other Operating Expenses / (Income)	12	-	0.00	-	8.21	0.00	0.00	-	-	-
Total Other Income / (Expense), net	-35	-31	-18	-12	-13	-14	-8.98	-9.24	-9.86	-9.54
Interest & Investment Income	-35	-31	-18	-	-	-	-	-	-	-
Income Tax Expense	9.98	14	9.05	-3.77	5.60	9.40	10	5.99	15	16
Net Income / (Loss) Discontinued Operations	-21	-4.02	1.40	19	-	-	-	-	-	-
Basic Earnings per Share	$0.86	$2.77	$2.20	$0.63	($0.47)	$3.38	$3.23	$3.61	$2.48	$2.32
Weighted Average Basic Shares Outstanding	17.88M	14.13M	12.78M	12.55M	11.03M	10.96M	10.88M	10.83M	10.79M	10.75M
Diluted Earnings per Share	$0.85	$2.76	$2.19	$0.63	($0.47)	$3.35	$3.21	$3.60	$2.47	$2.31
Weighted Average Diluted Shares Outstanding	17.98M	14.18M	12.83M	12.63M	11.03M	11.04M	10.94M	10.87M	10.83M	10.79M
Weighted Average Basic & Diluted Shares Outstanding	20.60M	15.77M	12.84M	12.74M	12.67M	10.99M	10.90M	10.80M	10.80M	10.70M
Cash Dividends to Common per Share	$0.40	$0.40	$0.40	$0.37	$0.36	$0.35	$0.31	$0.27	$0.24	$0.43

This table shows VSE's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-8.97	13	12	-2.78	-6.61	12	9.56	8.86	9.12	4.85	9.42
Consolidated Net Income / (Loss)	-8.97	13	12	-2.78	-6.61	12	9.56	8.86	9.12	4.85	9.42
Net Income / (Loss) Continuing Operations	14	16	12	-2.78	12	13	12	10	8.12	7.96	7.70
Total Pre-Tax Income	17	20	15	-3.69	15	16	17	13	11	10	10
Total Operating Income	25	27	24	6.13	24	25	25	21	17	16	15
Total Gross Profit	33	37	30	27	31	30	31	26	23	21	20
Total Revenue	256	299	274	266	242	235	231	205	189	101	167
Operating Revenue	256	299	274	266	242	235	231	205	189	101	167
Total Cost of Revenue	223	262	243	238	211	205	200	179	166	80	148
Operating Cost of Revenue	223	262	243	238	211	205	200	179	166	80	148
Total Operating Expenses	8.45	10	6.76	21	6.38	5.13	5.76	5.12	5.98	4.83	4.41
Selling, General & Admin Expense	2.31	4.86	2.61	4.12	3.00	1.50	2.56	1.52	2.05	1.66	0.59
Amortization Expense	6.13	5.20	4.81	4.36	3.38	3.64	3.20	3.60	3.94	3.17	3.81
Total Other Income / (Expense), net	-7.94	-6.94	-8.98	-9.83	-9.19	-9.28	-8.46	-7.37	-5.98	-5.59	-4.82
Interest & Investment Income	-7.94	-	-8.98	-	-	-	-8.46	-	-	-	-
Income Tax Expense	2.60	4.95	3.07	-0.92	2.89	3.21	4.69	3.18	2.68	2.49	2.59
Net Income / (Loss) Discontinued Operations	-23	-2.46	0.00	0.00	-19	-1.23	-2.55	-1.23	1.00	-	1.72
Basic Earnings per Share	($0.43)	$0.81	$0.63	($0.16)	($0.42)	$0.74	$0.64	$0.68	$0.71	$0.38	$0.74
Weighted Average Basic Shares Outstanding	20.62M	17.88M	18.43M	17.15M	15.78M	14.13M	15.00M	12.89M	12.84M	12.78M	12.80M
Diluted Earnings per Share	($0.44)	$0.79	$0.63	($0.16)	($0.41)	$0.74	$0.63	$0.68	$0.71	$0.38	$0.73
Weighted Average Diluted Shares Outstanding	20.74M	17.98M	18.48M	17.20M	15.94M	14.18M	15.05M	12.92M	12.93M	12.83M	12.83M
Weighted Average Basic & Diluted Shares Outstanding	20.67M	20.60M	20.41M	18.42M	15.98M	15.77M	15.75M	15.37M	12.89M	12.84M	12.80M
Cash Dividends to Common per Share	$0.10	-	$0.10	$0.10	$0.10	-	$0.10	$0.10	$0.10	-	$0.10

This table details how cash moves in and out of VSE's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	21	7.45	-0.04	0.14	-0.36	0.57	-0.46	0.20	-0.31	0.48
Net Cash From Operating Activities	-31	-22	8.05	-18	36	18	19	50	47	38
Net Cash From Continuing Operating Activities	-31	-22	8.05	-18	36	18	19	50	47	38
Net Income / (Loss) Continuing Operations	15	39	28	7.97	-5.17	37	35	39	27	25
Consolidated Net Income / (Loss)	15	39	28	7.97	-5.17	37	35	39	27	25
Depreciation Expense	29	23	25	25	24	27	25	26	26	26
Amortization Expense	1.33	1.54	0.97	1.01	-	-	-	-	-	-
Non-Cash Adjustments To Reconcile Net Income	48	14	-0.74	23	63	-1.33	4.37	4.66	-11	-2.04
Changes in Operating Assets and Liabilities, net	-125	-100	-45	-74	-47	-45	-46	-19	5.45	-11
Net Cash From Investing Activities	-264	-236	-2.38	-62	20	-123	-1.30	-3.01	-6.47	-205
Net Cash From Continuing Investing Activities	-264	-236	-2.38	-62	20	-123	-1.30	-3.01	-6.47	-205
Purchase of Property, Plant & Equipment	-21	-19	-11	-11	-4.43	-9.63	-3.12	-3.74	-6.55	-11
Acquisitions	-283	-219	0.00	-53	0.00	-113	0.00	0.00	-0.06	-195
Divestitures	40	0.00	0.00	-	20	-	0.00	-	-	-
Sale and/or Maturity of Investments	0.00	1.56	8.84	-	-	-	-	-	-	-
Net Cash From Financing Activities	316	265	-5.71	79	-56	105	-18	-47	-41	168
Net Cash From Continuing Financing Activities	316	265	-5.71	79	-56	105	-18	-47	-41	168
Repayment of Debt	-740	-703	-519	-459	-453	-642	-554	-393	-341	-333
Payment of Dividends	-7.06	-5.44	-5.11	-4.43	-3.97	-3.73	-3.26	-2.82	-2.48	-2.26
Issuance of Debt	739	844	520	492	433	752	539	349	322	519
Issuance of Common Equity	326	130	0.90	52	0.00	0.00	-	-	-	-
Other Financing Activities, net	-2.63	-1.11	-2.27	-0.68	-32	-0.96	-0.64	-0.50	-19	-13
Cash Interest Paid	37	35	16	12	14	13	7.52	7.61	8.23	6.62
Cash Income Taxes Paid	12	14	10	7.54	4.76	12	9.53	16	19	16

