VSE Corporation Common Stock (VSEC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.93	$1.75	+88.2%	—	$449.1M	—
Q1 26	$0.89	$1.17	+31.5%	—	$324.6M	—
Q4 25	$0.89	$1.16	+30.3%	—	$301.2M	—
Q3 25	$0.84	$0.99	+17.9%	—	$282.9M	—
Q2 25	$0.7	$0.97	+38.6%	—	$272.1M	—
Q1 25	$0.58	$0.78	+34.5%	—	$256M	—
Q4 24	$0.72	$0.9	+25.0%	—	$299M	—
Q3 24	$0.6	$0.71	+18.3%	—	$273.6M	—
Q2 24	$0.64	$0.64	0.0%	—	$266M	—
Q1 24	$0.72	$0.87	+20.8%	—	$241.5M	—
Q4 23	$0.8	$0.85	+6.2%	—	$235.3M	—
Q3 23	$0.76	$0.92	+21.1%	—	$231.4M	—
Q2 23	$0.75	$0.82	+9.3%	—	$205.2M	—
Q1 23	$0.56	$0.83	+48.2%	—	$188.6M	—
Q4 22	$0.75	$0.68	-9.3%	—	$234.3M	—
Q3 22	$0.69	$0.76	+10.1%	—	$167.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.29	—	—	$1.1B	—
FY24	—	$1.77	—	—	$1.1B	—
FY23	—	$2.77	—	—	$860.5M	—
FY22	—	$2.2	—	—	$669.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$691.8M	$760.1M	$697.2M	$752.6M	$661.7M	$481.4M	$669.4M	$860.5M	$1.1B	$1.1B
YoY change	+29.6%	+9.88%	-8.27%	+7.95%	-12.1%	-27.2%	+39.1%	+28.5%	+25.5%	+2.98%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	691.8M	760.1M	697.2M	752.6M	661.7M	481.4M	669.4M	860.5M	1.1B	1.1B
Cost of revenue	633.7M	703.4M	641M	688.2M	603.8M	480.6M	612.2M	764.9M	971.9M	980.1M
Gross profit	58.1M	56.8M	56.2M	64.4M	57.9M	749K	57.2M	95.6M	108.2M	132.1M
Gross margin	8.4%	7.47%	8.07%	8.56%	8.75%	0.16%	8.55%	11.1%	10%	11.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6.6M	2.4M	3.7M	4.2M	3.1M	3.5M	3.6M	7.6M	14.6M	13.3M
Operating expenses	6.6M	2.4M	3.7M	4.2M	3.1M	3.5M	3.6M	7.6M	14.6M	13.3M
Operating income	51.5M	54.3M	52.5M	60.3M	54.8M	-2.7M	53.6M	88M	93.6M	118.8M
Operating margin	7.45%	7.15%	7.53%	8.01%	8.28%	-0.56%	8.01%	10.2%	8.67%	10.7%
Non-operating income, net	—	—	1.7M	—	-40.8M	—	—	—	-12.2M	-29.2M
Pretax income	41.7M	45.1M	45.2M	46.4M	427K	-14.8M	35.7M	56.9M	46.5M	69M
Income tax	14.9M	6M	10.2M	9.4M	5.6M	-3.8M	9.1M	13.8M	10M	15.5M
Net income	26.8M	39.1M	35.1M	37M	-5.2M	8M	28.1M	39.1M	15.3M	11.7M
Net margin	3.87%	5.14%	5.03%	4.92%	-0.78%	1.65%	4.19%	4.55%	1.42%	1.05%
EBITDA	77.6M	80.2M	77.8M	87.2M	78.9M	21.9M	78.2M	111.4M	122.4M	158.7M
EPS	2.48	3.61	3.23	3.38	-0.47	0.63	2.2	2.77	1.77	2.29
Diluted EPS	2.47	3.6	3.21	3.35	-0.47	0.63	2.19	2.76	1.77	2.29

