VSE Corporation (VSEC) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	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
Return on Common Equity (%)	32.43	24.46	17.47	15.54	14.52	10.97	12.68	12.18	15.62	12.31	11.64	-1.57	2.43	8.24	10.61
Return on Assets (%)	9.07	8.73	5.53	4.93	5.78	5.26	5.1	4.17	6.06	5.53	4.99	-0.64	0.94	2.93	3.33
Return on Capital (%)	30.47	20.5	7.76	8.08	8.87	8.07	8.5	7.1	10.13	8.92	8.66	-27.35	2.9	6.27	8.24
Return on Invested Capital (%)	25.86	18.01	9.1	9.67	8.72	7.91	8.04	6.78	9.63	8.19	8.25	-102.8	2.66	5.51	7.23
Gross Margin (%)	3.92	4.67	6.78	10.25	10.05	9.68	10.08	10.73	9.57	10.36	11.13	11.39	5.81	8.21	11.11
EBITDA Margin (%)	4.54	5.44	8.37	13.4	13.59	13.13	14.25	11.21	10.55	11.15	11.58	11.92	6.28	8.5	12.95
Operating Margin (%)	3.79	4.41	5.93	9.53	9.35	8.71	9.46	7.45	7.15	7.53	8.01	8.28	2.87	5.8	10.23
Incremental Operating Margin (%)	-25.24	0.18	0.62	-21.47	10.65	15.08	12.38	0.63	4.09	2.85	13.95	6.04	-37.27	16.9	-36.81
Pretax Margin (%)	3.8	4.39	5.33	8.02	8.12	7.77	7.68	6.02	5.93	6.49	6.17	0.06	1.26	3.92	6.61
Profit Margin (%)	2.37	2.74	3.32	3.89	4.85	4.57	4.67	3.87	5.14	5.03	4.92	-0.78	1.06	2.95	4.55
Net Income to Common Margin (%)	2.37	2.74	3.32	3.89	4.85	4.57	4.67	3.87	5.14	5.03	4.92	-0.78	1.06	2.95	4.55
Effective Tax Rate (%)	37.76	37.72	37.67	37.6	37.39	37.81	39.22	35.71	13.28	22.47	20.25	1,311.01	15.71	24.67	24.18
Dvd Payout Ratio (%)	4.05	4.82	6.62	5.79	7.55	9.93	9.06	9.26	7.2	9.3	10.06	-76.77	55.57	18.22	12.6
Sustainable Growth Rate (%)	31.12	23.28	16.31	14.64	13.42	9.88	11.54	11.05	14.49	11.16	10.46	-2.77	1.08	6.74	9.28

Credit	2009 Y	2010 Y	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
Total Debt	1	38	197	167	115	73	257	237	193	180	294	278	318	326	459
ST Debt	- -	7	19	23	25	25	18	21	7	9	17	24	20	17	27
LT Debt	1	31	179	144	90	48	239	216	186	170	278	254	298	309	432
Total Debt/EBITDA	0.02	0.81	3.81	2.28	1.79	1.31	3.38	3.05	2.41	2.31	3.38	3.52	6.74	4.04	4.12
Net Debt/EBITDA	-0.17	0.25	3.15	1.89	1.39	0.86	3.06	2.76	2.14	2.06	3.09	3.18	6.03	3.54	3.78
Total Debt/EBIT	0.03	1	5.38	3.21	2.61	1.98	5.08	4.59	3.56	3.42	4.89	5.07	14.76	5.91	5.22
Net Debt/EBIT	-0.21	0.31	4.44	2.65	2.02	1.3	4.61	4.16	3.17	3.05	4.47	4.58	13.2	5.18	4.79
EBITDA to Interest Expense	-105.74	169	-14.05	10.14	11.08	13.98	7.97	7.87	8.68	8.66	6.3	5.85	3.9	4.51	3.58
EBITDA-CapEx/Interest Expense	-85.93	151.77	-12.25	7.25	10.31	13.13	6.86	7.21	8.28	8.31	5.61	5.52	3.03	3.89	2.98
EBIT to Interest Expense	-88.25	136.96	-9.95	7.21	7.62	9.27	5.3	5.23	5.88	5.85	4.36	4.06	1.78	3.08	2.83
Interest Expense	- -	- -	-4	7	6	4	10	10	9	9	14	13	12	18	31
Common Equity/Total Assets	33.7	37.47	27.99	35.81	44.11	52.1	33.39	35.1	42.68	47.21	39.58	41.75	35.82	35.2	28.55
Long-Term Debt/Equity (%)	1.09	25.34	124.44	87.51	48.29	23.43	104.39	84.48	63.53	51.78	76.44	71.15	71.3	68.66	70.02
Long-Term Debt/Capital (%)	1.27	21.47	55.07	45.81	31.89	18.65	51.51	45.98	40.34	35.34	44.11	42	46.01	45.53	51.12
Long-Term Debt/Total Assets (%)	0.43	10.88	39.32	35.06	23.71	13.55	38.48	32.57	29.6	26.62	32.81	32.5	32.4	30.87	31.98
Total Debt/Equity (%)	1.09	30.73	137.38	101.67	61.59	35.52	112.05	92.71	65.9	54.66	81.09	78	76.13	72.5	74.47
Total Debt/Capital (%)	1.27	26.03	60.79	53.22	40.66	28.27	55.29	50.46	41.84	37.31	46.79	46.05	49.13	48.08	54.37
Total Debt/Total Assets (%)	0.43	13.19	43.41	40.73	30.23	20.54	41.3	35.75	30.71	28.1	34.81	35.63	34.59	32.6	34.01
Net Debt to Equity	-7.92	9.71	113.44	84.07	47.7	23.43	101.58	83.94	58.67	48.85	74.16	70.36	68.06	63.58	68.36
Net Debt/Capital (%)	-10.2	8.56	50.27	44.21	31.52	18.67	50.21	45.73	37.3	33.36	42.84	41.56	43.96	42.2	50.37
EBITDA	46	47	52	73	64	56	76	78	80	78	87	79	47	81	111
EBITDA-CapEx	37	42	45	52	60	52	66	71	76	75	78	74	37	69	93
Operating Income (Loss)	38	38	37	52	44	37	51	52	54	53	60	55	22	55	88