This table details how cash moves in and out of VSE's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-19	21	-11	8.42	2.64	-13	16	3.81	0.05	0.39	-0.28
Net Cash From Operating Activities	-47	55	10	-18	-79	28	15	-16	-49	12	16
Net Cash From Continuing Operating Activities	-47	55	10	-18	-79	28	15	-16	-49	12	16
Net Income / (Loss) Continuing Operations	-8.97	13	12	-2.78	-6.61	12	9.56	8.86	9.12	4.85	9.42
Consolidated Net Income / (Loss)	-8.97	13	12	-2.78	-6.61	12	9.56	8.86	9.12	4.85	9.42
Depreciation Expense	9.91	8.35	7.54	6.92	5.95	5.96	5.45	5.76	6.25	5.95	6.22
Amortization Expense	0.33	0.33	0.33	0.33	0.33	0.52	0.61	0.21	0.21	0.34	0.21
Non-Cash Adjustments To Reconcile Net Income	37	6.93	0.06	14	28	1.67	7.44	0.02	4.50	6.77	-1.85
Changes in Operating Assets and Liabilities, net	-84	27	-9.41	-36	-106	8.20	-7.73	-31	-69	-5.65	1.94
Net Cash From Investing Activities	-0.13	-176	-5.71	-115	33	-7.78	-212	-1.70	-15	0.80	-3.51
Net Cash From Continuing Investing Activities	-0.13	-176	-5.71	-115	33	-7.78	-212	-1.70	-15	0.80	-3.51
Purchase of Property, Plant & Equipment	-2.88	-3.27	-5.77	-3.95	-7.73	-7.87	-4.66	-3.30	-2.84	-3.80	-4.67
Divestitures	2.75	-1.96	-	0.98	41	-	-	-	0.00	-	-
Net Cash From Financing Activities	28	142	-16	141	48	-33	213	22	63	-13	-13
Net Cash From Continuing Financing Activities	28	142	-16	141	48	-33	213	22	63	-13	-13
Repayment of Debt	-40	-233	-121	-227	-159	-266	-202	-123	-111	-174	-133
Payment of Dividends	-2.06	-2.04	-1.84	-1.60	-1.58	-1.58	-1.29	-1.29	-1.28	-1.28	-1.28
Issuance of Debt	74	212	107	209	211	234	287	146	177	162	122
Other Financing Activities, net	-4.20	0.13	-0.21	-0.47	-2.08	-	-0.08	-	-1.03	-0.07	-0.30

This table presents VSE's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	1,735	1,350	1,000	919	780	846	639	629	662	617
Total Current Assets	875	774	549	464	355	355	281	249	258	197
Cash & Equivalents	29	7.77	0.31	0.52	0.38	0.73	0.16	0.62	0.43	0.74
Accounts Receivable	198	128	91	108	78	117	101	98	101	78
Inventories, net	576	501	380	323	253	219	166	133	136	109
Prepaid Expenses	42	36	-	-	-	-	-	-	-	-
Other Current Assets	30	8.05	23	32	23	19	13	17	20	9.14
Other Current Nonoperating Assets	0.00	93	55	-	-	-	-	-	-	-
Plant, Property, & Equipment, net	86	58	41	42	36	43	50	55	62	64
Total Noncurrent Assets	774	518	410	412	389	447	308	325	341	356
Goodwill	491	352	217	249	238	276	199	199	199	199
Intangible Assets	197	114	87	108	104	132	95	111	127	143
Other Noncurrent Operating Assets	85	52	51	55	47	38	14	16	16	14
Total Liabilities & Shareholders' Equity	1,735	1,350	1,000	919	780	846	639	629	662	617
Total Liabilities	746	734	550	501	424	483	310	336	407	388
Total Current Liabilities	282	287	225	180	139	164	105	114	148	97
Short-Term Debt	30	23	10	14	20	17	9.47	6.96	21	17
Accounts Payable	188	173	129	115	73	68	57	66	94	40
Accrued Expenses	62	36	32	49	45	47	37	40	33	29
Dividends Payable	2.06	1.58	1.28	1.27	1.00	0.99	0.87	0.76	0.65	0.59
Other Current Nonoperating Liabilities	0.00	53	53	-	-	-	-	-	-	-
Total Noncurrent Liabilities	465	447	326	321	285	319	206	222	258	291
Long-Term Debt	400	407	276	270	231	253	151	166	194	215
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	6.99	4.76	9.11	15	18	18	19	30	32
Noncurrent Employee Benefit Liabilities	7.26	7.94	7.40	14	16	18	17	16	13	11
Other Noncurrent Operating Liabilities	57	25	19	27	23	29	19	21	22	33
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	988	617	450	417	356	363	328	293	255	229
Total Preferred & Common Equity	988	617	450	417	356	363	328	293	255	229
Total Common Equity	988	617	450	417	356	363	328	293	255	229
Common Stock	593	230	93	89	32	30	27	25	23	22
Retained Earnings	392	385	351	328	325	334	301	268	232	207
Accumulated Other Comprehensive Income / (Loss)	3.07	2.13	4.97	-0.18	-1.20	-1.11	0.15	0.18	0.05	-0.08

