Saturday 17 October 2026 Export VSEC’s income statement to Excel — free account

VSE Corporation

In the quarter to June 2026, revenue grew 65.0%, EPS grew 513.3%, free cash flow grew 217.0% and total debt rose 149.8%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.

163.27 1.72 +1.06%

Follow VSEC

Alert me

Market cap: $4.5B
P/E: 51.8×
Fwd P/E: 43.0×
Dividend yield: 0.24%
F-score: 7/9
Altman Z: 5.07
Beneish M: −1.96
Dividend safety: 48/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 5.82

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	1	—	1	1	—

Insider Ownership 10.87%

Capital & Financial Ratios $m

Market Cap 4,530.00

Revenue 1,357.81

Net Income 75.06

Free Cash Flow (1.12)

Net Debt 871.60

Current Ratio 3.77

Debt/Equity 0.32

P/E ratio 51.83

Fwd P/E 43.00

P/S ratio 3.72

P/B ratio 1.72

Past 5Y EPS Growth —

This Y EPS Growth 68.38%

Next Y EPS Growth 23.51%

Next Y revenue growth 63.09%

Next 5Y EPS Growth 34.05%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 64.95%

10-year low 10-year high

P/S against its own 10 years 91.60%

10-year low 10-year high

P/B against its own 10 years 62.70%

10-year low 10-year high

EV/Sales against its own 10 years 94.69%

10-year low 10-year high

Dividends

Payout Ratio 0.13

Annual Dividend Rate 0.40

Annual Dividend Yield 0.24%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.40	0.10 0.10 0.10 0.10
2025	0.40	0.10 0.10 0.10 0.10
2024	0.40	0.10 0.10 0.10 0.10
2023	0.50	0.10 0.10 0.10 0.10 0.10
2022	0.40	0.10 0.10 0.10 0.10
2021	0.36	0.09 0.09 0.09 0.09
2020	0.36	0.09 0.09 0.09 0.09
2019	0.34	0.08 0.08 0.09 0.09
2018	0.30	0.07 0.07 0.08 0.08
2017	0.26	0.06 0.06 0.07 0.07
2016	0.23	0.06 0.06 0.06 0.06

predictions special payouts not included in total or ratios

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%

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	—	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.

value withheld pending a data check

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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.04	0.91	—	—	—
’25	(0.44)	0.16	0.19	0.98	2.52
’24	(0.41)	(0.16)	0.63	0.77	2.03
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	26.16	34.98	26.96	24.06	13.83	34.03	31.85	39.89	57.10	88.69	Analyst estimates 2026–2028 Powerpack
	High	42.69	59.90	56.03	41.14	41.99	65.42	62.53	66.44	123.92	186.00
People
People	Employees	2,523	2,306	2,228	2,776	1,900	2,500	2,000	1,200	1,400	1,600
	Revenue/emp, $m	0.27	0.33	0.31	0.27	0.35	0.19	0.33	0.45	0.56	0.70
Income, $m
Income, $m	Revenue	692	760	697	753	662	481	669	544	786	1,112
	Gross margin, %	10.73	9.57	10.36	11.13	11.39	3.43	10.90	12.69	13.00	14.22
	EBT	42	45	45	46	0	(15)	36	19	24	69
	EBT margin, %	6.02	5.93	6.49	6.17	0.06	(3.07)	5.33	3.50	3.03	6.21
	Net income	27	39	35	37	(5)	8	28	39	15	12
	Depreciation	26	26	25	27	24	26	26	25	30	41
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
	Earnings	2.47	3.60	3.21	3.35	(0.47)	0.63	2.19	2.77	2.03	2.52
	Cash flow	4.37	4.65	1.73	1.64	3.24	(1.40)	0.63	(1.54)	(1.74)	1.28
	Capex	(0.59)	(0.28)	(0.28)	(0.88)	(0.14)	(0.83)	(0.88)	(1.32)	(1.16)	(1.01)
	Free cash flow	3.78	4.38	1.46	0.76	3.10	(2.24)	(0.25)	(2.87)	(2.89)	0.27
	Book value	23.64	27.05	30.19	33.14	32.29	33.25	35.17	43.65	55.27	68.06
	Shares, m	11	11	11	11	11	13	13	14	18	21
Valuation, ×
Valuation, ×	P/E	16.03	13.75	9.32	11.32	0.00	95.22	21.18	22.91	115.98	194.12
	P/S	0.62	0.70	0.47	0.55	0.64	1.59	0.89	1.65	2.16	3.28
	P/B	1.68	1.83	0.99	1.15	1.19	1.83	1.32	1.45	1.72	2.54
	EV/Sales	0.96	0.96	0.72	0.91	1.02	2.18	1.32	2.42	2.67	3.48
	EV/FCF	16.32	15.35	31.82	81.99	19.74	(37.39)	(278.88)	(32.52)	(40.61)	678.86
Cash, $m
Cash, $m	Operating cash flow	47	50	19	18	36	(18)	8	(22)	(31)	27
	Capex	(6)	(3)	(3)	(10)	(2)	(10)	(11)	(19)	(21)	(21)
	Free cash flow	41	47	16	8	34	(28)	(3)	(40)	(52)	6
Balance, $m
Balance, $m	Working capital	110	135	176	191	216	284	324	487	667	656
	Total debt	237	193	180	270	251	285	286	429	430	293
	Net debt	236	193	179	269	251	284	286	422	401	223
	Shareholders’ equity	255	293	328	363	356	417	450	617	988	1,439
Returns, %
Returns, %	ROA	4.19	6.06	5.53	4.99	(0.64)	0.94	2.93	3.33	0.99	0.62
	ROIC	6.55	6.99	6.68	5.96	1.43	(0.24)	4.55	3.02	2.64	3.37
	ROE	11.06	14.26	11.29	10.71	(1.44)	2.06	6.47	7.34	1.91	0.96

