Vse Corp (VSEC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Professional & Commercial Services · as of Aug 11, 2026
Vse Corp (VSEC)
A forensic read on Vse Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
13.9
Distress distance
Clean
Earnings quality
6
Forensic signals
127.2
P / E (ttm)
0.8%
ROE
$6.1B
Market cap
0.21%
Dividend yield
41.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Vse Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 13.9, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.39×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was -0.39× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
4.0%
FY2025
Return on invested capital.Return on invested capital is 4.0% in the latest fiscal year and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+18.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +66% over the last 3 years to FY2025 (+18.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~18.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~40%.
1.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.2% of revenue and 225% of free cash flow in FY2025 — about $0.60 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 18.5% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
145% of FCF
FY2025
Shareholder returns.
Key fundamentals
Latest Revenue$1.11B
Revenue Growth YoY+41.5%
Revenue CAGR (3yr)+18.4%
Net Margin1.1%
Free Cash Flow$5.7M
Return on Equity0.8%
Debt / Equity0.20x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Vse Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Returned $8M to shareholders (buybacks + dividends) in FY2025 — 145% of free cash flow, but 31% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $13M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 370%.
$31M
FY2020–FY2020
Goodwill impairments.Took $31M of goodwill writedowns across 1 year (FY2020 ($31M)). Writedowns mean past acquisitions underperformed what was paid for them.