This table presents VSE's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,733	1,464	1,494	1,337	1,343	1,073	1,044	958
Total Current Assets	969	775	796	743	770	674	591	513
Cash & Equivalents	5.71	7.91	19	11	21	4.16	0.53	0.09
Accounts Receivable	170	163	168	145	135	120	149	135
Inventories, net	441	534	532	521	494	428	417	350
Prepaid Expenses	62	-	-	-	-	-	-	-
Other Current Assets	31	71	77	66	22	15	24	28
Other Current Nonoperating Assets	260	0.00	0.00	0.00	98	107	-	-
Plant, Property, & Equipment, net	71	75	73	67	53	44	50	45
Total Noncurrent Assets	693	614	625	527	519	355	404	400
Goodwill	424	391	390	351	346	222	254	249
Intangible Assets	191	161	165	111	119	83	90	95
Other Noncurrent Operating Assets	78	63	70	65	55	50	60	56
Total Liabilities & Shareholders' Equity	1,733	1,464	1,494	1,337	1,343	1,073	1,044	958
Total Liabilities	757	676	713	724	733	604	587	512
Total Current Liabilities	248	210	226	223	252	210	197	180
Short-Term Debt	5.63	30	30	30	19	10	10	9.16
Accounts Payable	141	123	145	155	138	105	142	119
Accrued Expenses	47	56	49	36	33	30	44	51
Dividends Payable	2.07	1.84	1.84	1.58	1.58	1.29	1.29	1.28
Other Current Nonoperating Liabilities	53	0.00	0.00	0.00	60	64	-	-
Total Noncurrent Liabilities	509	466	487	501	481	394	390	332
Long-Term Debt	459	420	434	452	442	365	342	289
Noncurrent Employee Benefit Liabilities	7.21	7.68	7.56	7.68	7.47	7.65	7.55	10
Other Noncurrent Operating Liabilities	42	38	42	34	22	18	31	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	976	788	781	613	610	469	457	445
Total Preferred & Common Equity	976	788	781	613	610	469	457	445
Total Common Equity	976	788	781	613	610	469	457	445
Common Stock	593	406	405	232	228	97	95	92
Retained Earnings	381	382	372	377	375	367	359	348
Accumulated Other Comprehensive Income / (Loss)	1.62	0.21	4.86	4.64	6.98	5.33	2.97	5.35

