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VSE (VSEC) Financials

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$130.21 +1.93 (+1.51%)
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Annual Income Statements for VSE

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

Quarterly Income Statements for VSE

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

Annual Cash Flow Statements for VSE

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

Quarterly Cash Flow Statements for VSE

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

Annual Balance Sheets for VSE

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

Quarterly Balance Sheets for VSE

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

Annual Metrics And Ratios for VSE

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%

Quarterly Metrics And Ratios for VSE

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%.



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