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VSE Corporation

VSEC Industrials Aerospace & Defense

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%
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 (at or above 1.5: strong)
Debt/Equity 0.32 (at or below 0.5: strong)
P/E ratio 51.83 (above 35: high)
Fwd P/E 43.00 (above 35: high)
P/S ratio 3.72
P/B ratio 1.72
Past 5Y EPS Growth —
This Y EPS Growth 68.38% (at or above 15%: strong)
Next Y EPS Growth 23.51% (at or above 15%: strong)
Next Y revenue growth 63.09% (at or above 10%: strong)
Next 5Y EPS Growth 34.05% (at or above 15%: strong)

Green and red mark values outside typical ranges. 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

VSE Corporation (VSEC) Latest News

12 May

Impact 5 ·
stockrow.com/VSEC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com