VSE Corporation (VSEC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.8%

$3.46

vs $160.21 price

Levered DCF

-$38.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.65

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	68.56×	55.61×	23.32×	21.31×	96.73×	-81.89×	11.25×	9.26×
P/B	2.55×	1.72×	1.48×	1.33×	1.83×	1.19×	1.15×	0.99×
P/S	3.3×	1.57×	1.06×	0.89×	1.02×	0.64×	0.55×	0.47×
EV / EBITDA	30.43×	19.57×	12.25×	11.6×	22.96×	18.45×	8.19×	6.37×
Gross margin	11.9%	10.0%	11.1%	8.6%	3.3%	8.7%	8.6%	8.1%
Operating margin	11.2%	9.5%	10.7%	8.0%	2.9%	8.5%	8.3%	7.6%
Net margin	4.8%	2.8%	4.5%	4.2%	1.1%	-0.8%	4.9%	5.0%
Current ratio	3.76×	3.1×	2.7×	2.44×	2.58×	2.55×	2.16×	2.68×
Debt / equity	0.24×	0.49×	0.74×	0.69×	0.76×	0.78×	0.82×	0.55×
Interest coverage	6.08×	2.94×	2.95×	3×	1.78×	4.19×	4.52×	5.91×
Dividend yield	0.2%	0.4%	0.6%	0.9%	0.6%	0.9%	0.9%	1.0%
Payout ratio	15.4%	23.1%	13.9%	18.2%	55.6%	-76.8%	10.1%	9.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.7%	3.1%	6.3%	6.2%	1.9%	-1.5%	10.2%	10.7%
Return on invested capital	5.4%	5.4%	6.4%	5.1%	2.4%	-102.9%	7.1%	7.6%
Return on assets	2.6%	1.8%	2.9%	2.8%	0.9%	-0.7%	4.4%	5.5%
Free cash flow yield	0.2%	-3.0%	-4.4%	-0.5%	-3.7%	7.4%	2.0%	4.8%
Earnings yield	1.5%	1.8%	4.3%	4.7%	1.0%	-1.2%	8.9%	10.8%
Enterprise value	$3.9B	$2.2B	$1.4B	$907.5M	$1.1B	$702.3M	$714.3M	$506.3M
Net debt / EBITDA	2.11×	4.14×	4.05×	3.94×	6.73×	7.29×	3.41×	2.28×
Cash conversion cycle (days)	225	223	214	204	159	154	137	115