VSEC
$164.08+1.57%
VSE CorporationStock · IndustrialsRussell 2000 0.2%Nasdaq Composite 0.01%US Stock Market 0.009%Russell 3000 0.008%
VSEC financial statements
The full income statement, balance sheet, and cash-flow statement for VSE Corporation (VSEC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 18.4M2024-09 20.4M2024-12 20.6M2025-03 20.7M2025-06 20.7M2025-09 20.7M2025-12 28.0M2026-03 28.1M2026-06 28.1M+52.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 1.11B+41.5% | 786M+44.5% | 544M-18.7% | 669M+39.1% | 481M-27.2% | |
| Selling, general & administrative | 13.3M-2.1% | 13.6M+91.3% | 7.12M+96.0% | 3.63M+5.2% | 3.45M+10.7% | |
| Amortization of intangibles | 26.0M+47.5% | 17.6M+50.1% | 11.7M-25.4% | 15.7M-0.1% | 15.8M-10.0% | |
| Operating income | 89.6M+52.5% | 58.8M+17.2% | 50.1M-6.5% | 53.6M+2081.7% | -2.71M-119.4% | |
| Interest expense | 20.6M-41.2% | 34.9M+12.4% | 31.1M | — | — | |
| Net interest income | — | — | -31.1M-73.7% | -17.9M-48.3% | -12.1M+10.6% | |
| Pre-tax income | 69.0M+190.0% | 23.8M+24.9% | 19.1M-46.6% | 35.7M+341.8% | -14.8M-3558.5% | |
| Income tax | 15.5M+252.8% | 4.41M-2.0% | 4.50M-50.3% | 9.05M+340.2% | -3.77M-167.3% | |
| 11.7M-23.6% | 15.3M-60.8% | 39.1M+39.5% | 28.1M+252.2% | 7.97M+254.1% | ||
| Discontinued operations | -41.8M-924.8% | -4.08M-116.6% | 24.6M+1654.9% | 1.40M-92.6% | 19.0M | |
| $0.55-35.3% | $0.85-69.2% | $2.76+26.0% | $2.19+247.6% | $0.63+234.0% | ||
| EPS (basic) | $0.55-36.0% | $0.86-69.0% | $2.77+25.9% | $2.20+249.2% | $0.63+234.0% | |
| Weighted-avg shares (basic) | 21.1M+18.2% | 17.9M+26.5% | 14.1M+10.6% | 12.8M+1.8% | 12.6M+13.7% | |
| Weighted-avg shares (diluted) | 21.2M+18.2% | 18.0M+26.7% | 14.2M+10.6% | 12.8M+1.5% | 12.6M+14.5% | |
| Dividends per share | $0.40+0.0% | $0.40+0.0% | $0.40+0.0% | $0.40+8.1% | $0.37+2.8% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 893M-7.5% | 965M+24.7% | 774M+41.0% | 549M+18.3% | 464M+30.7% | ||
| Cash & equivalents | 69.4M+135.1% | 29.5M+279.8% | 7.77M+2446.9% | 305K-41.1% | 518K+37.0% | |
| Accounts receivable | 191M+20.6% | 158M+23.6% | 128M+41.2% | 90.6M+18.3% | 76.6M+38.1% | |
| Prepaid expenses | 37.9M+22.8% | 30.9M-15.1% | 36.4M | — | — | |
| Other current assets | — | — | 36.4M+139.4% | 15.2M-52.9% | 32.3M+38.5% | |
| 2.03B+16.4% | 1.74B+29.1% | 1.35B+35.1% | 1000M+8.8% | 919M+17.8% | ||
| Property, plant & equipment | 91.1M+28.2% | 71.0M+22.3% | 58.1M+43.4% | 40.5M-4.7% | 42.5M+16.8% | |
| Operating lease right-of-use | 50.2M+16.0% | 43.2M+50.7% | 28.7M+33.1% | 21.6M-21.1% | 27.3M+33.2% | |
