VSE Corporation (VSEC) Key Metrics
VSEC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.60B
- Enterprise value
- $5.96B
- P/E (TTM)
- 52.4 10-yr median 21.4
- Forward P/E
- 22.5
- PEG ratio
- 3.00
- Price / sales
- 3.4 10-yr median 0.8
- Price / book
- 1.7 10-yr median 1.6
- EV / EBITDA
- 33.7 10-yr median 12.0
- Dividend yield
- 0.24% $0.40 a year
- Beta
- 1.27
VSEC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVSEC valuation Price multiples at each fiscal year-end price.
VSEC returns How much profit the business earns on the capital it uses.
VSEC per-share figures Results divided by the shares outstanding at year-end.
VSEC financial health Debt, liquidity and how easily interest is covered.
VSEC efficiency & capital use Working capital cycle and where the cash goes.
VSEC valuation history
VSEC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VSEC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VSEC cash returned to shareholders
VSEC price vs earnings per share
VSEC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.67B | $1.71B | $916.5M | $601.4M | $769.8M | $424.7M | $420.1M | $327.1M | $526.3M | $420.6M |
| Enterprise value | $3.94B | $2.17B | $1.37B | $909.7M | $1.09B | $702.3M | $717.6M | $508.0M | $718.9M | $656.7M |
| P/E ratio | 68.6 | 56.0 | 23.4 | 21.4 | 96.6 | — | 11.3 | 9.3 | 13.5 | 15.7 |
| Price / sales | 3.3 | 1.6 | 1.1 | 0.9 | 1.0 | 0.6 | 0.6 | 0.5 | 0.7 | 0.6 |
| Price / book | 2.5 | 1.7 | 1.5 | 1.3 | 1.8 | 1.2 | 1.2 | 1.0 | 1.8 | 1.6 |
| Price / free cash flow | 642.4 | — | — | — | — | 13.6 | 50.2 | 20.8 | 11.3 | 10.3 |
| Price / operating cash flow | 135.9 | — | — | 74.7 | — | 11.9 | 23.3 | 17.3 | 10.4 | 8.9 |
| EV / sales | 3.5 | 2.0 | 1.6 | 1.4 | 1.4 | 1.1 | 1.0 | 0.7 | 0.9 | 0.9 |
| EV / EBITDA | 30.4 | 19.7 | 12.3 | 11.6 | 23.1 | 18.5 | 8.2 | 6.4 | 9.0 | 8.5 |
| EV / free cash flow | 690.3 | — | — | — | — | 22.4 | 85.8 | 32.3 | 15.4 | 16.2 |
| Earnings yield | 1.5% | 1.8% | 4.3% | 4.7% | 1.0% | −1.2% | 8.8% | 10.7% | 7.4% | 6.4% |
| Free cash flow yield | 0.2% | −3.0% | −4.4% | −0.5% | −3.7% | 7.4% | 2.0% | 4.8% | 8.9% | 9.7% |
| Dividend yield | 0.2% | 0.4% | 0.6% | 0.8% | 0.6% | 0.9% | 0.9% | 1.0% | 0.5% | 0.6% |
| Shareholder yield (dividends + buybacks) | 0.2% | 0.4% | 0.7% | 0.8% | 0.6% | 1.1% | 1.1% | 1.2% | 0.6% | 0.7% |
| Share price at fiscal year-end | $172.77 | $95.10 | $64.61 | $46.88 | $60.94 | $38.49 | $38.04 | $29.91 | $48.43 | $38.84 |
| Per share | ||||||||||
| Revenue per share | $52.40 | $60.09 | $60.66 | $52.19 | $59.44 | $59.96 | $68.14 | $63.75 | $69.94 | $63.89 |
| Earnings per share | $2.52 | $1.70 | $2.76 | $2.19 | $0.63 | −$0.47 | $3.35 | $3.21 | $3.60 | $2.47 |
| Operating cash flow per share | $1.27 | −$1.73 | −$1.54 | $0.63 | −$1.39 | $3.24 | $1.63 | $1.72 | $4.64 | $4.36 |
| Free cash flow per share | $0.27 | −$2.88 | −$2.85 | −$0.25 | −$2.23 | $2.84 | $0.76 | $1.44 | $4.29 | $3.75 |
| Cash per share | $3.27 | $1.62 | $0.55 | $0.02 | $0.04 | $0.03 | $0.07 | $0.01 | $0.06 | $0.04 |
| Book value per share | $67.78 | $54.98 | $43.48 | $35.04 | $33.04 | $32.29 | $32.88 | $30.03 | $26.97 | $23.57 |
| Tangible book value per share | $23.63 | $16.66 | $10.63 | $8.58 | $4.77 | $1.32 | −$4.12 | $3.19 | −$1.51 | −$6.50 |
| Dividends per share | $0.39 | $0.39 | $0.38 | $0.40 | $0.35 | $0.36 | $0.34 | $0.30 | $0.26 | $0.23 |
| Capex per share | $1.00 | $1.15 | $1.32 | $0.87 | $0.83 | $0.40 | $0.87 | $0.29 | $0.34 | $0.60 |
