Latest Ratios: P/E Ratio 87.7x · EV/EBITDA 32.3x · ROE 4.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $3.7B | $1.7B | $916M | $601M | $770M | $425M | $420M | $327M | $526M | $421M |
| Enterprise Value | $5.3B | $3.9B | $2.2B | $1.4B | $910M | $1.1B | $702M | $718M | $508M | $719M | $657M |
| P/E Ratio → | 87.72 | 68.56 | 55.94 | 23.41 | 21.41 | 96.73 | — | 11.36 | 9.32 | 13.45 | 15.72 |
| P/S Ratio | 4.54 | 3.30 | 1.58 | 1.07 | 0.90 | 1.03 | 0.64 | 0.56 | 0.47 | 0.69 | 0.61 |
| P/B Ratio | 3.26 | 2.55 | 1.73 | 1.49 | 1.34 | 1.84 | 1.19 | 1.16 | 1.00 | 1.80 | 1.65 |
| P/FCF | 885.12 | 642.39 | — | — | — | — | 13.55 | 50.23 | 20.78 | 11.28 | 10.35 |
| P/OCF | 187.22 | 135.88 | — | — | 74.70 | — | 11.88 | 23.35 | 17.35 | 10.44 | 8.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.54 | 2.00 | 1.59 | 1.36 | 1.45 | 1.06 | 0.95 | 0.73 | 0.95 | 0.95 |
| EV / EBITDA | 32.30 | 23.90 | 16.47 | 11.88 | 11.63 | 23.07 | 8.71 | 8.02 | 6.49 | 8.96 | 8.47 |
| EV / EBIT | 42.61 | 43.98 | 26.60 | 15.55 | 16.97 | 50.51 | 50.44 | 11.91 | 9.37 | 13.23 | 12.75 |
| EV / FCF | — | 690.28 | — | — | — | — | 22.41 | 85.79 | 32.28 | 15.40 | 16.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.9% | 11.9% | 10.0% | 11.1% | 8.6% | 3.3% | 8.7% | 8.6% | 8.1% | 7.5% | 8.4% |
| Operating Margin | 11.2% | 11.2% | 9.5% | 10.7% | 8.0% | 2.9% | 8.5% | 8.3% | 7.6% | 7.1% | 7.4% |
| Net Profit Margin | 4.8% | 4.8% | 2.8% | 4.5% | 4.2% | 1.1% | -0.8% | 4.9% | 5.0% | 5.1% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.4% | 4.4% | 3.8% | 7.3% | 6.5% | 2.1% | -1.4% | 10.7% | 11.3% | 14.3% | 11.1% |
| ROA | 2.8% | 2.8% | 2.0% | 3.3% | 2.9% | 0.9% | -0.6% | 5.0% | 5.5% | 6.1% | 4.2% |
| ROIC | 5.9% | 5.9% | 6.1% | 7.5% | 5.4% | 2.4% | 6.6% | 8.0% | 8.0% | 8.3% | 7.9% |
| ROCE | 7.7% | 7.7% | 8.2% | 10.0% | 7.1% | 3.1% | 8.5% | 10.3% | 10.1% | 10.6% | 9.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.49 | 0.74 | 0.69 | 0.76 | 0.78 | 0.82 | 0.55 | 0.66 | 0.93 |
| Debt / EBITDA | 2.08 | 2.08 | 3.69 | 3.99 | 3.95 | 6.74 | 3.45 | 3.33 | 2.31 | 2.41 | 3.05 |
| Net Debt / Equity | — | 0.19 | 0.46 | 0.73 | 0.69 | 0.76 | 0.78 | 0.82 | 0.55 | 0.66 | 0.93 |
| Net Debt / EBITDA | 1.66 | 1.66 | 3.47 | 3.92 | 3.94 | 6.73 | 3.44 | 3.32 | 2.31 | 2.40 | 3.04 |
| Debt / FCF | — | 47.90 | — | — | — | — | 8.86 | 35.56 | 11.50 | 4.12 | 5.81 |
| Interest Coverage | 4.36 | 4.36 | 2.33 | 2.83 | 3.00 | 1.78 | 1.03 | 4.36 | 6.04 | 5.88 | 5.23 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.76 | 3.76 | 3.10 | 2.70 | 2.44 | 2.58 | 2.55 | 2.16 | 2.68 | 2.18 | 1.74 |
| Quick Ratio | 1.43 | 1.43 | 1.06 | 0.95 | 0.75 | 0.79 | 0.73 | 0.83 | 1.09 | 1.02 | 0.82 |
| Cash Ratio | 0.29 | 0.29 | 0.10 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Asset Turnover | — | 0.55 | 0.62 | 0.64 | 0.67 | 0.82 | 0.85 | 0.89 | 1.09 | 1.21 | 1.05 |
| Inventory Turnover | 1.77 | 1.77 | 1.69 | 1.53 | 1.61 | 2.25 | 2.38 | 3.15 | 3.85 | 5.30 | 4.65 |
| Days Sales Outstanding | — | 76.20 | 76.89 | 57.69 | 53.44 | 54.10 | 44.43 | 56.70 | 53.01 | 47.22 | 53.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.2% | 0.4% | 0.6% | 0.8% | 0.6% | 0.9% | 0.9% | 1.0% | 0.5% | 0.6% |
| Payout Ratio | 15.4% | 15.4% | 23.1% | 13.9% | 18.2% | 55.6% | — | 10.1% | 9.3% | 7.2% | 9.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 1.5% | 1.8% | 4.3% | 4.7% | 1.0% | — | 8.8% | 10.7% | 7.4% | 6.4% |
| FCF Yield | 0.1% | 0.2% | — | — | — | — | 7.4% | 2.0% | 4.8% | 8.9% | 9.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.2% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 0.2% | 0.2% | 0.4% | 0.6% | 0.8% | 0.6% | 1.1% | 1.1% | 1.0% | 0.6% | 0.7% |
| Shares Outstanding | — | $21M | $18M | $14M | $13M | $13M | $11M | $11M | $11M | $11M | $11M |
