VSE Corporation (VSEC) Stock Analysis
Industrials · Aerospace & Defense · NasdaqGS
VSE Corporation (VSEC) posted $1.11B in revenue for fiscal 2025 (up 3.0% year over year), at a 4.8% net margin, and has compounded revenue about 10.9%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on VSE Corporation
VSE Corporation has grown revenue from $691.79M to $1.11B over the last 10 fiscal years, compounding about 10.9% a year. The most recent year was up 3%, so growth has cooled from its longer-run pace.
Net margin sits at 4.8%, up 3.4 points year over year. It carries about $292.80M of total debt.
At today's valuation the market is pricing in roughly 62.9% annual free-cash-flow growth — versus the -28.9% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from VSE Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
VSE Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $691.79M | $760.11M | $697.22M | $752.63M | $661.66M | $481.38M | $949.76M | $860.49M | $1.08B | $1.11B |
| Gross profit | $412.16M | $468.34M | — | — | — | — | — | — | — | — |
| Net income | $26.79M | $39.10M | $35.08M | $37.02M | $-5.17M | $7.97M | $28.06M | $39.13M | $15.32M | $53.49M |
| Net margin | 3.9% | 5.1% | 5.0% | 4.9% | -0.8% | 1.7% | 3.0% | 4.5% | 1.4% | 4.8% |
Source: VSE Corporation SEC filings (10-K). 17 years of history available in the interactive view.
VSE Corporation: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 20.6% while revenue rose 3.0% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Share count rising (dilution)Shares outstanding grew 83.9% over 4 years (12.7M → 23.4M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $307.8M is 11.4× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into VSEC stock?
At today's market cap of $4.84B, VSE Corporation is priced for free-cash-flow growth of about 62.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.71M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -28.9%/yr over the last five fiscal years and revenue 10.9%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of VSE Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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VSE Corporation financial history by metric
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About VSE Corporation
VSE Corporation engages in providing aviation aftermarket parts distribution and maintenance, repair, and overhaul services for air transportation assets for commercial and government markets. It offers its services to global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators. The company was incorporated in 1959 and is headquartered in Miramar, Florida.
VSE Corporation — frequently asked questions
What is VSE Corporation's revenue?
VSE Corporation (VSEC) reported revenue of $1.11B for fiscal year 2025, up 3.0% from the prior year, according to its SEC filings.
Is VSE Corporation profitable?
Yes. VSEC earned net income of $53.49M in fiscal 2025, a net margin of 4.8%.
What is VSEC's P/E ratio?
VSE Corporation trades at a price-to-earnings ratio of about 59.5 based on the latest data in our nightly-refreshed cache.
How fast is VSE Corporation growing?
VSEC's revenue grew at roughly 10.9% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does VSE Corporation have?
As of fiscal year 2025, VSEC carried roughly $292.80M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is VSE Corporation's market cap?
VSE Corporation (VSEC) has a market capitalization of about $4.84B, based on the latest data in our nightly-refreshed cache.
When does VSE Corporation's fiscal year end?
VSEC's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into VSEC stock?
At today's market cap of $4.84B, VSE Corporation is priced for free-cash-flow growth of about 62.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.71M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -28.9%/yr over the last five fiscal years and revenue 10.9%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from VSE Corporation's official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.