VSE Corporation — Earnings Quality Grade F
VSEC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 63 days, change -11 days YoY
AR growth 20.6% vs revenue growth 41.5%
Revenue 41.5%, CFFO 187.0%. Cash follows revenue
Expense Quality
Inventory 27.6% vs COGS 39.7%. Normal
CapEx growth 2.8% vs revenue 41.5%. Normal
SG&A/Gross Profit = 10.1%, excellent (<30%)
Gross margin 11.9%, change +1.1pp. Stable
Cash Flow Quality
CFFO/NI = 2.31. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -0.8%. Low accruals
Cash $0.1B covers only 20% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.9B = 65% of equity. Over 50%
Debt/EBITDA = 2.6x. Healthy
Other assets -20.9% vs revenue 41.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 50% YoY
Manipulation Score
M-Score = -2.05 (grey zone)
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25