Is the business good?
How good a business is VSEC?
VSE Corporation earns 2.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
2.6%
Return on invested capital · cost of capital 9.0% · 6.4 points below what the capital costs: growth destroys value
- Operating margin
- 9.2%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026
- Cash conversion
- −0.01×
Cash conversion · 0.70× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +51%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 2.1% |
| FY2021 | −0.56% |
| FY2022 | 8.0% |
| FY2023 | 9.2% |
| FY2024 | 7.5% |
| FY2025 | 8.1% |
Details›
- Operating margin12 months to Q2 2026
- 9.2%
- Net margin12 months to Q2 2026
- 5.5%
- Free cash flow margin
- −0.08%
- Revenue, trailing twelve months
- $1.36B
- Free cash flow, trailing twelve months
- −$1.1M
- Net income, trailing twelve months
- $75M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 2.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Aerospace & Defense
Ranks #26 of 48 by Smart Score