VSE Corporation Financial Ratios — VS3 Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	15.37	13.83	13.02	9.87	11.46	11.06	14.26	11.29	10.71	-1.44	2.06	6.47	7.34	1.91	0.96
Return on Assets (%)	5.53	4.93	5.78	5.26	5.12	4.19	6.06	5.53	4.99	-0.64	0.94	2.93	3.33	0.99	0.62
Return on Capital (%)	9.09	7.68	8.36	7.53	8.05	6.78	9.63	8.46	8.22	-26.03	- -	5.55	6.86	3.45	1.7
Return on Invested Capital (%)	8.95	9.48	8.72	7.91	8.05	6.78	9.63	8.46	8.22	-26.07	- -	5.37	4.19	3.78	4.29
Gross Margin (%)	7.11	10.25	10.05	9.68	10.08	8.4	7.47	8.07	8.56	8.75	0.16	8.55	10.53	10.76	11.88
EBITDA Margin (%)	8.81	13.21	13.59	13.13	14.25	11.21	10.55	11.4	11.58	5.75	4.55	11.68	13.52	11.13	11.64
Operating Margin (%)	6.21	9.53	9.35	8.71	9.46	7.45	7.15	7.53	8.01	8.28	-0.56	8.01	9.22	9.03	10.68
Incremental Operating Margin (%)	0.81	- -	10.65	15.08	12.38	0.63	4.09	2.85	13.95	6.04	31.88	29.94	2.76	8.59	14.67
Pretax Margin (%)	5.58	8.02	8.12	7.77	7.68	6.02	5.93	6.49	6.17	0.06	-3.07	5.33	3.5	3.03	6.21
Profit Margin (%)	3.54	3.89	4.85	4.57	4.67	3.87	5.14	5.03	4.92	-0.78	1.65	4.19	7.19	1.95	1.05
Net Income to Common Margin (%)	3.54	3.89	4.85	4.57	4.67	3.87	5.14	5.03	4.92	-0.78	1.65	4.19	7.19	1.95	1.05
Effective Tax Rate (%)	37.67	37.6	37.39	37.81	39.22	35.71	13.28	22.47	20.25	1,311.01	- -	25.35	23.58	18.51	22.52
Dvd Payout Ratio (%)	6.74	5.79	7.55	9.93	9.06	9.26	7.2	9.3	10.06	-76.77	-40.25	19.17	37.32	36.39	15.45
Sustainable Growth Rate (%)	14.34	13.03	12.03	8.89	10.42	10.04	13.23	10.24	9.63	-2.54	2.89	5.23	4.6	1.21	0.82

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	197	167	115	73	256	237	193	180	298	278	318	309	459	474	343
ST Debt	19	23	25	25	17	21	7	9	21	24	20	13	27	35	14
LT Debt	179	144	90	48	238	216	186	170	278	254	298	295	432	440	329
Total Debt/EBITDA	3.86	2.31	1.79	1.31	3.36	3.05	2.41	2.26	3.42	7.3	14.52	3.95	6.24	5.42	2.65
Net Debt/EBITDA	3.18	1.91	1.39	0.86	3.05	2.76	2.14	2.02	3.09	6.59	12.98	3.66	5.73	4.58	1.73
Total Debt/EBIT	5.47	3.27	2.61	1.98	5.06	4.59	3.56	3.31	4.95	19.96	-117.46	5.76	9.16	8.07	3.83
Net Debt/EBIT	4.52	2.7	2.02	1.3	4.59	4.16	3.17	2.96	4.47	18.01	-105.01	5.34	8.41	6.82	2.49
EBITDA to Interest Expense	13.89	10	11.08	13.98	7.97	7.87	8.68	8.85	6.3	2.82	1.81	4.37	2.37	2.5	6.3
EBITDA-CapEx/Interest Expense	12.09	7.11	10.31	13.13	6.86	7.21	8.28	8.5	5.61	2.49	0.94	3.74	1.77	1.91	5.27
EBIT to Interest Expense	9.79	7.21	7.62	9.27	5.3	5.23	5.88	5.85	4.36	4.06	-0.22	3	1.61	2.03	5.78
Interest Expense	4	7	6	4	10	10	9	9	14	13	12	18	31	35	21
Common Equity/Total Assets	31.59	40.06	49.09	57.83	37.14	38.56	46.6	51.41	42.93	45.68	45.43	44.96	45.67	56.71	70.93
Long-Term Debt/Equity (%)	124.44	87.51	48.29	23.43	104.01	84.48	63.53	51.78	76.44	71.15	71.3	65.73	70.02	44.49	22.87
Long-Term Debt/Capital (%)	52.42	43.39	29.89	17.29	49.17	43.84	38.29	33.48	41.98	39.97	40.48	38.97	40.13	30.06	18.47
