VSE Corporation (VSEC) 10-Year Financial Performance & Capital Metrics

VSEC • • Industrial / General

IndustrialsAerospace & DefenseMRO & Aftermarket ServicesAviation MRO Services

AboutVSE Corporation operates as a diversified aftermarket products and services company in the United States. The company operates through three segments: Aviation, Fleet, and Federal and Defense. The Aviation segment provides international parts supply and distribution, supply chain solutions, and component and engine accessory maintenance, repair, and overhaul (MRO) services. This segment serves commercial airlines, regional airlines, cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators. The Fleet segment offers parts supply, inventory management, e-commerce fulfillment, logistics, and other services to assist aftermarket commercial and federal customers with their supply chain management. This segment also provides sale of vehicle parts and supply chain services to support client truck fleets, as well as sustainment solutions and managed inventory services to government and commercial truck fleets. The Federal and Defense segment offers aftermarket refurbishment and sustainment services to extend and maintain the life cycle of military vehicles, ships, and aircraft for the United States Department of Defense (DoD). This segment also provides foreign military sales services, engineering, logistics, maintenance, configuration management, prototyping, technology, and field support services to the DoD and other customers. In addition, this segment offers energy consulting services and IT solutions to various DoD, federal civilian agencies, and commercial clients. The company also provides vehicle and equipment maintenance and refurbishment, logistics, engineering support, energy services, and IT and health care IT solutions, as well as consulting services. VSE Corporation was incorporated in 1959 and is headquartered in Alexandria, Virginia.Show more

Revenue $1.08B +25.5%
EBITDA $131M +14.2%
Net Income $31M -22.0%
EPS (Diluted) 0.85 -69.2%
Gross Margin 10.02% -9.8%
EBITDA Margin 12.17% -9.0%
Operating Margin 9.51% -10.8%
Net Margin 2.83% -37.9%
ROE 3.8% -48.2%
ROIC 6.13% -18.6%
Debt/Equity 0.49 -34.1%
Interest Coverage 2.94 -0.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 85 (top 15%)
✓Trading near 52-week high

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Shares diluted 26.7% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.8%