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	231.4M	235.3M	241.5M	266M	273.6M	299M	256M	272.1M	282.9M	301.2M	324.6M	449.1M
Cost of revenue	203.5M	208.5M	214.4M	242.9M	248M	266.8M	229.2M	241.1M	248.9M	260.9M	285.6M	391.1M
Gross profit	27.8M	26.8M	27.2M	23.1M	25.7M	32.3M	26.8M	31M	34.1M	40.2M	38.9M	58M
Gross margin	12%	11.4%	11.2%	8.69%	9.37%	10.8%	10.5%	11.4%	12%	13.4%	12%	12.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.6M	1.5M	3M	4.1M	2.6M	4.9M	2.3M	8.5M	667K	7.7M	6.2M	9M
Operating expenses	2.6M	1.5M	3M	4.1M	2.6M	4.9M	2.3M	8.5M	667K	7.7M	6.2M	9M
Operating income	25.3M	25.3M	24.2M	19M	23M	27.4M	24.5M	22.5M	33.4M	32.5M	32.7M	49M
Operating margin	10.9%	10.8%	10%	7.14%	8.42%	9.17%	9.57%	8.27%	11.8%	10.8%	10.1%	10.9%
Non-operating income, net	—	—	—	-12.9M	652K	0	—	—	-23.3M	0	—	-4.5M
Pretax income	16.8M	16M	15M	-3.7M	14.7M	20.5M	16.6M	16.1M	5.7M	30.7M	34.1M	39.3M
Income tax	4.7M	3.2M	2.9M	-917K	3.1M	4.9M	2.6M	2.4M	2.2M	8.4M	5.1M	10.7M
Net income	9.6M	11.6M	-6.6M	-2.8M	11.7M	13.1M	-9M	3.2M	3.9M	13.6M	29.1M	28.5M
Net margin	4.13%	4.93%	-2.74%	-1.04%	4.26%	4.37%	-3.5%	1.17%	1.38%	4.5%	8.95%	6.35%
EBITDA	30.7M	31.3M	30.1M	25.9M	30.6M	35.8M	34.4M	32.1M	43.6M	42.7M	45.5M	72.9M
EPS	0.64	—	-0.42	-0.16	0.63	0.75	-0.43	0.15	0.19	0.95	1.06	0.92
Diluted EPS	0.63	—	-0.42	-0.16	0.63	0.75	-0.44	0.15	0.19	0.95	1.04	0.91

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	419.2M	524.7M	325.3M	416.8M	424.7M	—	599.1M	—	—	—	4.9B
Enterprise value	655.4M	717.2M	504.7M	714.3M	702.3M	—	907.5M	—	—	—	6.6B
Shares outstanding	10.8M	10.8M	10.9M	11M	11M	12.6M	12.8M	14.1M	20.6M	23.4M	23.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.6	13.4	9.27	11.3	—	—	21.4	—	—	—	57.9
P/S	0.61	0.69	0.47	0.55	0.64	—	0.89	—	—	—	3.74
P/B	1.64	1.79	0.99	1.15	1.19	—	1.33	—	—	—	1.73
EV/EBITDA	8.45	8.94	6.49	8.19	8.9	—	11.6	—	—	—	29.9
EV/Sales	0.95	0.94	0.72	0.95	1.06	—	1.36	—	—	—	4.89
Earnings yield	6.39%	7.45%	10.8%	8.88%	—	—	4.68%	—	—	—	1.73%
FCF yield	9.7%	8.9%	4.84%	2.01%	7.38%	—	-0.53%	—	—	—	-5.32%
PEG	—	—	—	—	—	—	—	—	—	—	0.11

