VSE Corporation (VSEC)

Nasdaq Industrials Aerospace & Defense S&P SmallCap 600

$172.81

+8.10 (+4.92%)

Close of Nov 06, 2026 · end-of-day data

Source: VSE Corporation's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$691.79M	$760.11M	$697.22M	$752.63M	$661.66M	$481.38M	$669.45M	$544.02M	$786.26M	$1.11B
Cost of revenue	$279.63M	$291.77M	—	—	—	—	—	—	—	—
Gross profit	$412.16M	$468.34M	—	—	—	—	—	—	—	—
Selling, general & admin	$6.61M	$2.43M	$3.71M	$4.19M	$3.12M	$3.45M	$3.63M	$7.12M	$13.63M	$13.34M
Operating income	$51.53M	$54.33M	$54.23M	$60.26M	$13.92M	-$2.71M	$53.60M	$50.15M	$58.76M	$89.59M
Interest expense	—	—	—	—	—	—	—	$31.09M	$34.95M	$20.56M
Pre-tax income	$41.67M	$45.09M	$45.25M	$46.43M	$427.00K	-$14.77M	$35.71M	$19.06M	$23.81M	$69.04M
Income tax	$14.88M	$5.99M	$10.17M	$9.40M	$5.60M	-$3.77M	$9.05M	$4.50M	$4.41M	$15.55M
Net income	$26.79M	$39.10M	$35.08M	$37.02M	-$5.17M	$7.97M	$28.06M	$39.13M	$15.32M	$11.70M
EBITDA	$77.58M	$80.21M	$79.45M	$87.18M	$38.06M	$21.88M	$78.21M	$73.56M	$87.52M	$129.52M
EPS (basic)	$2.48	$3.61	$3.23	$3.38	$-0.47	$0.63	$2.20	$2.77	$0.86	$0.55
EPS (diluted)	$2.47	$3.60	$3.21	$3.35	$-0.47	$0.63	$2.19	$2.76	$0.85	$0.55
Diluted shares	10.83M	10.87M	10.94M	11.04M	11.03M	12.63M	12.83M	14.18M	17.98M	21.24M
Gross margin	59.6%	61.6%	—	—	—	—	—	—	—	—
Operating margin	7.4%	7.1%	7.8%	8.0%	2.1%	-0.6%	8.0%	9.2%	7.5%	8.1%
Net margin	3.9%	5.1%	5.0%	4.9%	-0.8%	1.7%	4.2%	7.2%	1.9%	1.1%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$428.00K	$624.00K	$162.00K	$734.00K	$378.00K	$518.00K	$305.00K	$7.77M	$29.50M	$69.36M
Receivables	$101.22M	$55.76M	$60.00M	$70.63M	$55.47M	$76.59M	$90.60M	$127.96M	$158.10M	$190.73M
Total current assets	$258.46M	$248.54M	$281.22M	$355.34M	$354.96M	$463.99M	$548.88M	$774.03M	$965.35M	$893.33M
Goodwill	$198.62M	$198.62M	$198.62M	$276.45M	$238.13M	$217.26M	$217.26M	$288.59M	$428.26M	$641.24M
Total assets	$661.84M	$629.01M	$638.83M	$845.86M	$780.08M	$918.56M	$999.79M	$1.35B	$1.74B	$2.03B
Total current liabilities	$148.44M	$113.98M	$104.88M	$164.18M	$139.23M	$179.96M	$224.60M	$286.89M	$298.50M	$237.51M
Short-term debt	$21.02M	$6.96M	$9.47M	$16.88M	$20.38M	$14.16M	$10.00M	$22.50M	$30.00M	$7.50M
Long-term debt	$193.62M	$165.61M	$151.13M	$253.13M	$230.71M	$270.41M	$276.30M	$406.84M	$400.17M	$285.30M
Total debt	$214.64M	$172.57M	$160.60M	$270.01M	$251.09M	$284.57M	$286.30M	$429.34M	$430.17M	$292.80M
