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VSE CORP

VSEC Clue Score50
United States Fiscal year ends December CIK 0000102752
$173.63 +2.15% Close, 9 Oct 2026
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Price $173.63 +262.71% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue691.8Operating income51.5Net income26.8EPS, diluted2.47Fiscal year 2017Revenue760.1 +9.9%Operating income54.3Net income39.1 +45.9%EPS, diluted3.60 +45.7%Fiscal year 2018Revenue697.2 −8.3%Operating income54.2Net income35.1 −10.3%EPS, diluted3.21 −10.8%Fiscal year 2019Revenue752.6 +7.9%Operating income60.3Net income37.0 +5.5%EPS, diluted3.35 +4.4%Fiscal year 2020Revenue661.7 −12.1%Operating income13.9Net income−5.2 −114.0%EPS, diluted−0.47 −114.0%Fiscal year 2021Revenue481.4 −27.2%Operating income−2.7Net income8.0EPS, diluted0.63Fiscal year 2022Revenue669.4 +39.1%Operating income53.6Net income28.1 +252.2%EPS, diluted2.19 +247.6%Fiscal year 2023Revenue544.0 −18.7%Operating income50.1Net income39.1 +39.5%EPS, diluted2.76 +26.0%Fiscal year 2024Revenue786.3 +44.5%Operating income58.8Net income15.3 −60.8%EPS, diluted0.85 −69.2%Fiscal year 2025Revenue1,112.3 +41.5%Operating income89.6Net income11.7 −23.6%EPS, diluted0.55 −35.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 691.8 760.1 697.2 752.6 661.7 481.4 669.4 544.0 786.3 1,112.3
Growth +9.9% −8.3% +7.9% −12.1% −27.2% +39.1% −18.7% +44.5% +41.5%
Operating income 51.5 54.3 54.2 60.3 13.9 −2.7 53.6 50.1 58.8 89.6
Net income 26.8 39.1 35.1 37.0 −5.2 8.0 28.1 39.1 15.3 11.7
Growth +45.9% −10.3% +5.5% −114.0% +252.2% +39.5% −60.8% −23.6%
EPS, diluted 2.47 3.60 3.21 3.35 −0.47 0.63 2.19 2.76 0.85 0.55
Growth +45.7% −10.8% +4.4% −114.0% +247.6% +26.0% −69.2% −35.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin7.4%Net margin3.9%Free cash flow margin5.9%Fiscal year 2017Operating margin7.1%Net margin5.1%Free cash flow margin6.1%Fiscal year 2018Operating margin7.8%Net margin5.0%Free cash flow margin2.3%Fiscal year 2019Operating margin8.0%Net margin4.9%Free cash flow margin1.1%Fiscal year 2020Operating margin2.1%Net margin−0.8%Free cash flow margin4.7%Fiscal year 2021Operating margin−0.6%Net margin1.7%Free cash flow margin−5.8%Fiscal year 2022Operating margin8.0%Net margin4.2%Free cash flow margin−0.5%Fiscal year 2023Operating margin9.2%Net margin7.2%Free cash flow margin−7.4%Fiscal year 2024Operating margin7.5%Net margin1.9%Free cash flow margin−6.6%Fiscal year 2025Operating margin8.1%Net margin1.1%Free cash flow margin0.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 7.4% 7.1% 7.8% 8.0% 2.1% −0.6% 8.0% 9.2% 7.5% 8.1%
Net margin 3.9% 5.1% 5.0% 4.9% −0.8% 1.7% 4.2% 7.2% 1.9% 1.1%
Free cash flow margin 5.9% 6.1% 2.3% 1.1% 4.7% −5.8% −0.5% −7.4% −6.6% 0.