5Y7.49%

3Y12.89%

TTM39.78%

Profit (Net Income) CAGR

10Y4.66%

5Y-3.79%

3Y56.48%

TTM2107.97%

EPS CAGR

10Y-7.28%

5Y-23.99%

3Y10.5%

TTM51.28%

ROCE

10Y Avg9.05%

5Y Avg7.38%

3Y Avg8.41%

Latest8.16%

Peer Comparison

Aviation MRO Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SAROStandardAero, Inc.	10.89B	32.55	858.84	14.77%	3.15%	7.15%		1.02
AIRAAR Corp.	4.18B	105.74	302.11	19.91%	3.17%	6.03%	0.03%	0.86
VSECVSE Corporation	4.94B	211.34	248.64	25.53%	2.39%	2.7%		0.49
HEIHEICO Corporation	19.74B	358.04	73.07	16.26%	15.39%	14.24%	4.36%	0.45
SKYHSky Harbour Group Corporation	320.54M	9.40	-5.34	94.86%	-17.82%	-2.62%		2.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	533.98M	691.79M	760.11M	697.22M	752.63M	661.66M	750.85M	669.45M	860.49M	1.08B
Revenue Growth %	0.26%	0.3%	0.1%	-0.08%	0.08%	-0.12%	0.13%	-0.11%	0.29%	0.26%
Cost of Goods Sold+	480.15M	633.65M	703.36M	640.97M	688.18M	603.78M	725.71M	612.21M	764.87M	971.93M
COGS % of Revenue	0.9%	0.92%	0.93%	0.92%	0.91%	0.91%	0.97%	0.91%	0.89%	0.9%
Gross Profit+	53.83M	58.14M	56.75M	56.24M	64.45M	57.88M	25.14M	57.24M	95.61M	108.2M
Gross Margin %	0.1%	0.08%	0.07%	0.08%	0.09%	0.09%	0.03%	0.09%	0.11%	0.1%
Gross Profit Growth %	0.31%	0.08%	-0.02%	-0.01%	0.15%	-0.1%	-0.57%	1.28%	0.67%	0.13%
Operating Expenses+	3.29M	6.61M	2.43M	3.15M	1.89M	1.35M	3.63M	3.63M	3.92M	5.48M
OpEx % of Revenue	0.01%	0.01%	0%	0%	0%	0%	0%	0.01%	0%	0.01%
Selling, General & Admin	3.29M	6.61M	2.43M	3.15M	1.89M	1.35M	3.63M	3.63M	3.92M	5.48M
SG&A % of Revenue	0.01%	0.01%	0%	0%	0%	0%	0%	0.01%	0%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	50.54M	51.53M	54.33M	53.1M	62.56M	56.53M	21.52M	53.6M	91.7M	102.72M
Operating Margin %	0.09%	0.07%	0.07%	0.08%	0.08%	0.09%	0.03%	0.08%	0.11%	0.1%
Operating Income Growth %	0.34%	0.02%	0.05%	-0.02%	0.18%	-0.1%	-0.62%	1.49%	0.71%	0.12%
EBITDA+	76.08M	77.58M	80.21M	78.32M	89.48M	80.67M	47.12M	78.21M	115.11M	131.49M
EBITDA Margin %	0.14%	0.11%	0.11%	0.11%	0.12%	0.12%	0.06%	0.12%	0.13%	0.12%
EBITDA Growth %	0.34%	0.02%	0.03%	-0.02%	0.14%	-0.1%	-0.42%	0.66%	0.47%	0.14%
D&A (Non-Cash Add-back)	25.54M	26.05M	25.88M	25.22M	26.93M	24.14M	25.6M	24.6M	23.42M	28.76M
EBIT	50.01M	51.53M	54.33M	54.23M	60.26M	13.92M	21.52M	53.6M	88M	81.42M
Net Interest Income+	-9.54M	-9.86M	-9.24M	-8.98M	-13.83M	-13.5M	-12.07M	-17.89M	-31.08M	-34.94M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	9.54M	9.86M	9.24M	8.98M	13.83M	13.5M	12.07M	17.89M	31.08M	34.94M
Other Income/Expense	-9.54M	-9.86M	-9.24M	-7.85M	-16.13M	-56.1M	-12.07M	-17.89M	-34.78M	-56.24M
Pretax Income+	40.99M	41.67M	45.09M	45.25M	46.43M	427K	9.45M	35.71M	56.91M	46.48M
Pretax Margin %	0.08%	0.06%	0.06%	0.06%	0.06%	0%	0.01%	0.05%	0.07%	0.04%
Income Tax+	16.08M	14.88M	5.99M	10.17M	9.4M	5.6M	1.49M	9.05M	13.76M	9.98M
Effective Tax Rate %	0.61%	0.64%	0.87%	0.78%	0.8%	-12.11%	0.84%	0.79%	0.69%	0.66%
Net Income+	24.92M	26.79M	39.1M	35.08M	37.02M	-5.17M	7.97M	28.06M	39.13M	30.52M
Net Margin %	0.05%	0.04%	0.05%	0.05%	0.05%	-0.01%	0.01%	0.04%	0.05%	0.03%
Net Income Growth %	0.29%	0.08%	0.46%	-0.1%	0.06%	-1.14%	2.54%	2.52%	0.39%	-0.22%
Net Income (Continuing)	24.92M	26.79M	39.1M	35.08M	37.02M	-5.17M	7.97M	26.66M	43.15M	36.5M
