Company Valuation: VSE Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 774.7 600 1,017 1,941 4,041 6,057 - -
Change - -22.54% 69.56% 90.79% 108.2% 49.87% - -
Enterprise Value (EV) 1 1,059 885.9 1,439 2,342 4,265 6,872 6,775 6,586
Change - -16.33% 62.44% 62.77% 82.08% 61.14% -1.41% -2.79%
P/E 96.7x 21.4x 21.3x 46.8x 68.6x 53x 39.6x 29.5x
PBR 1.86x 1.34x 1.65x 1.98x 2.81x 2.16x 2.09x 1.95x
PEG - 0x 0.5x -1.4x 2.8x 0.9x 1.2x 0.9x
Capitalization / Revenue 1.03x 0.63x 1.18x 1.8x 3.63x 3.34x 2.75x 2.53x
EV / Revenue 1.41x 0.93x 1.67x 2.17x 3.83x 3.79x 3.08x 2.75x
EV / EBITDA 14.4x 9.62x 12.6x 17.2x 23.3x 20x 15.6x 13.6x
EV / EBIT 49.2x 16.1x 16.4x 28.8x 32.6x 33x 23.3x 19.5x
EV / FCF -37.6x -280x -35.5x -45.3x 747x 421x 45.3x 43.3x
FCF Yield -2.66% -0.36% -2.81% -2.21% 0.13% 0.24% 2.21% 2.31%
Dividend per Share 2 0.37 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Rate of return 0.61% 0.85% 0.62% 0.42% 0.23% 0.19% 0.19% 0.19%
EPS 2 0.63 2.19 3.04 2.03 2.52 4.069 5.448 7.328
Distribution rate 58.7% 18.3% 13.2% 19.7% 15.9% 9.83% 7.34% 5.46%
Net sales 1 750.9 949.8 860.5 1,080 1,112 1,812 2,201 2,392
EBITDA 1 73.62 92.06 113.8 136.3 182.9 342.9 434 486
EBIT 1 21.52 55.13 88 81.42 130.7 208.5 290.4 337.5
Net income 1 7.966 28.06 39.13 15.32 53.49 121.3 185.8 230.2
Net Debt 1 284.1 285.8 421.6 401.1 223.4 815.5 718.2 529.5
Reference price 2 60.94 46.88 64.61 95.10 172.77 215.82 215.82 215.82
Nbr of stocks (in thousands) 12,712 12,800 15,747 20,412 23,392 28,065 - -
Announcement Date 3/9/22 3/9/23 3/6/24 2/26/25 2/25/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
40.27x7.24x30.08x0.53% 355B
35.11x3.25x19.28x1.35% 285B
35.84x5.27x22.2x0.95% 172B
18.51x1.78x12.8x2.48% 130B
22.31x1.89x15.44x1.66% 102B
26.29x1.88x13.23x1.94% 78.48B
18.8x1.96x13.92x1.78% 77.51B
33.61x3.73x16.35x1.22% 62.53B
Average 28.84x 3.37x 17.91x 1.49% 158.01B
Weighted average by Cap. 32.29x 4.24x 20.89x 1.26%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield