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ZYBERNO

Stock Report

Updated Sep 2, 2026

VSE CORPORATION (VSECU)

NASDAQ

$52.69

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

52.0/100

AVERAGE BUSINESS

VSE CORPORATION (VSECU) scores 52/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full VSECU quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-20.9%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full VSECU valuation analysis · → View full VSECU Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (3.7%)

Debt-to-Equity (Solvency Risk):GOOD (0.36x)

Operating Margin (Operational Efficiency):AVERAGE (9.2%)

Return on Capital (Capital Efficiency):CRITICAL (2.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

VSE CORPORATION (VSECU) stock report — Zyberno Score 52/100 (AVERAGE BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, VSE CORPORATION (VSECU) shows a Brina Gap of -20.9%, which weakens the case: based on the company's ROIC (2.4%) and reinvestment rate (261.9%), the business can fundamentally grow at 6.2% — but the current enterprise value implies the market expects 27.2%.

Over the trailing twelve months, VSECU generated -$13.51M in Owner Earnings. Capital was deployed as follows: $9.28M paid as dividends, $24.86M invested in capital expenditures. Reinvestment rate: 261.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:52.69

Market Cap:$5.86B

Valuation Multiples (4)

P/E Ratio:

18.95x

📊 Click to view full VSECU P/E analysis →

P/B Ratio:2.00x

P/S Ratio:4.32x

Peg Ratio:0.32x

Enterprise Metrics (2)

Enterprise Value:$6.74B

Ev Ebitda Ratio:34.08x

Price Action & Momentum (1)

% of 52-Week High:21.3%

B. Profitability Assessment

Return Metrics (7)

ROE:

3.7%

📊 Click to view full VSECU ROE analysis →

ROA:2.7%

Roic:

2.4%

📊 Click to view full VSECU ROIC analysis →

Reinvestment Rate:261.9%

Fundamental Growth Rate (g):6.2%

Market-Implied Growth Rate:27.2%

Brina Gap:

-20.9%

☷ Click to view full VSECU Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:9.2%

Net Margin Ttm:5.5%

Ebitda Margin:14.6%

TTM Performance (2)

Operating Margin Ttm:9.2%

Net Margin Ttm:5.5%

Yield Metrics (2)

Earnings Yield:$4.55

Dividend Yield:0.1%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.20

📊 Click to view full VSECU Earnings Surprise analysis →

EPS Surprise vs Expected:17.5%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):13.9%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):19.5%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):22.0%

Operating Cash Flow Growth Rate (Linear):21.3%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):19.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.77x

Quick Ratio:3.77x

Cash Ratio:0.21x

Leverage Analysis (3)

Debt To Equity Ttm:0.36x

Debt-to-Equity Ratio:0.36x

Debt To Ebitda:4.79x

Coverage Ratios (2)

Interest Coverage Ratio:17.13x

Times Interest Earned:17.13

Capital Structure (4)

Working Capital:973,667,000.00

Cash And Cash Equivalents:75,360,000.00

Long Term Debt:$914.95M

Net Debt:$871.60M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.36B

Linear Growth: 13.9%

📊 Click to view full VSECU Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $124.28M

Linear Growth: 19.3%

📊 Click to view full VSECU Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $75.06M

Linear Growth: 19.5%

📊 Click to view full VSECU Net Income analysis & methodology →

Income Before Tax:$109.81M

Ebitda Ttm:197,666,000.00

Operating Expenses (5)

Operating Expenses:1,233,524,000.00

R And D Expense:0.00

Sga Expense:17,745,000.00

Income Tax Expense:$26.35M

Interest Expense:5,230,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:4.0%

Ebitda Margin:14.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$4.40B

Current Assets:$1.33B

Ppe Net:166,548,000.00

Goodwill:1,810,424,000.00

Intangible Assets:$952.09M

Liability Structure (4)

Total Liabilities:1,463,970,000.00

Current Liabilities:351,805,000.00

Long Term Debt:$914.95M

Short Term Debt:$32.00M

Equity & Capital (3)

Equity:$2.93B

Retained Earnings:$447.61M

Common Stock:44,000,000.00

Working Capital Items (3)

Accounts Receivable:274,628,000.00

Inventory:0.00

Accounts Payable:187,068,000.00

Special Items (2)

Contract Liabilities:10,461,000.00

Stock Based Compensation:4,581,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $11.36M

Linear Growth: 21.3%

Free cash flow TTM: -$13.51M

Linear Growth: 22.0%

📊 Click to view full VSECU Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$27.09M

Capital Expenditures Ttm:24,863,000.00

Financing Activities (3)

Financing Cash Flow:$1.26B

Dividends Paid Ttm:9,282,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:829,457,000.00

Long Term Debt Issuance:$47.27M

Long Term Debt Repayments:$49.15M

Non-Cash Items (1)

Depreciation Amortization Ttm:73,382,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):2.81

Eps diluted TTM: $2.78

Linear Growth: 2.4%

📊 Click to view full VSECU EPS analysis & methodology →

Earnings Per Share Ttm:$0.67

Revenue & Cash Per Share (2)

Sales Per Share Ttm:12.20

Operating Cash Flow Per Share:$0.24

Book Value & Capital (2)

Book Value Per Share:$26.35

Cash Per Share:0.68

Dividend Policy (1)

Dividend Payout Ratio:13.51x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.48x

Working Capital Turnover Ttm:1.39x

Receivables Management (2)

Receivables Turnover Ttm:4.94x

Days Sales Outstanding Ttm:73.82

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:50.29

Cash Conversion Cycle:-975.46

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:85.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$13.51M

Damodaran Growth Analysis (4)

Reinvestment Rate:261.9%

Fundamental Growth Rate (g):6.2%

Market-Implied Growth Rate:27.2%

Brina Gap:

-20.9%

☷ Click to view full VSECU Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):13.9%

Net Income Growth Rate (Linear):19.5%

Operating Income Growth Rate (Linear):19.3%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):22.0%

Operating Cash Flow Growth Rate (Linear):21.3%

Other Growth Rates (1)

Book Value Growth Rate (Linear):50.6%

C. Company Profile & Context

Corporate Information (6)

Symbol:VSECU

Company Name:VSE CORPORATION

Sector:Unknown

Industry:Services-Engineering Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:111.31M

Shares Outstanding Basic:30.94M

Shares Outstanding Diluted:31.39M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-02 07:30:18 UTC

Data Timestamp:2026-08-24T22:31:26.702539