VSEC · Vse Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $324.58M | - | $282.91M | $272.14M | $256.05M | - | $273.61M | $265.96M | $241.54M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $6.20M | - | $667.0K | $8.52M | $2.31M | - | $2.60M | $4.12M | $3.00M | - |
| Total Operating Expenses | $291.83M | - | $272.82M | $249.63M | $231.54M | - | $249.91M | $259.83M | $217.37M | - |
| D&A | $12.75M | - | - | - | $9.90M | - | - | - | $5.95M | - |
| Operating Income | $32.75M | - | $10.09M | $22.51M | $24.50M | - | $23.70M | $6.13M | $24.17M | - |
| Interest Expense | - | - | $4.34M | $6.45M | - | - | - | - | - | - |
| Income Tax | $5.09M | - | $2.16M | $2.43M | $2.60M | - | $3.06M | ($917.0K) | $2.89M | - |
| Net Income | $29.05M | - | $3.91M | $3.20M | ($8.97M) | - | $11.65M | ($2.78M) | ($6.61M) | - |
| EPS - Basic | $1.06 | - | $0.19 | $0.15 | ($0.43) | - | $0.63 | ($0.16) | ($0.42) | - |
| EPS - Diluted | $1.04 | - | $0.19 | $0.16 | ($0.44) | - | $0.63 | ($0.16) | ($0.41) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.24B | $69.36M | $8.78M | $16.91M | $5.71M | $29.03M | $7.91M | $18.99M | $10.57M | $7.77M |
| Accounts Receivable | $216.50M | $190.73M | $176.40M | $183.21M | $169.53M | $197.56M | $162.66M | $168.24M | $145.43M | $127.96M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $147.91M | $154.51M | $112.42M | $140.47M | $140.78M | $187.59M | $122.74M | $144.65M | $155.48M | $173.04M |
| Current Assets | $2.16B | $893.33M | $722.28M | $753.62M | $968.86M | $874.83M | $775.30M | $796.38M | $743.10M | $774.03M |
| Total Assets | $3.31B | $2.03B | $1.56B | $1.60B | $1.73B | $1.73B | $1.46B | $1.49B | $1.34B | $1.35B |
| Current Liabilities | $246.19M | $237.51M | $183.35M | $202.04M | $248.30M | $281.84M | $210.11M | $225.65M | $223.05M | $286.89M |
| Long-term Debt | $331.05M | $285.30M | $348.60M | $371.66M | $459.38M | $400.17M | $420.34M | $433.51M | $451.62M | $406.84M |
| Total Liabilities | $644.45M | $589.77M | $577.11M | $622.50M | $757.24M | $746.43M | $676.20M | $712.98M | $724.19M | $733.61M |
| Stockholders' Equity | $2.67B | $1.44B | $983.34M | $979.53M | $975.74M | $988.19M | $787.80M | $781.32M | $612.74M | $616.73M |
| Retained Earnings | $421.89M | $395.64M | $384.42M | $382.57M | $381.44M | $392.48M | $381.68M | $371.87M | $376.50M | $384.70M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($62.26M) | - | - | - | ($46.63M) | - | - | - | ($79.06M) | - |
| Investing Cash Flow | ($27.09M) | - | - | - | ($129.0K) | - | - | - | $33.41M | - |
| Financing Cash Flow | $1.26B | - | - | - | $28.24M | - | - | - | $48.29M | - |
| CapEx | $6.46M | - | - | - | $2.88M | - | - | - | $7.73M | - |
| Free Cash Flow | ($68.72M) | - | - | - | ($49.51M) | - | - | - | ($86.79M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 10.1% | - | 3.6% | 8.3% | 9.6% | - | 8.7% | 2.3% | 10.0% | - |
| EBITDA margin | 14.0% | - | - | - | 13.4% | - | - | - | 12.5% | - |
| Net margin | 9.0% | - | 1.4% | 1.2% | -3.5% | - | 4.3% | -1.0% | -2.7% | - |
| Free cash flow margin | -21.2% | - | - | - | -19.3% | - | - | - | -35.9% | - |
| FCF / Net income | -2.37 | - | - | - | 5.52 | - | - | - | 13.13 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 1.9% | - | 0.2% | 3.1% | 0.9% | - | 1.0% | 1.5% | 1.2% | - |
| Effective tax rate | 14.9% | - | 35.5% | 43.2% | - | - | 20.8% | - | - | - |
| Return on assets | 0.9% | - | 0.3% | 0.2% | -0.5% | - | 0.8% | -0.2% | -0.5% | - |
| Return on equity | 1.1% | - | 0.4% | 0.3% | -0.9% | - | 1.5% | -0.4% | -1.1% | - |