Total liabilities	$406.64M	$335.92M	$310.43M	$482.76M	$423.76M	$501.23M	$550.26M	$733.61M	$754.44M	$589.77M
Shareholders' equity	$255.19M	$293.10M	$328.39M	$363.10M	$356.32M	$417.33M	$449.53M	$616.73M	$988.19M	$1.44B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$47.19M	$50.42M	$18.86M	$17.99M	$35.76M	-$17.60M	$8.05M	-$21.83M	-$31.04M	$26.99M
Capital expenditures	$6.55M	$3.74M	$3.12M	$9.63M	$4.43M	$10.52M	$11.21M	$18.67M	$20.70M	$21.28M
Free cash flow	$40.65M	$46.68M	$15.74M	$8.36M	$31.33M	-$28.12M	-$3.16M	-$40.49M	-$51.74M	$5.71M
Investing cash flow	-$6.47M	-$3.01M	-$1.29M	-$122.81M	$20.22M	-$61.63M	-$2.38M	-$235.69M	-$263.67M	-$276.45M
Financing cash flow	-$41.04M	-$47.21M	-$18.02M	$105.39M	-$56.34M	$79.37M	-$5.71M	$264.97M	$315.81M	$289.79M
Dividends paid	$2.48M	$2.82M	$3.26M	$3.73M	$3.97M	$4.43M	$5.11M	$5.44M	$7.06M	$8.26M
Stock-based compensation	$2.11M	$3.07M	$3.03M	$3.26M	$2.86M	$3.93M	$4.46M	$7.74M	$8.31M	$12.84M
Depreciation & amortization	$26.05M	$25.88M	$25.22M	$26.93M	$24.14M	$24.59M	$24.60M	$23.42M	$28.76M	$39.92M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	-$81.14M	$162.38M	$192.83M	$203.64M	$227.40M	$256.05M	$272.14M	$282.91M	$301.18M	$324.58M	$449.14M	$541.01M
Selling, general & admin	$1.00M	$2.92M	$3.78M	$2.54M	$4.38M	$2.31M	$2.62M	$667.00K	$7.75M	$6.20M	$9.03M	$5.28M
Operating income	-$12.53M	$15.64M	$2.60M	$20.07M	$20.44M	$24.50M	$22.51M	$10.09M	$32.49M	$32.75M	$48.96M	$77.45M
Interest expense	—	—	$9.83M	$8.99M	$6.94M	—	$6.45M	$4.34M	$1.83M	—	$5.23M	$14.10M
Pre-tax income	-$21.81M	$6.45M	-$7.22M	$11.09M	$13.49M	$16.57M	$16.07M	$5.75M	$30.66M	$34.15M	$39.26M	$63.35M
Income tax	-$6.06M	$911.00K	-$1.94M	$2.34M	$3.09M	$2.60M	$2.43M	$2.16M	$8.36M	$5.09M	$10.73M	$16.09M
Net income	$11.61M	-$6.61M	-$2.78M	$11.65M	$13.06M	-$8.97M	$3.20M	$3.91M	$13.57M	$29.05M	$28.52M	$47.26M
EBITDA	-$6.58M	$21.59M	$9.53M	$27.61M	$28.79M	$34.41M	$32.15M	$20.28M	$42.69M	$45.49M	$72.93M	$107.58M
EPS (basic)	$0.74	$-0.42	$-0.16	$0.63	$0.73	$-0.43	$0.15	$0.19	$0.64	$1.06	$0.92	$1.50
EPS (diluted)	$0.74	$-0.41	$-0.16	$0.63	$0.72	$-0.44	$0.16	$0.19	$0.64	$1.04	$0.91	$1.49
Diluted shares	545.66K	15.94M	17.20M	18.48M	763.47K	20.74M	20.73M	20.76M	495.76K	27.83M	31.39M	31.79M
Operating margin	15.4%	9.6%	1.3%	9.9%	9.0%	9.6%	8.3%	3.6%	10.8%	10.1%	10.9%	14.3%
