VSEC

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VSE Corp.

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Key Metrics

Previous Close: $230.42
52-Week Range: $154.67 – $247.85
Market Cap: $6.02B
P/E (TTM): 73.46
EPS (TTM): 2.92
Dividend Yield: 0.19%

Advanced Metrics

Price/Book: 2.05
PEG Ratio: 3.00
Return on Equity: 4.27%
Return on Assets: 3.43%
Gross Margin: 15.62%
Operating Margin: 12.68%
Profit Margin: 5.53%
Current Ratio: 3.77
Debt/Equity: 0.35
Total Debt: $1.03B
Free Cash Flow: $-260.72M
Revenue Growth: 65.00%
Earnings Growth: 488.40%
Enterprise Value: $6.97B

VSEC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$669.45M	$544.02M	$786.26M	$1.11B
Cost of Revenue	$612.21M	$486.75M	$701.67M	$980.14M
Gross Profit	$57.24M	$57.27M	$84.59M	$132.13M
Selling, General & Admin	$3.63M	$7.12M	$13.63M	$13.34M
Operating Expenses	$3.63M	$7.12M	$13.63M	$13.34M
Operating Income	$53.60M	$50.15M	$70.96M	$118.80M
EBITDA	$78.21M	$73.56M	$87.52M	$129.52M
Pretax Income	$35.71M	$19.06M	$23.81M	$69.04M
Income Tax	$9.05M	$4.50M	$4.41M	$15.55M
Net Income	$28.06M	$39.13M	$15.32M	$11.70M
Diluted EPS	2.19	2.76	1.77	2.29
Diluted Shares	12.83M	14.18M	20.59M	23.40M

VSEC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$305.00K	$7.77M	$29.50M	$69.36M
Receivables	$98.01M	$136.01M	$188.06M	$232.20M
Inventory	$380.44M	$500.86M	$434.06M	$553.83M
Current Assets	$548.88M	$774.03M	$965.35M	$893.33M
Total Assets	$999.79M	$1.35B	$1.74B	$2.03B
Current Liabilities	$224.60M	$286.89M	$298.50M	$237.51M
Long-Term Debt	$276.30M	$406.84M	$400.17M	$285.30M
Total Debt	$308.64M	$459.26M	$474.45M	$342.80M
Total Liabilities	$550.26M	$733.61M	$754.44M	$589.77M
Retained Earnings	$351.30M	$384.70M	$392.48M	$395.64M
Shareholders' Equity	$449.53M	$616.73M	$988.19M	$1.44B
Working Capital	$324.27M	$487.14M	$666.85M	$655.82M
Net Debt	$286.00M	$421.58M	$400.67M	$223.45M

VSEC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$8.05M	-$21.83M	-$31.04M	$26.99M
Capital Expenditure	-$11.21M	-$18.67M	-$20.70M	-$21.28M
Free Cash Flow	-$3.16M	-$40.49M	-$51.74M	$5.71M
Depreciation & Amortisation	$24.60M	$23.42M	$28.76M	$39.92M
Stock-Based Compensation	$4.46M	$7.74M	$8.31M	$12.84M
Investing Cash Flow	-$2.38M	-$235.69M	-$263.67M	-$276.45M
Financing Cash Flow	-$5.71M	$264.97M	$315.81M	$289.79M
Dividends Paid	-$5.11M	-$5.44M	-$7.06M	-$8.26M
Net Change in Cash	-$40.00K	$7.45M	$21.10M	$40.33M

VSEC Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$256.05M	$272.14M	$282.91M	$301.18M	$324.58M
Cost of Revenue	$229.23M	$241.11M	$248.85M	$260.94M	$285.63M
Gross Profit	$26.82M	$31.03M	$34.05M	$40.24M	$38.95M
Selling, General & Admin	$2.31M	$8.52M	$667.00K	$7.75M	$6.20M
Operating Expenses	$2.31M	$8.52M	$667.00K	$7.75M	$6.20M
Operating Income	$24.50M	$22.51M	$33.39M	$32.49M	$32.75M
EBITDA	$34.41M	$32.15M	$20.28M	$42.69M	$45.49M
Pretax Income	$16.57M	$16.07M	$5.75M	$30.66M	$34.15M
Income Tax	$2.60M	$2.43M	$2.16M	$8.36M	$5.09M
Net Income	-$8.97M	$3.20M	$3.91M	$13.57M	$29.05M
Diluted EPS	-0.44	0.15	0.19	0.95	1.04
Diluted Shares	20.74M	20.73M	20.76M	23.40M	27.83M

VSEC Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$5.71M	$16.91M	$8.78M	$69.36M	$1.24B
Receivables	$200.41M	$217.25M	$210.43M	$232.20M	$262.23M
Inventory	$441.45M	$463.22M	$464.31M	$553.83M	$625.74M
Current Assets	$968.86M	$753.62M	$722.28M	$893.33M	$2.16B
Total Assets	$1.73B	$1.60B	$1.56B	$2.03B	$3.31B
Current Liabilities	$248.30M	$202.04M	$183.35M	$237.51M	$246.19M
Long-Term Debt	$459.38M	$371.66M	$348.60M	$285.30M	$331.05M
Total Debt	$504.35M	$417.42M	$393.70M	$342.80M	$402.53M
Total Liabilities	$757.24M	$622.50M	$577.11M	$589.77M	$644.45M
Retained Earnings	$381.44M	$382.57M	$384.42M	$395.64M	$421.89M
Shareholders' Equity	$975.74M	$979.53M	$983.34M	$1.44B	$2.67B
Working Capital	$720.56M	$551.57M	$538.93M	$655.82M	$1.91B
Net Debt	$459.30M	$362.25M	$347.31M	$223.45M	—

VSEC Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$46.63M	$11.89M	$24.09M	$37.64M	-$62.26M
Capital Expenditure	-$2.88M	-$5.59M	-$6.05M	-$6.77M	-$22.46M
Free Cash Flow	-$49.51M	$6.30M	$18.04M	$30.87M	-$84.72M
Depreciation & Amortisation	$9.90M	$9.63M	$10.19M	$10.19M	$12.75M
Stock-Based Compensation	$3.52M	$3.14M	$3.25M	$2.93M	$4.58M
Investing Cash Flow	-$129.00K	$82.74M	-$6.05M	-$353.01M	-$27.09M
Financing Cash Flow	$28.24M	-$88.23M	-$26.16M	$375.94M	$1.26B
Dividends Paid	-$2.06M	-$2.07M	-$2.07M	-$2.07M	-$2.34M
Net Change in Cash	-$18.52M	$6.40M	-$8.12M	$60.57M	$1.17B

Market Snapshot

About

VSE Corp. is a diversified services and solutions company providing aftermarket distribution and repair services, supply chain management, and consulting services. The company operates primarily in the aviation, fleet vehicle, and federal and defense markets. VSE offers parts supply, maintenance, engineering support, and logistics solutions to government and commercial clients worldwide.