| Return on invested capital | 0.9% | - | 0.5% | 0.9% | 1.3% | - | 1.6% | 0.4% | 1.8% | - |
| Liquidity | ||||||||||
| Current ratio | 8.78 | 3.76 | 3.94 | 3.73 | 3.90 | 3.10 | 3.69 | 3.53 | 3.33 | 2.70 |
| Quick ratio | 8.78 | 3.76 | 3.94 | 3.73 | 3.90 | 3.10 | 3.69 | 3.53 | 3.33 | 2.70 |
| Cash ratio | 5.03 | 0.29 | 0.05 | 0.08 | 0.02 | 0.10 | 0.04 | 0.08 | 0.05 | 0.03 |
| Leverage | ||||||||||
| Debt / Equity | 0.12 | 0.20 | 0.35 | 0.38 | 0.47 | 0.40 | 0.53 | 0.55 | 0.74 | 0.66 |
| Debt / Assets | 0.10 | 0.14 | 0.22 | 0.23 | 0.27 | 0.23 | 0.29 | 0.29 | 0.34 | 0.30 |
| Debt / EBITDA | 7.28 | - | - | - | 13.35 | - | - | - | 14.99 | - |
| Interest coverage | - | - | 2.3x | 3.5x | - | - | - | - | - | - |
| Equity multiplier | 1.24 | 1.41 | 1.59 | 1.64 | 1.78 | 1.76 | 1.86 | 1.91 | 2.18 | 2.19 |
| Liabilities / Assets | 0.19 | 0.29 | 0.37 | 0.39 | 0.44 | 0.43 | 0.46 | 0.48 | 0.54 | 0.54 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.18 | 0.17 | 0.15 | - | 0.19 | 0.18 | 0.18 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 243d | - | 228d | 246d | 242d | - | 217d | 231d | 220d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 177.3x | - | 874.9x | 818.6x | - | - | 131.3x | - | - | - |
| P / B | 1.9x | - | 3.5x | 2.8x | 2.6x | - | 1.9x | 1.9x | 2.1x | - |
| P / S | 15.8x | - | 12.2x | 10.0x | 9.7x | - | 5.6x | 5.7x | 5.3x | - |
| EV / EBITDA | 92.9x | - | - | - | 85.5x | - | - | - | 57.0x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 26.8% | - | 3.4% | 2.3% | 6.0% | - | 18.3% | 29.6% | -5.4% | - |
| Revenue CAGR (3y) | 8.3% | - | 5.3% | 4.0% | 3.5% | - | 10.9% | 14.9% | 13.5% | - |
| Revenue CAGR (5y) | 14.5% | - | 11.3% | 10.0% | 7.6% | - | 6.6% | 7.1% | 7.3% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 33.6% | - | -57.4% | 267.1% | 1.4% | - | -6.2% | -70.3% | 34.8% | - |
| Net income growth (YoY) | - | - | -66.4% | - | -35.7% | - | 21.9% | - | - | - |
| EPS growth (YoY) | - | - | -69.8% | - | -7.3% | - | 0.0% | - | - | - |
| EPS CAGR (3y) | 13.6% | - | -36.2% | -35.3% | - | - | -3.9% | - | - | - |
| EPS CAGR (5y) | 19.9% | - | -23.6% | - | - | - | -7.9% | - | - | - |
| FCF growth (YoY) | -38.8% | - | - | - | 43.0% | - | - | - | -68.5% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 173.2% | 45.6% | 24.8% | 25.4% | 59.2% | 60.2% | 29.2% | 66.5% | 34.0% | 37.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.11B totalAviation Segment$1.11B · 100.0%
Product / service
$1.11B totalProduct$703.92M · 63.3%
Service$408.35M · 36.7%
Geographic
$1.11B totalUS$629.66M · 56.6%
Non USAnd Non Canada$333.58M · 30.0%
CA$149.03M · 13.4%
Peer comparison
Same SIC group: Services-Engineering Services
Comparing VSE CORP against the 5 most active filers in the same SIC group.
Dividends
$0.40/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Apr 15, 2026 | $0.1000 |
| Jan 15, 2026 | $0.1000 |
| Oct 15, 2025 | $0.1000 |
| Jul 16, 2025 | $0.1000 |
| May 1, 2025 | $0.1000 |
| Jan 23, 2025 | $0.1000 |
| Nov 6, 2024 | $0.1000 |
| Jul 17, 2024 | $0.1000 |
| May 1, 2024 | $0.1000 |
| Jan 24, 2024 | $0.1000 |
| Oct 31, 2023 | $0.1000 |
| Jul 11, 2023 | $0.1000 |
| May 2, 2023 | $0.1000 |
| Jan 25, 2023 | $0.1000 |
| Nov 1, 2022 | $0.1000 |
| Jul 12, 2022 | $0.1000 |
| May 3, 2022 | $0.1000 |
| Jan 25, 2022 | $0.1000 |
| Nov 2, 2021 | $0.0900 |
| Jul 13, 2021 | $0.0900 |
| Apr 27, 2021 | $0.0900 |
| Jan 26, 2021 | $0.0900 |
| Nov 3, 2020 | $0.0900 |
| Jul 14, 2020 | $0.0900 |