VSE CORP VSEC

Industrials SIC 8711 - Services-Engineering Services NAICS Professional, Scientific, and Technical Services › Architectural, Engineering, and Related Services › Engineering Services derived Nasdaq

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.

Last close 142.17 2026-10-23
Market cap $3.99B 2026-06-30 share count
52-week range 138.85 - 247.85

Valuation FY2025 figures against the last close

P/S3.6x
P/E258.5x
P/FCF698.9x
EV/EBITDA32.5x
Dividend yield0.2%
Diluted EPS0.55

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other Countries
  • Canada
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 629.7M (56.6%) 57% United States Other Countries, FY2025: 333.6M (30.0%) 30% Other Countries Canada, FY2025: 149M (13.4%) 13% Canada FY2024 United States, FY2024: 492.3M (62.6%) 63% Other Countries, FY2024: 186.7M (23.7%) 24% Canada, FY2024: 107.3M (13.6%) 14% FY2023 United States, FY2023: 340.9M (62.7%) 63% Other Countries, FY2023: 130.7M (24.0%) 24% Canada, FY2023: 72.4M (13.3%) 13%
Region FY2025FY2024FY2023
United States $629.7M $492.3M $340.9M
Other Countries $333.6M $186.7M $130.7M
Canada $149.0M $107.3M $72.4M

As the company reported it, from the “Business Segment and Customer Information - Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.550.862.772.200.63-0.473.383.233.612.48
EPS, diluted 0.550.852.762.190.63-0.473.353.213.602.47
Shares, diluted (wtd. avg.) 21.2M18.0M14.2M12.8M12.6M11.0M11.0M10.9M10.9M10.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 691.8M Gross profit, FY2016: 353.8M Net income, FY2016: 26.8M Revenue, FY2017: 760.1M Gross profit, FY2017: 364.5M Net income, FY2017: 39.1M Revenue, FY2018: 697.2M Net income, FY2018: 35.1M Revenue, FY2019: 752.6M Net income, FY2019: 37M Revenue, FY2020: 661.7M Net income, FY2020: -5.2M Revenue, FY2021: 481.4M Net income, FY2021: 8M Revenue, FY2022: 669.4M Net income, FY2022: 28.1M Revenue, FY2023: 544M Net income, FY2023: 39.1M Revenue, FY2024: 786.3M Net income, FY2024: 15.3M Revenue, FY2025: 1.1B Net income, FY2025: 11.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $691.8M $760.1M $697.2M $752.6M $661.7M $481.4M $669.4M $544.0M $786.3M $1.11B
Gross profit $353.8M $364.5M — — — — — — — —
Net income $26.8M $39.1M $35.1M $37.0M -$5.2M $8.0M $28.1M $39.1M $15.3M $11.7M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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