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VSE (VSEC) Financials

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$174.82 +1.06 (+0.61%)
As of 10:36 AM Eastern
This is a fair market value price provided by Massive. Learn more.
Annual Income Statements for VSE

Annual Income Statements for VSE

This table shows VSE's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
25 27 39 35 37 -5.17 7.97 28 39 15 12
Consolidated Net Income / (Loss)
25 27 39 35 37 -5.17 7.97 28 39 15 12
Net Income / (Loss) Continuing Operations
25 27 39 35 37 -5.17 -11 27 15 19 53
Total Pre-Tax Income
41 42 45 45 46 0.43 -15 36 19 24 69
Total Operating Income
51 52 54 54 60 14 -2.71 54 50 59 90
Total Gross Profit
69 74 73 72 84 75 17 73 69 102 158
Total Revenue
534 692 760 697 753 662 481 669 544 786 1,112
Operating Revenue
534 692 760 697 753 662 481 669 544 786 1,112
Total Cost of Revenue
465 618 687 625 669 586 465 596 475 684 954
Operating Cost of Revenue
465 618 687 625 669 586 465 596 475 684 954
Total Operating Expenses
19 23 18 18 24 61 19 19 19 43 69
Selling, General & Admin Expense
3.29 6.61 2.43 3.71 4.19 3.12 3.45 3.64 7.12 14 13
Amortization Expense
16 16 16 16 19 18 16 16 12 18 26
Other Operating Expenses / (Income)
- - - 0.00 0.00 8.21 - 0.00 0.00 0.00 29
Other Special Charges / (Income)
- 0.00 0.00 -1.70 0.00 -1.11 - - 0.00 12 0.00
Total Other Income / (Expense), net
-9.54 -9.86 -9.24 -8.98 -14 -13 -12 -18 -31 -35 -21
Interest Expense
9.54 9.86 9.24 8.98 14 13 12 - 31 35 21
Income Tax Expense
16 15 5.99 10 9.40 5.60 -3.77 9.05 4.50 4.41 16
Net Income / (Loss) Discontinued Operations
- - - - - - 19 1.40 25 -4.08 -42
Basic Earnings per Share
$2.32 $2.48 $3.61 $3.23 $3.38 ($0.47) $0.63 $2.20 $2.77 $0.86 $0.55
Weighted Average Basic Shares Outstanding
10.75M 10.79M 10.83M 10.88M 10.96M 11.03M 12.55M 12.78M 14.13M 17.88M 21.14M
Diluted Earnings per Share
$2.31 $2.47 $3.60 $3.21 $3.35 ($0.47) $0.63 $2.19 $2.76 $0.85 $0.55
Weighted Average Diluted Shares Outstanding
10.79M 10.83M 10.87M 10.94M 11.04M 11.03M 12.63M 12.83M 14.18M 17.98M 21.24M
Weighted Average Basic & Diluted Shares Outstanding
10.70M 10.80M 10.80M 10.90M 10.99M 12.67M 12.74M 12.84M 15.77M 20.60M 27.99M
Cash Dividends to Common per Share
$0.43 $0.24 $0.27 $0.31 $0.35 $0.36 $0.37 $0.40 $0.40 $0.40 $0.40

Quarterly Income Statements for VSE

This table shows VSE's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
9.56 12 -6.61 -2.78 12 13 -8.97 3.20 3.91 14 29
Consolidated Net Income / (Loss)
9.56 12 -6.61 -2.78 12 13 -8.97 3.20 3.91 14 29
Net Income / (Loss) Continuing Operations
12 13 5.54 -5.29 8.74 16 14 14 3.59 22 29
Total Pre-Tax Income
17 16 6.45 -7.22 11 20 17 16 5.75 31 34
Total Operating Income
25 25 16 2.60 20 27 25 23 10 32 33
Total Gross Profit
31 30 22 24 27 37 33 38 41 47 48
Total Revenue
231 235 162 193 204 299 256 272 283 301 325
Operating Revenue
231 235 162 193 204 299 256 272 283 301 325
Total Cost of Revenue
200 205 140 169 177 262 223 235 242 254 277
Operating Cost of Revenue
200 205 140 169 177 262 223 235 242 254 277
Total Operating Expenses
5.76 5.13 6.28 21 6.67 10 8.45 15 31 14 15
Selling, General & Admin Expense
2.56 1.50 2.93 3.78 2.54 4.86 2.31 8.52 0.67 1.85 6.20
Amortization Expense
3.20 3.64 3.35 4.33 4.78 5.20 6.13 6.49 6.69 6.69 9.05
Total Other Income / (Expense), net
-8.46 -9.28 -9.19 -9.83 -8.99 -6.94 -7.94 -6.45 -4.34 -1.83 1.40
Interest & Investment Income
-8.46 - -9.19 - - - -7.94 - - - 1.40
Income Tax Expense
4.69 3.21 0.91 -1.94 2.34 4.95 2.60 2.43 2.16 8.36 5.10
Net Income / (Loss) Discontinued Operations
-2.55 -1.23 -12 2.51 2.91 -2.46 -23 -10 0.32 -8.73 0.00
Basic Earnings per Share
$0.64 $0.74 ($0.42) ($0.16) $0.63 $0.81 ($0.43) $0.15 $0.19 $0.64 $1.06
Weighted Average Basic Shares Outstanding
15.00M 14.13M 15.78M 17.15M 18.43M 17.88M 20.62M 20.67M 20.68M 21.14M 27.50M
Diluted Earnings per Share
$0.63 $0.74 ($0.41) ($0.16) $0.63 $0.79 ($0.44) $0.16 $0.19 $0.64 $1.04
Weighted Average Diluted Shares Outstanding
15.05M 14.18M 15.94M 17.20M 18.48M 17.98M 20.74M 20.73M 20.76M 21.24M 27.83M
Weighted Average Basic & Diluted Shares Outstanding
15.75M 15.77M 15.98M 18.42M 20.41M 20.60M 20.67M 20.68M 20.69M 27.99M 28.06M
Cash Dividends to Common per Share
$0.10 - $0.10 $0.10 $0.10 - $0.10 $0.10 $0.10 - $0.10