Liquidity	2009 Y	2010 Y	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
Cash Ratio	0.05	0.05	- -	0.02	- -	- -	0.01	- -	0.01	- -	- -	- -	- -	- -	0.03
Current Ratio	1.31	1.46	1.66	1.8	1.58	1.4	2.08	1.74	2.18	2.68	2.16	2.55	2.58	2.44	2.7
Quick Ratio	1.24	1.36	1.1	1.14	0.96	0.68	0.82	0.68	0.87	0.97	0.72	0.58	0.62	0.63	0.5
CFO/Avg Current Liab	0.14	0.13	0.3	0.63	0.7	0.59	0.41	0.38	0.38	0.17	0.13	0.24	-0.11	0.04	-0.09
Common Equity/Total Assets	33.7	37.47	27.99	35.81	44.11	52.1	33.39	35.1	42.68	47.21	39.58	41.75	35.82	35.2	28.55
Long-Term Debt/Equity (%)	1.09	25.34	124.44	87.51	48.29	23.43	104.39	84.48	63.53	51.78	76.44	71.15	71.3	68.66	70.02
Long-Term Debt/Capital (%)	1.27	21.47	55.07	45.81	31.89	18.65	51.51	45.98	40.34	35.34	44.11	42	46.01	45.53	51.12
Long-Term Debt/Total Assets (%)	0.43	10.88	39.32	35.06	23.71	13.55	38.48	32.57	29.6	26.62	32.81	32.5	32.4	30.87	31.98
Total Debt/Equity (%)	1.09	30.73	137.38	101.67	61.59	35.52	112.05	92.71	65.9	54.66	81.09	78	76.13	72.5	74.47
Total Debt/Capital (%)	1.27	26.03	60.79	53.22	40.66	28.27	55.29	50.46	41.84	37.31	46.79	46.05	49.13	48.08	54.37
Total Debt/Total Assets (%)	0.43	13.19	43.41	40.73	30.23	20.54	41.3	35.75	30.71	28.1	34.81	35.63	34.59	32.6	34.01
CFO/Total Liabilities	15.97	10.8	11.02	24.19	29.22	33.18	9.57	11.61	15.01	6.07	3.73	8.44	-3.51	1.46	-2.98
CFO/CapEx	2.82	3.7	5.16	2.85	12.82	14.56	3.56	7.21	13.47	6.05	1.87	8.08	-1.67	0.72	-1.17
Altman's Z-Score	6.78	5.96	4.27	4.75	5.21	5.77	4.49	4.55	5.58	4.99	4.29	4.16	3.81	3.68	3.41

