VSE CORP VSEC
VSE Corporation, through its subsidiaries (collectively, "VSE" or the "Company") is a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air transportation assets for commercial and government markets. VSE was incorporated in Delaware in 1959.
We deliver trusted solutions to inspire the performance of tomorrow.
The Company is focused on enhancing the productivity and longevity of its customer's high-value, business-critical assets. The Company strives to achieve this through dedication to creating better solutions, anticipating global needs, and building stronger relationships with customers.
The Company's business operations are managed as a single reportable operating segment: Aviation. Prior to the sales of the Federal and Defense and Fleet segments, as discussed below, the Company operated under three reportable operating segments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $786.3M | $544.0M | $669.4M | $481.4M | $661.7M | $752.6M | $697.2M | $760.1M | $691.8M |
| Cost of revenue | — | — | — | — | — | — | — | — | $395.6M | $338.0M |
| Gross profit | — | — | — | — | — | — | — | — | $364.5M | $353.8M |
| SG&A | $13.3M | $13.6M | $7.1M | $3.6M | $3.5M | $3.1M | $4.2M | $3.7M | $2.4M | $6.6M |
| Operating income | $89.6M | $58.8M | $50.1M | $53.6M | -$2.7M | $13.9M | $60.3M | $54.2M | $54.3M | $51.5M |
| Interest expense | $20.6M | $34.9M | $31.1M | $17.9M | $12.1M | $13.5M | $13.8M | $9.0M | $9.2M | $9.9M |
| Pre-tax income | $69.0M | $23.8M | $19.1M | $35.7M | -$14.8M | $427.0K | $46.4M | $45.2M | $45.1M | $41.7M |
| Income tax | $15.5M | $4.4M | $4.5M | $9.1M | $3.8M | $5.6M | $9.4M | $10.2M | $6.0M | $14.9M |
| Net income | $11.7M | $15.3M | $39.1M | $28.1M | $8.0M | -$5.2M | $37.0M | $35.1M | $39.1M | $26.8M |
| EPS, basic | 0.55 | 0.86 | 2.77 | 2.20 | 0.63 | -0.47 | 3.38 | 3.23 | 3.61 | 2.48 |
| EPS, diluted | 0.55 | 0.85 | 2.76 | 2.19 | 0.63 | -0.47 | 3.35 | 3.21 | 3.60 | 2.47 |
| Shares, diluted (wtd. avg.) | $21.2M | $18.0M | $14.2M | $12.8M | $12.6M | $11.0M | $11.0M | $10.9M | $10.9M | $10.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $69.4M | $29.5M | $7.9M | $478.0K | $518.0K | $378.0K | $734.0K | $162.0K | $624.0K | $428.0K |
| Receivables | $190.7M | $158.1M | $128.0M | $90.6M | $76.6M | $55.5M | $70.6M | $60.0M | $55.8M | $101.2M |
| Total current assets | $893.3M | $965.3M | $774.0M | $548.9M | $464.0M | $355.0M | $355.3M | $281.2M | $248.5M | $258.5M |
| Property, plant and equipment | $91.1M | $71.0M | $58.1M | $40.5M | $42.5M | $36.4M | $43.5M | $49.6M | $55.1M | $62.1M |
| Goodwill | $641.2M | $428.3M | $288.6M | $217.3M | $217.3M | $238.1M | $276.4M | $198.6M | $198.6M | $198.6M |
| Other intangibles | $296.0M | $197.2M | $114.1M | $86.6M | $108.3M | $103.6M | $132.2M | $94.9M | $110.9M | $126.9M |
| Total assets | $2.03B | $1.74B | $1.35B | $999.8M | $918.6M | $780.1M | $845.9M | $638.8M | $629.0M | $661.8M |
| Accounts payable | $154.5M | $145.5M | $173.0M | $128.5M | $115.1M | $72.7M | $68.1M | $57.4M | $66.0M | $94.0M |
| Short-term debt | $7.5M | $30.0M | $22.5M | $10.0M | $14.2M | $20.4M | $16.9M | $9.5M | $7.0M | $21.0M |
| Total current liabilities | $237.5M | $298.5M | $286.9M | $224.6M | $180.0M | $139.2M | $164.2M | $104.9M | $114.0M | $148.4M |
| Long-term debt | $285.3M | $400.2M | $406.8M | $276.3M | $270.4M | $230.7M | $253.1M | $151.1M | $165.6M | $193.6M |
| Total liabilities | $589.8M | $754.4M | $733.6M | $550.3M | $501.2M | $423.8M | $482.8M | $310.4M | $335.9M | $406.6M |
| Retained earnings | $395.6M | $392.5M | $384.7M | $351.3M | $328.4M | $325.1M | $334.2M | $301.1M | $267.9M | $231.7M |
| Total equity | $1.44B | $988.2M | $616.7M | $449.5M | $417.3M | $356.3M | $363.1M | $328.4M | $293.1M | $255.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $27.0M | -$31.0M | -$21.8M | $8.1M | -$17.6M | $35.8M | $18.0M | $18.9M | $50.4M | $47.2M |
| Depreciation and amortisation | $39.9M | $28.8M | $23.4M | $24.6M | $24.6M | $24.1M | $26.9M | $25.2M | $25.9M | $26.0M |
| Stock-based compensation | $12.8M | $8.3M | $7.7M | $4.5M | $3.9M | $2.9M | $3.3M | $3.0M | $3.1M | $2.1M |
| Capital expenditure | $21.3M | $20.7M | $18.7M | $11.2M | $10.5M | $4.4M | $9.6M | $3.1M | $3.7M | $6.5M |
| Investing cash flow | -$276.5M | -$263.7M | -$235.7M | -$2.4M | -$61.6M | $20.2M | -$122.8M | -$1.3M | -$3.0M | -$6.5M |
| Financing cash flow | $289.8M | $315.8M | $265.0M | -$5.7M | $79.4M | -$56.3M | $105.4M | -$18.0M | -$47.2M | -$41.0M |
| Dividends paid | $8.3M | $7.1M | $5.4M | $5.1M | $4.4M | $4.0M | $3.7M | $3.3M | $2.8M | $2.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000102752-26-000015.
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