Annual Cash Flow Statements for VSE

This table details how cash moves in and out of VSE's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
0.48 -0.31 0.20 -0.46 0.57 -0.36 0.14 -0.04 7.45 21 40
Net Cash From Operating Activities
38 47 50 19 18 36 -18 8.05 -22 -31 27
Net Cash From Continuing Operating Activities
38 47 50 19 18 36 -18 8.05 -22 -31 27
Net Income / (Loss) Continuing Operations
25 27 39 35 37 -5.17 7.97 28 39 15 12
Consolidated Net Income / (Loss)
25 27 39 35 37 -5.17 7.97 28 39 15 12
Depreciation Expense
26 26 26 25 27 24 25 25 23 29 40
Amortization Expense
- - - - - - 1.01 0.97 1.54 1.33 1.46
Non-Cash Adjustments To Reconcile Net Income
-2.04 -11 4.66 4.37 -1.33 63 23 -0.74 14 48 79
Changes in Operating Assets and Liabilities, net
-11 5.45 -19 -46 -45 -47 -74 -45 -100 -125 -105
Net Cash From Investing Activities
-205 -6.47 -3.01 -1.30 -123 20 -62 -2.38 -236 -264 -276
Net Cash From Continuing Investing Activities
-205 -6.47 -3.01 -1.30 -123 20 -62 -2.38 -236 -264 -276
Purchase of Property, Plant & Equipment
-11 -6.55 -3.74 -3.12 -9.63 -4.43 -11 -11 -19 -21 -21
Acquisitions
-195 -0.06 0.00 0.00 -113 0.00 -53 0.00 -219 -283 -394
Divestitures
- - - 0.00 - 20 - 0.00 0.00 40 139
Sale and/or Maturity of Investments
- - - - - - - 8.84 1.56 0.00 0.00
Net Cash From Financing Activities
168 -41 -47 -18 105 -56 79 -5.71 265 316 290
Net Cash From Continuing Financing Activities
168 -41 -47 -18 105 -56 79 -5.71 265 316 290
Repayment of Debt
-333 -341 -393 -554 -642 -453 -459 -519 -703 -740 -806
Payment of Dividends
-2.26 -2.48 -2.82 -3.26 -3.73 -3.97 -4.43 -5.11 -5.44 -7.06 -8.26
Issuance of Debt
519 322 349 539 752 433 492 520 844 739 667
Issuance of Common Equity
- - - - 0.00 0.00 52 0.90 130 326 442
Other Financing Activities, net
-13 -19 -0.50 -0.64 -0.96 -32 -0.68 -2.27 -1.11 -2.63 -5.14
Cash Interest Paid
6.62 8.23 7.61 7.52 13 14 12 16 35 37 27
Cash Income Taxes Paid
16 19 16 9.53 12 4.76 7.54 10 14 12 16

