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VSE Corporation

VSEC Industrials Aerospace & Defense

VSE Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 41.5% from fiscal 2024.

Revenue
+65.0%
EPS
+513.3%
Free cash flow
+217.0%
Total debt
+149.8%

Quarter to June 2026, against a year earlier

166.08 2.12 +1.29%
Market cap
$4.6B
P/E
60.0×
Fwd P/E
36.8×
Dividend yield
0.24%
F-score
7/9
Altman Z
5.07
Beneish M
−1.96
Dividend safety
44/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 5.82
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — 1 1 — —
Insider Ownership 10.87%

Capital & Financial Ratios $m

Size
Market Cap 4,620.00
Revenue ttm 1,357.81
Net income ttm 75.06
Free cash flow ttm (1.12)
Net debt Q 871.60
Valuation
P/E 59.96 (above 35: high)
Forward P/E 36.80 (above 35: high)
Price / sales 3.78
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.75
Financial health
Current ratio Q 3.77 (at or above 1.5: strong)
Debt / equity Q 0.32 (at or below 0.5: strong)
Interest coverage Q 9.36
Growth
Revenue growth Q +65.04% (above 0%: growing)
Operating income growth Q +117.47% (above 0%: growing)
EPS, this year +74.82% (at or above 15%: strong)
EPS, next year A +20.52% (at or above 15%: strong)
Revenue, next year A +63.18% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +34.56% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.4×, against a ten-year median of 1.3×; over the ten years it ranged from 0.6× in 2020 to 5.8× in 2026.
P/E against its own 10 years 67.31%
10-year low 10-year high
P/S against its own 10 years 93.69%
10-year low 10-year high
P/B against its own 10 years 64.72%
10-year low 10-year high
EV/Sales against its own 10 years 96.96%
10-year low 10-year high

Dividends

Yield
0.24%
Annual rate
0.40
Payout ratio
14.6%
Growth, 2018–26
+3.66%/yr
  1. 0.30 ’18
  2. 0.34 ’19 +13
  3. 0.36 ’20 +6
  4. 0.36 ’21 +0
  5. 0.40 ’22 +11
  6. 0.50 ’23 +25
  7. 0.40 ’24 −20
  8. 0.40 ’25 +0
  9. 0.40 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8 30 69 75
Receivables 128 158 191 275
Inventory 501 434 554 867
Other 137 344 79 108
774 965 893 1,325
2023 2024 2025 Q'26
Payables 173 145 155 187
ST’ Debt 23 30 8 32
Other 53 68 — 34
287 299 238 352

Compound Annual Growth %

10y 5y 3y
Sales 7.61% 10.95% 18.44%
Cash Flow (3.25%) (5.47%) 49.66%
Earnings (7.28%) 0.00% (25.28%)
Book Value 20.16% 32.20% 47.37%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.61 Actual 2.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.88 1.16 Beat by 0.28
Q1 FY26 0.93 1.17 Beat by 0.24
Q2 FY26 0.93 1.75 Beat by 0.82
Q3 FY26 1.61 2.01 Beat by 0.40
Q4 FY26 1.68 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.04 0.91 — — —
’25 (0.44) 0.16 0.19 0.60 0.55
’24 (0.41) (0.16) 0.63 0.77 0.85
’23 0.71 0.68 0.63 0.73 2.76
’22 0.49 0.59 0.73 0.38 2.19
’21 0.42 (0.97) 0.71 0.48 0.63
’20 0.30 (2.05) 0.73 0.54 (0.47)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 325 449 — — —
’25 256 272 283 301 1,112
’24 162 193 204 227 786
’23 189 205 231 235 544
’22 231 170 167 101 669
’21 165 175 201 (59) 481
’20 177 169 166 150 662
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (62) 28 — — —
’25 (47) 12 24 38 27
’24 (79) (18) 10 55 (31)
’23 (49) (16) 15 28 (22)
’22 (18) (2) 16 12 8
’21 (36) (18) 23 13 (18)
’20 7 16 12 1 36
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (85) 20 — — —
’25 (50) 6 18 31 6
’24 (87) (21) 4 52 (52)
’23 (52) (20) 11 20 (40)
’22 (19) (3) 11 8 (3)
’21 (38) (21) 21 10 (28)
’20 8 15 12 (1) 34
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 692 760 697 753 662 481 669 544 786 1,112 1,358 +5.4% 1,815 2,204 2,395 +29.1%
Gross margin, % 10.73 9.57 10.36 11.13 11.39 3.43 10.90 12.69 13.00 14.22 15.62 +3.5 pt
EBT 42 45 45 46 0 (15) 36 19 24 69 110 +5.8%
EBT margin, % 6.02 5.93 6.49 6.17 0.06 (3.07) 5.33 3.50 3.03 6.21 8.09 +0.2 pt
Net income 27 39 35 37 (5) 8 28 39 15 12 75 (8.8%)
Per share, $
Per share, $ Revenue 64.09 70.15 64.11 68.68 59.97 38.35 52.38 38.50 43.98 52.62 43.88 (2.2%)
Earnings 2.47 3.60 3.21 3.35 (0.47) 0.63 2.19 2.77 0.86 0.55 2.77 (15.4%)
Cash flow 4.37 4.65 1.73 1.64 3.24 (1.40) 0.63 (1.54) (1.74) 1.28 0.87 (12.8%)
Capex (0.59) (0.28) (0.28) (0.88) (0.14) (0.83) (0.88) (1.32) (1.16) (1.01) (0.91) +6.1%
Free cash flow 3.78 4.38 1.46 0.76 3.10 (2.24) (0.25) (2.87) (2.89) 0.27 (0.04) (25.4%)
Book value 23.64 27.05 30.19 33.14 32.29 33.25 35.17 43.65 55.27 68.06 94.80 +12.5%
Shares, m 11 11 11 11 11 13 13 14 18 21 25 +7.8%
Valuation, ×
Valuation, × P/E 16.03 13.75 9.32 11.32 0.00 95.22 21.18 22.91 115.98 338.76 59.96 64.4
P/S 0.62 0.70 0.47 0.55 0.64 1.59 0.89 1.04 2.16 3.28 3.78 1.2
P/B 1.68 1.83 0.99 1.15 1.19 1.83 1.32 1.45 1.72 2.54 1.75 1.6
EV/Sales 0.96 0.96 0.72 0.91 1.02 2.18 1.32 1.53 2.67 3.48 4.43 1.6
EV/FCF 16.32 15.35 31.82 81.99 19.74 (37.39) (278.88) (32.52) (40.61) 678.86 (5,366.47) 45.5
Cash, $m
Cash, $m Operating cash flow 47 50 19 18 36 (18) 8 (22) (31) 27 27 (6.0%)
Capex (6) (3) (3) (10) (2) (10) (11) (19) (21) (21) (28) +14.3%
Free cash flow 41 47 16 8 34 (28) (3) (40) (52) 6 (1) (19.6%)
Balance, $m
Balance, $m Working capital 110 135 176 191 216 284 324 487 667 656 974 +21.9%
Net debt 236 193 179 269 251 284 286 422 401 223 872 (0.6%)
Shareholders’ equity 255 293 328 363 356 417 450 617 988 1,439 2,933 +21.2%
Returns, %
Returns, % ROA 4.19 6.06 5.53 4.99 (0.64) 0.94 2.93 3.33 0.99 0.62 2.50 (3.6) pt
ROIC 6.55 6.99 6.68 5.96 1.43 (0.24) 4.55 3.02 2.64 3.37 2.04 (3.2) pt
ROE 11.06 14.26 11.29 10.71 (1.44) 2.06 6.47 7.34 1.91 0.96 3.84 (10.1) pt
People
People Employees 2,523 2,306 2,228 2,776 1,900 2,500 2,000 1,200 1,400 1,600 — (4.9%)
Revenue/emp, $m 0.27 0.33 0.31 0.27 0.35 0.19 0.33 0.45 0.56 0.70 — +10.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

