TakeoverPE & activists

VSECVSE CORP

Services-Engineering Services · $4.1B market cap · 1,600 employees

21×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • 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
  • 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
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$6M net
    Net sales over $10M in 12 months

Key numbers

Revenue
$1.1BFY2021: $481MFY2022: $669MFY2023: $544MFY2024: $786MFY2025: $1.1B
41% YoY
Operating margin
8.1%FY2021: -0.6%FY2022: 8.0%FY2023: 9.2%FY2024: 7.5%FY2025: 8.1%
7.8% YoY
EBITDA
$130MFY2021: $22MFY2022: $78MFY2023: $74MFY2024: $88MFY2025: $130M
48% YoY
Net debt / EBITDA
6.7×
$872M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$481M$669M$544M$786M$1.1B 41% FY2021: $481MFY2022: $669MFY2023: $544MFY2024: $786MFY2025: $1.1B
Operating income−$3M$54M$50M$59M$90M 52% FY2021: −$3MFY2022: $54MFY2023: $50MFY2024: $59MFY2025: $90M
Net income$8M$28M$39M$15M$12M 24% FY2021: $8MFY2022: $28MFY2023: $39MFY2024: $15MFY2025: $12M
Operating cash flow−$18M$8M−$22M−$31M$27M 187% FY2021: −$18MFY2022: $8MFY2023: −$22MFY2024: −$31MFY2025: $27M
Capex$11M$11M$19M$21M$21M 2.8% FY2021: $11MFY2022: $11MFY2023: $19MFY2024: $21MFY2025: $21M
Stock-based comp$4M$4M$8M$8M$13M 54% FY2021: $4MFY2022: $4MFY2023: $8MFY2024: $8MFY2025: $13M
Dividends$4M$5M$5M$7M$8M 17% FY2021: $4MFY2022: $5MFY2023: $5MFY2024: $7MFY2025: $8M

13D filers

FiledFilerFormStakeIntent
Nov 25, 2024KOONCE CALVIN SCOTTSC 13D/A5.0%Passive
Nov 7, 2024KOONCE CALVIN SCOTTSC 13D/A5.8%Passive
Oct 18, 2024KOONCE CALVIN SCOTTSC 13D/A7.0%Passive
Sep 24, 2024KOONCE CALVIN SCOTTSC 13D/A9.2%Passive
May 17, 2024KOONCE CALVIN SCOTTSC 13D/A10.3%Passive
Apr 2, 2024KOONCE CALVIN SCOTTSC 13D/A11.9%Passive

Insider trading

−$6Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $6M · 13 trades

Pay vs performance

No pay-versus-performance disclosure yet.