Quarterly Cash Flow Statements for VSE

This table details how cash moves in and out of VSE's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
16 -13 2.64 8.42 -11 21 -19 6.40 -8.12 61 1,170
Net Cash From Operating Activities
15 28 -79 -18 10 55 -47 12 24 38 -62
Net Cash From Continuing Operating Activities
15 28 -79 -18 10 55 -47 12 24 38 -62
Net Income / (Loss) Continuing Operations
9.56 12 -6.61 -2.78 12 13 -8.97 3.20 3.91 14 29
Consolidated Net Income / (Loss)
9.56 12 -6.61 -2.78 12 13 -8.97 3.20 3.91 14 29
Depreciation Expense
5.45 5.96 5.95 6.92 7.54 8.35 9.91 9.64 10 10 13
Amortization Expense
0.61 0.52 0.33 0.33 0.33 0.33 0.33 0.74 0.20 0.20 0.44
Non-Cash Adjustments To Reconcile Net Income
7.44 1.67 28 14 0.06 6.93 37 20 25 -3.35 -1.22
Changes in Operating Assets and Liabilities, net
-7.73 8.20 -106 -36 -9.41 27 -84 -22 -15 17 -103
Net Cash From Investing Activities
-212 -7.78 33 -115 -5.71 -176 -0.13 83 -6.06 -353 -27
Net Cash From Continuing Investing Activities
-212 -7.78 33 -115 -5.71 -176 -0.13 83 -6.06 -353 -27
Purchase of Property, Plant & Equipment
-4.66 -7.87 -7.73 -3.95 -5.77 -3.27 -2.88 -5.59 -6.05 -6.77 -6.46
Acquisitions
-207 0.09 - -112 0.06 -171 0.00 - -0.01 -346 -21
Divestitures
- - 41 0.98 - -1.96 2.75 136 - 0.16 0.00
Other Investing Activities, net
- - - - - - 0.00 - - - 0.76
Net Cash From Financing Activities
213 -33 48 141 -16 142 28 -88 -26 376 1,259
Net Cash From Continuing Financing Activities
213 -33 48 141 -16 142 28 -88 -26 376 1,259
Repayment of Debt
-202 -266 -159 -227 -121 -233 -40 -637 -46 -83 -51
Payment of Dividends
-1.29 -1.58 -1.58 -1.60 -1.84 -2.04 -2.06 -2.07 -2.07 -2.07 -2.34
Issuance of Debt
287 234 211 209 107 212 74 550 23 19 493
Issuance of Common Equity
129 0.45 - 162 0.00 164 0.00 - - 442 829
Other Financing Activities, net
-0.08 - -2.08 -0.47 -0.21 0.13 -4.20 -0.05 -0.83 -0.06 -8.93

Annual Balance Sheets for VSE

This table presents VSE's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
617 662 629 639 846 780 919 1,000 1,350 1,743 2,029
Total Current Assets
197 258 249 281 355 355 464 549 774 965 893
Cash & Equivalents
0.74 0.43 0.62 0.16 0.73 0.38 0.52 0.31 7.77 30 69
Accounts Receivable
78 101 98 101 117 78 108 91 128 158 191
Inventories, net
109 136 133 166 219 253 323 380 501 434 554
Prepaid Expenses
- - - - - - - - 36 31 38
Other Current Assets
9.14 20 17 13 19 23 32 23 8.05 30 41
Plant, Property, & Equipment, net
64 62 55 50 43 36 42 41 58 71 91
Total Noncurrent Assets
356 341 325 308 447 389 412 410 518 706 1,044
Noncurrent Note & Lease Receivables
- - - - - - - - - 0.00 27
Goodwill
199 199 199 199 276 238 249 217 352 428 641
Intangible Assets
143 127 111 95 132 104 108 87 114 197 296
Other Noncurrent Operating Assets
14 16 16 14 38 47 55 51 52 81 80
Total Liabilities & Shareholders' Equity
617 662 629 639 846 780 919 1,000 1,350 1,743 2,029
Total Liabilities
388 407 336 310 483 424 501 550 734 754 590
Total Current Liabilities
97 148 114 105 164 139 180 225 287 299 238
Short-Term Debt
17 21 6.96 9.47 17 20 14 10 23 30 7.50
Accounts Payable
40 94 66 57 68 73 115 129 173 145 155
Accrued Expenses
29 33 40 37 47 45 49 32 36 53 73
Dividends Payable
0.59 0.65 0.76 0.87 0.99 1.00 1.27 1.28 1.58 2.06 2.34
Total Noncurrent Liabilities
291 258 222 206 319 285 321 326 447 456 352
Long-Term Debt
215 194 166 151 253 231 270 276 407 400 285
Noncurrent Deferred & Payable Income Tax Liabilities
32 30 19 18 18 15 9.11 4.76 6.99 0.00 12
Noncurrent Employee Benefit Liabilities
11 13 16 17 18 16 14 7.40 7.94 7.26 5.92
Other Noncurrent Operating Liabilities
33 22 21 19 29 23 27 19 25 49 49
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
229 255 293 328 363 356 417 450 617 988 1,439
Total Preferred & Common Equity
229 255 293 328 363 356 417 450 617 988 1,439
Total Common Equity
229 255 293 328 363 356 417 450 617 988 1,439
Common Stock
22 23 25 27 30 32 89 93 230 593 1,043
Retained Earnings
207 232 268 301 334 325 328 351 385 392 396
Accumulated Other Comprehensive Income / (Loss)
-0.08 0.05 0.18 0.15 -1.11 -1.20 -0.18 4.97 2.13 3.07 0.51

Quarterly Balance Sheets for VSE

This table presents VSE's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
958 1,044 1,073 1,343 1,337 1,494 1,464 1,733 1,602 1,560 3,311
Total Current Assets
513 591 674 770 743 796 775 969 754 722 2,161
Cash & Equivalents
0.09 0.53 4.16 21 11 19 7.91 5.71 17 8.78 1,239
Accounts Receivable
135 149 120 135 145 168 163 170 183 176 217
Inventories, net
350 417 428 494 521 532 534 441 463 464 626
Prepaid Expenses
- - - - - - - 62 56 39 34
Other Current Assets
28 24 15 22 66 77 71 31 34 34 46
Plant, Property, & Equipment, net
45 50 44 53 67 73 75 71 80 83 94
Total Noncurrent Assets
400 404 355 519 527 625 614 693 768 755 1,056
Noncurrent Note & Lease Receivables
- - - - - - - - 25 26 28
Goodwill
249 254 222 346 351 390 391 424 429 429 639
Intangible Assets
95 90 83 119 111 165 161 191 209 202 319
Other Noncurrent Operating Assets
56 60 50 55 65 70 63 78 106 98 70
Total Liabilities & Shareholders' Equity
958 1,044 1,073 1,343 1,337 1,494 1,464 1,733 1,602 1,560 3,311
Total Liabilities
512 587 604 733 724 713 676 757 623 577 644
Total Current Liabilities
180 197 210 252 223 226 210 248 202 183 246
Short-Term Debt
9.16 10 10 19 30 30 30 5.63 7.50 7.50 30
Accounts Payable
119 142 105 138 155 145 123 141 140 112 148
Accrued Expenses
51 44 30 33 36 49 56 47 52 61 66
Dividends Payable
1.28 1.29 1.29 1.58 1.58 1.84 1.84 2.07 2.07 2.07 2.81
Total Noncurrent Liabilities
332 390 394 481 501 487 466 509 420 394 398
Long-Term Debt
289 342 365 442 452 434 420 459 372 349 331
Noncurrent Deferred & Payable Income Tax Liabilities
10 9.50 3.74 9.67 7.41 4.32 0.00 - - - 17
Noncurrent Employee Benefit Liabilities
10 7.55 7.65 7.47 7.68 7.56 7.68 7.21 7.54 7.33 4.61
Other Noncurrent Operating Liabilities
23 31 18 22 34 42 38 42 41 38 46
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
445 457 469 610 613 781 788 976 980 983 2,666
Total Preferred & Common Equity
445 457 469 610 613 781 788 976 980 983 2,666
Total Common Equity
445 457 469 610 613 781 788 976 980 983 2,666
Common Stock
92 95 97 228 232 405 406 593 596 598 2,243
Retained Earnings
348 359 367 375 377 372 382 381 383 384 422
Accumulated Other Comprehensive Income / (Loss)
5.35 2.97 5.33 6.98 4.64 4.86 0.21 1.62 0.92 0.68 1.17

Annual Metrics And Ratios for VSE

This table displays calculated financial ratios and metrics derived from VSE's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - - - - - - - 20,686,361.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 20,686,361.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 0.57
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
31 33 47 42 48 -169 -1.89 40 67 64 69
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - 5.44% 6.38% 4.51% 4.01%
Earnings before Interest and Taxes (EBIT)
51 52 54 54 60 14 -2.71 54 88 81 90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
76 78 80 79 87 38 23 79 113 112 131
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-177 25 51 18 -96 -143 -97 46 -237 -327 -419
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
462 470 466 490 633 608 703 697 1,000 1,391 1,665
Increase / (Decrease) in Invested Capital
208 8.38 -4.25 24 144 -25 95 -5.82 303 391 488
Book Value per Share
$42.66 $23.63 $27.04 $30.18 $33.10 $32.24 $32.83 $35.12 $39.16 $48.41 $69.55
Tangible Book Value per Share
($20.89) ($6.52) ($1.52) $3.21 ($4.15) $1.32 $4.74 $11.38 $9.58 $14.67 $24.25
Total Capital
462 470 466 489 633 607 702 736 1,046 1,418 1,732
Total Debt
233 215 173 161 270 251 285 286 429 430 293
Total Long-Term Debt
215 194 166 151 253 231 270 276 407 400 285
Net Debt
232 214 172 160 269 251 284 286 422 401 223
Capital Expenditures (CapEx)
10 6.40 3.01 3.00 9.63 -0.30 7.55 11 19 21 21
Debt-free, Cash-free Net Working Capital (DFCFNWC)
117 131 141 186 207 236 298 334 502 594 594
Debt-free Net Working Capital (DFNWC)
118 131 142 186 208 236 298 334 510 623 663
Net Working Capital (NWC)
101 110 135 176 191 216 284 324 487 593 656
Net Nonoperating Expense (NNE)
5.80 6.34 8.01 6.96 11 -163 -9.86 12 28 49 58
Net Nonoperating Obligations (NNO)
232 215 173 161 270 252 285 247 384 403 226
Total Depreciation and Amortization (D&A)
26 26 26 25 27 24 26 26 25 30 41
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$2.32 $2.48 $3.61 $3.23 $3.38 ($0.47) $0.63 $2.20 $2.77 $0.86 $0.55
Adjusted Weighted Average Basic Shares Outstanding
10.75M 10.79M 10.83M 10.88M 10.96M 11.03M 12.55M 12.78M 14.13M 17.88M 21.14M
Adjusted Diluted Earnings per Share
$2.31 $2.47 $3.60 $3.21 $3.35 ($0.47) $0.63 $2.19 $2.76 $0.85 $0.55
Adjusted Weighted Average Diluted Shares Outstanding
10.79M 10.83M 10.87M 10.94M 11.04M 11.03M 12.63M 12.83M 14.18M 17.98M 21.24M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $3.23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
10.77M 10.81M 10.85M 10.90M 10.99M 12.67M 12.74M 12.84M 15.77M 20.60M 27.99M
Normalized Net Operating Profit after Tax (NOPAT)
31 33 47 41 48 33 -1.89 40 67 64 69
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Quarterly Metrics And Ratios for VSE