This table displays calculated financial ratios and metrics derived from VSE's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.53%	28.54%	39.07%	-27.25%	-12.09%	7.95%	-8.27%	9.88%	29.55%	25.92%
EBITDA Growth	-1.28%	42.67%	245.81%	-39.84%	-56.35%	9.73%	-0.94%	3.39%	1.97%	36.59%
EBIT Growth	-7.47%	64.16%	2,081.66%	-119.43%	-76.89%	11.11%	-0.17%	5.43%	1.96%	36.85%
NOPAT Growth	-4.18%	66.73%	2,213.36%	98.88%	-450.88%	14.29%	-10.75%	42.20%	7.84%	33.76%
Net Income Growth	-60.84%	39.47%	252.23%	254.05%	-113.97%	5.54%	-10.27%	45.92%	7.52%	28.68%
EPS Growth	-69.20%	26.03%	247.62%	234.04%	-114.03%	4.36%	-10.83%	45.75%	6.93%	28.68%
Operating Cash Flow Growth	-42.18%	-371.13%	145.74%	-149.22%	98.74%	-4.57%	-62.60%	6.84%	25.60%	-24.42%
Free Cash Flow Firm Growth	-38.23%	-616.47%	147.48%	32.63%	-49.85%	-626.93%	-64.67%	107.56%	114.00%	-491.22%
Invested Capital Growth	39.10%	43.54%	-0.83%	15.56%	-4.00%	29.34%	5.13%	-0.91%	1.82%	81.65%
Revenue Q/Q Growth	6.27%	18.49%	31.50%	-30.30%	-6.40%	1.93%	-1.94%	-2.58%	11.30%	10.27%
EBITDA Q/Q Growth	4.02%	9.13%	63.88%	-51.91%	-7.94%	2.10%	0.18%	-0.78%	-2.05%	13.86%
EBIT Q/Q Growth	2.64%	11.78%	122.68%	-111.92%	-17.23%	2.95%	0.37%	-0.73%	-3.43%	17.23%
NOPAT Q/Q Growth	0.25%	13.64%	129.32%	-111.60%	-2,571.14%	4.08%	-18.48%	34.28%	-1.47%	16.61%
Net Income Q/Q Growth	10.51%	20.87%	-4.60%	2.40%	-335.27%	2.08%	-18.79%	35.17%	-2.05%	16.79%
EPS Q/Q Growth	6.25%	15.00%	-3.95%	-11.27%	-327.27%	2.13%	-19.14%	34.83%	-2.37%	16.79%
Operating Cash Flow Q/Q Growth	46.92%	41.81%	-7.62%	41.32%	-0.08%	-45.26%	31.58%	-13.53%	-0.57%	31.84%
Free Cash Flow Firm Q/Q Growth	-111.46%	-12.42%	319.60%	-11.16%	-654.35%	-2.29%	32.06%	-10.54%	20.27%	2.61%
Invested Capital Q/Q Growth	12.93%	-1.31%	-6.38%	-0.47%	0.86%	-0.25%	-1.14%	1.81%	-2.04%	-1.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.66%	12.78%	10.90%	3.43%	11.39%	11.13%	10.36%	9.57%	10.73%	13.00%
EBITDA Margin	10.32%	13.13%	11.83%	4.76%	5.75%	11.58%	11.40%	10.55%	11.21%	14.25%
Operating Margin	7.54%	10.23%	8.01%	-0.56%	2.10%	8.01%	7.78%	7.15%	7.45%	9.46%
EBIT Margin	7.54%	10.23%	8.01%	-0.56%	2.10%	8.01%	7.78%	7.15%	7.45%	9.46%
Profit (Net Income) Margin	1.42%	4.55%	4.19%	1.65%	-0.78%	4.92%	5.03%	5.14%	3.87%	4.67%
Tax Burden Percent	32.97%	68.76%	78.57%	-53.94%	-1,211.01%	79.75%	77.53%	86.72%	64.29%	60.78%
Interest Burden Percent	57.09%	64.68%	66.62%	545.95%	3.07%	77.05%	83.44%	82.99%	80.87%	81.12%
Effective Tax Rate	21.48%	24.18%	25.35%	0.00%	1,311.01%	20.25%	22.47%	13.28%	35.71%	39.22%
Return on Invested Capital (ROIC)	5.35%	7.86%	5.72%	-0.29%	-27.16%	8.56%	8.80%	10.07%	7.11%	8.58%
ROIC Less NNEP Spread (ROIC-NNEP)	-7.01%	-0.88%	1.23%	3.38%	35.46%	3.45%	4.63%	5.93%	4.28%	4.45%
Return on Net Nonoperating Assets (RNNOA)	-3.44%	-0.52%	0.76%	2.35%	25.73%	2.15%	2.49%	4.19%	3.95%	2.88%
Return on Equity (ROE)	1.91%	7.34%	6.47%	2.06%	-1.44%	10.71%	11.29%	14.26%	11.06%	11.46%
Cash Return on Invested Capital (CROIC)	-27.36%	-27.90%	6.55%	-14.73%	-23.08%	-17.03%	3.80%	10.98%	5.31%	-49.40%
Operating Return on Assets (OROA)	5.28%	7.49%	5.59%	-0.32%	1.71%	8.12%	8.55%	8.42%	8.06%	10.39%
Return on Assets (ROA)	0.99%	3.33%	2.93%	0.94%	-0.64%	4.99%	5.53%	6.06%	4.19%	5.12%
Return on Common Equity (ROCE)	1.91%	7.34%	6.47%	2.06%	-1.44%	10.71%	11.29%	14.26%	11.06%	11.46%
Return on Equity Simple (ROE_SIMPLE)	1.55%	6.35%	6.24%	1.91%	-1.45%	10.20%	10.68%	13.34%	10.50%	10.87%
Net Operating Profit after Tax (NOPAT)	64	67	40	-1.89	-169	48	42	47	33	31
NOPAT Margin	5.92%	7.75%	5.98%	-0.39%	-25.48%	6.38%	6.03%	6.20%	4.79%	5.75%
Net Nonoperating Expense Percent (NNEP)	12.36%	8.75%	4.49%	-3.67%	-62.62%	5.11%	4.17%	4.13%	2.83%	4.13%
Return On Investment Capital (ROIC_SIMPLE)	4.51%	6.38%	5.44%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	88.34%	87.22%	89.10%	96.57%	88.61%	88.87%	89.64%	90.43%	89.27%	87.00%
SG&A Expenses to Revenue	1.35%	0.89%	0.54%	0.72%	0.47%	0.56%	0.53%	0.32%	0.96%	0.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.12%	2.56%	2.89%	3.99%	9.29%	3.12%	2.59%	2.43%	3.28%	3.53%
Earnings before Interest and Taxes (EBIT)	81	88	54	-2.71	14	60	54	54	52	51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	112	113	79	23	38	87	79	80	78	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	1.64	1.32	1.82	1.16	1.10	0.94	1.69	1.54	1.35
Price to Tangible Book Value (P/TBV)	6.48	6.71	4.06	12.57	28.31	0.00	8.85	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.80	1.18	0.88	1.58	0.62	0.53	0.44	0.65	0.57	0.58
Price to Earnings (P/E)	126.55	25.84	21.09	95.19	0.00	10.80	8.80	12.64	14.65	12.46
Dividend Yield	0.42%	0.62%	0.87%	0.60%	0.96%	0.93%	1.06%	0.57%	0.63%	0.73%
Earnings Yield	0.79%	3.87%	4.74%	1.05%	0.00%	9.26%	11.37%	7.91%	6.83%	8.02%
Enterprise Value to Invested Capital (EV/IC)	1.68	1.43	1.26	1.48	1.09	1.06	0.96	1.43	1.29	1.17
Enterprise Value to Revenue (EV/Rev)	2.17	1.67	1.31	2.17	1.00	0.89	0.67	0.88	0.88	1.02
Enterprise Value to EBITDA (EV/EBITDA)	20.99	12.69	11.09	45.53	17.44	7.68	5.90	8.31	7.82	7.13
Enterprise Value to EBIT (EV/EBIT)	28.75	16.28	16.37	0.00	47.68	11.11	8.65	12.26	11.78	10.73
Enterprise Value to NOPAT (EV/NOPAT)	36.61	21.48	21.93	0.00	0.00	13.93	11.16	14.14	18.32	17.65
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	109.02	0.00	18.56	37.19	24.88	13.21	12.86	14.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	19.15	0.00	0.00	0.00	25.85	12.97	24.52	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.70	0.64	0.68	0.70	0.74	0.49	0.59	0.84	1.01
Long-Term Debt to Equity	0.41	0.66	0.61	0.65	0.65	0.70	0.46	0.57	0.76	0.94
Financial Leverage	0.49	0.59	0.61	0.69	0.73	0.62	0.54	0.71	0.92	0.65