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	8.4%	7.47%	8.07%	8.56%	8.75%	0.16%	8.55%	11.1%	10%	11.9%	12.9%
Operating margin	7.45%	7.15%	7.53%	8.01%	8.28%	-0.56%	8.01%	10.2%	8.67%	10.7%	12.7%
Net margin	3.87%	5.14%	5.03%	4.92%	-0.78%	1.65%	4.19%	4.55%	1.42%	1.05%	5.53%
ROE	10.5%	13.3%	10.7%	10.2%	-1.45%	1.91%	6.24%	6.35%	1.55%	0.81%	4.27%
ROA	4.05%	6.22%	5.49%	4.38%	-0.66%	0.87%	2.81%	2.9%	0.88%	0.58%	3.43%
ROIC	6.74%	9.7%	8.02%	7.27%	0%	-0.37%	5.28%	6.25%	5.09%	5.38%	2.89%
Return on tangible assets	249.4%	392.9%	67.7%	129.4%	-5.35%	3.89%	7.16%	9.35%	4.29%	7.59%	-6.66%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.74	2.18	2.68	2.16	2.55	2.58	2.44	2.7	3.1	3.76	3.77
Quick ratio	0.82	1.02	1.09	0.83	0.73	0.79	0.75	0.95	1.06	1.43	1.3
Debt / equity	0.93	0.66	0.55	0.82	0.78	0.76	0.69	0.74	0.49	0.24	0.35
Debt / assets	0.36	0.31	0.28	0.35	0.36	0.35	0.31	0.34	0.28	0.17	0.23
Net debt / EBITDA	3.04	2.4	2.31	3.41	3.52	14.5	3.94	4.05	3.73	1.72	4.64
Interest coverage	5.23	5.88	6.04	4.36	1.03	-0.22	3	2.83	2.33	4.36	4.36
Effective tax rate	35.7%	13.3%	22.5%	20.3%	100%	0%	25.3%	24.2%	21.5%	22.5%	24%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	64.1	70.2	64.1	68.7	60	38.4	52.4	60.9	52.5	47.5	53.4
EPS (basic)	2.48	3.61	3.23	3.38	-0.47	0.63	2.2	2.77	1.77	2.29	2.29
EPS (diluted)	2.47	3.6	3.21	3.35	-0.47	0.63	2.19	2.76	1.77	2.29	3.12
Book value per share	23.6	27.1	30.2	33.1	32.3	33.2	35.2	43.6	48	61.5	104.5
FCF per share	3.77	4.31	1.45	0.76	2.84	-2.24	-0.25	-2.87	-2.51	0.24	-0.5
Cash per share	0.04	0.06	0.01	0.07	0.03	0.04	0.02	0.55	1.41	2.96	2.39
Capex per share	0.59	0.28	0.28	0.88	0.14	0.83	0.88	1.32	1.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.93%	0.4%	0.43%	1.28%	0.23%	2.17%	1.67%	2.17%	1.92%	—	—
Capex / operating cash flow	14.9%	7.03%	13%	57.3%	-39.3%	-28.5%	362.3%	-103%	-41.3%	—	—
Payout ratio	9.26%	7.2%	9.3%	10.1%	-76.8%	55.6%	18.2%	13.9%	46.1%	70.6%	12.8%
Dividend yield	0.59%	0.54%	1%	0.89%	0.93%	—	0.85%	—	—	—	0.23%

Yield

0.23%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.10

ex-dividend Oct 15, 2026

Payout ratio

13%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Oct 15, 2026upcoming	$0.10
Jul 15, 2026	$0.10
Apr 15, 2026	$0.10