Discontinued Operations	0	0	0	0	0	0	0	1.4M	-4.02M	-5.97M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.31	2.47	3.60	3.21	3.35	-0.47	0.63	2.19	2.76	0.85
EPS Growth %	0.28%	0.07%	0.46%	-0.11%	0.04%	-1.14%	2.34%	2.48%	0.26%	-0.69%
EPS (Basic)	2.32	2.48	3.61	3.23	3.38	-0.47	0.63	2.20	2.77	0.86
Diluted Shares Outstanding	10.79M	10.83M	10.87M	10.94M	11.04M	11.03M	12.63M	12.83M	14.18M	17.98M
Basic Shares Outstanding	10.75M	10.79M	10.83M	10.88M	10.96M	11.03M	12.55M	12.78M	14.13M	17.88M
Dividend Payout Ratio	0.09%	0.09%	0.07%	0.09%	0.1%	-	0.56%	0.18%	0.14%	0.23%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	201.37M	258.46M	248.54M	281.22M	355.34M	354.96M	463.99M	548.88M	774.03M	874.83M
Cash & Short-Term Investments	740K	428K	624K	162K	734K	378K	518K	305K	7.77M	29.03M
Cash Only	740K	428K	624K	162K	734K	378K	518K	305K	7.77M	29.03M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	78.47M	101.22M	98.34M	101.26M	116.91M	80.55M	111.29M	98.01M	136.01M	227.52M
Days Sales Outstanding	53.64	53.4	47.22	53.01	56.7	44.43	54.1	53.44	57.69	76.89
Inventory	109.12M	136.34M	132.59M	166.39M	218.63M	253.42M	322.7M	380.71M	500.86M	576.32M
Days Inventory Outstanding	82.95	78.54	68.81	94.75	115.96	153.2	162.31	226.98	239.01	216.43
Other Current Assets	9.14M	20.48M	16.99M	13.41M	19.07M	20.61M	29.48M	69.69M	129.39M	41.96M
Total Non-Current Assets+	420.76M	403.38M	380.47M	357.61M	490.52M	425.12M	454.56M	450.91M	576.31M	859.79M
Property, Plant & Equipment	64.31M	62.06M	55.15M	49.61M	64.41M	56.88M	69.81M	82.38M	86.76M	138.91M
Fixed Asset Turnover	8.30x	11.15x	13.78x	14.06x	11.69x	11.63x	10.76x	8.13x	9.92x	7.78x
Goodwill	198.54M	198.62M	198.62M	198.62M	276.45M	238.13M	248.75M	248.84M	351.78M	491.45M
Intangible Assets	143.04M	126.93M	110.91M	94.89M	132.18M	103.59M	108.26M	90.62M	114.13M	197.28M
Long-Term Investments	-3.61M	0	0	0	0	9.86M	7.04M	6.62M	2.84M	4.09M
Other Non-Current Assets	14.87M	15.77M	15.8M	14.49M	17.49M	1.55M	-6.94M	-8.42M	20.8M	28.05M
Total Assets+	622.13M	661.84M	629.01M	638.83M	845.86M	780.08M	918.56M	999.79M	1.35B	1.73B
Asset Turnover	0.86x	1.05x	1.21x	1.09x	0.89x	0.85x	0.82x	0.67x	0.64x	0.62x
Asset Growth %	0.75%	0.06%	-0.05%	0.02%	0.32%	-0.08%	0.18%	0.09%	0.35%	0.28%
Total Current Liabilities+	96.98M	148.44M	113.98M	104.88M	164.18M	139.23M	179.96M	224.6M	286.89M	281.84M
Accounts Payable	40.08M	94M	66.02M	57.41M	68.1M	72.68M	115.06M	128.5M	173.04M	187.59M
Days Payables Outstanding	30.47	54.15	34.26	32.69	36.12	43.94	57.87	76.61	82.57	70.45
Short-Term Debt	17.27M	21.02M	6.96M	11.07M	16.88M	20.38M	14.16M	10M	22.5M	30M
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	963K	1000K	1000K
Other Current Liabilities	20.42M	12.72M	17.7M	11.8M	41.82M	6.94M	7.6M	68.01M	67.87M	32.52M
Current Ratio	2.08x	1.74x	2.18x	2.68x	2.16x	2.55x	2.58x	2.44x	2.70x	3.10x
Quick Ratio	0.95x	0.82x	1.02x	1.09x	0.83x	0.73x	0.79x	0.75x	0.95x	1.06x
Cash Conversion Cycle	106.12	77.79	81.77	115.07	136.54	153.7	158.53	203.8	214.13	222.87
Total Non-Current Liabilities+	291.35M	258.2M	221.94M	205.56M	318.58M	284.54M	321.26M	325.66M	446.73M	464.59M
Long-Term Debt	215.24M	193.62M	165.61M	151.13M	253.13M	230.71M	270.41M	276.3M	406.84M	400.17M
Capital Lease Obligations	23.25M	21.96M	20.58M	18.91M	24.44M	22.82M	27.17M	19.15M	24.96M	48.14M
Deferred Tax Liabilities	31.52M	29.87M	19.42M	18.48M	17.86M	14.9M	9.11M	4.76M	6.99M	0