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LOAR Loar Holdings Inc.	$5.9B	86.4×	111×	+39.36% (above 0%: growing)	0.00%	+31.01% (above 0%: growing)	53.15%	24.39%	Compare
PL Planet Labs PBC	$5.3B	— (loss-making)	— (loss-making)	+58.14% (above 0%: growing)	n/m	−48.55% (below 0%: shrinking)	56.55%	(11.64%)	Compare
MRCY Mercury Systems Inc	$4.7B	— (loss-making)	239×	+6.11% (above 0%: growing)	−94.79% (below 0%: shrinking)	−15.93% (below 0%: shrinking)	30.57%	4.99%	Compare
VSEC VSE Corporation	$4.5B	51.8×	43.0×	+65.04% (above 0%: growing)	+513.33% (above 0%: growing)	+217.04% (above 0%: growing)	17.02%	10.90%
KRMN Karman Holdings Inc.	$4.5B	120×	108×	+58.18% (above 0%: growing)	+120.00% (above 0%: growing)	+17.67% (above 0%: growing)	42.97%	19.13%	Compare
BETA BETA Technologies, Inc.	$4.4B	— (loss-making)	— (loss-making)	+145.69% (above 0%: growing)	n/m	−87.68% (below 0%: shrinking)	54.72%	(1,078.71%)	Compare
AIR AAR Corp.	$3.9B	20.1×	26.3×	+24.12% (above 0%: growing)	+5.48% (above 0%: growing)	+182.09% (above 0%: growing)	19.20%	7.85%	Compare
MOG.B Moog Inc.	$3.7B	30.0×	—	+15.16% (above 0%: growing)	+153.97% (above 0%: growing)	+67.52% (above 0%: growing)	31.10%	14.41%	Compare
ACHR Archer Aviation Inc.	$3.3B	— (loss-making)	— (loss-making)	—	n/m	−51.76% (below 0%: shrinking)	14.00%	(5,584.00%)	Compare
Median of peers	$4.4B	58.2×	110×	+39.36%	+5.48%	+0.87%	37.04%	6.42%

All 82 Aerospace & Defense stocks →

VSE Corporation (VSEC) key facts

VSE Corporation (VSEC) is an Aerospace & Defense company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, VSEC traded at $163.27, a market capitalization of $4.5 billion.
VSE Corporation pays an annual dividend of $0.40 per share, a yield of 0.24%, with a payout ratio of 12.8%.
Return on equity was 0.96% and debt-to-equity 0.32.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 5.07 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.