This table displays calculated financial ratios and metrics derived from VSE's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
- - - - - - - - - 20,686,361.00 27,991,027.00
DEI Adjusted Shares Outstanding
- - - - - - - - - 20,686,361.00 27,991,027.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - 0.66 1.04
Growth Metrics
- - - - - - - - - - -
Revenue Growth
38.22% 132.84% 28.08% 29.60% 18.27% 27.07% 57.68% 41.13% 38.92% - 26.77%
EBITDA Growth
45.44% 42.30% 31.04% -49.68% 0.80% 13.56% 58.49% 233.57% -26.73% - 32.22%
EBIT Growth
67.21% 57.78% 44.08% -70.29% -6.20% 8.29% 56.65% 765.22% -49.75% - 33.64%
NOPAT Growth
61.03% 65.78% 54.69% -72.64% 3.05% 2.64% 53.80% 949.10% -60.19% - 34.85%
Net Income Growth
1.47% 139.38% -172.51% -131.36% 21.90% 12.55% -35.73% 215.12% -66.42% - 423.80%
EPS Growth
-13.70% 94.74% -157.75% -123.53% 0.00% 6.76% -7.32% 200.00% -69.84% - 336.36%
Operating Cash Flow Growth
-3.84% 127.97% -62.43% -6.77% -33.58% 98.18% 41.02% 167.84% 136.72% - -33.52%
Free Cash Flow Firm Growth
-829.35% -1,670.26% -271.48% -914.43% 20.44% -30.78% 52.45% 77.29% 53.45% - -327.07%
Invested Capital Growth
36.18% 43.54% 34.01% 53.77% 21.56% 39.10% 13.38% 9.46% 8.17% - 45.50%
Revenue Q/Q Growth
12.73% 1.72% 2.64% 10.11% 2.88% 9.29% -14.37% 6.29% 3.96% - 7.77%
EBITDA Q/Q Growth
17.72% 1.49% -4.21% -56.03% 135.83% 14.34% -3.76% -5.35% -37.73% - 7.12%
EBIT Q/Q Growth
22.42% 0.21% -4.51% -74.63% 286.46% 15.68% -10.62% -8.13% -55.19% - 0.79%
NOPAT Q/Q Growth
16.05% 11.25% -3.64% -78.01% 337.10% 10.81% -0.62% -7.52% -67.02% - 17.91%
Net Income Q/Q Growth
7.93% 21.43% -156.97% 57.99% 519.52% 12.12% -168.70% 135.63% 22.36% - 114.16%
EPS Q/Q Growth
-7.35% 17.46% -155.41% 60.98% 493.75% 25.40% -155.70% 136.36% 18.75% - 62.50%
Operating Cash Flow Q/Q Growth
193.32% 82.39% -382.94% 77.83% 158.06% 444.17% -184.21% 125.50% 102.58% - -265.41%
Free Cash Flow Firm Q/Q Growth
-499.25% -12.79% 9.62% -66.06% 53.00% -85.41% 66.36% 22.09% 2.80% - -14.51%
Invested Capital Q/Q Growth
26.95% -1.31% 8.51% 13.11% 0.36% 12.93% -11.55% 9.20% -0.83% - 7.57%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
13.41% 12.94% 12.65% 10.33% 11.13% 12.53% 12.87% 13.79% 14.40% - 14.79%
EBITDA Margin
13.54% 13.51% 12.61% 5.03% 11.54% 12.07% 13.57% 12.08% 7.24% - 14.15%
Operating Margin
10.92% 10.76% 10.01% 2.31% 8.66% 9.17% 9.57% 8.27% 3.57% - 10.09%
EBIT Margin
10.92% 10.76% 10.01% 2.31% 8.66% 9.17% 9.57% 8.27% 3.57% - 10.09%
Profit (Net Income) Margin
4.13% 4.93% -2.74% -1.04% 4.26% 4.37% -3.50% 1.17% 1.38% - 8.95%
Tax Burden Percent
56.87% 72.35% -44.11% 75.18% 79.17% 63.80% -54.17% 19.90% 68.06% - 85.08%
Interest Burden Percent
66.52% 63.35% 62.00% -60.24% 62.09% 74.67% 67.60% 71.37% 56.98% - 104.28%
Effective Tax Rate
27.93% 20.00% 19.26% 0.00% 20.83% 24.16% 15.68% 15.12% 37.53% - 14.92%
Return on Invested Capital (ROIC)
6.50% 8.73% 7.79% 1.55% 6.21% 6.28% 8.18% 6.84% 2.31% - 6.71%
ROIC Less NNEP Spread (ROIC-NNEP)
4.04% 5.99% 1.46% -0.27% 4.53% 4.32% 0.03% 2.92% 1.71% - 6.33%
Return on Net Nonoperating Assets (RNNOA)
2.69% 3.54% 1.12% -0.17% 2.75% 2.12% 0.02% 1.34% 0.77% - -1.08%
Return on Equity (ROE)
9.20% 12.27% 8.91% 1.38% 8.96% 8.40% 8.19% 8.19% 3.08% - 5.63%
Cash Return on Invested Capital (CROIC)
-23.96% -27.90% -21.30% -36.18% -13.78% -27.36% -6.35% -2.19% -1.70% - -31.94%
Operating Return on Assets (OROA)
6.89% 7.88% 7.68% 1.75% 6.27% 6.42% 7.32% 6.70% 3.14% - 4.72%
Return on Assets (ROA)
2.61% 3.61% -2.10% -0.79% 3.08% 3.06% -2.68% 0.95% 1.22% - 4.19%
Return on Common Equity (ROCE)
9.20% 12.27% 8.91% 1.38% 8.96% 8.40% 8.19% 8.19% 3.08% - 5.63%
Return on Equity Simple (ROE_SIMPLE)
5.31% 0.00% 3.82% 1.51% 1.76% 0.00% 1.33% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)
18 20 20 4.29 19 21 21 19 6.30 24 28
NOPAT Margin
7.87% 8.61% 8.08% 1.61% 6.86% 6.95% 8.07% 7.02% 2.23% - 8.58%
Net Nonoperating Expense Percent (NNEP)
2.46% 2.74% 6.33% 1.82% 1.68% 1.96% 8.15% 3.93% 0.60% - 0.38%
Return On Investment Capital (ROIC_SIMPLE)