Leverage Ratio	1.92	2.20	2.21	2.20	2.26	2.15	2.04	2.35	2.64	2.24
Compound Leverage Factor	1.10	1.43	1.47	11.99	0.07	1.65	1.70	1.95	2.14	1.81
Debt to Total Capital	30.33%	41.04%	38.91%	40.54%	41.34%	42.65%	32.84%	37.06%	45.68%	50.35%
Short-Term Debt to Total Capital	2.12%	2.15%	1.36%	2.02%	3.36%	2.67%	1.94%	1.49%	4.47%	3.74%
Long-Term Debt to Total Capital	28.21%	38.89%	37.55%	38.52%	37.98%	39.98%	30.91%	35.56%	41.21%	46.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.67%	58.96%	61.09%	59.46%	58.66%	57.35%	67.16%	62.94%	54.32%	49.65%
Debt to EBITDA	3.86	3.80	3.62	12.43	6.60	3.10	2.02	2.15	2.77	3.06
Net Debt to EBITDA	3.60	3.73	3.61	12.41	6.59	3.09	2.02	2.14	2.76	3.05
Long-Term Debt to EBITDA	3.59	3.60	3.49	11.81	6.06	2.90	1.90	2.06	2.50	2.83
Debt to NOPAT	6.73	6.44	7.15	-150.29	-1.49	5.62	3.82	3.66	6.48	7.57
Net Debt to NOPAT	6.27	6.32	7.15	-150.01	-1.49	5.60	3.82	3.65	6.47	7.55
Long-Term Debt to NOPAT	6.26	6.10	6.90	-142.81	-1.37	5.27	3.59	3.52	5.84	7.01
Altman Z-Score	3.06	2.51	2.37	2.29	2.41	2.45	2.96	3.23	2.57	2.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.10	2.70	2.44	2.58	2.55	2.16	2.68	2.18	1.74	2.04
Quick Ratio	0.80	0.47	0.40	0.61	0.56	0.72	0.97	0.87	0.68	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-327	-237	46	-97	-143	-96	18	51	25	-177
Operating Cash Flow to CapEx	-149.91%	-116.95%	71.81%	-233.26%	0.00%	186.93%	629.55%	1,674.53%	737.05%	373.68%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-8.00	-10.62	-6.91	2.02	5.56	2.51	-18.52
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-1.46	2.65	1.30	2.10	5.46	4.79	3.94
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-2.08	2.67	0.61	1.77	5.13	4.14	2.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.73	0.70	0.57	0.81	1.01	1.10	1.18	1.08	1.10
Accounts Receivable Turnover	6.64	7.87	6.73	5.17	6.80	6.90	6.99	7.62	7.70	7.75
Inventory Turnover	1.77	1.70	1.70	1.61	2.48	3.47	4.18	5.11	5.03	5.86
Fixed Asset Turnover	15.04	17.46	16.13	12.21	16.58	16.17	13.31	12.97	10.95	9.11
Accounts Payable Turnover	5.29	4.98	4.90	4.95	8.33	10.66	10.13	8.59	9.21	13.37
Days Sales Outstanding (DSO)	55.00	46.35	54.27	70.63	53.71	52.90	52.25	47.91	47.40	47.12
Days Inventory Outstanding (DIO)	206.03	214.31	215.14	226.17	146.94	105.05	87.31	71.41	72.54	62.26
Days Payable Outstanding (DPO)	68.97	73.33	74.52	73.70	43.82	34.24	36.04	42.49	39.62	27.30
Cash Conversion Cycle (CCC)	192.05	187.34	194.88	223.10	156.83	123.71	103.51	76.83	80.32	82.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,391	1,000	697	703	608	633	490	466	470	462
Invested Capital Turnover	0.90	1.01	0.96	0.73	1.07	1.34	1.46	1.62	1.49	1.49
Increase / (Decrease) in Invested Capital	391	303	-5.82	95	-25	144	24	-4.25	8.38	208
Enterprise Value (EV)	2,340	1,433	878	1,042	664	669	469	666	607	542
Market Capitalization	1,939	1,011	592	758	413	400	309	494	393	311
Book Value per Share	$48.41	$39.16	$35.12	$32.83	$32.24	$33.10	$30.18	$27.04	$23.63	$42.66
Tangible Book Value per Share	$14.67	$9.58	$11.38	$4.74	$1.32	($4.15)	$3.21	($1.52)	($6.52)	($20.89)
Total Capital	1,418	1,046	736	702	607	633	489	466	470	462
Total Debt	430	429	286	285	251	270	161	173	215	233
Total Long-Term Debt	400	407	276	270	231	253	151	166	194	215
Net Debt	401	422	286	284	251	269	160	172	214	232
Capital Expenditures (CapEx)	21	19	11	7.55	-0.30	9.63	3.00	3.01	6.40	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	594	502	334	298	236	207	186	141	131	117
Debt-free Net Working Capital (DFNWC)	623	510	334	298	236	208	186	142	131	118
Net Working Capital (NWC)	593	487	324	284	216	191	176	135	110	101
Net Nonoperating Expense (NNE)	49	28	12	-9.86	-163	11	6.96	8.01	6.34	5.80
Net Nonoperating Obligations (NNO)	403	384	247	285	252	270	161	173	215	232
Total Depreciation and Amortization (D&A)	30	25	26	26	24	27	25	26	26	26
Debt-free, Cash-free Net Working Capital to Revenue	54.99%	58.32%	49.89%	61.84%	35.63%	27.54%	26.63%	18.54%	18.88%	21.97%
Debt-free Net Working Capital to Revenue	57.68%	59.23%	49.93%	61.94%	35.68%	27.64%	26.65%	18.62%	18.94%	22.11%
Net Working Capital to Revenue	54.90%	56.61%	48.44%	59.00%	32.60%	25.40%	25.29%	17.70%	15.90%	18.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.86	$2.77	$2.20	$0.63	($0.47)	$3.38	$3.23	$3.61	$2.48	$2.32
Adjusted Weighted Average Basic Shares Outstanding	17.88M	14.13M	12.78M	12.55M	11.03M	10.96M	10.88M	10.83M	10.79M	10.75M
Adjusted Diluted Earnings per Share	$0.85	$2.76	$2.19	$0.63	($0.47)	$3.35	$3.21	$3.60	$2.47	$2.31
Adjusted Weighted Average Diluted Shares Outstanding	17.98M	14.18M	12.83M	12.63M	11.03M	11.04M	10.94M	10.87M	10.83M	10.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.23	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.60M	15.77M	12.84M	12.74M	12.67M	10.99M	10.90M	10.85M	10.81M	10.77M
Normalized Net Operating Profit after Tax (NOPAT)	64	67	40	-1.89	33	48	41	47	33	31
Normalized NOPAT Margin	5.92%	7.75%	5.98%	-0.39%	4.92%	6.38%	5.84%	6.20%	4.79%	5.75%
Pre Tax Income Margin	4.30%	6.61%	5.33%	-3.07%	0.06%	6.17%	6.49%	5.93%	6.02%	7.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-0.22	1.03	4.36	6.04	5.88	5.23	5.30
NOPAT to Interest Expense	0.00	0.00	0.00	-0.16	-12.49	3.47	4.68	5.10	3.36	3.22
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-0.85	1.05	3.66	5.70	5.55	4.58	4.24
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-0.78	-12.47	2.78	4.35	4.77	2.71	2.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.07%	13.89%	18.22%	55.57%	-76.77%	10.06%	9.30%	7.20%	9.26%	9.06%
Augmented Payout Ratio	46.07%	13.89%	18.22%	55.57%	-76.77%	10.06%	9.30%	7.20%	9.26%	19.89%