| Goodwill | 641M+49.7% | 428M+48.4% | 289M+32.8% | 217M-12.7% | 249M+4.5% | |
| Intangible assets | 296M+50.1% | 197M+72.7% | 114M+31.9% | 86.6M-20.0% | 108M+4.5% | |
| Other non-current assets | 29.8M-20.9% | 37.6M+59.1% | 23.6M-18.5% | 29.0M+4.6% | 27.7M+4.6% | |
| 238M-20.4% | 299M+4.0% | 287M+27.7% | 225M+24.8% | 180M+29.3% | ||
| Accounts payable | 155M+6.2% | 145M-15.9% | 173M+34.7% | 129M+11.7% | 115M+58.3% | |
| Accrued liabilities | 73.2M | — | — | — | — | |
| Deferred revenue | 6.89M+53.9% | 4.48M+60.8% | 2.79M-56.5% | 6.40M-10.4% | 7.15M-27.5% | |
| Short-term & current debt | 7.50M-75.0% | 30.0M+33.3% | 22.5M+125.0% | 10.0M-29.4% | 14.2M-30.5% | |
| Current lease liability | 6.31M+31.9% | 4.78M-3.6% | 4.96M+55.8% | 3.18M-46.9% | 5.99M+49.3% | |
| 590M-21.8% | 754M+2.8% | 734M+33.3% | 550M+9.8% | 501M+18.3% | ||
| Long-term debt | 285M-28.7% | 400M-1.6% | 407M+47.2% | 276M+2.2% | 270M+17.2% | |
| Non-current lease liability | 43.7M+10.6% | 39.5M+58.3% | 25.0M+30.3% | 19.2M-29.5% | 27.2M+19.1% | |
| Operating lease liability (total) | 50.0M-9.1% | 55.0M+84.0% | 29.9M-24.4% | 39.6M+19.4% | 33.2M+23.6% | |
| Deferred tax liabilities | 12.4M | 0.00-100.0% | 6.99M+46.8% | 4.76M-47.7% | 9.11M-38.9% | |
| Other non-current liabilities | 4.96M-45.0% | 9.01M | 0.00 | 0.00-100.0% | 250K+201.2% | |
| 1.44B+45.6% | 988M+60.2% | 617M+37.2% | 450M+7.7% | 417M+17.1% | ||
| Common stock | 1.17M+13.6% | 1.03M+30.7% | 788K+22.9% | 641K+0.8% | 636K+15.0% | |
| Additional paid-in capital | 1.04B+76.0% | 592M+158.2% | 229M+147.4% | 92.6M+4.6% | 88.5M+177.7% | |
| Retained earnings | 396M+0.8% | 392M+2.0% | 385M+9.5% | 351M+7.0% | 328M+1.0% | |
| Accumulated other comprehensive income | 512K-83.3% | 3.07M+44.1% | 2.13M-57.1% | 4.97M+2922.7% | -176K+85.4% | |
| Total liabilities & equity | 2.03B+16.4% | 1.74B+29.1% | 1.35B+35.1% | 1000M+8.8% | 919M+17.8% | |
| Common shares issued | 23.4M+13.6% | 20.6M+30.7% | 15.8M+22.9% | 12.8M+0.7% | 12.7M+15.1% | |
| Common shares outstanding | 23.4M+13.6% | 20.6M+30.7% | 15.8M+22.9% | 12.8M+0.7% | 12.7M+15.1% | |
| Shares outstanding (cover) | 28.0M+35.9% | 20.6M+30.6% | 15.8M+22.9% | 12.8M+0.8% | 12.7M+0.5% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 27.0M+187.0% | -31.0M-42.2% | -21.8M-371.1% | 8.05M+145.7% | -17.6M-149.2% | ||
| Depreciation & amortization | 39.9M+38.8% | 28.8M+22.8% | 23.4M-4.8% | 24.6M+0.1% | 24.6M+1.9% | |
| Intangible amortization | 26.0M+47.5% | 17.6M+50.1% | 11.7M-25.4% | 15.7M-0.1% | 15.8M-10.0% | |
