NASDAQ : VSEC
VSE Corporation — Financial statements
Industrials · Aerospace & Defense · United States
Last price 147.83 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.65B
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Financial statements
VSE Corporation (VSEC) reported revenue of 1.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.36B | 1.11B | 786.26M | 544.02M | 669.45M | 481.38M |
| Cost of Revenue | 1.15B | 954.14M | 684.04M | 475.01M | 596.47M | 464.88M |
| Gross Profit | 212.10M | 158.13M | 102.22M | 69.01M | 72.97M | 16.50M |
| Selling, General & Admin | 6.45M | 7.14M | 4.53M | 3.42M | 3.63M | 2.95M |
| Amortization of Goodwill & Intangibles | 40.87M | 26.00M | 17.62M | 11.74M | 15.73M | 15.76M |
| Operating Expenses | 47.32M | 33.13M | 22.15M | 15.16M | 19.37M | 18.71M |
| Operating Income | 164.78M | 125.00M | 80.06M | 53.84M | 53.60M | -2.21M |
| Interest Expense | -10.00M | -20.56M | -34.95M | -31.09M | -17.89M | -12.06M |
| Other Non Operating Income (Expenses) | -29.20M | -29.20M | ||||
| EBT Excluding Unusual Items | 125.58M | 75.24M | 45.11M | 22.76M | 35.71M | -14.27M |
| Merger & Restructuring Charges | -17.20M | -6.20M | -9.10M | -3.70M | -500.00K | |
| Asset Writedown | -12.21M | |||||
| Pretax Income | 109.81M | 69.04M | 23.81M | 19.06M | 35.71M | -14.77M |
| Income Tax Expense | 26.35M | 15.55M | 4.41M | 4.50M | 9.05M | -3.77M |
| Earnings From Continuing Operations | 83.47M | 53.49M | 19.40M | 14.56M | 26.66M | -11.00M |
| Earnings From Discontinued Operations | -8.41M | -41.79M | -4.08M | 24.57M | 1.40M | 18.97M |
| Net Income | 75.06M | 11.70M | 15.32M | 39.13M | 28.06M | 7.97M |
| Net Income to Common | 75.06M | 11.70M | 15.32M | 39.13M | 28.06M | 7.97M |
| Shares Outstanding (Basic) | 25.43M | 21.14M | 17.88M | 14.13M | 12.78M | 12.55M |
| Shares Outstanding (Diluted) | 25.68M | 21.24M | 17.98M | 14.18M | 12.83M | 12.63M |
| EPS (Basic) | 2.95 | 0.55 | 0.86 | 2.77 | 2.20 | 0.63 |
| EPS (Diluted) | 2.92 | 0.55 | 0.85 | 2.76 | 2.19 | 0.63 |
| Free Cash Flow | -1.12M | 5.71M | -51.74M | -40.49M | -3.16M | -28.12M |
| Free Cash Flow Per Share | -0.04 | 0.27 | -2.88 | -2.85 | -0.25 | -2.23 |
| Dividend Per Share | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.37 |
| Gross Margin | 15.62% | 14.22% | 13.00% | 12.68% | 10.90% | 3.43% |
| Operating Margin | 12.14% | 11.24% | 10.18% | 9.90% | 8.01% | -0.46% |
| Profit Margin | 5.53% | 1.05% | 1.95% | 7.19% | 4.19% | 1.65% |
| Free Cash Flow Margin | -0.08% | 0.51% | -6.58% | -7.44% | -0.47% | -5.84% |
| EBITDA | 221.89M | 164.92M | 108.82M | 77.26M | 78.21M | 22.38M |
| EBITDA Margin | 16.34% | 14.83% | 13.84% | 14.20% | 11.68% | 4.65% |
| D&A For EBITDA | 57.10M | 39.92M | 28.76M | 23.42M | 24.60M | 24.59M |
| EBIT | 164.78M | 125.00M | 80.06M | 53.84M | 53.60M | -2.21M |
| EBIT Margin | 12.14% | 11.24% | 10.18% | 9.90% | 8.01% | -0.46% |
| Effective Tax Rate | 23.99% | 22.52% | 18.51% | 23.58% | 25.35% | |