| Debt per share | $16.15 | $26.99 | $32.38 | $24.06 | $25.15 | $25.19 | $27.00 | $16.56 | $17.77 | $21.85 |
| Shares outstanding | 21.2M | 18.0M | 14.2M | 12.8M | 12.6M | 11.0M | 11.0M | 10.9M | 10.9M | 10.8M |
| Change in shares outstanding | +18.1% | +26.7% | +10.6% | +1.5% | +14.5% | −0.1% | +1.0% | +0.6% | +0.4% | +0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 4.4% | 3.8% | 7.3% | 6.5% | 2.1% | −1.4% | 10.7% | 11.3% | 14.3% | 11.1% |
| Return on invested capital (ROIC) | 6.1% | 6.4% | 7.6% | 5.4% | 2.7% | 4.4% | 8.5% | 8.3% | 9.6% | 6.8% |
| Return on assets (ROA) | 2.8% | 2.0% | 3.3% | 2.9% | 0.9% | −0.6% | 5.0% | 5.5% | 6.1% | 4.2% |
| Return on tangible assets | 4.9% | 2.9% | 4.4% | 4.2% | 1.4% | −1.2% | 8.5% | 10.2% | 12.2% | 8.0% |
| Free cash flow margin | 0.5% | −4.8% | −4.7% | −0.5% | −3.7% | 4.7% | 1.1% | 2.3% | 6.1% | 5.9% |
| Income quality (OCF / net income) | 0.50 | −1.02 | −0.56 | 0.29 | −2.21 | — | 0.49 | 0.54 | 1.29 | 1.76 |
| Financial health | ||||||||||
| Total debt | $342.8M | $485.2M | $459.3M | $308.6M | $317.7M | $277.9M | $298.2M | $181.1M | $193.2M | $236.6M |
| Cash & short-term investments | $69.4M | $29.0M | $7.8M | $305,000 | $518,000 | $378,000 | $734,000 | $162,000 | $624,000 | $428,000 |
| Net debt | $273.4M | $456.2M | $451.5M | $308.3M | $317.2M | $277.5M | $297.4M | $180.9M | $192.5M | $236.2M |
| Debt / equity | 0.24 | 0.49 | 0.74 | 0.69 | 0.76 | 0.78 | 0.82 | 0.55 | 0.66 | 0.93 |
| Debt / assets | 0.17 | 0.28 | 0.34 | 0.31 | 0.35 | 0.36 | 0.35 | 0.28 | 0.31 | 0.36 |
| Net debt / EBITDA | 2.11 | 4.14 | 4.05 | 3.94 | 6.73 | 7.29 | 3.41 | 2.28 | 2.40 | 3.04 |
| Current ratio | 3.76 | 3.10 | 2.70 | 2.44 | 2.58 | 2.55 | 2.16 | 2.68 | 2.18 | 1.74 |
| Quick ratio | 1.43 | 1.06 | 0.95 | 0.75 | 0.79 | 0.73 | 0.83 | 1.09 | 1.02 | 0.82 |
| Interest coverage | 6.1 | 2.9 | 3.0 | 3.0 | 1.8 | 4.2 | 4.5 | 5.9 | 5.9 | 5.2 |
| Working capital | $655.8M | $593.0M | $487.1M | $324.3M | $284.0M | $215.7M | $191.2M | $176.3M | $134.6M | $110.0M |
| Invested capital | $1.71B | $1.44B | $1.07B | $757.9M | $734.5M | $633.9M | $660.5M | $509.3M | $485.6M | $491.4M |
| Tangible asset value | $501.6M | $299.5M | $150.8M | $110.1M | $60.3M | $14.6M | −$45.5M | $34.9M | −$16.4M | −$70.4M |
| Net current asset value | $303.6M | $128.4M | $40.4M | −$1.4M | −$37.2M | −$68.8M | −$127.4M | −$29.2M | −$87.4M | −$148.2M |
| Graham number | $61.99 | $45.83 | $51.95 | $41.53 | $21.65 | — | $49.80 | $46.55 | $46.72 | $36.22 |
| Graham net-net per share | −$3.27 | −$14.39 | −$26.32 | −$22.30 | −$20.26 | −$21.41 | −$25.81 | −$13.82 | −$17.97 | −$24.21 |
| Capital allocation | ||||||||||
| Dividends paid | $8.3M | $7.1M | $5.4M | $5.1M | $4.4M | $4.0M | $3.7M | $3.3M | $2.8M | $2.5M |
| Share buybacks (net) | — | — | $1.1M | $0 | $0 | $690,000 | $955,000 | $641,000 | $500,000 | $499,000 |
| Dividend payout ratio | 15.4% | 23.1% | 13.9% | 18.2% | 55.6% | — | 10.1% | 9.3% | 7.2% | 9.3% |
| Dividends + buybacks / free cash flow | 144.7% | — | — | — | — | 14.9% | 56.0% | 24.8% | 7.1% | 7.3% |
| Capex / revenue | 1.9% | 1.9% | 2.2% | 1.7% | 1.4% | 0.7% | 1.3% | 0.4% | 0.5% | 0.9% |
| Capex / operating cash flow | 78.8% | — | — | 139.3% | — | 12.4% | 53.5% | 16.5% | 7.4% | 13.9% |
| Capex / depreciation | 0.53 | 0.72 | 0.80 | 0.44 | 0.41 | 0.18 | 0.36 | 0.12 | 0.14 | 0.25 |
| Stock-based compensation / revenue | 1.2% | 0.8% | 0.9% | 0.7% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% |
