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.

Price · VSEC

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$1.11B	$1.08B	$860.49M	$949.76M	$750.85M	$661.66M
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	$13.34M	$14.58M	$7.62M	$5.16M	$3.63M	$3.12M
Total Operating Expenses	$1.02B	$998.71M	$772.49M	$894.63M	$729.33M	$606.90M
D&A	$39.92M	$28.76M	$23.42M	$25.57M	$25.60M	$24.14M
Operating Income	$89.59M	$81.42M	$88.00M	$55.13M	$21.52M	$13.92M
Interest Expense	$34.95M	-	-	-	-	-
Income Tax	$15.55M	$9.98M	$13.76M	$9.19M	$1.49M	$5.60M
Net Income	$11.70M	$15.32M	$39.13M	$28.06M	$7.97M	($5.17M)
EPS - Basic	$0.55	$0.86	$2.77	$2.20	$0.63	($0.47)
EPS - Diluted	$0.55	$0.85	$2.76	$2.19	$0.63	($0.47)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$69.36M	$29.03M	$7.77M	$478.0K	$518.0K	$378.0K
Accounts Receivable	$190.73M	$197.56M	$127.96M	$103.19M	$76.59M	$55.47M
Inventory	-	-	-	-	-	-
Accounts Payable	$154.51M	$187.59M	$173.04M	$159.60M	$115.06M	$72.68M
Current Assets	$893.33M	$874.83M	$774.03M	$548.88M	$463.99M	$354.96M
Total Assets	$2.03B	$1.73B	$1.35B	$999.79M	$918.56M	$780.08M
Current Liabilities	$237.51M	$281.84M	$286.89M	$224.60M	$179.96M	$139.23M
Long-term Debt	$285.30M	$400.17M	$406.84M	$276.30M	$270.41M	$230.71M
Total Liabilities	$589.77M	$746.43M	$733.61M	$550.26M	$501.23M	$423.76M
Stockholders' Equity	$1.44B	$988.19M	$616.73M	$449.53M	$417.33M	$356.32M
Retained Earnings	$395.64M	$392.48M	$384.70M	$351.30M	$328.36M	$325.10M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$26.99M	($31.04M)	($21.83M)	$8.05M	($17.60M)	$35.76M
Investing Cash Flow	($276.45M)	($263.67M)	($235.69M)	($2.38M)	($61.63M)	$20.22M
Financing Cash Flow	$289.79M	$315.81M	$264.97M	($5.71M)	$79.37M	($56.34M)
CapEx	$21.28M	$20.70M	$18.67M	$11.21M	$10.52M	$4.43M
Free Cash Flow	$5.71M	($51.74M)	($40.49M)	($3.16M)	($28.12M)	$31.33M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	8.1%	7.5%	10.2%	5.8%	2.9%	2.1%
EBITDA margin	11.6%	10.2%	12.9%	8.5%	6.3%	5.8%
Net margin	1.1%	1.4%	4.5%	3.0%	1.1%	-0.8%
Free cash flow margin	0.5%	-4.8%	-4.7%	-0.3%	-3.7%	4.7%
FCF / Net income	0.49	-3.38	-1.03	-0.11	-3.53	-6.06
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	1.2%	1.3%	0.9%	0.5%	0.5%	0.5%
Effective tax rate	57.1%	39.4%	26.0%	24.7%	15.7%	1311.0%
Return on assets	0.6%	0.9%	2.9%	2.8%	0.9%	-0.7%
Return on equity	0.8%	1.6%	6.3%	6.2%	1.9%	-1.5%
Return on invested capital	2.6%	3.6%	6.4%	5.7%	2.6%	1.2%
Liquidity
Current ratio	3.76	3.10	2.70	2.44	2.58	2.55
Quick ratio	3.76	3.10	2.70	2.44	2.58	2.55
Cash ratio	0.29	0.10	0.03	0.00	0.00	0.00
Leverage
Debt / Equity	0.20	0.40	0.66	0.61	0.65	0.65
Debt / Assets	0.14	0.23	0.30	0.28	0.29	0.30
Debt / EBITDA	2.20	3.63	3.65	3.42	5.74	6.06
Interest coverage	2.6x	-	-	-	-	-
Equity multiplier	1.41	1.76	2.19	2.22	2.20	2.19
Liabilities / Assets	0.29	0.43	0.54	0.55	0.55	0.54
Efficiency
Asset turnover	0.55	0.62	0.64	0.95	0.82	0.85
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	63d	67d	54d	40d	37d	31d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	314.1x	111.9x	23.4x	21.4x	96.7x	-
P / B	2.6x	1.7x	1.5x	1.3x	1.8x	1.2x
P / S	3.3x	1.6x	1.1x	0.6x	1.0x	0.6x
EV / EBITDA	30.0x	18.9x	11.8x	10.9x	22.1x	17.2x
Growth
Revenue growth (YoY)	3.0%	25.5%	-9.4%	26.5%	13.5%	-12.1%
Revenue CAGR (3y)	5.4%	12.9%	9.2%	8.1%	2.8%	-4.5%
Revenue CAGR (5y)	10.9%	7.5%	4.5%	4.6%	1.7%	4.4%
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	10.0%	-7.5%	59.6%	156.2%	54.6%	-76.9%
Net income growth (YoY)	-23.6%	-60.8%	39.5%	252.2%	-	-
EPS growth (YoY)	-35.3%	-69.2%	26.0%	247.6%	-	-
EPS CAGR (3y)	-36.9%	10.5%	-	-13.2%	-41.9%	-
EPS CAGR (5y)	-	-24.0%	-3.0%	-9.5%	-23.9%	-
FCF growth (YoY)	-	-27.8%	-1181.1%	88.8%	-	274.6%
FCF CAGR (5y)	-28.9%	-	-	-	-	3.0%
Book value growth (YoY)	45.6%	60.2%	37.2%	7.7%	17.1%	-1.9%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$1.11B total

Aviation Segment$1.11B · 100.0%

Product / service

$1.11B total

Product$703.92M · 63.3%

Service$408.35M · 36.7%

Geographic

$1.11B total

US$629.66M · 56.6%

Non USAnd Non Canada$333.58M · 30.0%

CA$149.03M · 13.4%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

2.11

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✗No share dilution
-Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Services-Engineering Services

Company	Revenue (last FY)	Net margin	ROE
WLDN	$681.55M	7.7%	17.2%
MG	$724.02M	2.3%	7.2%
TTEK	$5.44B	4.6%	13.9%
ACM	$16.14B	3.5%	22.5%
ACFN	$11.48M	21.9%	30.4%

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