| Revenue as Reported | 1.36B | 1.11B | 786.26M | 544.02M | 669.45M | 481.38M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 75.36M | 69.36M | 29.50M | 7.77M | 305.00K | 518.00K |
| Cash & Short-Term Investments | 75.36M | 69.36M | 29.50M | 7.77M | 305.00K | 518.00K |
| Accounts Receivable | 334.12M | 232.20M | 188.06M | 136.01M | 98.01M | 108.47M |
| Receivables | 334.12M | 232.20M | 188.06M | 136.01M | 98.01M | 111.29M |
| Inventory | 867.12M | 553.83M | 434.06M | 500.86M | 380.44M | 322.70M |
| Prepaid Expenses | 48.87M | 37.94M | 30.90M | 36.39M | ||
| Other Current Assets | 282.82M | 93.00M | 70.13M | 29.48M | ||
| Total Current Assets | 1.33B | 893.33M | 965.35M | 774.03M | 548.88M | 463.99M |
| Property, Plant & Equipment | 258.87M | 141.25M | 114.27M | 86.76M | 62.06M | 69.81M |
| Long-Term Investments | 2.24M | 1.24M | 4.09M | 2.84M | 6.62M | |
| Goodwill | 1.81B | 641.24M | 428.26M | 351.78M | 217.26M | 248.75M |
| Other Intangible Assets | 952.09M | 295.96M | 197.16M | 114.13M | 86.56M | 108.26M |
| Other Long-Term Assets | 19.89M | 28.52M | 33.50M | 20.80M | 78.41M | 27.74M |
| Total Assets | 4.40B | 2.03B | 1.74B | 1.35B | 999.79M | 918.56M |
| Accounts Payable | 187.07M | 154.51M | 145.49M | 173.04M | 128.50M | 115.06M |
| Accrued Expenses | 82.45M | 43.77M | 30.73M | 21.75M | 20.18M | 28.91M |
| Current Portion of Long-Term Debt | 32.07M | 8.05M | 30.00M | 22.50M | 10.00M | 14.16M |
| Current Portion of Leases | 6.31M | 4.78M | 4.96M | 3.18M | 5.99M | |
| Current Income Taxes Payable | 2.12M | 813.00K | 116.00K | |||
| Current Unearned Revenue | 10.46M | 6.89M | 4.48M | 2.79M | 7.15M | |
| Other Current Liabilities | 39.76M | 15.86M | 82.21M | 61.74M | 62.74M | 8.69M |
| Total Current Liabilities | 351.81M | 237.51M | 298.50M | 286.89M | 224.60M | 179.96M |
| Long-Term Debt | 914.95M | 285.30M | 400.17M | 406.84M | 276.30M | 270.41M |
| Long-Term Leases | 78.64M | 43.69M | 39.50M | 24.96M | 19.15M | 27.17M |
| Long-Term Deferred Tax Liabilities | 104.58M | 12.39M | 6.99M | 4.76M | 9.11M | |
| Other Long-Term Liabilities | 13.99M | 10.87M | 16.27M | 7.94M | 25.45M | 14.58M |
| Total Liabilities | 1.46B | 589.77M | 754.44M | 733.61M | 550.26M | 501.23M |
| Common Stock | 1.40M | 1.17M | 1.03M | 788.00K | 641.00K | 636.00K |
| Additional Paid-In Capital | 2.48B | 1.04B | 591.60M | 229.10M | 92.62M | 88.52M |
| Retained Earnings | 447.61M | 395.64M | 392.48M | 384.70M | 351.30M | 328.36M |
| Comprehensive Income & Other | 287.00K | 512.00K | 3.07M | 2.13M | 4.97M | -176.00K |
| Shareholders' Equity | 2.93B | 1.44B | 988.19M | 616.73M | 449.53M | 417.33M |
| Total Liabilities & Equity | 4.40B | 2.03B | 1.74B | 1.35B | 999.79M | 918.56M |
| Total Debt | 1.03B | 343.36M | 474.45M | 459.26M | 308.64M | 317.73M |
| Net Cash (Debt) | -950.31M | -274.00M | -444.95M | -451.49M | -308.33M | -317.21M |
| Net Cash Per Share | -37.01 | -12.90 | -24.75 | -31.83 | -24.04 | -25.11 |
| Filing Date Shares Outstanding | 31.48M | 27.99M | 20.60M | 15.77M | 12.84M | 12.74M |
