VSE (VSEC) Financials

$118.06 +0.97 (+0.82%)

As of 02:57 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	25	27	39	35	37	-5.17	7.97	28	39	15
Consolidated Net Income / (Loss)	25	27	39	35	37	-5.17	7.97	28	39	15
Net Income / (Loss) Continuing Operations	25	27	39	35	37	-5.17	-11	27	43	36
Total Pre-Tax Income	41	42	45	45	46	0.43	-15	36	57	46
Total Operating Income	51	52	54	54	60	14	-2.71	54	88	81
Total Gross Profit	69	74	73	72	84	75	17	73	110	126
Total Revenue	534	692	760	697	753	662	481	669	860	1,080
Operating Revenue	534	692	760	697	753	662	481	669	860	1,080
Total Cost of Revenue	465	618	687	625	669	586	465	596	750	954
Operating Cost of Revenue	465	618	687	625	669	586	465	596	750	954
Total Operating Expenses	19	23	18	18	24	61	19	19	22	45
Selling, General & Admin Expense	3.29	6.61	2.43	3.71	4.19	3.12	3.45	3.64	7.62	15
Amortization Expense	16	16	16	16	19	18	16	16	14	18
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	8.21	-	0.00	-	12
Total Other Income / (Expense), net	-9.54	-9.86	-9.24	-8.98	-14	-13	-12	-18	-31	-35
Interest & Investment Income	-	-	-	-	-	-	-	-18	-31	-35
Income Tax Expense	16	15	5.99	10	9.40	5.60	-3.77	9.05	14	9.98
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	19	1.40	-4.02	-21
Basic Earnings per Share	$2.32	$2.48	$3.61	$3.23	$3.38	($0.47)	$0.63	$2.20	$2.77	$0.86
Weighted Average Basic Shares Outstanding	10.75M	10.79M	10.83M	10.88M	10.96M	11.03M	12.55M	12.78M	14.13M	17.88M
Diluted Earnings per Share	$2.31	$2.47	$3.60	$3.21	$3.35	($0.47)	$0.63	$2.19	$2.76	$0.85
Weighted Average Diluted Shares Outstanding	10.79M	10.83M	10.87M	10.94M	11.04M	11.03M	12.63M	12.83M	14.18M	17.98M
Weighted Average Basic & Diluted Shares Outstanding	10.70M	10.80M	10.80M	10.90M	10.99M	12.67M	12.74M	12.84M	15.77M	20.60M
Cash Dividends to Common per Share	$0.43	$0.24	$0.27	$0.31	$0.35	$0.36	$0.37	$0.40	$0.40	$0.40

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-0.28	0.39	0.05	3.81	16	-13	2.64	8.42	-11	21
Net Cash From Operating Activities	16	12	-49	-16	15	28	-79	-18	10	55
Net Cash From Continuing Operating Activities	16	12	-49	-16	15	28	-79	-18	10	55
Net Income / (Loss) Continuing Operations	9.42	4.85	9.12	8.86	9.56	12	-6.61	-2.78	12	13
Consolidated Net Income / (Loss)	9.42	4.85	9.12	8.86	9.56	12	-6.61	-2.78	12	13
Depreciation Expense	6.22	5.95	6.25	5.76	5.45	5.96	5.95	6.92	7.54	8.35
Amortization Expense	0.21	0.34	0.21	0.21	0.61	0.52	0.33	0.33	0.33	0.33
Non-Cash Adjustments To Reconcile Net Income	-1.85	6.77	4.50	0.02	7.44	1.67	28	14	0.06	6.93
Changes in Operating Assets and Liabilities, net	1.94	-5.65	-69	-31	-7.73	8.20	-106	-36	-9.41	27
Net Cash From Investing Activities	-3.51	0.80	-15	-1.70	-212	-7.78	33	-115	-5.71	-176
Net Cash From Continuing Investing Activities	-3.51	0.80	-15	-1.70	-212	-7.78	33	-115	-5.71	-176
Purchase of Property, Plant & Equipment	-4.67	-3.80	-2.84	-3.30	-4.66	-7.87	-7.73	-3.95	-5.77	-3.27
Acquisitions	-	-	-12	0.04	-207	0.09	0.00	-112	0.06	-171
Divestitures	-	-	0.00	-	-	-	41	0.98	-	-1.96
Net Cash From Financing Activities	-13	-13	63	22	213	-33	48	141	-16	142
Net Cash From Continuing Financing Activities	-13	-13	63	22	213	-33	48	141	-16	142
Repayment of Debt	-133	-174	-111	-123	-202	-266	-159	-227	-121	-233
Payment of Dividends	-1.28	-1.28	-1.28	-1.29	-1.29	-1.58	-1.58	-1.60	-1.84	-2.04
Issuance of Debt	122	162	177	146	287	234	211	209	107	212
Issuance of Common Equity	-	0.41	0.25	0.21	129	0.45	0.00	162	0.00	164
Other Financing Activities, net	-0.30	-0.07	-1.03	-	-0.08	-	-2.08	-0.47	-0.21	0.13

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	958	1,044	1,073	1,343	1,337	1,494	1,464
Total Current Assets	513	591	674	770	743	796	775
Cash & Equivalents	0.09	0.53	4.16	21	11	19	7.91
Accounts Receivable	135	149	120	135	145	168	163
Inventories, net	350	417	428	494	521	532	534
Other Current Assets	28	24	15	22	66	77	71
Other Current Nonoperating Assets	-	-	107	98	0.00	0.00	0.00
Plant, Property, & Equipment, net	45	50	44	53	67	73	75
Total Noncurrent Assets	400	404	355	519	527	625	614
Goodwill	249	254	222	346	351	390	391
Intangible Assets	95	90	83	119	111	165	161
Other Noncurrent Operating Assets	56	60	50	55	65	70	63
Total Liabilities & Shareholders' Equity	958	1,044	1,073	1,343	1,337	1,494	1,464
Total Liabilities	512	587	604	733	724	713	676
Total Current Liabilities	180	197	210	252	223	226	210
Short-Term Debt	9.16	10	10	19	30	30	30
Accounts Payable	119	142	105	138	155	145	123
Accrued Expenses	51	44	30	33	36	49	56
Dividends Payable	1.28	1.29	1.29	1.58	1.58	1.84	1.84
Other Current Nonoperating Liabilities	-	-	64	60	0.00	0.00	0.00
Total Noncurrent Liabilities	332	390	394	481	501	487	466
Long-Term Debt	289	342	365	442	452	434	420
Noncurrent Deferred & Payable Income Tax Liabilities	10	9.50	3.74	9.67	7.41	4.32	0.00
Noncurrent Employee Benefit Liabilities	10	7.55	7.65	7.47	7.68	7.56	7.68
Other Noncurrent Operating Liabilities	23	31	18	22	34	42	38
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	445	457	469	610	613	781	788
Total Preferred & Common Equity	445	457	469	610	613	781	788
Total Common Equity	445	457	469	610	613	781	788
Common Stock	92	95	97	228	232	405	406
Retained Earnings	348	359	367	375	377	372	382
Accumulated Other Comprehensive Income / (Loss)	5.35	2.97	5.33	6.98	4.64	4.86	0.21

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

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

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

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

Frequently Asked Questions About VSE's Financials

When does VSE's fiscal year end?

According to the most recent income statement we have on file, VSE's financial year ends in December. Their financial 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. Find out what analysts predict for VSE in the coming months.

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 5/6/2025 by MarketBeat.com Staff

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VSE (VSEC) Financials

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VSE (VSEC) Financials

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