VSEC (VSE Corporation) Stock Financials & Earnings | Market Cap Arena

VSEC (VSE Corporation) Stock Financials & Earnings | Market Cap Arena

VSECVSE Corporation

Mkt Cap$5B

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Revenue (TTM)$1.1B

Net Income (TTM)$25M

EPS (TTM)$1.00

Free Cash Flow (TTM)$6M

Gross Margin11.9%

Op. Margin10.7%

Net Margin2.2%

FCF Margin0.5%

P/S Ratio (TTM)4.2x

P/E Ratio (TTM)190.9x

YoY Rev Growth+29.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$189M	$19M	$17M
Q2 23	$205M	$22M	$21M
Q3 23	$231M	$28M	$27M
Q4 23	$235M	$27M	$26M
Q1 24	$162M	$19M	$17M
Q2 24	$193M	$19M	$16M
Q3 24	$204M	$22M	$21M
Q4 24	$299M	$32M	$33M
Q1 25	$256M	$27M	$26M
Q2 25	$272M	$31M	$24M
Q3 25	$283M	$34M	$33M
Q4 25	$301M	$40M	$36M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	6.7x	151.5x
Q2 23	6.4x	145.4x
Q3 23	5.9x	144.8x
Q4 23	5.4x	119.8x
Q1 24	5.6x	436.2x
Q2 24	5.7x	—
Q3 24	5.9x	3892.5x
Q4 24	5.5x	901.8x
Q1 25	4.9x	307.2x
Q2 25	4.5x	135.9x
Q3 25	4.2x	176.3x
Q4 25	4.2x	190.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$49M	-$52M
Q2 23	-$16M	-$20M
Q3 23	$15M	$11M
Q4 23	$28M	$20M
Q1 24	-$79M	-$87M
Q2 24	-$18M	-$21M
Q3 24	$10M	$4M
Q4 24	$55M	$52M
Q1 25	-$47M	-$50M
Q2 25	$12M	$6M
Q3 25	$24M	$18M
Q4 25	$38M	$31M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$3M
Q2 23	$3M
Q3 23	$5M
Q4 23	$8M
Q1 24	$8M
Q2 24	$4M
Q3 24	$6M
Q4 24	$3M
Q1 25	$3M
Q2 25	$6M
Q3 25	$6M
Q4 25	$7M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-18.4%	-21.8%
Q2 23	+20.9%	+15.9%
Q3 23	+38.2%	+34.4%
Q4 23	+36.8%	+34.5%
Q1 24	-13.9%	-15.4%
Q2 24	-6.0%	-4.2%
Q3 24	-12.0%	-10.6%
Q4 24	+27.1%	+27.0%
Q1 25	+57.7%	+58.7%
Q2 25	+41.1%	+40.6%
Q3 25	+38.9%	+36.4%
Q4 25	+0.7%	-0.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	1.1%
Q2 23	$2M	0.9%
Q3 23	$2M	0.8%
Q4 23	$2M	0.8%
Q1 24	$2M	1.5%
Q2 24	$2M	1.2%
Q3 24	$2M	0.8%
Q4 24	$2M	0.6%
Q1 25	$4M	1.4%
Q2 25	$3M	1.2%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$1M
Q1 24	$1M
Q2 24	$3M
Q3 24	$1M
Q1 25	$1M
Q2 25	$8M
Q3 25	$667K
Q4 25	$4M

Revenue Segments

Quarter	Product	Service
Q2 23	$166M	$39M
Q3 23	$185M	$47M
Q4 24	$213M	$86M
Q1 25	$161M	$95M
Q2 25	$174M	$99M
Q3 25	$176M	$107M
Q4 25	$194M	$107M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$532K	$0	$532K
Q2 23	$4M	$0	$4M
Q3 23	$21M	$0	$21M
Q4 23	$8M	$0	$8M
Q1 24	$11M	$0	$11M
Q2 24	$19M	$0	$19M
Q3 24	$8M	$0	$8M
Q4 24	$29M	$0	$29M
Q1 25	$6M	$0	$6M
Q2 25	$17M	$0	$17M
Q3 25	$9M	$0	$9M
Q4 25	$69M	$0	$69M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	13M	+0.7%
Q2 23	13M	-0.1%
Q3 23	15M	+16.5%
Q4 23	16M	+5.0%
Q1 24	16M	-0.1%
Q2 24	17M	+8.7%
Q3 24	18M	+7.7%
Q4 24	21M	+11.4%
Q1 25	21M	+0.7%
Q2 25	21M	-0.0%
Q3 25	21M	+0.1%
Q4 25	23M	+9.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$267K	2K
FY 15	$260K	2K
FY 16	$274K	3K
FY 17	$330K	2K
FY 18	$313K	2K
FY 19	$271K	3K
FY 20	$348K	2K
FY 21	$300K	3K
FY 22	$335K	2K
FY 23	$717K	1K
FY 24	$772K	1K
FY 25	$695K	2K