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$231.4M	$235.3M	$241.5M	$266M	$273.6M	$299M	$256M	$272.1M	$282.9M	$301.2M	$324.6M	$449.1M
YoY change	+38.2%	+0.43%	+28.1%	+29.6%	+18.3%	+27.1%	+6.01%	+2.32%	+3.4%	+0.72%	+26.8%	+65%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	428K	624K	162K	734K	378K	518K	305K	7.8M	29M	69.4M
Receivables	101.2M	55.8M	60M	70.6M	55.5M	76.6M	90.6M	128M	197.6M	190.7M
Inventory	136.3M	132.6M	166.4M	218.6M	253.4M	322.7M	380.4M	500.9M	576.3M	553.8M
Total current assets	258.5M	248.5M	281.2M	355.3M	355M	464M	548.9M	774M	874.8M	893.3M
Property, plant & equipment	9.1M	2.1M	-3.5M	32.9M	27.3M	40.2M	41.2M	62.2M	113.6M	116.8M
Goodwill & intangibles	651.1M	619.1M	587M	817.3M	683.4M	714M	607.6M	931.8M	1.4B	1.9B
Total assets	661.8M	629M	638.8M	845.9M	780.1M	918.6M	999.8M	1.4B	1.7B	2B
Accounts payable	94M	66M	57.4M	68.1M	72.7M	115.1M	128.5M	173M	187.6M	154.5M
Short-term debt	21M	7M	9.5M	20.6M	24.4M	20.2M	13.2M	27.5M	36.9M	13.8M
Total current liabilities	148.4M	114M	104.9M	164.2M	139.2M	180M	224.6M	286.9M	281.8M	237.5M
Long-term debt	215.6M	186.2M	170M	277.6M	253.5M	297.6M	295.5M	431.8M	448.3M	329M
Total liabilities	406.6M	335.9M	310.4M	482.8M	423.8M	501.2M	550.3M	733.6M	746.4M	589.8M
Shareholders' equity	255.2M	293.1M	328.4M	363.1M	356.3M	417.3M	449.5M	616.7M	988.2M	1.4B
Total debt	236.6M	193.2M	179.5M	298.2M	277.9M	317.7M	308.6M	459.3M	485.2M	342.8M
Net debt	236.2M	192.5M	179.3M	297.4M	277.5M	317.2M	308.3M	451.5M	456.2M	273.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	20.7M	7.8M	10.6M	19M	7.9M	29M	5.7M	16.9M	8.8M	69.4M	1.2B	75.4M
Receivables	129.1M	128M	145.4M	168.2M	162.7M	197.6M	169.5M	183.2M	176.4M	190.7M	216.5M	274.6M
Inventory	494.4M	500.9M	521.2M	532.4M	533.8M	576.3M	441.5M	463.2M	464.3M	553.8M	625.7M	867.1M
Total current assets	770.4M	774M	743.1M	796.4M	775.3M	874.8M	968.9M	753.6M	722.3M	893.3M	2.2B	1.3B
Property, plant & equipment	78.4M	62.2M	101.7M	107M	108.2M	113.6M	116.4M	124M	126M	116.8M	142.1M	258.9M
Goodwill & intangibles	929.2M	931.8M	923.7M	1.1B	1.1B	1.4B	1.2B	1.3B	1.3B	1.9B	1.9B	5.5B
Total assets	1.3B	1.4B	1.3B	1.5B	1.5B	1.7B	1.7B	1.6B	1.6B	2B	3.3B	4.4B
Accounts payable	137.8M	173M	155.5M	144.6M	122.7M	187.6M	140.8M	140.5M	112.4M	154.5M	147.9M	187.1M
Short-term debt	19M	27.5M	30M	30M	30M	36.9M	5.6M	7.5M	7.5M	13.8M	29.9M	32M
Total current liabilities	252.1M	286.9M	223.1M	225.6M	210.1M	281.8M	248.3M	202M	183.4M	237.5M	246.2M	351.8M
Long-term debt	463.7M	431.8M	483.1M	470M	449.4M	448.3M	498.7M	409.9M	386.2M	329M	372.6M	993.6M