| SG&A / revenue | 1.2% | 1.3% | 1.1% | 0.8% | 0.5% | 0.5% | 0.6% | 0.5% | 0.3% | 1.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 75.4 | 61.4 | 49.6 | 57.1 | 46.6 | 54.5 | 52.9 | 52.2 | 47.9 | 47.4 |
| Days of inventory on hand | 210.4 | 202.3 | 210.3 | 209.7 | 144.9 | 142.7 | 102.1 | 85.1 | 69.8 | 70.7 |
| Days payables outstanding | 63.7 | 67.7 | 71.9 | 72.6 | 47.2 | 42.6 | 33.3 | 35.1 | 41.5 | 38.6 |
| Cash conversion cycle (days) | 222.2 | 196.0 | 188.0 | 194.1 | 144.3 | 154.6 | 121.7 | 102.2 | 76.2 | 79.5 |
| Receivables turnover | 4.84 | 5.94 | 7.35 | 6.40 | 7.83 | 6.70 | 6.90 | 6.99 | 7.62 | 7.70 |
| Payables turnover | 5.73 | 5.39 | 5.07 | 5.03 | 7.73 | 8.58 | 10.97 | 10.39 | 8.79 | 9.45 |
| Inventory turnover | 1.73 | 1.80 | 1.74 | 1.74 | 2.52 | 2.56 | 3.57 | 4.29 | 5.23 | 5.16 |
| Asset turnover | 0.59 | 0.70 | 0.73 | 0.70 | 0.88 | 0.81 | 1.01 | 1.10 | 1.18 | 1.08 |
| Average receivables | $229.9M | $181.8M | $117.0M | $104.6M | $95.9M | $98.7M | $109.1M | $99.8M | $99.8M | $89.8M |
| Average payables | $171.0M | $180.3M | $150.8M | $121.8M | $93.9M | $70.4M | $62.8M | $61.7M | $80.0M | $67.0M |
| Average inventory | $565.1M | $538.6M | $440.8M | $351.7M | $288.1M | $236.0M | $192.5M | $149.5M | $134.5M | $122.7M |
| Intangibles / total assets | 46.2% | 39.7% | 34.5% | 34.0% | 38.9% | 43.8% | 48.3% | 45.9% | 49.2% | 49.2% |
Computed from VSEC's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VSEC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), VSE traded at 68.6 times earnings, against a 10-year median of 21.4. Based on the latest twelve months, the trailing P/E is 52.4 and the forward P/E is 22.5. VSE earned a return on equity of 4.4% and a return on invested capital of 6.1% in fiscal 2025. It ended the year with $342.8 million of debt and $69.4 million in cash and short-term investments, net debt of $273.4 million. It returned $8.3 million to shareholders: $8.3 million in dividends and $0 in share buybacks, 145% of free cash flow. The share count rose 96.0% from 10.8M to 21.2M over 9 years.
See the VSEC income statement, the VSEC chart for price history, or the VSEC stock overview for the latest quote and news.
VSEC key metrics FAQ
What is VSE's P/E ratio?
VSE's trailing P/E ratio is 52.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.5. At the end of fiscal 2025 it was 68.6, compared with a 10-year median of 21.4.
What is VSE's EV/EBITDA?
VSE's enterprise value was 30.4 times EBITDA at the end of fiscal 2025 (enterprise value $3.9 billion, EBITDA $129.5 million); the current EV/EBITDA is 33.7.
What is VSE's return on equity?
VSE's return on equity (ROE) was 4.4% in fiscal 2025: net income of $53.5 million on average shareholders' equity of $1.2 billion.
What is VSE's ROIC?
VSE's return on invested capital was 6.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does VSE have?
VSE had total debt of $342.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.24 and $273.4 million of net debt (2.11 times EBITDA).
What is VSE's dividend yield?
VSE's forward dividend yield is 0.24%. VSE paid $8.3 million in dividends in fiscal 2025 ($0.39 per share), a payout ratio of 15.4%.
What is VSE's free cash flow yield?
VSE generated $5.7 million of free cash flow in fiscal 2025, a free cash flow yield of 0.2% on its market value at year-end ($3.7 billion).
What is VSE's current ratio?
VSE's current ratio was 3.76 at the end of fiscal 2025: current assets were 3.76 times current liabilities.