This table displays calculated financial ratios and metrics derived from VSE's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	57.68%	27.07%	18.27%	29.60%	28.08%	132.84%	38.22%	20.89%	-18.45%	270.46%	-16.55%
EBITDA Growth	58.49%	13.56%	0.80%	-49.68%	31.04%	42.30%	45.44%	58.02%	25.88%	383.02%	4.44%
EBIT Growth	56.65%	8.29%	-6.20%	-70.29%	44.08%	57.78%	67.21%	95.89%	40.83%	218.98%	8.76%
NOPAT Growth	53.80%	2.64%	3.05%	-72.64%	54.69%	65.78%	61.03%	108.68%	40.85%	229.43%	0.26%
Net Income Growth	-35.73%	12.55%	21.90%	-131.36%	-172.51%	139.38%	1.47%	17.32%	46.01%	-21.81%	4.41%
EPS Growth	-7.32%	6.76%	0.00%	-123.53%	-157.75%	94.74%	-13.70%	15.25%	44.90%	-19.15%	2.82%
Operating Cash Flow Growth	41.02%	98.18%	-33.58%	-6.77%	-62.43%	127.97%	-3.84%	-735.90%	-167.82%	-5.14%	-32.05%
Free Cash Flow Firm Growth	52.45%	-30.78%	20.44%	-914.43%	-271.48%	-1,670.26%	-829.35%	24.89%	-35.63%	117.33%	70.60%
Invested Capital Growth	13.38%	39.10%	21.56%	53.77%	34.01%	43.54%	36.18%	7.77%	11.19%	-0.83%	5.43%
Revenue Q/Q Growth	-14.37%	9.29%	2.88%	10.11%	2.64%	1.72%	12.73%	8.82%	86.59%	-39.62%	-1.40%
EBITDA Q/Q Growth	-3.76%	14.34%	135.83%	-56.03%	-4.21%	1.49%	17.72%	14.50%	4.02%	3.73%	27.90%
EBIT Q/Q Growth	-10.62%	15.68%	286.46%	-74.63%	-4.51%	0.21%	22.42%	23.00%	4.56%	6.20%	43.42%
NOPAT Q/Q Growth	-0.62%	10.81%	337.10%	-78.01%	-3.64%	11.25%	16.05%	24.35%	3.26%	8.06%	50.39%
Net Income Q/Q Growth	-168.70%	12.12%	519.52%	57.99%	-156.97%	21.43%	7.93%	-2.87%	88.06%	-48.53%	24.79%
EPS Q/Q Growth	-155.70%	25.40%	493.75%	60.98%	-155.41%	17.46%	-7.35%	-4.23%	86.84%	-47.95%	23.73%
Operating Cash Flow Q/Q Growth	-184.21%	444.17%	158.06%	77.83%	-382.94%	82.39%	193.32%	66.27%	-497.11%	-23.07%	911.20%
Free Cash Flow Firm Q/Q Growth	66.36%	-85.41%	53.00%	-66.06%	9.62%	-12.79%	-499.25%	39.19%	-482.04%	166.75%	51.57%
Invested Capital Q/Q Growth	-11.55%	12.93%	0.36%	13.11%	8.51%	-1.31%	26.95%	-1.43%	16.23%	-6.38%	0.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.87%	12.53%	11.13%	10.33%	12.65%	12.94%	13.41%	12.55%	12.07%	20.66%	11.66%
EBITDA Margin	13.57%	12.07%	11.54%	5.03%	12.61%	13.51%	13.54%	12.97%	12.32%	22.10%	12.87%
Operating Margin	9.57%	9.17%	8.66%	2.31%	10.01%	10.76%	10.92%	10.06%	8.90%	15.88%	9.03%
EBIT Margin	9.57%	9.17%	8.66%	2.31%	10.01%	10.76%	10.92%	10.06%	8.90%	15.88%	9.03%
Profit (Net Income) Margin	-3.50%	4.37%	4.26%	-1.04%	-2.74%	4.93%	4.13%	4.31%	4.83%	4.80%	5.63%
Tax Burden Percent	-54.17%	63.80%	79.17%	75.18%	-44.11%	72.35%	56.87%	66.72%	84.43%	46.37%	91.55%
Interest Burden Percent	67.60%	74.67%	62.09%	-60.24%	62.00%	63.35%	66.52%	64.31%	64.36%	65.16%	68.09%
Effective Tax Rate	15.68%	24.16%	20.83%	0.00%	19.26%	20.00%	27.93%	23.98%	24.80%	23.85%	25.17%
Return on Invested Capital (ROIC)	8.18%	6.28%	6.21%	1.55%	7.79%	8.73%	6.50%	6.58%	5.45%	11.57%	4.74%
ROIC Less NNEP Spread (ROIC-NNEP)	0.03%	4.32%	4.53%	-0.27%	1.46%	5.99%	4.04%	4.44%	4.39%	8.80%	4.11%
Return on Net Nonoperating Assets (RNNOA)	0.02%	2.12%	2.75%	-0.17%	1.12%	3.54%	2.69%	3.15%	3.27%	5.41%	2.85%
Return on Equity (ROE)	8.19%	8.40%	8.96%	1.38%	8.91%	12.27%	9.20%	9.73%	8.72%	16.97%	7.59%
Cash Return on Invested Capital (CROIC)	-6.35%	-27.36%	-13.78%	-36.18%	-21.30%	-27.90%	-23.96%	-0.75%	-4.92%	6.55%	-2.88%
Operating Return on Assets (OROA)	7.32%	6.42%	6.27%	1.75%	7.68%	7.88%	6.89%	6.59%	5.67%	11.08%	4.91%
Return on Assets (ROA)	-2.68%	3.06%	3.08%	-0.79%	-2.10%	3.61%	2.61%	2.83%	3.08%	3.35%	3.06%
Return on Common Equity (ROCE)	8.19%	8.40%	8.96%	1.38%	8.91%	12.27%	9.20%	9.73%	8.72%	16.97%	7.59%
Return on Equity Simple (ROE_SIMPLE)	1.33%	0.00%	1.76%	1.51%	3.82%	0.00%	5.31%	6.87%	6.76%	0.00%	6.60%
Net Operating Profit after Tax (NOPAT)	21	21	19	4.29	20	20	18	16	13	12	11
NOPAT Margin	8.07%	6.95%	6.86%	1.61%	8.08%	8.61%	7.87%	7.64%	6.69%	12.09%	6.76%
Net Nonoperating Expense Percent (NNEP)	8.15%	1.96%	1.68%	1.82%	6.33%	2.74%	2.46%	2.14%	1.07%	2.77%	0.64%
Return On Investment Capital (ROIC_SIMPLE)	1.43%	1.47%	-	-	-	1.94%	-	-	-	1.66%	-
Cost of Revenue to Revenue	87.13%	87.47%	88.87%	89.67%	87.35%	87.06%	86.59%	87.45%	87.93%	79.34%	88.34%
SG&A Expenses to Revenue	0.90%	1.62%	0.95%	1.55%	1.24%	0.64%	1.10%	0.74%	1.08%	1.64%	0.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	3.30%	3.36%	2.47%	8.02%	2.64%	2.18%	2.49%	2.49%	3.17%	4.78%	2.63%
Earnings before Interest and Taxes (EBIT)	25	27	24	6.13	24	25	25	21	17	16	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	35	36	32	13	30	32	31	27	23	22	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.53	1.96	1.93	1.80	2.05	1.64	1.26	1.49	1.25	1.32	1.00
Price to Tangible Book Value (P/TBV)	6.84	6.48	6.44	6.24	8.34	6.71	5.31	4.26	5.02	4.06	4.39
Price to Revenue (P/Rev)	2.10	1.80	1.50	1.45	1.38	1.18	1.06	1.06	0.91	0.88	0.88
Price to Earnings (P/E)	190.54	126.55	109.79	119.71	53.77	25.84	23.78	21.69	18.44	21.09	15.18
Dividend Yield	0.33%	0.42%	0.48%	0.45%	0.50%	0.62%	0.80%	0.74%	0.90%	0.87%	1.12%
Earnings Yield	0.52%	0.79%	0.91%	0.84%	1.86%	3.87%	4.20%	4.61%	5.42%	4.74%	6.59%
Enterprise Value to Invested Capital (EV/IC)	2.38	1.68	1.59	1.51	1.59	1.43	1.19	1.34	1.14	1.26	1.00
Enterprise Value to Revenue (EV/Rev)	2.50	2.17	1.93	1.90	1.89	1.67	1.67	1.62	1.47	1.31	1.46
Enterprise Value to EBITDA (EV/EBITDA)	23.56	20.99	18.33	17.33	14.39	12.69	11.69	11.42	10.98	11.09	15.40
Enterprise Value to EBIT (EV/EBIT)	32.44	28.75	24.77	22.92	18.13	16.28	15.37	15.61	15.77	16.37	30.91
Enterprise Value to NOPAT (EV/NOPAT)	40.87	36.61	30.81	29.52	23.51	21.48	20.61	20.65	21.11	21.93	42.64
Enterprise Value to Operating Cash Flow (EV/OCF)	2,105.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	109.02	85.38
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.15	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.44	0.57	0.59	0.79	0.70	0.76	0.80	0.77	0.64	0.67
Long-Term Debt to Equity	0.47	0.41	0.53	0.55	0.74	0.66	0.72	0.78	0.75	0.61	0.65
Financial Leverage	0.46	0.49	0.61	0.62	0.77	0.59	0.67	0.71	0.75	0.61	0.69
