VSE Corporation Financial Ratios — VSEC 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	9.67	8.72	7.91	8.05	6.78	9.63	8.19	8.22	-102.53	- -	5.37	4.19	4.57	5.69
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	13.4	13.59	13.13	14.25	11.21	10.55	11.15	11.58	11.92	4.55	11.68	13.52	12.68	14.27
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	-47.12	10.65	15.08	12.38	0.63	4.09	2.85	13.95	6.04	- -	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)

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	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	2.28	1.79	1.31	3.36	3.05	2.41	2.31	3.42	3.52	14.52	3.95	6.24	4.76	2.16
Net Debt/EBITDA	3.18	1.89	1.39	0.86	3.05	2.76	2.14	2.06	3.09	3.18	12.98	3.66	5.73	4.02	1.41
Total Debt/EBIT	5.47	3.21	2.61	1.98	5.06	4.59	3.56	3.42	4.95	5.07	-117.46	5.76	9.16	6.69	2.89
Net Debt/EBIT	4.52	2.65	2.02	1.3	4.59	4.16	3.17	3.05	4.47	4.58	-105.01	5.34	8.41	5.65	1.88
EBITDA to Interest Expense	13.89	10.14	11.08	13.98	7.97	7.87	8.68	8.66	6.3	5.85	1.81	4.37	2.37	2.85	7.72
EBITDA-CapEx/Interest Expense	12.09	7.25	10.31	13.13	6.86	7.21	8.28	8.31	5.61	5.52	0.94	3.74	1.77	2.26	6.69
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	73	64	56	76	78	80	78	87	79	22	78	74	100	159
EBITDA-CapEx	45	52	60	52	66	71	76	75	78	74	11	67	55	79	137
Operating Income (Loss)	36	52	44	37	51	52	54	53	60	55	-3	54	50	71	119

Liquidity (USD)

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	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	4.11	4.75	5.2	5.84	4.55	4.54	5.56	4.98	4.29	4.15	3.2	3.14	2.9	3.68	6.72

Working Capital (USD)

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	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	24.01	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	15.2	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	-10.16	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	-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)

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	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	127	130	256	353	334	419	525	326	417	426	776	601	1,018	1,958	4,042
- 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	324	295	371	426	589	656	717	505	715	703	1,093	909	1,470	2,403	4,316
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	0.61	0.57	0.31	0.17	0.43	0.36	0.27	0.36	0.42	0.4	0.29	0.34	0.31	0.2	0.08
EV/Sales	0.56	0.54	0.79	1	1.1	0.95	0.94	0.72	0.95	1.06	2.27	1.36	2.7	3.06	3.88
EV/EBITDA	6.34	4.03	5.78	7.65	7.75	8.45	8.94	6.49	8.2	8.91	49.93	11.63	19.98	24.1	27.19
EV/EBIT	8.99	5.67	8.41	11.53	11.66	12.72	13.21	9.61	11.86	12.84	- -	16.96	29.31	33.87	36.33
EV/Cash Flow to Firm	8.76	4.59	6.16	8.16	13.59	12.25	12.28	19.56	24.63	- -	- -	42.47	763.36	- -	100.56
EV/Free Cash Flow to Firm	7.43	3.47	5.74	7.66	10.93	10.91	11.54	17.45	18.49	- -	574.19	27.87	71.37	132.44	67.23
Diluted Market Cap	128	130	257	354	335	421	526	327	420	425	770	601	916	1,958	3,669
Diluted Enterprise Value	325	296	371	427	590	657	719	506	718	702	1,087	910	1,368	2,403	3,943
EV per Share	30.9	27.89	34.78	39.74	54.81	60.71	66.19	46.39	65.15	63.6	85.86	70.94	93.26	116.71	184.46
TTM Sales	581	547	472	424	534	692	760	697	753	662	481	669	544	786	1,112
TTM EBITDA	51	73	64	56	76	78	80	78	87	79	22	78	74	100	159
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	-9	21	2	-3	43
TTM Free Cash Flow to Firm	44	85	65	56	54	60	62	29	39	-123	2	33	21	18	64