| Total Common Shares Outstanding | 31.48M | 23.40M | 20.59M | 15.76M | 12.82M | 12.73M |
| Working Capital | 973.67M | 655.82M | 666.85M | 487.14M | 324.27M | 284.03M |
| Book Value Per Share | 93.20 | 61.49 | 47.99 | 39.14 | 35.07 | 32.79 |
| Tangible Book Value | 170.92M | 501.60M | 362.77M | 150.81M | 145.71M | 60.32M |
| Tangible Book Value Per Share | 5.43 | 21.44 | 17.62 | 9.57 | 11.37 | 4.74 |
| Land | 1.21M | 978.00K | 1.62M | 1.62M | 4.73M | |
| Buildings | 24.46M | 11.00M | 24.55M | 20.87M | 29.60M | |
| Machinery | 78.29M | 55.77M | 49.52M | 44.26M | 67.46M | |
| Construction In Progress | 8.68M | 15.98M | 13.68M | |||
| Leasehold Improvements | 12.67M | 8.63M | 6.15M | 4.44M | 7.16M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 75.06M | 11.70M | 15.32M | 39.13M | 28.06M | 7.97M |
| Depreciation & Amortization | 57.10M | 39.92M | 28.76M | 23.42M | 24.60M | 24.59M |
| Other Amortization | 1.67M | 1.46M | 1.33M | 1.54M | 968.00K | 1.01M |
| Loss (Gain) From Sale of Assets | 258.00K | 45.00K | 479.00K | 122.00K | -64.00K | |
| Asset Writedown & Restructuring Costs | 47.05M | 47.05M | 19.40M | |||
| Stock-Based Compensation | 14.84M | 12.84M | 8.31M | 7.74M | 4.46M | 3.93M |
| Other Operating Activities | 36.86M | 27.10M | 2.21M | -1.24M | -45.00K | 20.06M |
| Change in Accounts Receivable | -15.44M | -35.10M | -32.46M | -20.77M | -33.03M | -14.96M |
| Change in Inventory | -147.01M | -56.87M | -31.67M | -87.53M | -59.10M | -80.02M |
| Change in Accounts Payable | -19.01M | -10.93M | -31.76M | 23.91M | 36.19M | 33.21M |
| Change in Other Net Operating Assets | 22.87M | -10.22M | -10.98M | -8.03M | 5.82M | -13.33M |
| Operating Cash Flow | 27.02M | 26.99M | -31.04M | -21.83M | 8.05M | -17.60M |
| Capital Expenditures | -28.14M | -21.28M | -20.70M | -18.67M | -11.21M | -10.52M |
| Sale of Property, Plant & Equipment | 68.00K | |||||
| Cash Acquisitions | -2.11B | -394.14M | -283.12M | -218.58M | -54.09M | |
| Divestitures | 157.00K | 138.97M | 40.16M | |||
| Sale (Purchase) of Intangibles | -14.71M | |||||
| Other Investing Activities | 760.00K | 1.56M | 8.84M | 2.91M | ||
| Investing Cash Flow | -2.16B | -276.45M | -263.67M | -235.69M | -2.38M | -61.63M |
| Long-Term Debt Issued | 667.34M | 739.24M | 844.26M | 520.22M | 491.57M | |
| Long-Term Debt Repaid | -803.59M | -739.74M | -699.87M | -518.35M | -458.29M | |
| Net Debt Issued (Repaid) | 498.79M | -136.25M | -500.00K | 144.39M | 1.88M | 33.27M |
| Issuance of Common Stock | 1.72B | 442.17M | 326.00M | 130.02M | 899.00K | 52.02M |
| Repurchase of Common Stock | -10.01M | -5.14M | -2.63M | -1.11M | -1.01M | -681.00K |
| Common Dividends Paid | -9.28M | -8.26M | -7.06M | -5.44M | -5.11M | -4.43M |
| Other Financing Activities | -9.04M | -2.73M | -2.89M | -2.36M | -808.00K | |
| Financing Cash Flow | 2.19B | 289.79M | 315.81M | 264.97M | -5.71M | 79.37M |
| Net Cash Flow | 58.45M | 40.33M | 21.10M | 7.45M | -40.00K | 140.00K |