| Share-based compensation | 12.8M+54.4% | 8.31M+7.5% | 7.74M+73.3% | 4.46M+13.6% | 3.93M+37.6% | |
| Deferred income taxes | 1.28M+116.7% | -7.67M-70.4% | -4.50M-130.7% | -1.95M+57.9% | -4.63M-4470.8% | |
| Change in receivables | 26.5M-34.1% | 40.2M+55.2% | 25.9M-2.6% | 26.6M+182.7% | 9.41M+221.7% | |
| Change in inventory | 56.9M+79.6% | 31.7M-63.8% | 87.5M+48.1% | 59.1M-26.1% | 80.0M+59.5% | |
| Change in payables | -10.9M+65.6% | -31.8M-232.8% | 23.9M-33.9% | 36.2M+9.0% | 33.2M+848.0% | |
| -276M-4.8% | -264M-11.9% | -236M-9815.4% | -2.38M+96.1% | -61.6M-404.8% | ||
| Capital expenditure | 21.3M+2.8% | 20.7M+10.9% | 18.7M+66.5% | 11.2M+6.6% | 10.5M+137.6% | |
| Free cash flow | 5.71M+111.0% | -51.7M-27.8% | -40.5M-1181.1% | -3.16M+88.8% | -28.1M-189.7% | |
| Acquisitions | 394M+39.2% | 283M+29.5% | 219M | 0.00-100.0% | 53.3M | |
| Proceeds from sale of PP&E | — | — | 0.00 | 0.00-100.0% | 68.0K-97.6% | |
| 290M-8.2% | 316M+19.2% | 265M+4737.2% | -5.71M-107.2% | 79.4M+240.9% | ||
| Long-term debt issued | 667M-9.7% | 739M-12.4% | 844M+62.3% | 520M+5.8% | 492M+13.5% | |
| Long-term debt repaid | 804M+8.6% | 740M+5.7% | 700M+35.0% | 518M+13.1% | 458M+1.3% | |
| Common stock issued | 442M+35.6% | 326M+150.7% | 130M+14362.7% | 899K-98.3% | 52.0M | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 8.26M+17.0% | 7.06M+29.9% | 5.44M+6.4% | 5.11M+15.5% | 4.43M+11.5% | |
| Other financing activities | -142K | 0.00 | 0.00 | — | — | |
| Net change in cash | 40.3M+91.1% | 21.1M+183.1% | 7.45M+18730.0% | -40.0K-128.6% | 140K+139.3% | |
| Interest paid | 26.8M-27.6% | 37.1M+5.8% | 35.0M+113.4% | 16.4M+35.2% | 12.1M-12.8% | |
| Income taxes paid | 16.1M+34.9% | 11.9M-14.6% | 14.0M+35.5% | 10.3M+37.1% | 7.54M+58.4% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 4.84B+146.8% | 1.96B+92.6% | 1.02B+69.6% | 600M-22.7% | 776M+59.2% | |
| P/E | 413.2×+223.2% | 127.8×+306.8% | 31.4×+54.0% | 20.4×-79.1% | 97.4× | |
| P/S | 4.3×+74.5% | 2.5×+95.2% | 1.3×+8.3% | 1.2×-26.9% | 1.6×+118.8% | |
| P/B | 3.4×+69.5% | 2.0×+18.8% | 1.7×+23.9% | 1.3×-27.6% | 1.9×+35.9% | |
| P/FCF | 847.1× | — | — | — | — | |
| Earnings yield | 0.24%-69.1% | 0.78%-75.4% | 3.2%-35.1% | 4.9%+377.6% | 1.0% | |
| FCF yield | 0.12% | — | — | — | — | |
| Dividend yield | 0.23%-45.0% | 0.42%-32.1% | 0.62%-27.4% | 0.85%+40.5% | 0.61%-35.1% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: VSEC’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VSEC filings on SEC EDGAR → Not investment advice.