Multiples (USD)

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	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

Price/Free Cash Flow	3.09	1.61	4.21	6.66	6.97	7.83	9.72	14.89	15.21	10.57	-108.7	31.22	-289.75	-189.51	76.02
EV/EBIT	8.99	5.67	8.41	11.53	11.66	12.72	13.21	9.61	11.86	12.84	- -	16.96	29.31	33.87	36.33
Enterprise Value	324	295	371	426	589	656	717	505	715	703	1,093	909	1,470	2,403	4,316
Low Price	10.5	10.28	11.03	19.99	16.76	26.16	34.98	26.96	24.06	13.83	34.03	31.85	39.89	57.1	88.69
EV/Sales	0.56	0.54	0.79	1	1.1	0.95	0.94	0.72	0.95	1.06	2.27	1.36	2.7	3.06	3.88
EV/EBITDA	6.34	4.03	5.78	7.65	7.75	8.45	8.94	6.49	8.2	8.91	49.93	11.63	19.98	24.1	27.19
Price/Earnings	6.18	6.08	11.2	18.22	13.41	15.65	13.42	9.27	11.26	- -	96.02	21.35	23.33	127.78	312.07
Price/Earnings Average	6.81	5.9	8.73	15.7	13.05	13.49	12.66	13.23	9.53	-61.38	74.82	19.74	19.15	114.85	251.88
Price/Earnings High	8.58	6.75	12.29	20.7	18.13	17.2	16.6	17.37	12.18	-89.6	103.08	28.48	23.99	166.51	335.96
Price/Earnings Low	5.35	5.1	5.14	11.05	7.23	10.54	9.69	8.36	7.12	-29.51	53.62	14.51	14.4	76.72	160.2
Price/Book Value	0.89	0.79	1.37	1.72	1.46	1.64	1.79	0.99	1.15	1.19	1.86	1.34	1.65	1.98	2.81
Price/Book Value Average	0.98	0.77	1.07	1.48	1.42	1.42	1.69	1.41	0.97	0.89	1.45	1.24	1.36	1.78	2.27
Price/Book Value High	1.23	0.88	1.5	1.95	1.97	1.81	2.22	1.86	1.24	1.3	1.99	1.78	1.7	2.58	3.02
Price/Book Value Low	0.77	0.66	0.63	1.04	0.79	1.11	1.29	0.89	0.73	0.43	1.04	0.91	1.02	1.19	1.44
Price/Tangible Book Value	-2.06	-6.44	20.5	8.56	-2.98	-5.96	-31.94	9.33	-9.17	29.15	12.86	4.12	6.75	5.4	8.06
Price/Tangible Book Value Average	-2.27	-6.25	15.97	7.38	-2.9	-5.14	-30.12	13.31	-7.76	21.79	10.02	3.81	5.54	4.85	6.5
Price/Tangible Book Value High	-2.86	-7.15	22.49	9.73	-4.02	-6.55	-39.5	17.49	-9.91	31.8	13.8	5.5	6.94	7.03	8.68
Price/Tangible Book Value Low	-1.78	-5.4	9.42	5.2	-1.6	-4.02	-23.07	8.41	-5.8	10.47	7.18	2.8	4.17	3.24	4.14
Price/Sales	0.22	0.24	0.54	0.83	0.63	0.61	0.69	0.47	0.55	0.64	1.59	0.89	1.68	2.49	3.28
Price/Sales Average	0.24	0.23	0.42	0.72	0.61	0.52	0.65	0.67	0.47	0.48	1.24	0.83	1.38	2.24	2.65
Price/Sales High	0.3	0.26	0.6	0.95	0.85	0.67	0.85	0.87	0.6	0.7	1.71	1.19	1.73	3.25	3.53
Price/Sales Low	0.19	0.2	0.25	0.5	0.34	0.41	0.5	0.42	0.35	0.23	0.89	0.61	1.04	1.5	1.69
Price/Cash Flow	3.66	2.16	4.52	7.1	8.89	8.88	10.41	17.25	23.17	11.88	-43.45	74.42	-41.82	-63.09	135.31
Price/Cash Flow Average	4.03	2.1	3.52	6.12	8.65	7.66	9.82	24.61	19.62	8.88	-33.86	68.78	-34.33	-56.7	109.22
Price/Cash Flow High	5.08	2.4	4.96	8.06	12.02	9.76	12.87	32.32	25.05	12.96	-46.65	99.26	-43.01	-82.21	145.68