Leverage Ratio	1.93	1.92	2.01	2.05	2.23	2.20	2.18	2.24	2.23	2.21	2.18
Compound Leverage Factor	1.31	1.44	1.25	-1.24	1.38	1.40	1.45	1.44	1.44	1.44	1.49
Debt to Total Capital	32.28%	30.33%	36.37%	37.23%	44.01%	41.04%	43.05%	44.43%	43.48%	38.91%	40.06%
Short-Term Debt to Total Capital	0.39%	2.12%	2.42%	2.41%	2.74%	2.15%	1.78%	1.18%	1.24%	1.36%	1.23%
Long-Term Debt to Total Capital	31.88%	28.21%	33.95%	34.82%	41.27%	38.89%	41.28%	43.25%	42.25%	37.55%	38.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.72%	69.67%	63.63%	62.77%	55.99%	58.96%	56.95%	55.57%	56.52%	61.09%	59.94%
Debt to EBITDA	3.74	3.86	4.20	4.33	4.01	3.80	4.45	4.00	4.19	3.62	6.16
Net Debt to EBITDA	3.69	3.60	4.13	4.16	3.92	3.73	4.25	3.96	4.18	3.61	6.16
Long-Term Debt to EBITDA	3.69	3.59	3.92	4.05	3.76	3.60	4.27	3.90	4.07	3.49	5.97
Debt to NOPAT	6.49	6.73	7.06	7.38	6.55	6.44	7.85	7.24	8.06	7.15	17.06
Net Debt to NOPAT	6.41	6.27	6.94	7.08	6.40	6.32	7.50	7.16	8.04	7.15	17.05
Long-Term Debt to NOPAT	6.41	6.26	6.59	6.90	6.14	6.10	7.52	7.05	7.83	6.90	16.53
Altman Z-Score	3.49	2.96	2.93	2.66	2.65	2.36	2.09	2.37	2.17	2.25	2.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.90	3.10	3.69	3.53	3.33	2.70	3.06	3.21	2.99	2.44	2.85
Quick Ratio	0.71	0.80	0.81	0.83	0.70	0.47	0.62	0.59	0.76	0.40	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-125	-370	-200	-425	-256	-283	-251	-42	-69	18	-27
Operating Cash Flow to CapEx	-1,621.98%	1,696.02%	176.51%	-444.31%	-1,022.90%	355.00%	328.90%	-497.94%	-1,713.87%	322.89%	454.16%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-43.25	-27.86	0.00	0.00	-5.69	-11.52	0.00	-5.60
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-1.78	-8.61	0.00	0.00	-2.23	-8.14	0.00	3.30
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-2.19	-9.45	0.00	0.00	-2.68	-8.61	0.00	2.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.70	0.72	0.76	0.77	0.73	0.63	0.66	0.64	0.70	0.54
Accounts Receivable Turnover	7.45	6.64	6.82	6.75	6.20	7.87	5.37	5.02	4.74	6.73	4.20
Inventory Turnover	2.15	1.77	1.75	1.78	1.70	1.70	1.48	1.50	1.47	1.70	1.41
Fixed Asset Turnover	17.04	15.04	15.89	16.72	15.74	17.46	14.85	15.36	13.33	16.13	11.79
Accounts Payable Turnover	7.00	5.29	6.89	6.86	5.35	4.98	4.87	5.27	4.63	4.90	4.32
Days Sales Outstanding (DSO)	48.97	55.00	53.51	54.07	58.90	46.35	67.99	72.72	77.03	54.27	86.93
Days Inventory Outstanding (DIO)	169.45	206.03	209.06	205.03	215.13	214.31	246.21	243.69	249.06	215.14	259.74
Days Payable Outstanding (DPO)	52.15	68.97	52.98	53.21	68.20	73.33	74.91	69.23	78.76	74.52	84.41
Cash Conversion Cycle (CCC)	166.28	192.05	209.60	205.89	205.84	187.34	239.29	247.18	247.32	194.88	262.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,231	1,391	1,232	1,228	1,085	1,000	1,014	798	810	697	744
Invested Capital Turnover	1.01	0.90	0.91	0.96	0.96	1.01	0.83	0.86	0.81	0.96	0.70
Increase / (Decrease) in Invested Capital	145	391	218	429	275	303	269	58	82	-5.82	38
Enterprise Value (EV)	2,929	2,340	1,965	1,854	1,730	1,433	1,210	1,070	922	878	744
Market Capitalization	2,470	1,939	1,522	1,409	1,259	1,011	770	699	571	592	447
Book Value per Share	$47.36	$48.41	$42.77	$48.88	$38.86	$39.16	$39.65	$36.41	$35.63	$35.12	$34.81
Tangible Book Value per Share	$17.53	$14.67	$12.84	$14.13	$9.57	$9.58	$9.43	$12.75	$8.86	$11.38	$7.95
Total Capital	1,441	1,418	1,238	1,245	1,094	1,046	1,070	844	809	736	743
Total Debt	465	430	450	464	482	429	461	375	352	286	298
Total Long-Term Debt	459	400	420	434	452	407	442	365	342	276	289
Net Debt	459	401	442	445	471	422	440	371	351	286	298
Capital Expenditures (CapEx)	2.88	3.27	5.77	3.95	7.73	7.87	4.66	3.30	2.84	3.80	3.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	720	594	587	582	539	502	517	470	403	334	342
Debt-free Net Working Capital (DFNWC)	726	623	595	601	550	510	537	474	403	334	342
Net Working Capital (NWC)	721	593	565	571	520	487	518	464	393	324	333
Net Nonoperating Expense (NNE)	30	7.73	7.11	7.07	26	8.65	8.65	6.83	3.50	7.37	1.89
Net Nonoperating Obligations (NNO)	255	403	444	446	473	384	404	329	353	247	299
Total Depreciation and Amortization (D&A)	10	8.68	7.88	7.26	6.28	6.47	6.06	5.97	6.46	6.29	6.43
Debt-free, Cash-free Net Working Capital to Revenue	61.38%	54.99%	57.78%	59.72%	59.06%	58.32%	71.13%	70.95%	64.26%	49.89%	67.20%
Debt-free Net Working Capital to Revenue	61.87%	57.68%	58.56%	61.67%	60.22%	59.23%	73.97%	71.57%	64.35%	49.93%	67.21%
Net Working Capital to Revenue	61.39%	54.90%	55.61%	58.59%	56.93%	56.61%	71.36%	70.06%	62.75%	48.44%	65.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.43)	$0.81	$0.63	($0.16)	($0.42)	$0.74	$0.64	$0.68	$0.71	$0.38	$0.74
Adjusted Weighted Average Basic Shares Outstanding	20.62M	17.88M	18.43M	17.15M	15.78M	14.13M	15.00M	12.89M	12.84M	12.78M	12.80M
Adjusted Diluted Earnings per Share	($0.44)	$0.79	$0.63	($0.16)	($0.41)	$0.74	$0.63	$0.68	$0.71	$0.38	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	20.74M	17.98M	18.48M	17.20M	15.94M	14.18M	15.05M	12.92M	12.93M	12.83M	12.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.67M	20.60M	20.41M	18.42M	15.98M	15.77M	15.75M	15.37M	12.89M	12.84M	12.80M
Normalized Net Operating Profit after Tax (NOPAT)	21	21	19	4.29	20	20	18	16	13	12	11
Normalized NOPAT Margin	8.07%	6.95%	6.86%	1.61%	8.08%	8.61%	7.87%	7.64%	6.69%	12.09%	6.76%
Pre Tax Income Margin	6.47%	6.85%	5.38%	-1.39%	6.20%	6.82%	7.26%	6.47%	5.73%	10.34%	6.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.62	2.63	0.00	0.00	2.80	2.81	0.00	3.13
NOPAT to Interest Expense	0.00	0.00	0.00	0.44	2.12	0.00	0.00	2.13	2.11	0.00	2.35
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.22	1.79	0.00	0.00	2.35	2.33	0.00	2.41
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.04	1.28	0.00	0.00	1.68	1.63	0.00	1.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	58.19%	46.07%	47.55%	51.31%	24.48%	13.89%	15.88%	15.91%	16.55%	18.22%	16.92%
Augmented Payout Ratio	58.19%	46.07%	47.55%	51.31%	24.48%	13.89%	15.88%	15.91%	16.55%	18.22%	16.92%