Other Non-Current Liabilities	10.17M	0	16.32M	17.03M	23.15M	16.11M	14.58M	25.45M	7.94M	16.27M
Total Liabilities	388.05M	406.64M	335.92M	310.43M	482.76M	423.76M	501.23M	550.26M	733.61M	746.43M
Total Debt+	256.93M	236.6M	193.16M	181.11M	298.16M	277.92M	317.73M	308.64M	459.26M	485.21M
Net Debt	256.19M	236.18M	192.53M	180.95M	297.43M	277.54M	317.21M	308.33M	451.49M	456.18M
Debt / Equity	1.12x	0.93x	0.66x	0.55x	0.82x	0.78x	0.76x	0.69x	0.74x	0.49x
Debt / EBITDA	3.38x	3.05x	2.41x	2.31x	3.33x	3.45x	6.74x	3.95x	3.99x	3.69x
Net Debt / EBITDA	3.37x	3.04x	2.40x	2.31x	3.32x	3.44x	6.73x	3.94x	3.92x	3.47x
Interest Coverage	5.30x	5.23x	5.88x	5.91x	4.52x	4.19x	1.78x	3.00x	2.95x	2.94x
Total Equity+	229.31M	255.19M	293.1M	328.39M	363.1M	356.32M	417.33M	449.53M	616.73M	988.19M
Equity Growth %	0.12%	0.11%	0.15%	0.12%	0.11%	-0.02%	0.17%	0.08%	0.37%	0.6%
Book Value per Share	21.26	23.57	26.97	30.03	32.88	32.29	33.04	35.04	43.48	54.98
Total Shareholders' Equity	229.31M	255.19M	293.1M	328.39M	363.1M	356.32M	417.33M	449.53M	616.73M	988.19M
Common Stock	269K	540K	542K	544K	549K	553K	636K	641K	788K	1.03M
Retained Earnings	207.48M	231.73M	267.9M	301.07M	334.25M	325.1M	328.36M	351.3M	384.7M	392.48M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-75K	45K	181K	146K	-1.1M	-1.2M	-176K	4.97M	2.13M	3.07M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	37.57M	47.19M	50.42M	18.86M	17.99M	35.76M	-17.6M	8.05M	-21.83M	-31.04M
Operating CF Margin %	0.07%	0.07%	0.07%	0.03%	0.02%	0.05%	-0.02%	0.01%	-0.03%	-0.03%
Operating CF Growth %	-0.24%	0.26%	0.07%	-0.63%	-0.05%	0.99%	-1.49%	1.46%	-3.71%	-0.42%
Net Income	24.92M	26.79M	39.1M	35.08M	37.02M	-5.17M	7.97M	28.06M	39.13M	15.32M
Depreciation & Amortization	25.54M	26.05M	25.88M	25.22M	26.93M	24.14M	25.6M	25.57M	23.42M	28.76M
Stock-Based Compensation	2.08M	2.11M	3.07M	3.03M	3.26M	2.86M	3.93M	4.46M	7.74M	8.31M
Deferred Taxes	84K	-1.15M	-10.53M	-1.37M	-505K	106K	-4.36M	-1.14M	-1.98M	-10M
Other Non-Cash Items	426K	-1.33M	71.79M	-1.7M	1.9M	35.9M	24.36M	1.22M	2.29M	33.42M
Working Capital Changes	-15.48M	-5.28M	-7.09M	-41.41M	-50.62M	-22.07M	-75.1M	-50.12M	-92.42M	-106.86M
Change in Receivables	-8.14M	-22.75M	2.88M	-3.75M	-3.33M	7.73M	-9.41M	-33.03M	-20.77M	-32.46M
Change in Inventory	-10.38M	-27.22M	3.75M	-35.56M	-44.22M	-50.17M	-80.02M	-59.1M	-87.53M	-31.67M
Change in Payables	-362K	54.74M	-23.59M	-7.41M	7.72M	3.5M	33.21M	36.19M	23.91M	-31.76M
Cash from Investing+	-205.19M	-6.47M	-3.01M	-1.29M	-122.81M	20.22M	-61.63M	-2.38M	-235.69M	-263.67M
Capital Expenditures	-10.56M	-6.55M	-3.74M	-3.12M	-9.63M	-4.43M	-10.52M	-11.21M	-18.67M	-20.7M
CapEx % of Revenue	0.02%	0.01%	0%	0%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	507K	143K	732K	122K	4K	2.88M	2.22M	8.84M	1.56M	40.16M
Cash from Financing+	168.09M	-41.04M	-47.21M	-18.02M	105.39M	-56.34M	79.37M	-5.71M	264.97M	315.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.26M	-2.48M	-2.82M	-3.26M	-3.73M	-3.97M	-4.43M	-5.11M	-5.44M	-7.06M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-14.75M	-19.01M	-500K	-2.34M	-955K	-32.34M	-1.49M	-3.38M	-4M	-2.63M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	27.01M	40.65M	46.68M	15.74M	8.36M	31.33M	-28.12M	-3.16M	-40.49M	-51.74M
