VSE Corporation

VSECU

General Transportation · Industrials

Price

$52.70

+1.27 (+2.48%)

Market Cap

$1.20B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+68.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.6M (2021) → 21.2M (2025)

VSE Corporation provides aviation aftermarket parts distribution and maintenance, repair, and overhaul services for air transportation assets for commercial and government markets. The company was incorporated in 1959 and is headquartered in Miramar, Florida.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+26.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+340.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

7.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~5 years

$1.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$1.3B cash & investments at current burn rate

Revenue accelerating

VSE Corporation grew revenue 27% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

12.0%

Thin — 12.0% gross margin

Operating Margin

10.1%

Modest — 10.1% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+24.1%

Fast-growing sales (24.1% YoY)

EPS YoY

+219.2%

Earnings growing fast (219.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

18%

Weak — only 18% of profit becomes cash

FCF Margin

-1.1%

Burning cash (-1.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.14

Conservative — low debt load (0.14)

Interest Cover

11.25x

Comfortably covers interest (11.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

21.2x

Growth-priced — P/E 21.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+11.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.2 → 10.2)

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Dividends

Dividend Yield

0.17%

Small dividend — 0.17% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

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