Frequently Asked Questions About VSE's Financials

When does VSE's financial year end?

According to the most recent income statement we have on file, VSE's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has VSE's net income changed over the last 9 years?

VSE's net income appears to be on a downward trend, with a most recent value of $15.32 million in 2024, falling from $24.92 million in 2015. The previous period was $39.13 million in 2023. Check out VSE's forecast to explore projected trends and price targets.

What is VSE's operating income?

VSE's total operating income in 2024 was $81.42 million, based on the following breakdown:

Total Gross Profit: $125.95 million
Total Operating Expenses: $44.53 million

How has VSE revenue changed over the last 9 years?

Over the last 9 years, VSE's total revenue changed from $533.98 million in 2015 to $1.08 billion in 2024, a change of 102.3%.

How much debt does VSE have?

VSE's total liabilities were at $746.43 million at the end of 2024, a 1.7% increase from 2023, and a 92.4% increase since 2015.

How much cash does VSE have?

In the past 9 years, VSE's cash and equivalents has ranged from $162 thousand in 2018 to $29.03 million in 2024, and is currently $29.03 million as of their latest financial filing in 2024.

How has VSE's book value per share changed over the last 9 years?

Over the last 9 years, VSE's book value per share changed from 42.66 in 2015 to 48.41 in 2024, a change of 13.5%.

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This page (NASDAQ:VSEC) was last updated on 5/29/2025 by MarketBeat.com Staff

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VSE (VSEC) Financials

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