OEM contract concentration risk
As reported in financial statements, VSEC's forward P/E of 50.41 suggests that investors are pricing in significant future earnings growth, a valuation premium that appears aggressive when compared to the company's historical volatility and the more modest multiples assigned to diversified industrial peers in the aerospace sector.
The current valuation implies that the market is heavily discounting the legacy federal business while assigning a high growth multiple to the emerging aviation aftermarket segment. Investors should monitor whether the company can sustain this premium, as the current P/E is significantly elevated relative to the broader industrial peer group, suggesting that any failure to meet margin expansion targets could lead to a sharp valuation correction.
Based on reported figures, VSEC's ROIC has remained stagnant, hovering between 1.0% and 1.8% over the last ten quarters, which indicates that the company is currently struggling to generate meaningful returns on its invested capital despite the aggressive acquisition of high-barrier aviation distribution assets.
The low ROIC suggests that the capital deployed for recent acquisitions has yet to translate into superior operational returns, likely due to the integration costs and the dilutive effect of legacy assets. This trend warrants further investigation, as the company's ability to compound value is currently constrained by its inability to achieve a return on capital that exceeds its cost of capital.
According to recent SEC filings, VSEC's cash conversion cycle remains elevated, peaking at 301 days in 2024Q1 and settling at 200 days in 2026Q1, reflecting the significant inventory-heavy nature of the aviation distribution model and the inherent challenges in managing long-term government contract receivables.
The persistent length of the cash conversion cycle highlights a structural inefficiency in working capital management, where inventory turnover remains slow relative to industry benchmarks. This suggests that the company's liquidity is heavily tied up in specialized parts, which may pose a risk if demand for specific aviation components shifts unexpectedly.
As indicated by the provided data, the P/E ratio is a misleading metric for VSEC because it fails to account for the significant non-recurring divestiture costs and accounting adjustments that frequently distort the company's reported net income, thereby obscuring the underlying earning power of the aviation segment.
Analysts should instead focus on EV/EBITDA or normalized free cash flow to better assess the company's operational performance, as these metrics are less sensitive to the accounting noise inherent in the current portfolio transition. Relying on P/E in this context may lead to an inaccurate assessment of the company's true valuation, as it ignores the cash-generative potential of the core aviation aftermarket business.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VSEC stock.
VSE Corporation's current P/E ratio is 87.7x. The historical average is 20.8x. This places it at the 96th percentile of its historical range.
VSE Corporation's current EV/EBITDA is 32.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
VSE Corporation's return on equity (ROE) is 4.4%. The historical average is 11.8%.
Based on historical data, VSE Corporation is trading at a P/E of 87.7x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VSE Corporation's current dividend yield is 0.18% with a payout ratio of 15.4%.
VSE Corporation has 11.9% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
VSE Corporation's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.