- 1.94% - - - 1.47% 1.43% 1.41% 0.47% 1.36% 0.92%
Cost of Revenue to Revenue
86.59% 87.06% 87.35% 89.67% 88.87% 87.47% 87.13% 86.21% 85.60% - 85.21%
SG&A Expenses to Revenue
1.10% 0.64% 1.24% 1.55% 0.95% 1.62% 0.90% 3.13% 0.24% - 1.91%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue
2.49% 2.18% 2.64% 8.02% 2.47% 3.36% 3.30% 5.51% 10.84% - 4.70%
Earnings before Interest and Taxes (EBIT)
25 25 24 6.13 24 27 25 23 10 32 33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
31 32 30 13 32 36 35 33 20 43 46
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.26 1.64 2.05 1.80 1.93 1.96 2.53 2.76 3.49 - 1.94
Price to Tangible Book Value (P/TBV)
5.31 6.71 8.34 6.24 6.44 6.48 6.84 7.90 9.74 - 3.02
Price to Revenue (P/Rev)
1.06 1.18 1.38 1.45 1.50 1.80 2.10 2.16 2.58 - 4.37
Price to Earnings (P/E)
23.78 25.84 53.77 119.71 109.79 126.55 190.54 142.86 306.76 - 103.74
Dividend Yield
0.80% 0.62% 0.50% 0.45% 0.48% 0.42% 0.33% 0.31% 0.24% - 0.22%
Earnings Yield
4.20% 3.87% 1.86% 0.84% 0.91% 0.79% 0.52% 0.70% 0.33% - 0.96%
Enterprise Value to Invested Capital (EV/IC)
1.19 1.43 1.59 1.51 1.59 1.68 2.38 2.28 2.84 - 2.39
Enterprise Value to Revenue (EV/Rev)
1.67 1.67 1.89 1.90 1.93 2.17 2.50 2.45 2.84 - 3.63
Enterprise Value to EBITDA (EV/EBITDA)
11.69 12.69 14.39 17.33 18.33 20.99 23.56 20.82 27.04 - 30.11
Enterprise Value to EBIT (EV/EBIT)
15.37 16.28 18.13 22.92 24.77 28.75 32.44 27.84 37.75 - 43.75
Enterprise Value to NOPAT (EV/NOPAT)
20.61 21.48 23.51 29.52 30.81 36.61 40.87 34.83 47.94 - 55.27
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 0.00 2,105.69 99.56 84.57 - 376.90
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.76 0.70 0.79 0.59 0.57 0.44 0.48 0.39 0.36 - 0.14
Long-Term Debt to Equity
0.72 0.66 0.74 0.55 0.53 0.41 0.47 0.38 0.35 - 0.12
Financial Leverage
0.67 0.59 0.77 0.62 0.61 0.49 0.46 0.46 0.45 - -0.17
Leverage Ratio
2.18 2.20 2.23 2.05 2.01 1.92 1.93 1.76 1.71 - 1.38
Compound Leverage Factor
1.45 1.40 1.38 -1.24 1.25 1.44 1.31 1.26 0.97 - 1.44
Debt to Total Capital
43.05% 41.04% 44.01% 37.23% 36.37% 30.33% 32.28% 27.91% 26.59% - 11.92%
Short-Term Debt to Total Capital
1.78% 2.15% 2.74% 2.41% 2.42% 2.12% 0.39% 0.55% 0.56% - 0.99%
Long-Term Debt to Total Capital
41.28% 38.89% 41.27% 34.82% 33.95% 28.21% 31.88% 27.35% 26.03% - 10.94%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital
56.95% 58.96% 55.99% 62.77% 63.63% 69.67% 67.72% 72.09% 73.41% - 88.08%
Debt to EBITDA
4.45 3.80 4.01 4.33 4.20 3.86 3.74 2.57 2.55 - 2.54
Net Debt to EBITDA
4.25 3.73 3.92 4.16 4.13 3.60 3.69 2.46 2.48 - -6.18
Long-Term Debt to EBITDA
4.27 3.60 3.76 4.05 3.92 3.59 3.69 2.52 2.49 - 2.33
Debt to NOPAT
7.85 6.44 6.55 7.38 7.06 6.73 6.49 4.31 4.51 - 4.66
Net Debt to NOPAT
7.50 6.32 6.40 7.08 6.94 6.27 6.41 4.11 4.40 - -11.34
Long-Term Debt to NOPAT
7.52 6.10 6.14 6.90 6.59 6.26 6.41 4.22 4.42 - 4.27
Altman Z-Score
2.09 2.36 2.65 2.66 2.93 2.96 3.49 4.18 5.21 - 6.07
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
3.06 2.70 3.33 3.53 3.69 3.10 3.90 3.73 3.94 - 8.78
Quick Ratio
0.62 0.47 0.70 0.83 0.81 0.80 0.71 0.99 1.01 - 5.91
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-251 -283 -256 -425 -200 -370 -125 -97 -94 -465 -532
Operating Cash Flow to CapEx
328.90% 355.00% -1,022.90% -444.31% 176.51% 1,696.02% -1,621.98% 212.76% 398.23% - -964.29%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 -27.86 -43.25 0.00 0.00 0.00 -15.06 -21.74 - 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 -8.61 -1.78 0.00 0.00 0.00 1.85 5.55 - 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 -9.45 -2.19 0.00 0.00 0.00 0.98 4.16 - 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.63 0.73 0.77 0.76 0.72 0.70 0.76 0.81 0.88 - 0.47
Accounts Receivable Turnover
5.37 7.87 6.20 6.75 6.82 6.64 7.45 7.13 7.86 - 6.12
Inventory Turnover
1.48 1.70 1.70 1.78 1.75 1.77 2.15 2.21 2.34 - 1.89
Fixed Asset Turnover
14.85 17.46 15.74 16.72 15.89 15.04 17.04 16.40 16.91 - 14.31
