VSE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VSE CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	692	760	697	753	662	481	669	544	786	1,112
Cost of revenue	280	292
Gross profit	412	468
Selling, general and administrative	6.61	2.43	3.71	4.19	3.12	3.45	3.64	7.12	13.6	13.3
Operating income	51.5	54.3	54.2	60.3	13.9	-2.71	53.6	50.1	58.8	89.6
Interest expense								31.1	34.9	20.6
Pre-tax income	41.7	45.1	45.2	46.4	0.43	-14.8	35.7	19.1	23.8	69
Income tax	14.9	5.99	10.2	9.4	5.6	-3.77	9.05	4.5	4.41	15.5
Income from continuing operations	26.8
Net income	26.8	39.1	35.1	37	-5.17	7.97	28.1	39.1	15.3	11.7
EBITDA	77.6	80.2	79.5	87.2	38.1	21.9	78.2	73.6	87.5	130
EPS, basic	2.48	3.61	3.23	3.38	-0.47	0.63	2.20	2.77	0.86	0.55
EPS, diluted	2.47	3.60	3.21	3.35	-0.47	0.63	2.19	2.76	0.85	0.55
Shares, basic (weighted)	10.8	10.8	10.9	11	11	12.6	12.8	14.1	17.9	21.1
Shares, diluted (weighted)	10.8	10.9	10.9	11	11	12.6	12.8	14.2	18	21.2
Dividend per share	0.24	0.27	0.31	0.35	0.36	0.37	0.40	0.40	0.40	0.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.43	0.62	0.16	0.73	0.38	0.52	0.31	7.77	29.5	69.4
Receivables	101	55.8	60	70.6	55.5	76.6	90.6	128	158	191
Other current assets	20.5	17	13.4	19.1	23.3	32.3	15.2	36.4	30.9	37.9
Total current assets	258	249	281	355	355	464	549	774	965	893
Property, plant and equipment	62.1	55.1	49.6	43.5	36.4	42.5	40.5	58.1	71	91.1
Lease right-of-use assets			0	20.9	20.5	27.3	21.6	28.7	43.2	50.2
Goodwill	199	199	199	276	238	217	217	289	428	641
Intangible assets	127	111	94.9	132	104	108	86.6	114	197	296
Other non-current assets	15.8	15.8	14.5	17.5	26.5	27.7	29	23.6	37.6	29.8
Total assets	662	629	639	846	780	919	1,000	1,350	1,743	2,029
Accounts payable	94	66	57.4	68.1	72.7	115	129	173	145	155
Accrued liabilities	32.8	40.2								73.2
Deferred revenue			5	3.71	9.86	7.15	6.4	2.79	4.48	6.89
Short-term debt	21	6.96	9.47	16.9	20.4	14.2	10	22.5	30	7.5
Total current liabilities	148	114	105	164	139	180	225	287	299	238
Long-term debt	194	166	151	253	231	270	276	407	400	285
Lease liabilities	21.7	20.3	0	24.4	22.8	27.2	19.2	25	39.5	43.7
Other non-current liabilities				0	0.08	0.25	0	0	9.01	4.96
Total liabilities	407	336	310	483	424	501	550	734	754	590
Total debt	216	173	161	270	251	285	286	429	430	293
Paid-in capital	22.9	24.5	26.6	29.4	31.9	88.5	92.6	229	592	1,041
Retained earnings	232	268	301	334	325	328	351	385	392	396
Other comprehensive income	0.05	0.18	0.15	-1.11	-1.2	-0.18	4.97	2.13	3.07	0.51
Shareholders' equity	255	293	328	363	356	417	450	617	988	1,439
Total equity	255	293	328	363	356	417	450	617	988	1,439
Total liabilities and equity	662	629	639	846	780	919	1,000	1,350	1,743	2,029
Shares outstanding	10.8	10.8	10.9	11	11.1	12.7	12.8	15.8	20.6	23.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26.8	39.1	35.1	37	-5.17	7.97	28.1	39.1	15.3	11.7
Depreciation and amortization	26	25.9	25.2	26.9	24.1	24.6	24.6	23.4	28.8	39.9
Stock-based compensation	2.11	3.07	3.03	3.26	2.86	3.93	4.47	7.74	8.32	12.8
Deferred income tax	-1.15	-10.7	-1.4	-0.51	0.11	-4.63	-1.95	-4.5	-7.67	1.28
Change in receivables	-12.2	-0.09	-3.75	-3.33	7.73	-9.41	-26.6	-25.9	-40.2	-26.5
Change in inventory	-27.2	3.75	-35.6	-44.2	-50.2	-80	-59.1	-87.5	-31.7	-56.9
Change in payables	54.7	-23.6	-7.41	7.73	3.5	33.2	36.2	23.9	-31.8	-10.9
Cash from operations	47.2	50.4	18.9	18	35.8	-17.6	8.05	-21.8	-31	27
Capital expenditures	-6.55	-3.74	-3.12	-9.63	-4.43	-10.5	-11.2	-18.7	-20.7	-21.3
Acquisitions	-0.06	0	0	-113	0	-53.3	0	-219	-283	-394
Cash from investing	-6.47	-3.01	-1.3	-123	20.2	-61.6	-2.38	-236	-264	-276
Debt issued	322	349	539	752	433	492	520	844	739	667
Debt repaid	-340	-391	-550	-642	-452	-458	-518	-700	-740	-804
Stock issued				0	0	52	0.9	130	326	442
Dividends paid	-2.48	-2.82	-3.26	-3.73	-3.97	-4.43	-5.11	-5.44	-7.06	-8.26
Cash from financing	-41	-47.2	-18	105	-56.3	79.4	-5.71	265	316	290
Net change in cash	-0.31	0.2	-0.46	0.57	-0.36	0.14	-0.04	7.45	21.1	40.3
Free cash flow	40.6	46.7	15.7	8.36	31.3	-28.1	-3.16	-40.5	-51.7	5.71
