Does VSE CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores VSE CORPORATION (VSEC) 38.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 4, balance-sheet safety 37, capital discipline 1.

Is VSEC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $23.35 per share versus a recent price of $199.61 — 755% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has VSEC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 38.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

VSE CORPORATION

VSEC · Consumer Discretionary · $4.7B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power100

Median gross margin 60.6% over 2y, very stable.

Returns on capital4

Median ROIC 4.8%, above the 9% hurdle in 10% of years.

Balance-sheet safety37

Net debt/EBITDA 1.7x, interest coverage 4x.

Capital discipline1

Owner earnings -4.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

755% above value

Owner earnings (normalized): $30.3M
Est. intrinsic value / share: $23.35
Recent price: $199.61
Discount to value: 755% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $1.0B (FY2009) to $1.1B (FY2025) — about 0.6% a year compounded over 16 years.

It earned 4.2% on invested capital in FY2025, with a median of 7.6% across 17 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $292.8M of total debt in FY2025 against $30.3M of owner earnings — roughly 9.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 37/100.

The share count rose 350.5% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 1/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Capital Discipline the weakest (1/100), which is how VSEC lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.1B FY2025

Gross marginRevenue kept after cost of goods61.6% FY2017

Return on invested capitalOperating profit on the capital employed4.2% FY2025

Owner earningsCash an owner could take out$30.3M FY2025

Gaps in a line mean that item isn’t in VSEC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale38.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VSEC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#221 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#219ACM AECOM39.0 out of 100, No moatNo moat
#220F Ford Motor Co38.8 out of 100, No moatNo moat
#222VNCE VINCE HOLDING CORP.38.6 out of 100, No moatNo moat
#223APTV APTIV PLC38.4 out of 100, No moatNo moat

Compare VSEC with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about VSEC

Does VSE CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores VSE CORPORATION (VSEC) 38.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 4, balance-sheet safety 37, capital discipline 1.
Is VSEC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $23.35 per share versus a recent price of $199.61 — 755% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has VSEC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 38.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VSEC. See the disclaimer.