Price/Cash Flow Low	3.17	1.82	2.08	4.31	4.79	5.98	7.52	15.55	14.65	4.27	-24.27	50.56	-25.82	-37.88	69.46
Price/Free Cash Flow Average	3.41	1.57	3.28	5.74	6.78	6.75	9.17	21.23	12.88	7.9	-84.71	28.86	-237.86	-170.32	61.36
Price/Free Cash Flow High	4.3	1.79	4.61	7.57	9.42	8.6	12.02	27.89	16.45	11.53	-116.7	41.64	-297.96	-246.93	81.84
Price/Free Cash Flow Low	2.68	1.35	1.93	4.04	3.76	5.27	7.02	13.42	9.62	3.8	-60.7	21.21	-178.89	-113.78	39.02
EV/Sales Average	0.58	0.53	0.67	0.89	1.09	0.86	0.9	0.92	0.86	0.9	1.91	1.29	2.37	2.8	3.18
EV/Sales High	0.64	0.57	0.84	1.12	1.32	1.01	1.11	1.13	0.99	1.12	2.39	1.66	2.75	3.81	4.16
EV/Sales Low	0.53	0.5	0.49	0.68	0.82	0.75	0.75	0.68	0.75	0.65	1.56	1.07	1.99	2.06	2.11
EV/EBITDA Average	6.59	3.98	4.9	6.77	7.63	7.71	8.57	8.28	7.46	7.55	42.11	11.04	17.5	22.11	22.28
EV/EBITDA High	7.3	4.23	6.17	8.51	9.29	8.99	10.49	10.15	8.59	9.4	52.54	14.19	20.37	30.05	29.14
EV/EBITDA Low	6	3.75	3.63	5.15	5.72	6.69	7.13	6.08	6.44	5.46	34.29	9.16	14.68	16.25	14.8
EV/EBIT Average	9.35	5.59	7.13	10.21	11.48	11.6	12.66	12.26	10.8	10.87	-340.69	16.11	25.67	31.07	29.77
EV/EBIT High	10.36	5.94	8.97	12.83	13.99	13.53	15.5	15.03	12.43	13.54	-425.06	20.7	29.88	42.23	38.94
EV/EBIT Low	8.51	5.27	5.27	7.77	8.61	10.07	10.52	9	9.32	7.86	-277.37	13.37	21.54	22.84	19.77
Last Price	12.14	12.25	24.01	32.95	31.09	38.84	48.43	29.91	38.04	38.49	60.94	46.88	64.61	95.1	172.77
High Price	16.86	13.6	26.34	37.43	42.03	42.69	59.9	56.03	41.14	41.99	65.42	62.53	66.44	123.92	186
Enterprise Value Average	337	291	314	377	580	598	688	644	651	596	922	864	1,287	2,205	3,536
Enterprise Value High	374	310	396	474	707	697	842	789	749	742	1,150	1,110	1,498	2,997	4,625
Enterprise Value Low	307	274	232	287	435	519	572	473	561	430	750	717	1,080	1,621	2,349

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	21
Basic Weighted Avg Shares	10	11	11	11	11	11	11	11	11	11	13	13	14	21	21
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	52.62
EBITDA per Share	4.89	6.94	6.02	5.2	7.08	7.19	7.4	7.15	7.96	7.15	1.74	6.12	5.21	4.84	7.51
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	5.62
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	0.55
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	2.53
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	0.55
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	2.52
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	0.39
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	1.28
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	0.27
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

VSE Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)