FCF Margin %	0.05%	0.06%	0.06%	0.02%	0.01%	0.05%	-0.04%	-0%	-0.05%	-0.05%
FCF Growth %	-0.42%	0.5%	0.15%	-0.66%	-0.47%	2.75%	-1.9%	0.89%	-11.81%	-0.28%
FCF per Share	2.50	3.75	4.29	1.44	0.76	2.84	-2.23	-0.25	-2.85	-2.88
FCF Conversion (FCF/Net Income)	1.51x	1.76x	1.29x	0.54x	0.49x	-6.92x	-2.21x	0.29x	-0.56x	-1.02x
Interest Paid	6.62M	8.23M	7.61M	7.52M	13.47M	13.94M	12.15M	16.42M	35.04M	37.08M
Taxes Paid	15.95M	18.89M	16.35M	9.53M	11.64M	4.76M	7.54M	10.33M	13.94M	12.23M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.46%	11.06%	14.26%	11.29%	10.71%	-1.44%	2.06%	6.47%	7.34%	3.8%
Return on Invested Capital (ROIC)	9.93%	7.91%	8.34%	8.01%	8.02%	6.55%	2.36%	5.39%	7.53%	6.13%
Gross Margin	10.08%	8.4%	7.47%	8.07%	8.56%	8.75%	3.35%	8.55%	11.11%	10.02%
Net Margin	4.67%	3.87%	5.14%	5.03%	4.92%	-0.78%	1.06%	4.19%	4.55%	2.83%
Debt / Equity	1.12x	0.93x	0.66x	0.55x	0.82x	0.78x	0.76x	0.69x	0.74x	0.49x
Interest Coverage	5.30x	5.23x	5.88x	5.91x	4.52x	4.19x	1.78x	3.00x	2.95x	2.94x
FCF Conversion	1.51x	1.76x	1.29x	0.54x	0.49x	-6.92x	-2.21x	0.29x	-0.56x	-1.02x
Revenue Growth	25.92%	29.55%	9.88%	-8.27%	7.95%	-12.09%	13.48%	-10.84%	28.54%	25.53%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	376.63M	318.32M	400.94M	562.48M	693.03M	776.68M
Product Growth	-	-	-	-	-	-15.48%	25.95%	40.29%	23.21%	12.07%
Service	-	-	-	-	375.99M	343.33M	349.92M	387.28M	167.45M	303.46M
Service Growth	-	-	-	-	-	-8.69%	1.92%	10.68%	-56.76%	81.22%
Supply Chain Management Group	196.77M	205.47M	214.54M	175.34M	-	-	-	-	-	-
Supply Chain Management Group Growth	-	4.42%	4.41%	-18.27%	-	-	-	-	-	-
Federal Services Group	166.97M	306.11M	410.76M	33.75M	-	-	-	-	-	-
Federal Services Group Growth	-	83.33%	34.19%	-91.78%	-	-	-	-	-	-
Aviation Acquisitions	119.73M	133.47M	134.81M	2.17M	-	-	-	-	-	-
Aviation Acquisitions Growth	-	11.47%	1.01%	-98.39%	-	-	-	-	-	-
IT, Energy and Management Consulting Group	50.51M	46.74M	-	-	-	-	-	-	-	-
IT, Energy and Management Consulting Group Growth	-	-7.46%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	638.73M	708.47M	647.17M	659.45M	598.14M	668.89M	837.93M	656.77M	785.6M
UNITED STATES Growth	-	-	10.92%	-8.65%	1.90%	-9.30%	11.83%	25.27%	-21.62%	19.62%
Non-US	-	53.06M	51.64M	50.05M	93.18M	63.52M	81.96M	111.83M	203.72M	294.53M
Non-US Growth	-	-	-2.69%	-3.08%	86.17%	-31.83%	29.04%	36.45%	82.17%	44.58%

Frequently Asked Questions

Valuation & Price

VSE Corporation (VSEC) has a price-to-earnings (P/E) ratio of 248.6x. This suggests investors expect higher future growth.

Growth & Financials

VSE Corporation (VSEC) reported $1.11B in revenue for fiscal year 2024. This represents a 79% increase from $618.6M in 2011.

VSE Corporation (VSEC) grew revenue by 25.5% over the past year. This is strong growth.

Yes, VSE Corporation (VSEC) is profitable, generating $26.6M in net income for fiscal year 2024 (2.8% net margin).

Dividend & Returns

Yes, VSE Corporation (VSEC) pays a dividend with a yield of 0.19%. This makes it attractive for income-focused investors.

VSE Corporation (VSEC) has a return on equity (ROE) of 3.8%. This is below average, suggesting room for improvement.

VSE Corporation (VSEC) generated $26.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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