Long-Term Debt/Total Assets (%)	39.32	35.06	23.71	13.55	38.63	32.57	29.6	26.62	32.81	32.5	32.4	29.55	31.98	25.23	16.22
Total Debt/Equity (%)	137.38	101.67	61.59	35.52	111.54	92.71	65.9	54.66	82.12	78	76.13	68.66	74.47	48.01	23.83
Total Debt/Capital (%)	57.87	50.42	38.11	26.21	52.73	48.11	39.72	35.34	45.09	43.82	43.22	40.71	42.68	32.44	19.24
Total Debt/Total Assets (%)	43.41	40.73	30.23	20.54	41.43	35.75	30.71	28.1	35.25	35.63	34.59	30.87	34.01	27.23	16.9
Net Debt to Equity	113.44	84.07	47.7	23.43	101.08	83.94	58.67	48.85	74.16	70.36	68.06	63.62	68.36	40.55	15.53
Net Debt/Capital (%)	47.85	41.87	29.54	17.3	47.85	43.6	35.41	31.6	40.77	39.55	38.67	37.74	39.47	27.96	13.05
EBITDA	51	72	64	56	76	78	80	79	87	38	22	78	74	88	130
EBITDA-CapEx	45	51	60	52	66	71	76	76	78	34	11	67	55	67	108
Operating Income (Loss)	36	52	44	37	51	52	54	53	60	55	-3	54	50	71	119

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.02	- -	- -	0.01	- -	0.01	- -	- -	- -	- -	- -	0.03	0.1	0.29
Current Ratio	1.66	1.8	1.58	1.4	2.04	1.74	2.18	2.68	2.16	2.55	2.58	2.44	2.7	3.23	3.76
Quick Ratio	1.1	1.14	0.96	0.68	0.82	0.68	0.87	0.97	0.72	0.58	0.62	0.44	0.5	0.73	1.27
CFO/Avg Current Liab	0.31	0.64	0.7	0.59	0.41	0.39	0.38	0.17	0.13	0.24	-0.11	0.04	-0.09	-0.11	0.1
Common Equity/Total Assets	31.59	40.06	49.09	57.83	37.14	38.56	46.6	51.41	42.93	45.68	45.43	44.96	45.67	56.71	70.93
Long-Term Debt/Equity (%)	124.44	87.51	48.29	23.43	104.01	84.48	63.53	51.78	76.44	71.15	71.3	65.73	70.02	44.49	22.87
Long-Term Debt/Capital (%)	52.42	43.39	29.89	17.29	49.17	43.84	38.29	33.48	41.98	39.97	40.48	38.97	40.13	30.06	18.47
Long-Term Debt/Total Assets (%)	39.32	35.06	23.71	13.55	38.63	32.57	29.6	26.62	32.81	32.5	32.4	29.55	31.98	25.23	16.22
Total Debt/Equity (%)	137.38	101.67	61.59	35.52	111.54	92.71	65.9	54.66	82.12	78	76.13	68.66	74.47	48.01	23.83
Total Debt/Capital (%)	57.87	50.42	38.11	26.21	52.73	48.11	39.72	35.34	45.09	43.82	43.22	40.71	42.68	32.44	19.24
Total Debt/Total Assets (%)	43.41	40.73	30.23	20.54	41.43	35.75	30.71	28.1	35.25	35.63	34.59	30.87	34.01	27.23	16.9
CFO/Total Liabilities	11.16	24.32	29.22	33.18	9.68	11.61	15.01	6.07	3.73	8.44	-3.51	1.46	-2.98	-4.11	4.58
CFO/CapEx	5.23	2.87	12.82	14.56	3.56	7.21	13.47	6.05	1.87	8.08	-1.67	0.72	-1.17	-1.5	1.27
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	12.22	12.13	8.83	7.75	7.7	9.68	12.05	11.52	10.49	7.29	8.01	4.98	5.5	6.38
Days Sales Outstanding	- -	29.86	30.1	41.35	47.12	47.4	37.69	30.3	31.68	34.78	50.07	45.58	73.32	66.4	57.24
Inventory Turnover	25.7	11.75	10.49	8.64	6.06	5.16	5.23	4.29	3.57	2.56	1.67	1.74	1.1	1.5	1.98
Days Inventory Outstanding	14.2	31.07	34.79	42.26	60.24	70.7	69.78	85.13	102.1	142.68	218.76	209.61	330.43	243.17	183.94
Accounts Payable Turnover	9.22	12.19	13.65	12.85	15.54	9.86	8.74	10.93	11.8	9.07	5.86	5.5	4.03	3.99	7.33
Accounts Payable Turnover Days	39.57	29.94	26.73	28.41	23.49	37.03	41.74	33.38	30.94	40.23	62.31	66.35	90.63	91.57	49.78