Interest paid	8.23	7.61	7.52	13.5	13.9	12.1	16.4	35	37.1	26.8
Income taxes paid	18.9	16.3	9.53	11.6	4.76	7.54	10.3	14	11.9	16.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $180.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.2%	Operating income / revenue.
EBITDA margin	13.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.1%	Pre-tax income / revenue.
Net margin	5.5%	Net income / revenue.
FCF margin	-0.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.0%	Cash from operations / revenue.
Effective tax rate	24.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.
Return on invested capital (ROIC)	2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	1.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	41.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	52.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	45.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	48.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	27.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-23.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-25.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-35.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-36.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	49.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-28.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	45.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	47.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	32.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	26.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	18.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	18.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.77x	Current assets / current liabilities.
Quick ratio	0.99x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.5%	Total debt / total assets.
Liabilities / assets	33.3%	Total liabilities / total assets.
Net debt	$871.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.81x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$973.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	62.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$170.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	8.15x	Revenue / average property, plant and equipment.
Receivables turnover	4.94x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
FCF conversion	-1.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	104.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$43.26	Revenue / diluted weighted shares.
FCF per share	-$0.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.86	Cash from operations / diluted weighted shares.
Book value per share	$104.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.09	Tangible book value / shares outstanding.
Cash per share	$2.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.07B	Share price x shares outstanding.
Enterprise value	$5.94B	Market cap + total debt - cash - short-term investments.
P/E	67.6x	Market cap / net income. Only when net income is positive.
P/S	3.74x	Market cap / revenue.
P/B	1.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	29.7x	Market cap / tangible book value, when positive.
P/OCF	188x	Market cap / cash from operations, when positive.
EV/Sales	4.38x	Enterprise value / revenue.
EV/EBIT	47.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	32.8x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.0%	Free cash flow / market cap.
Earnings yield	1.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was VSE CORP's revenue in fiscal 2025?

VSE CORP reported revenue of $1.11B for fiscal 2025, 41.5% higher than the year before.

Was VSE CORP profitable in fiscal 2025?

Yes. Net income was $11.7M, a net margin of 1.1%.

How much free cash flow did VSE CORP generate in fiscal 2025?

Cash from operations of $27.0M minus capital expenditures of $21.3M left free cash flow of $5.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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