Working Capital	2009 Y	2010 Y	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
Accounts Receivable Turnover	- -	- -	25.57	12.22	12.13	13.38	10.15	7.7	7.62	8.81	11.52	10.49	11.37	10.57	7.45
Days Sales Outstanding	- -	- -	14.27	29.86	30.1	27.29	35.95	47.4	47.91	41.45	31.68	34.78	32.1	34.55	49.02
Inventory Turnover	- -	- -	27.47	11.75	10.49	8.64	6.06	5.03	5.11	4.18	3.47	2.48	2.46	2.48	1.74
Days Inventory Outstanding	- -	- -	13.29	31.07	34.79	42.26	60.24	72.54	71.41	87.31	105.05	146.94	148.67	147.24	210.34
Accounts Payable Turnover	7.19	8.75	9.81	12.19	13.65	12.85	15.54	9.62	8.54	10.67	11.49	8.82	8.27	6.77	5.32
Accounts Payable Turnover Days	50.73	41.72	37.19	29.94	26.73	28.41	23.49	37.95	42.72	34.19	31.76	41.37	44.13	53.91	68.59
Cash Conversion Cycle	-50.73	-41.72	-9.63	31	38.15	41.14	72.69	81.99	76.6	94.56	104.97	140.36	136.64	127.88	190.78
Inventory to Cash Days	- -	- -	0.98	-1.21	-4.69	-14.97	-24.29	-25.13	-23.49	-45.86	-73.38	-112.16	-116.57	-112.7	-161.32
Inventories	- -	- -	42	42	39	49	109	136	133	166	219	253	323	381	501
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	42	42	39	49	109	136	133	166	219	253	323	381	501

Enterprise Value	2009 Y	2010 Y	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
Market Capitalization	238	175	126	127	258	335	335	427	539	328	420	434	769	580	1,032
- Cash & Cash Equivalents	8	6	- -	2	- -	- -	1	- -	1	- -	1	- -	1	- -	8
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1	38	197	167	115	73	257	237	193	180	294	278	318	326	459
Enterprise Value	231	208	323	292	373	408	591	663	731	508	714	711	1,087	906	1,483
Total Capital	87	146	325	314	283	258	465	469	462	481	629	604	647	678	845
Total Debt/Capital (%)	1.27	26.03	60.79	53.22	40.66	28.27	55.29	50.46	41.84	37.31	46.79	46.05	49.13	48.08	54.37
Total Debt / EV	- -	0.18	0.61	0.57	0.31	0.18	0.43	0.36	0.26	0.35	0.41	0.39	0.29	0.36	0.31
EV/Sales	0.23	0.24	0.52	0.53	0.79	0.96	1.11	0.96	0.96	0.73	0.95	1.08	1.45	0.95	1.72
EV/EBITDA	5	4.41	6.23	3.99	5.81	7.33	7.77	8.54	9.12	6.53	8.19	9.02	23.06	11.22	13.31
EV/EBIT	6	5.44	8.79	5.61	8.45	11.05	11.69	12.86	13.46	9.66	11.85	12.99	50.49	16.43	16.85
EV/Cash Flow to Firm	9.57	11.57	10.09	4.57	6.19	7.82	13.62	12.38	12.51	19.66	24.61	- -	- -	42.07	853.12
EV/Free Cash Flow to Firm	7.04	9.12	8.36	3.44	5.77	7.34	10.96	11.03	11.76	17.54	18.48	- -	351.56	27.66	72.69
Diluted Market Cap	237	176	126	127	258	336	336	428	540	330	423	433	764	581	929
Diluted Enterprise Value	230	209	323	292	373	409	592	664	733	509	717	711	1,081	906	1,380
EV per Share	22.31	20	30.74	27.59	34.95	38.09	54.97	61.38	67.45	46.63	65.1	64.35	85.37	70.66	94.12
TTM Sales	1,015	866	619	547	472	424	534	692	760	697	753	662	751	950	860
TTM EBITDA	46	47	52	73	64	56	76	78	80	78	87	79	47	81	111
TTM Operating Income	38	38	37	52	44	37	51	52	54	53	60	55	22	55	88
TTM Cash Flow to Firm	24	18	32	64	60	52	43	54	58	26	29	-128	-7	22	2
TTM Free Cash Flow to Firm	33	23	39	85	65	56	54	60	62	29	39	-123	3	33	20

