Vse Corp. (VSEC) intrinsic value & 10-year financials
Vse Corp. (VSEC) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 5.4% a year to $1.1B, with an average return on invested capital of 5.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $164.08
- Market cap
- $3.5B
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- 5.4%
- ROIC (10-yr avg)
- 5.6%
- Free cash flow (FY2025)
- $5.7M
VSEC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | $11.7M | $0.55 | $5.7M | 8.1% | 2.9% |
| FY2024 | $1.1B | $15.3M | $0.85 | -$51.7M | 7.5% | 3.9% |
| FY2023 | $860.5M | $39.1M | $2.76 | -$40.5M | 10.2% | 7.1% |
| FY2022 | $949.8M | $28.1M | $2.19 | -$3.2M | 5.8% | 5.6% |
| FY2021 | $750.9M | $8.0M | $0.63 | -$28.1M | 2.9% | 2.7% |
| FY2020 | $661.7M | -$5.2M | -$0.47 | $31.3M | 2.1% | 1.1% |
| FY2019 | $752.6M | $37.0M | $3.35 | $8.4M | 8.0% | 8.3% |
| FY2018 | $697.2M | $35.1M | $3.21 | $15.7M | 7.8% | 8.5% |
| FY2017 | $760.1M | $39.1M | $3.60 | $46.7M | 7.1% | 9.6% |
| FY2016 | $691.8M | $26.8M | $2.47 | $40.6M | 7.4% | 6.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VSE CORP has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
VSE CORP has historically struggled to out-earn its cost of capital, averaging just 5.6% ROIC.
VSE CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, VSE CORP is modeled at -15.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-10.55 per share.