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History and Organization VSE Corporation, through its subsidiaries (collectively, "VSE" or the "Company") is a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air transportation assets for commercial and government markets. Purpose, Vision and Core Values Purpose and Vision Statement We deliver trusted solutions to inspire the performance o…
Operating margin is thin at 8.06%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 41.5%, still solid.
Net debt of $273M represents 47.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.18B
▲ +41.5% YoY
Net Income (TTM)
$50M
▼ -23.6% YoY
Op. Margin
8.29%
▲ +0.6pp YoY
ROIC
4.19%
▲ +0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$14M
▲ +111.0% YoY
Op. Cash Flow (TTM)
$11M
▲ +187.0% YoY
Net Debt
-$837M
Net Cash Position
Cash & Equiv.
$1.24B
5Y CAGR: +10.9%
5Y CAGR: -28.9%
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