Multiples	2009 Y	2010 Y	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
Price/Earnings	9.81	7.4	6.1	5.93	11.28	17.31	13.43	15.92	13.77	9.35	11.34	- -	95.24	20.62	23.64
Price/Earnings Average	7.03	8.28	6.82	5.91	8.7	15.67	13.06	13.48	12.62	13.25	9.53	-61.46	74.78	19.75	19.13
Price/Earnings High	9.87	11.41	8.34	6.63	11.92	20.1	17.67	16.8	16.22	16.25	11.97	-85.99	97.87	27.31	23.53
Price/Earnings Low	4.45	5.84	5.35	5.15	5.16	11.31	7.7	10.99	10.01	8.46	7.14	-29.51	54.36	15.09	14.79
Price/Book Value	2.78	1.62	0.99	0.86	1.54	1.81	1.61	1.84	2.01	1.09	1.26	1.33	2.34	1.65	2.68
Price/Book Value Average	1.99	1.82	1.11	0.86	1.19	1.64	1.57	1.56	1.84	1.54	1.05	0.98	1.84	1.58	2.17
Price/Book Value High	2.79	2.5	1.35	0.96	1.62	2.1	2.12	1.94	2.36	1.89	1.32	1.37	2.4	2.18	2.66
Price/Book Value Low	1.26	1.28	0.87	0.75	0.7	1.18	0.92	1.27	1.46	0.98	0.79	0.47	1.33	1.21	1.67
Price/Tangible Book Value	3.28	2.81	-2.03	-6.28	20.64	8.14	-2.98	-6.06	-32.77	9.41	-9.24	29.72	12.76	5.27	6.84
Price/Tangible Book Value Average	2.35	3.14	-2.27	-6.26	15.92	7.36	-2.9	-5.14	-30.02	13.34	-7.76	21.81	10.01	5.05	5.53
Price/Tangible Book Value High	3.3	4.33	-2.78	-7.02	21.82	9.45	-3.92	-6.4	-38.59	16.35	-9.74	30.52	13.11	6.98	6.81
Price/Tangible Book Value Low	1.49	2.22	-1.78	-5.46	9.45	5.32	-1.71	-4.19	-23.83	8.52	-5.81	10.47	7.28	3.86	4.28
Price/Sales	0.23	0.2	0.2	0.23	0.55	0.79	0.63	0.62	0.71	0.47	0.56	0.65	1.01	0.61	1.08
Price/Sales Average	0.17	0.23	0.23	0.23	0.42	0.72	0.61	0.52	0.65	0.67	0.47	0.48	0.79	0.58	0.87
Price/Sales High	0.23	0.31	0.28	0.26	0.58	0.92	0.82	0.65	0.83	0.82	0.59	0.67	1.04	0.81	1.07
Price/Sales Low	0.11	0.16	0.18	0.2	0.25	0.52	0.36	0.43	0.52	0.43	0.35	0.23	0.58	0.45	0.67
Price/Cash Flow	9.67	9.86	3.66	2.12	4.55	6.74	8.91	9.04	10.68	17.39	23.34	12.11	-43.1	71.86	-42.38
Price/Cash Flow Average	6.93	11.03	4.09	2.12	3.51	6.1	8.66	7.65	9.78	24.65	19.6	8.89	-33.84	68.83	-34.29
Price/Cash Flow High	9.72	15.19	5	2.37	4.81	7.83	11.72	9.54	12.57	30.23	24.62	12.43	-44.29	95.16	-42.18
Price/Cash Flow Low	4.38	7.78	3.21	1.84	2.08	4.4	5.11	6.24	7.76	15.74	14.68	4.27	-24.6	52.59	-26.51
Price/Free Cash Flow	7.16	7.8	3.09	1.58	4.24	6.33	6.98	7.96	9.97	15.01	15.33	10.77	-107.83	30.15	-293.61
Price/Free Cash Flow Average	5.13	8.73	3.45	1.57	3.27	5.73	6.79	6.74	9.13	21.27	12.87	7.91	-84.67	28.87	-237.56
Price/Free Cash Flow High	7.2	12.03	4.22	1.77	4.48	7.35	9.18	8.4	11.74	26.08	16.17	11.06	-110.81	39.92	-292.22
Price/Free Cash Flow Low	3.25	6.16	2.71	1.37	1.94	4.13	4	5.49	7.25	13.58	9.64	3.8	-61.54	22.06	-183.65
EV/Sales	0.23	0.24	0.52	0.53	0.79	0.96	1.11	0.96	0.96	0.73	0.95	1.08	1.45	0.95	1.72
EV/Sales Average	0.16	0.26	0.55	0.53	0.67	0.89	1.09	0.86	0.9	0.92	0.86	0.9	1.23	0.93	1.49
EV/Sales High	0.23	0.35	0.6	0.56	0.82	1.09	1.3	0.99	1.09	1.08	0.98	1.09	1.48	1.15	1.72
EV/Sales Low	0.1	0.2	0.5	0.5	0.49	0.69	0.84	0.77	0.77	0.68	0.74	0.65	1.01	0.79	1.27
EV/EBITDA	5	4.41	6.23	3.99	5.81	7.33	7.77	8.54	9.12	6.53	8.19	9.02	23.06	11.22	13.31
EV/EBITDA Average	3.54	4.85	6.52	3.98	4.89	6.76	7.65	7.7	8.55	8.29	7.42	7.55	19.55	10.92	11.54
EV/EBITDA High	5.03	6.42	7.12	4.19	6.04	8.3	9.16	8.85	10.31	9.64	8.46	9.16	23.51	13.55	13.27
EV/EBITDA Low	2.19	3.62	5.93	3.76	3.63	5.24	5.89	6.84	7.28	6.13	6.4	5.46	16.05	9.29	9.84
EV/EBIT	6	5.44	8.79	5.61	8.45	11.05	11.69	12.86	13.46	9.66	11.85	12.99	50.49	16.43	16.85
EV/EBIT Average	4.24	5.98	9.2	5.6	7.11	10.19	11.51	11.6	12.63	12.27	10.73	10.88	42.81	15.98	14.62
EV/EBIT High	6.03	7.92	10.05	5.89	8.79	12.52	13.78	13.32	15.22	14.27	12.23	13.2	51.48	19.84	16.8
EV/EBIT Low	2.62	4.47	8.37	5.29	5.28	7.9	8.87	10.3	10.75	9.07	9.26	7.86	35.14	13.6	12.46
Last Price	22.98	16.89	11.98	11.95	24.18	31.3	31.14	39.51	49.69	30.15	38.33	39.24	60.45	45.27	65.47
High Price	23.11	26.03	16.38	13.36	25.56	36.35	40.96	41.69	58.51	52.4	40.43	40.3	62.12	59.95	65.16
Low Price	10.42	13.33	10.5	10.38	11.07	20.45	17.85	27.27	36.13	27.29	24.11	13.83	34.5	33.13	40.95
Enterprise Value	231	208	323	292	373	408	591	663	731	508	714	711	1,087	906	1,483
Enterprise Value Average	163	229	337	292	314	376	582	598	686	645	647	596	921	881	1,286
Enterprise Value High	232	303	369	307	387	462	697	686	827	750	737	723	1,108	1,094	1,478
Enterprise Value Low	101	171	307	275	233	292	448	531	584	476	558	430	756	750	1,097

