VSE (VSEC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

VSE

NasdaqGS•Industrials•Aerospace & Defense

$178.85-5.96(-0.03%)Market open

Market Cap

$5.41B

P/E

72.1x

P/S

4.0x

P/B

1.8x

VSE Corporation engages in providing aviation aftermarket parts distribution and maintenance, repair, and overhaul services for air transportation assets for commercial and government markets. It offers its services to global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators. The company was incorporated in 1959 and is headquartered in Miramar, Florida.

How this company scores

GoodMetricSide Score: 69/100

Strongest: Growth (22/25); weakest: Cash & Earnings Quality (14/25).

Profitability15/25

Growth22/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality14/25

Strengths

Growing revenueRising earningsLow leverageCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 72.1x5y range 15.4x – 337.7x

Currently near its 20-quarter median.

P/S · 4.0x5y range 0.5x – 4.0x

Currently above its 20-quarter median.

P/B · 1.8x5y range 1.0x – 3.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $5.41B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.36B
Q. Revenue: $449.14M
TTM EBITDA: $181.39M
TTM Op. Income: $124.28M
Q. Op. Income: $48.96M
TTM Net Income: $75.06M
Q. Net Income: $28.52M
EPS: $0.92
Shares Out.: $30.94M

$1.36B in TTM revenue grew 23.3% YoY, reaching $449.14M last quarter. TTM EBITDA of $181.39M and TTM operating income of $124.28M show growth is flowing through to the bottom line. TTM net income of $75.06M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 16.2%
Op. Margin: 10.9%
Net Margin: 6.4%

Op. margin of 10.9% is up 2.6% YoY — cost efficiency is improving. Net margin at 6.4% Over the past year, operating margin is up 32% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 72.1x
P/S Ratio: 4.0x
P/B Ratio: 1.8x

At 72.1x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 4.0x and P/B of 1.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.40B
Cash: $75.36M
Long-Term Debt: $914.95M
Book Value: $2.93B
D/E Ratio: 0.3
Debt/EBITDA: 12.5

With $4.40B in assets and $914.95M in long-term debt, D/E is 0.3and book value is $2.93B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 18% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $27.56M
TTM Free Cash Flow: $-1.12M
FCF Margin: -0.1%
FCF / Net Income: -0.0

TTM FCF of $-1.12M on $27.56M in operating cash flow. The FCF / Net Income ratio of -0.0x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 108% — an improving trend.