Net margin	-14.3%	-4.1%	-1.4%	5.7%	5.7%	-3.5%	1.2%	1.4%	4.5%	9.0%	6.4%	8.7%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$7.77M	$10.57M	$18.99M	$7.91M	$29.50M	$5.71M	$16.91M	$8.78M	$69.36M	$1.24B	$75.36M	$65.79M
Receivables	$127.96M	$145.43M	$168.24M	$162.66M	$158.10M	$169.53M	$183.21M	$176.40M	$190.73M	$216.50M	$274.63M	$285.23M
Total current assets	$774.03M	$743.10M	$796.38M	$775.30M	$965.35M	$968.86M	$753.62M	$722.28M	$893.33M	$2.16B	$1.33B	$1.36B
Goodwill	$288.59M	$351.11M	$390.13M	$390.64M	$428.26M	$423.58M	$428.67M	$428.70M	$641.24M	$638.89M	$1.81B	$1.85B
Total assets	$1.35B	$1.34B	$1.49B	$1.46B	$1.74B	$1.73B	$1.60B	$1.56B	$2.03B	$3.31B	$4.40B	$4.48B
Total current liabilities	$286.89M	$223.05M	$225.65M	$210.11M	$298.50M	$248.30M	$202.04M	$183.35M	$237.51M	$246.19M	$351.81M	$373.03M
Short-term debt	$22.50M	$30.00M	$30.00M	$30.00M	$30.00M	$5.62M	$7.50M	$7.50M	$7.50M	$29.92M	$32.00M	$32.34M
Long-term debt	$406.84M	$451.62M	$433.51M	$420.34M	$400.17M	$459.38M	$371.66M	$348.60M	$285.30M	$331.05M	$914.95M	$927.60M
Total debt	$429.34M	$481.62M	$463.51M	$450.34M	$430.17M	$465.01M	$379.16M	$356.10M	$292.80M	$360.98M	$946.96M	$959.94M
Total liabilities	$733.61M	$724.19M	$712.98M	$676.20M	$754.44M	$757.24M	$622.50M	$577.11M	$589.77M	$644.45M	$1.46B	$1.50B
Shareholders' equity	$616.73M	$612.74M	$781.32M	$787.80M	$988.19M	$975.74M	$979.53M	$983.34M	$1.44B	$2.67B	$2.93B	$2.98B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$27.94M	-$79.06M	-$17.53M	$10.18M	$55.38M	-$46.63M	$11.89M	$24.09M	$37.64M	-$62.26M	$27.56M	$55.99M
Capital expenditures	$7.87M	$7.73M	$3.94M	$5.76M	$3.27M	$2.88M	$5.59M	$6.05M	$6.77M	$6.46M	$8.87M	$9.37M
Free cash flow	$20.07M	-$86.79M	-$21.47M	$4.41M	$52.11M	-$49.51M	$6.30M	$18.04M	$30.87M	-$68.72M	$18.69M	$46.62M
Investing cash flow	-$7.78M	$33.41M	-$115.23M	-$5.71M	-$176.14M	-$129.00K	$82.74M	-$6.05M	-$353.01M	-$27.09M	-$1.77B	-$73.69M
Financing cash flow	-$33.06M	$48.29M	$141.18M	-$15.55M	$141.89M	$28.24M	-$88.23M	-$26.16M	$375.94M	$1.26B	$577.56M	$8.11M
Dividends paid	$1.57M	$1.58M	$1.60M	$1.84M	$2.04M	$2.06M	$2.07M	$2.07M	$2.07M	$2.34M	$2.81M	$2.81M
Stock-based compensation	$1.93M	$2.50M	$2.31M	$1.69M	$1.82M	$3.52M	$3.14M	$3.25M	$2.93M	$4.58M	$4.08M	$4.33M
Depreciation & amortization	$5.96M	$5.95M	$6.92M	$7.54M	$8.35M	$9.90M	$9.63M	$10.19M	$10.19M	$12.75M	$23.97M	$30.13M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.