VSECVSE CORP

Services-Engineering Services

Revenue: $1.1B; 41% YoY
Operating margin: 8.1%; 7.8% YoY
EBITDA: $130M; 48% YoY
Market cap: $4.1B
Employees: 1,600; $695K revenue each
Net debt / EBITDA: 6.7×; $872M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
231% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$695K · 92nd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$481M	$669M	$544M	$786M	$1.1B	41%
Operating income	−$3M	$54M	$50M	$59M	$90M	52%
Net income	$8M	$28M	$39M	$15M	$12M	24%
Operating cash flow	−$18M	$8M	−$22M	−$31M	$27M	187%
Capex	$11M	$11M	$19M	$21M	$21M	2.8%
Stock-based comp	$4M	$4M	$8M	$8M	$13M	54%
Dividends	$4M	$5M	$5M	$7M	$8M	17%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 25, 2024	KOONCE CALVIN SCOTT	SC 13D/A	5.0%	Passive
Nov 7, 2024	KOONCE CALVIN SCOTT	SC 13D/A	5.8%	Passive
Oct 18, 2024	KOONCE CALVIN SCOTT	SC 13D/A	7.0%	Passive
Sep 24, 2024	KOONCE CALVIN SCOTT	SC 13D/A	9.2%	Passive
May 17, 2024	KOONCE CALVIN SCOTT	SC 13D/A	10.3%	Passive
Apr 2, 2024	KOONCE CALVIN SCOTT	SC 13D/A	11.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 13
Net: −$6M

Pay vs performance

No pay-versus-performance disclosure yet.