Accounts Payable Turnover
4.87 4.98 5.35 6.86 6.89 5.29 7.00 7.73 9.93 - 6.98
Days Sales Outstanding (DSO)
67.99 46.35 58.90 54.07 53.51 55.00 48.97 51.18 46.44 - 59.66
Days Inventory Outstanding (DIO)
246.21 214.31 215.13 205.03 209.06 206.03 169.45 164.85 156.03 - 193.29
Days Payable Outstanding (DPO)
74.91 73.33 68.20 53.21 52.98 68.97 52.15 47.21 36.76 - 52.29
Cash Conversion Cycle (CCC)
239.29 187.34 205.84 205.89 209.60 192.05 166.28 168.83 165.71 - 200.66
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
1,014 1,000 1,085 1,228 1,232 1,391 1,231 1,344 1,333 1,665 1,791
Invested Capital Turnover
0.83 1.01 0.96 0.96 0.91 0.90 1.01 0.97 1.04 - 0.78
Increase / (Decrease) in Invested Capital
269 303 275 429 218 391 145 116 101 488 560
Enterprise Value (EV)
1,210 1,433 1,730 1,854 1,965 2,340 2,929 3,067 3,782 - 4,281
Market Capitalization
770 1,011 1,259 1,409 1,522 1,939 2,470 2,705 3,435 - 5,159
Book Value per Share
$39.65 $39.16 $38.86 $48.88 $42.77 $48.41 $47.36 $47.39 $47.56 $69.55 $95.25
Tangible Book Value per Share
$9.43 $9.58 $9.57 $14.13 $12.84 $14.67 $17.53 $16.56 $17.06 $24.25 $61.04
Total Capital
1,070 1,046 1,094 1,245 1,238 1,418 1,441 1,359 1,339 1,732 3,027
Total Debt
461 429 482 464 450 430 465 379 356 293 361
Total Long-Term Debt
442 407 452 434 420 400 459 372 349 285 331
Net Debt
440 422 471 445 442 401 459 362 347 223 -878
Capital Expenditures (CapEx)
4.66 7.87 7.73 3.95 5.77 3.27 2.88 5.59 6.05 6.77 6.46
Debt-free, Cash-free Net Working Capital (DFCFNWC)
517 502 539 582 587 594 720 542 538 594 705
Debt-free Net Working Capital (DFNWC)
537 510 550 601 595 623 726 559 546 663 1,945
Net Working Capital (NWC)
518 487 520 571 565 593 721 552 539 656 1,915
Net Nonoperating Expense (NNE)
8.65 8.65 26 7.07 7.11 7.73 30 16 2.39 10 -1.19
Net Nonoperating Obligations (NNO)
404 384 473 446 444 403 255 364 349 226 -876
Total Depreciation and Amortization (D&A)
6.06 6.47 6.28 7.26 7.88 8.68 10 10 10 10 13
Debt-free, Cash-free Net Working Capital to Revenue
71.13% 58.32% 59.06% 59.72% 57.78% 54.99% 61.38% 43.27% 40.35% - 59.73%
Debt-free Net Working Capital to Revenue
73.97% 59.23% 60.22% 61.67% 58.56% 57.68% 61.87% 44.62% 41.01% - 164.69%
Net Working Capital to Revenue
71.36% 56.61% 56.93% 58.59% 55.61% 54.90% 61.39% 44.02% 40.45% - 162.16%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.64 $0.74 ($0.42) ($0.16) $0.63 $0.81 ($0.43) $0.15 $0.19 $0.64 $1.06
Adjusted Weighted Average Basic Shares Outstanding
15.00M 14.13M 15.78M 17.15M 18.43M 17.88M 20.62M 20.67M 20.68M 21.14M 27.50M
Adjusted Diluted Earnings per Share
$0.63 $0.74 ($0.41) ($0.16) $0.63 $0.79 ($0.44) $0.16 $0.19 $0.64 $1.04
Adjusted Weighted Average Diluted Shares Outstanding
15.05M 14.18M 15.94M 17.20M 18.48M 17.98M 20.74M 20.73M 20.76M 21.24M 27.83M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
15.75M 15.77M 15.98M 18.42M 20.41M 20.60M 20.67M 20.68M 20.69M 27.99M 28.06M
Normalized Net Operating Profit after Tax (NOPAT)
18 20 20 4.29 19 21 21 19 6.30 24 28
Normalized NOPAT Margin
7.87% 8.61% 8.08% 1.61% 6.86% 6.95% 8.07% 7.02% 2.23% - 8.58%
Pre Tax Income Margin
7.26% 6.82% 6.20% -1.39% 5.38% 6.85% 6.47% 5.90% 2.03% - 10.52%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 2.63 0.62 0.00 0.00 0.00 3.49 2.32 - 0.00
NOPAT to Interest Expense
0.00 0.00 2.12 0.44 0.00 0.00 0.00 2.96 1.45 - 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 1.79 0.22 0.00 0.00 0.00 2.63 0.93 - 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 1.28 0.04 0.00 0.00 0.00 2.10 0.06 - 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
15.88% 13.89% 24.48% 51.31% 47.55% 46.07% 58.19% 42.31% 73.55% - 17.18%
Augmented Payout Ratio
15.88% 13.89% 24.48% 51.31% 47.55% 46.07% 58.19% 42.31% 73.55% - 17.18%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from VSE Corp (VSEC) using the latest four years of quarterly statements, with a focus on notable trends in the most recent period (Q4 2025) and how they compare to prior years.