Per Share Data Items	2009 Y	2010 Y	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
Shares Outstanding	10	10	10	11	11	11	11	11	11	11	11	11	13	13	16
Diluted Weighted Avg Shares	10	10	11	11	11	11	11	11	11	11	11	11	13	13	14
Basic Weighted Avg Shares	10	10	10	11	11	11	11	11	11	11	11	11	13	13	14
Revenue per Share	98.92	83.44	59.12	51.76	44.25	39.6	49.69	64.09	70.15	64.11	68.68	59.97	59.82	74.32	60.9
EBITDA per Share	4.49	4.54	4.95	6.94	6.02	5.2	7.08	7.19	7.4	7.15	7.96	7.15	3.75	6.31	7.88
Operating Income per Share	3.75	3.68	3.51	4.93	4.14	3.45	4.7	4.77	5.01	4.83	5.5	4.96	1.71	4.31	6.23
Basic EPS, GAAP	2.34	2.28	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
Basic EPS from Cont Ops	2.34	2.28	1.96	2.59	2.25	1.91	2.32	2.48	3.61	3.23	3.38	-0.47	0.63	2.2	3.05
Diluted EPS, GAAP	2.33	2.27	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
Diluted EPS from Cont Ops	2.33	2.27	1.95	2.58	2.24	1.91	2.31	2.47	3.6	3.21	3.35	-0.47	0.63	2.19	3.04
Dividend per Share	0.09	0.11	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
Cash Flow per Share	2.38	1.71	3.27	5.63	5.31	4.64	3.5	4.37	4.65	1.73	1.64	3.24	-1.4	0.63	-1.54
Free Cash Flow per Basic Share	1.54	1.25	2.64	3.66	4.9	4.32	2.51	3.77	4.31	1.45	0.76	2.84	-2.24	-0.25	-2.87
Cash & Equivalents per Share	0.78	0.55	0.04	0.14	0.02	0.02	0.07	0.04	0.06	0.01	0.07	0.03	0.04	0.04	0.49
Book Value per Share	8.28	10.4	12.12	13.87	15.74	17.28	19.32	21.51	24.77	27.71	30.52	29.46	25.85	27.46	24.46
Tangible Book Value per Share	7.01	6.02	-5.89	-1.9	1.17	3.85	-10.44	-6.51	-1.52	3.2	-4.15	1.32	4.74	8.59	9.57

VSE Corporation

VSEC US

81.71

81.71