Cash Conversion Cycle	- -	31	38.15	55.2	83.86	81.07	65.73	82.05	102.85	137.23	206.52	188.83	313.11	218	191.4
Inventory to Cash Days	- -	-1.21	-4.69	-0.9	-13.12	-23.29	-32.09	-54.83	-70.43	-107.9	-168.69	-164.03	-257.11	-176.77	-126.71
Inventories	42	42	39	49	109	136	133	166	219	253	323	380	501	434	554
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	42	42	39	49	109	136	133	166	219	253	323	380	501	434	554

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	- -	2	- -	- -	1	- -	1	- -	1	- -	1	- -	8	30	69
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	197	167	115	73	256	237	193	180	298	278	318	309	459	474	343
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	341	331	302	278	485	492	486	508	661	634	735	758	1,076	1,463	1,782
Total Debt/Capital (%)	57.87	50.42	38.11	26.21	52.73	48.11	39.72	35.34	45.09	43.82	43.22	40.71	42.68	32.44	19.24
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	581	547	472	424	534	692	760	697	753	662	481	669	544	786	1,112
TTM EBITDA	51	72	64	56	76	78	80	79	87	38	22	78	74	88	130
TTM Operating Income	36	52	44	37	51	52	54	53	60	55	-3	54	50	71	119
TTM Cash Flow to Firm	37	64	60	52	43	54	58	26	29	-128	- -	21	2	-3	43
TTM Free Cash Flow to Firm	30	43	56	49	33	47	55	23	19	-132	- -	10	-17	-23	22

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	10	11	11	11	11	11	11	11	11	11	13	13	16	21	23
Diluted Weighted Avg Shares	11	11	11	11	11	11	11	11	11	11	13	13	14	21	23
Basic Weighted Avg Shares	10	11	11	11	11	11	11	11	11	11	13	13	14	21	23
Revenue per Share	55.5	51.76	44.25	39.6	49.69	64.09	70.16	64.1	68.68	59.96	38.35	52.38	38.5	38.19	47.54
EBITDA per Share	4.89	6.84	6.02	5.2	7.08	7.19	7.4	7.31	7.96	3.45	1.74	6.12	5.21	4.25	5.54
Operating Income per Share	3.45	4.93	4.14	3.45	4.7	4.77	5.01	4.83	5.5	4.96	-0.22	4.19	3.55	3.45	5.08
Basic EPS, GAAP	1.96	2.02	2.14	1.81	2.32	2.48	3.61	3.23	3.38	-0.47	0.63	2.2	2.77	0.74	0.5
Basic EPS from Cont Ops	1.93	2.59	2.25	1.91	2.32	2.48	3.61	3.23	3.38	-0.47	-0.88	2.09	1.03	0.94	2.29
Diluted EPS, GAAP	1.95	2.01	2.14	1.8	2.31	2.47	3.6	3.21	3.35	-0.47	0.63	2.19	2.76	0.74	0.5
Diluted EPS from Cont Ops	1.92	2.58	2.24	1.91	2.31	2.47	3.6	3.21	3.35	-0.47	-0.87	2.08	1.03	0.94	2.29
Dividend per Share	0.13	0.15	0.17	0.19	0.21	0.23	0.26	0.3	0.34	0.36	0.35	0.4	0.38	0.34	0.35
Cash Flow per Share	3.32	5.66	5.31	4.64	3.5	4.37	4.65	1.73	1.64	3.24	-1.4	0.63	-1.54	-1.51	1.15
Free Cash Flow per Basic Share	2.68	3.69	4.9	4.32	2.51	3.77	4.31	1.45	0.76	2.84	-2.24	-0.25	-2.87	-2.51	0.24
Cash & Equivalents per Share	0.04	0.14	0.02	0.02	0.07	0.04	0.06	0.01	0.07	0.03	0.04	0.02	0.49	1.43	2.96
Book Value per Share	13.69	15.52	17.51	19.17	21.33	23.63	27.04	30.17	33.1	32.23	32.79	35.07	39.14	47.99	61.49
Tangible Book Value per Share	-5.89	-1.9	1.17	3.85	-10.44	-6.51	-1.52	3.2	-4.15	1.32	4.74	11.37	9.57	17.62	21.44