VSE Corporation vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AVAV AeroVironment, Inc. $5.2B — (loss-making) 268× +5.68% (above 0%: growing) n/m +76.92% (above 0%: growing) 25.93% (2.26%) Compare
VSEC VSE Corporation $4.6B 60.0× 36.8× +65.04% (above 0%: growing) +513.33% (above 0%: growing) +217.04% (above 0%: growing) 17.02% 10.90%
MDA MDA Space Ltd. $4.4B 45.6× 49.5× +33.44% (above 0%: growing) −12.34% (below 0%: shrinking) −1,555.78% (below 0%: shrinking) 25.25% 6.14% Compare
KRMN Karman Holdings Inc. $4.3B 111× 80.9× +58.18% (above 0%: growing) +120.00% (above 0%: growing) +17.67% (above 0%: growing) 42.97% 19.13% Compare
AIR AAR Corp. $4.2B 21.2× 19.7× +24.12% (above 0%: growing) +5.21% (above 0%: growing) +182.09% (above 0%: growing) 19.20% 7.85% Compare
PL Planet Labs PBC $4.1B — (loss-making) — (loss-making) +58.14% (above 0%: growing) n/m −48.55% (below 0%: shrinking) 56.55% (11.64%) Compare
DPC DPC Holdings PLC $4.1B — — — n/m — 25.83% (44.73%) Compare
MRCY Mercury Systems Inc $4.0B — (loss-making) 152× +6.11% (above 0%: growing) −94.79% (below 0%: shrinking) −15.93% (below 0%: shrinking) 30.57% 4.99% Compare
MOG.B Moog Inc. $3.7B 27.0× — +15.16% (above 0%: growing) +153.97% (above 0%: growing) +67.52% (above 0%: growing) 31.10% 14.41% Compare
Median of peers $4.2B 36.3× 80.9× +24.12% +5.21% +17.67% 28.25% 5.57%

All 94 Aerospace & Defense stocks →

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.97m 21.71m 463.81
2024 4.95m 10.53m 254.49
2023 4.56m 8.14m 172.03
2022 3.62m 3.18m 123.89
2021 2.35m 3.09m 159.54
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

VSE Corporation (VSEC) Latest News

5 Nov

Impact 4 · · GuruFocus.com
Impact 3 · · Simply Wall St.

4 Nov

Impact 4 · · Business Wire
Impact 3 · · StockStory

29 Oct

Impact 4 · · StockStory
Impact 3 · · Business Wire
Impact 3 · · Zacks

28 Oct

Impact 4 · · Insider Monkey

27 Oct

Impact 3 · · Insider Monkey

26 Oct

Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · Barchart

19 Oct

Impact 4 · · StockStory

14 Oct

Impact 3 · · Business Wire

8 Oct

Impact 4 · · Simply Wall St.

5 Oct

Impact 3 · · StockStory

5 Sep

Impact 4 ·
Impact 3 ·

4 Sep

Impact 4 ·

3 Sep

Impact 3 ·

31 Aug

Impact 4 ·

14 Aug

Impact 4 ·

12 Aug

Impact 4 · · The Motley Fool transcript

7 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 4 ·
Impact 4 · transcript
Impact 4 ·
Impact 3 ·

5 Aug

Impact 4 ·
Impact 3 ·

1 Jul

Impact 3 ·

VSEC metrics, ten years each

stockrow.com/VSEC · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com