Total liabilities	733.5M	733.6M	724.2M	713M	676.2M	746.4M	757.2M	622.5M	577.1M	589.8M	644.4M	1.5B
Shareholders' equity	609.5M	616.7M	612.7M	781.3M	787.8M	988.2M	975.7M	979.5M	983.3M	1.4B	2.7B	2.9B
Total debt	482.7M	459.3M	513.1M	500M	479.4M	485.2M	504.4M	417.4M	393.7M	342.8M	402.5M	1B
Net debt	462.1M	451.5M	502.5M	481M	471.5M	456.2M	498.6M	400.5M	384.9M	273.4M	-836.9M	950.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	26.8M	39.1M	35.1M	37M	-5.2M	8M	28.1M	39.1M	15.3M	11.7M
Depreciation & amortization	26M	25.9M	25.2M	26.9M	24.1M	24.6M	24.6M	23.4M	28.8M	39.9M
Stock-based compensation	2.1M	3.1M	3M	3.3M	2.9M	3.9M	4.5M	7.7M	8.3M	12.8M
Change in working capital	-9.5M	-14.7M	-38.9M	-51.8M	-20.9M	-69.9M	-53.9M	-88M	-106.1M	-100.5M
Operating cash flow	42.9M	42.9M	23.1M	16.8M	-4M	-36.7M	3.1M	-18.1M	-50.2M	27M
Capital expenditure	-6.4M	-3M	-3M	-9.6M	-1.6M	-10.5M	-11.2M	-18.7M	-20.7M	—
Investing cash flow	-6.5M	-3M	-1.3M	-122.8M	20.2M	-61.6M	-2.4M	-235.7M	-263.7M	-255.2M
Dividends paid	-2.5M	-2.8M	-3.3M	-3.7M	-4M	-4.4M	-5.1M	-5.4M	-7.1M	-8.3M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-41M	-47.2M	-18M	105.4M	-56.3M	79.4M	-5.7M	265M	315.8M	289.8M
Net change in cash	-4.6M	-7.4M	3.8M	-635K	-40.1M	-19M	-5M	11.2M	1.9M	61.6M
Free cash flow	40.6M	46.7M	15.7M	8.4M	31.3M	-28.1M	-3.2M	-40.5M	-51.7M	5.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	9.6M	11.6M	-6.6M	-2.8M	11.7M	13.1M	-9M	3.2M	3.9M	13.6M	29.1M	28.5M
Depreciation & amortization	5.5M	6M	5.9M	6.9M	7.5M	8.4M	9.9M	9.6M	10.2M	10.2M	12.7M	24M
Stock-based compensation	1.9M	1.9M	2.5M	2.3M	1.7M	1.8M	3.5M	3.1M	3.2M	2.9M	4.6M	4.1M
Change in working capital	-77K	7.6M	-79.9M	-39.5M	-21.3M	26.4M	-67.1M	-36.6M	-20.2M	-6.6M	-112M	-36.4M
Operating cash flow	17.8M	26.9M	-81.5M	-23.1M	-3.7M	49.8M	-68.1M	11.9M	24.1M	37.6M	-62.3M	27.6M
Capital expenditure	-4.7M	-7.9M	-7.7M	-3.9M	-5.8M	-3.3M	-2.9M	—	—	—	—	—
Investing cash flow	-211.6M	-7.8M	33.4M	-115.2M	-5.7M	-176.1M	-129K	88.3M	-6K	-346.2M	-4.6M	-1.8B
Dividends paid	-1.3M	-1.6M	-1.6M	-1.6M	-1.8M	-2M	-2.1M	-2.1M	-2.1M	-2.1M	-2.3M	-2.8M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	212.8M	-33.1M	48.3M	141.2M	-15.6M	141.9M	28.2M	-88.2M	-26.2M	375.9M	1.3B	577.6M
Net change in cash	19M	-14M	185K	2.9M	-25M	15.6M	-40M	12M	-2.1M	67.3M	1.2B	-1.2B
Free cash flow	10.7M	20.1M	-86.8M	-21.5M	4.4M	52.1M	-49.5M	6.3M	18M	30.9M	-84.7M	20M

Date	Ratio
Aug 4, 2016	2:1
Jun 29, 2007	2:1
Jan 8, 1998	5:4
May 23, 1996	2:1
Jan 4, 1983	2:1

VSE Corporation Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history