VSE Corp (VSEC)

VSE Corporation engages in providing aviation aftermarket parts distribution and maintenance, repair, and overhaul services for air transportation assets for commercial and government markets. It offers its services to global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators. The company was incorporated in 1959 and is headquartered in Miramar, Florida.

Ticker: VSEC
Exchange: Nasdaq
Sector: Industrials
Industry: Aerospace & Defense
Market cap: $4.85B
52-week range: $138.85 - $247.85

Valuation

Share price: $172.81 (close of Nov 6, 2026)
P/E (TTM): 41.94x
Price to book: 1.63x
Price to free cash flow: 176.66x
Enterprise value: $5.82B
Book value per share: $106.25

Price performance

Period	Change
1 day	+4.92%
5 days	+16.90%
1 month	+2.57%
3 months	-23.35%
6 months	-16.70%
Year to date	+0.02%
1 year	-1.06%
3 years	+195.20%
5 years	+186.58%
10 years	+502.76%
All time	+29,953.91%

Short interest

As of: Oct 15, 2026
Short % of float: 10.78%
Shares short: 2.97M
Days to cover: 5.43
Change since prior report: +29.58%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 0.81%
Return on invested capital: 4.16%
Return on assets: 0.58%
Return on capital employed: 5.00%
Gross margin: 9.25%
Net margin: 1.05%
EBITDA margin: 11.64%
Revenue growth: 41.46%
Net income growth: -23.63%

Cash flow and balance sheet

Free cash flow yield (TTM): 0.57%
Current ratio: 3.63x
Net debt to EBITDA: 3.67x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $1.11B
Cost of revenue: $1.01B
Gross profit: $102.94M
EBITDA: $129.52M
Net income: $11.70M
Earnings per share: $0.55
Interest expense: $20.56M
Shares outstanding: 21.14M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$1.11B	$102.94M	$11.70M	$0.55
2024-12-31	$786.26M	$72.39M	$15.32M	$0.86
2023-12-31	$544.02M	$57.27M	$39.13M	$2.77
2022-12-31	$669.45M	$57.24M	$28.06M	$2.20
2021-12-31	$481.38M	$749.00K	$7.97M	$0.63
2020-12-31	$661.66M	$17.04M	-$5.17M	-$0.47
2019-12-31	$752.63M	$64.45M	$37.02M	$3.38
2018-12-31	$697.22M	$57.94M	$35.08M	$3.23
2017-12-31	$760.11M	$56.75M	$39.10M	$3.61
2016-12-31	$691.79M	$58.14M	$26.79M	$2.48

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	9.25%	1.05%	0.81%	4.16%
2024-12-31	9.21%	1.95%	1.55%	3.72%
2023-12-31	10.53%	7.19%	6.35%	4.24%
2022-12-31	8.55%	4.19%	6.24%	5.88%
2021-12-31	0.16%	1.65%	1.91%	-0.18%
2020-12-31	2.58%	-0.78%	-1.45%	1.31%
2019-12-31	8.56%	4.92%	10.20%	7.69%
2018-12-31	8.31%	5.03%	10.68%	8.65%
2017-12-31	7.47%	5.14%	13.34%	9.92%
2016-12-31	8.40%	3.87%	10.50%	7.44%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$69.36M	$285.30M
2024-12-31	$29.50M	$400.17M
2023-12-31	$7.77M	$406.84M
2022-12-31	$305.00K	$276.30M
2021-12-31	$518.00K	$270.41M
2020-12-31	$378.00K	$230.71M
2019-12-31	$734.00K	$253.13M
2018-12-31	$162.00K	$151.13M
2017-12-31	$624.00K	$165.61M
2016-12-31	$428.00K	$193.62M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$5.71M	$12.84M
2024-12-31	-$51.74M	$8.31M
2023-12-31	-$40.49M	$7.74M
2022-12-31	-$3.16M	$4.46M
2021-12-31	-$28.12M	$3.93M
2020-12-31	$31.33M	$2.86M
2019-12-31	$8.36M	$3.26M
2018-12-31	$15.74M	$3.03M
2017-12-31	$46.68M	$3.07M
2016-12-31	$40.65M	$2.11M

Dividend history

Most recent payment: Oct 15, 2026
Paid in the last twelve months: $0.40

Payment date	Dividend per share
2026-10-15	$0.10
2026-07-15	$0.10
2026-04-15	$0.10
2026-01-15	$0.10
2025-10-15	$0.10
2025-07-16	$0.10
2025-05-01	$0.10
2025-01-23	$0.10

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-04	Sep 2026	$1.61
2026-08-05	Jun 2026	$0.93
2026-05-05	Mar 2026	$0.93
2026-02-25	Dec 2025	$0.88
2025-10-27	Sep 2025	$0.84
2025-07-30	Jun 2025	$0.69
2025-05-06	Mar 2025	$0.55
2025-02-26	Dec 2024	$0.73

Filings and sources

Company website: vsecorp.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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