| Free Cash Flow | -1.12M | 5.71M | -51.74M | -40.49M | -3.16M | -28.12M |
| Free Cash Flow Margin | -0.08% | 0.51% | -6.58% | -7.44% | -0.47% | -5.84% |
| Free Cash Flow Per Share | -0.04 | 0.27 | -2.88 | -2.85 | -0.25 | -2.23 |
| Levered Free Cash Flow | -260.71M | 169.52M | -119.39M | -141.43M | 7.66M | -52.22M |
| Unlevered Free Cash Flow | -256.13M | 180.90M | -98.88M | -123.54M | 17.87M | -45.70M |
| Cash Interest Paid | 26.85M | 26.85M | 37.08M | 35.04M | 16.42M | 12.15M |
| Cash Income Tax Paid | 16.11M | 16.11M | 11.95M | 14.00M | 10.33M | 7.54M |
| Change in Working Capital | -158.60M | -113.13M | -106.86M | -92.42M | -50.12M | -75.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.65B | 4.04B | 1.94B | 1.02B | 600.05M | 774.66M |
| Enterprise Value | 5.60B | 4.43B | 2.41B | 1.48B | 920.60M | 1.10B |
| Last Close Price | 147.83 | 172.42 | 94.60 | 63.95 | 46.03 | 59.28 |
| PE Ratio | 50.62 | 345.34 | 126.67 | 26.00 | 21.39 | 97.25 |
| Forward PE | 20.05 | 44.08 | 26.28 | 17.88 | 14.27 | 16.56 |
| PS Ratio | 3.43 | 3.63 | 2.47 | 1.87 | 0.90 | 1.61 |
| PB Ratio | 1.59 | 2.81 | 1.96 | 1.65 | 1.33 | 1.86 |
| P/TBV Ratio | 27.23 | 8.06 | 5.35 | 6.75 | 4.12 | 12.84 |
| P/FCF Ratio | 707.91 | |||||
| P/OCF Ratio | 172.20 | 149.74 | 74.53 | |||
| PEG Ratio | 0.55 | 2.35 | 0.92 | 21.80 | 21.80 | 1.74 |
| EV/Sales Ratio | 4.13 | 3.98 | 3.07 | 2.72 | 1.38 | 2.28 |
| EV/EBITDA Ratio | 25.25 | 26.84 | 22.17 | 19.15 | 11.77 | 48.95 |
| EV/EBIT Ratio | 34.01 | 35.42 | 30.14 | 27.48 | 17.17 | |
| EV/FCF Ratio | 775.46 | |||||
| Debt / Equity Ratio | 0.35 | 0.24 | 0.48 | 0.74 | 0.69 | 0.76 |
| Debt / EBITDA Ratio | 4.44 | 1.98 | 4.11 | 5.67 | 3.81 | 13.18 |
| Debt / FCF Ratio | 60.14 | |||||
| Net Debt / Equity Ratio | 0.32 | 0.19 | 0.45 | 0.73 | 0.69 | 0.76 |
| Net Debt / EBITDA Ratio | 4.28 | 1.66 | 4.09 | 5.84 | 3.94 | 14.17 |
| Net Debt / FCF Ratio | -848.49 | 47.99 | -8.60 | -11.15 | -97.54 | -11.28 |
| Asset Turnover | 0.45 | 0.59 | 0.51 | 0.46 | 0.70 | 0.57 |
| Inventory Turnover | 1.72 | 1.93 | 1.46 | 1.08 | 1.70 | 1.61 |
| Quick Ratio | 1.16 | 1.27 | 0.73 | 0.50 | 0.44 | 0.61 |
| Current Ratio | 3.77 | 3.76 | 3.23 | 2.70 | 2.44 | 2.58 |
| Return on Equity (ROE) | 4.27% | 4.41% | 2.42% | 2.73% | 6.15% | -2.84% |
| Return on Assets (ROA) | 3.43% | 4.14% | 3.24% | 2.86% | 3.49% | -0.16% |
| Return on Invested Capital (ROIC) | 4.38% | 6.16% | 5.22% | 4.51% | 5.36% | -0.32% |
| Return on Capital Employed (ROCE) | 4.10% | 7.00% | 5.50% | 5.10% | 6.90% | -0.30% |
| Earnings Yield | 1.98% | 0.29% | 0.79% | 3.85% | 4.68% | 1.03% |
| FCF Yield | -0.02% | 0.14% | -2.67% | -3.98% | -0.53% | -3.63% |
| Dividend Yield | 0.27% | 0.23% | 0.42% | 0.62% | 0.85% | 0.61% |
| Payout Ratio | 13.70% | 70.61% | 46.07% | 13.89% | 18.21% | 55.57% |
| Buyback Yield / Dilution | -28.03% | -18.15% | -26.72% | -10.58% | -1.54% | -14.49% |
| Total Shareholder Return | -27.76% | -17.92% | -26.30% | -9.96% | -0.69% | -13.88% |