  • Q4 2025 revenue growth and scale: Operating revenue was $301,182,000 in Q4 2025, up from $299,021,000 in Q4 2024 (roughly flat-to-up year over year).
  • Improved gross profitability in Q4 2025: Total gross profit reached $46,924,000, giving a margin of about 15.6% (46,924,000 / 301,182,000).
  • Net income uplift for common shareholders in Q4 2025: Net income attributable to common shareholders was $13,567,000, up from $4,848,000 in Q4 2024.
  • EPS improvement in Q4 2025: Diluted earnings per share were $0.64 in Q4 2025 versus $0.38 in Q4 2024.
  • Solid financing supports in Q4 2025: Net cash from financing activities was $375,942,000, driven by significant equity issuance of $441,704,000 in the quarter.
  • Revenue trajectory remains healthy but steady: The Q4 2025 revenue level is roughly flat to slightly higher than the prior year period, indicating steadier top-line performance.
  • Balance sheet remains sizable and fairly stable: Total assets sit in the mid-to-high $1.5B range in late-2025, with total equity around the $980–$1,000M area, suggesting a solid base relative to liabilities.
  • Dividend policy appears stable: Cash dividends per share are maintained at $0.10, consistent with prior periods.
  • Significant investing cash outflow in Q4 2025: Net cash from investing activities was a negative $353,010,000 for the quarter, including acquisitions totaling $346,399,000 (and a net cash outflow of $353,010,000).
  • Heavy reliance on external financing in Q4 2025: The large equity issuance (and related financing activity) suggests the company relied on capital markets to fund activities, which could dilute existing shareholders if sustained.
05/22/26 08:13 AM ETAI Generated. May Contain Errors.

VSE Financials - Frequently Asked Questions

According to the most recent income statement we have on file, VSE's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

VSE's net income appears to be on a downward trend, with a most recent value of $11.70 million in 2025, falling from $24.92 million in 2015. The previous period was $15.32 million in 2024. Find out what analysts predict for VSE in the coming months.

VSE's total operating income in 2025 was $89.60 million, based on the following breakdown:
  • Total Gross Profit: $158.13 million
  • Total Operating Expenses: $68.54 million

Over the last 10 years, VSE's total revenue changed from $533.98 million in 2015 to $1.11 billion in 2025, a change of 108.3%.

VSE's total liabilities were at $589.77 million at the end of 2025, a 21.8% decrease from 2024, and a 52.0% increase since 2015.

In the past 10 years, VSE's cash and equivalents has ranged from $162 thousand in 2018 to $69.36 million in 2025, and is currently $69.36 million as of their latest financial filing in 2025.

Over the last 10 years, VSE's book value per share changed from 42.66 in 2015 to 69.55 in 2025, a change of 63.0%.



Financial statements for NASDAQ:VSEC last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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