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow47.2Capital expenditure−6.5Free cash flow40.6Dividends paid−2.5Fiscal year 2017Operating cash flow50.4Capital expenditure−3.7Free cash flow46.7 +14.8%Dividends paid−2.8Fiscal year 2018Operating cash flow18.9Capital expenditure−3.1Free cash flow15.7 −66.3%Dividends paid−3.3Fiscal year 2019Operating cash flow18.0Capital expenditure−9.6Free cash flow8.4 −46.9%Dividends paid−3.7Fiscal year 2020Operating cash flow35.8Capital expenditure−4.4Free cash flow31.3 +274.6%Dividends paid−4.0Fiscal year 2021Operating cash flow−17.6Capital expenditure−10.5Free cash flow−28.1 −189.7%Dividends paid−4.4Fiscal year 2022Operating cash flow8.1Capital expenditure−11.2Free cash flow−3.2Dividends paid−5.1Fiscal year 2023Operating cash flow−21.8Capital expenditure−18.7Free cash flow−40.5Dividends paid−5.4Fiscal year 2024Operating cash flow−31.0Capital expenditure−20.7Free cash flow−51.7Dividends paid−7.1Fiscal year 2025Operating cash flow27.0Capital expenditure−21.3Free cash flow5.7Dividends paid−8.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 47.2 50.4 18.9 18.0 35.8 −17.6 8.1 −21.8 −31.0 27.0
Capital expenditure −6.5 −3.7 −3.1 −9.6 −4.4 −10.5 −11.2 −18.7 −20.7 −21.3
Free cash flow 40.6 46.7 15.7 8.4 31.3 −28.1 −3.2 −40.5 −51.7 5.7
Growth +14.8% −66.3% −46.9% +274.6% −189.7%
Dividends paid −2.5 −2.8 −3.3 −3.7 −4.0 −4.4 −5.1 −5.4 −7.1 −8.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.4Total debt214.6Net cash (debt)−214.2Shareholders’ equity255.2Debt to equity0.84Fiscal year 2017Cash0.6Total debt172.6Net cash (debt)−172.0Shareholders’ equity293.1Debt to equity0.59Fiscal year 2018Cash0.2Total debt160.6Net cash (debt)−160.4Shareholders’ equity328.4Debt to equity0.49Fiscal year 2019Cash0.7Total debt270.0Net cash (debt)−269.3Shareholders’ equity363.1Debt to equity0.74Fiscal year 2020Cash0.4Total debt251.1Net cash (debt)−250.7Shareholders’ equity356.3Debt to equity0.70Fiscal year 2021Cash0.5Total debt284.6Net cash (debt)−284.1Shareholders’ equity417.3Debt to equity0.68Fiscal year 2022Cash0.3Total debt286.3Net cash (debt)−286.0Shareholders’ equity449.5Debt to equity0.64Fiscal year 2023Cash7.8Total debt429.3Net cash (debt)−421.6Shareholders’ equity616.7Debt to equity0.70Fiscal year 2024Cash29.5Total debt430.2Net cash (debt)−400.7Shareholders’ equity988.2Debt to equity0.44Fiscal year 2025Cash69.4Total debt292.8Net cash (debt)−223.4Shareholders’ equity1,438.8Debt to equity0.20
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.4 0.6 0.2 0.7 0.4 0.5 0.3 7.8 29.5 69.4
Total debt 214.6 172.6 160.6 270.0 251.1 284.6 286.3 429.3 430.2 292.8
Net cash (debt) −214.2 −172.0 −160.4 −269.3 −250.7 −284.1 −286.0 −421.6 −400.7 −223.4
Shareholders’ equity 255.2 293.1 328.4 363.1 356.3 417.3 449.5 616.7 988.2 1,438.8
Debt to equity 0.84 0.59 0.49 0.74 0.70 0.68 0.64 0.70 0.44 0.20

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
7.4% 7.1% 7.8% 8.0% 2.1% −0.6% 8.0% 9.2% 7.5% 8.1%
6.0% 5.9% 6.5% 6.2% 0.1% −3.1% 5.3% 3.5% 3.0% 6.2%
3.9% 5.1% 5.0% 4.9% −0.8% 1.7% 4.2% 7.2% 1.9% 1.1%
5.9% 6.1% 2.3% 1.1% 4.7% −5.8% −0.5% −7.4% −6.6% 0.5%
Spending
1.0% 0.3% 0.5% 0.6% 0.5% 0.7% 0.5% 1.3% 1.7% 1.2%
0.9% 0.5% 0.4% 1.3% 0.7% 2.2% 1.7% 3.4% 2.6% 1.9%
35.7% 13.3% 22.5% 20.3% 1,311.0% n/a 25.3% 23.6% 18.5% 22.5%
Returns
10.5% 13.3% 10.7% 10.2% −1.5% 1.9% 6.2% 6.3% 1.6% 0.8%
4.0% 6.2% 5.5% 4.4% −0.7% 0.9% 2.8% 2.9% 0.9% 0.6%
Balance and payout
0.84 0.59 0.49 0.74 0.70 0.68 0.64 0.70 0.44 0.20
61.4% 53.4% 48.6% 57.1% 54.3% 54.6% 55.0% 54.3% 43.3% 29.1%
9.3% 7.2% 9.3% 10.1% n/a 55.6% 18.2% 13.9% 46.1% 70.6%
6.1% 6.0% 20.7% 44.5% 12.7% n/a n/a n/a n/a 144.7%