VSEC

MKT CAP:$4B

VSE Corporation

Market Cap

$4B

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

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$226.76+$45.44 (+25.06%)

Apr 17, 2026

Company Details

VSE Corporation operates as a diversified aftermarket products and services company in the United States. The company operates through three segments: Aviation, Fleet, and Federal and Defense. The Aviation segment provides international par...

CEO

John A. Cuomo

IPO Date

Oct 22, 1982

Website

www.vsecorp.com

Key Metrics TTM

Revenue

$818M

+4.4% YoY

Net Income

$25M

EPS (Diluted)

$1.88

Free Cash Flow

-$82M

Revenue / Share

$47.69

Gross Margin

10.8%

Operating Margin

9.8%

Net Margin

3.0%

FCF Margin

-10.0%

P/S

4.6x

P/E

152.9x

Earnings Reports

Q3 2024

May 5, 2026

PENDING

FY 2025

Feb 27, 2026

$1.1BEPS $2.52

Q2 2024

Aug 1, 2024

$193M-6.0%EPS -$0.16

FY 2023

Mar 7, 2024

$860M+28.5%EPS $2.76

Q3 2023

Nov 2, 2023

$231MEPS $0.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$195M	$16M	$15M
Q1 20	$177M	$16M	$16M
Q2 20	$169M	$14M	$13M
Q3 20	$166M	$15M	$14M
Q4 20	$150M	$13M	$12M
Q1 21	$165M	$10M	$10M
Q2 21	$175M	-$12M	-$13M
Q3 21	$201M	$15M	$14M
Q4 21	$210M	$12M	$11M
Q1 22	$231M	$13M	$12M
Q2 22	$170M	$11M	$11M
Q4 22	$172M	$18M	$16M
Q1 23	$189M	$19M	$17M
Q2 23	$205M	$22M	$21M
Q3 23	$231M	$28M	$27M
Q2 24	$193M	$19M	$16M

Valuation

Quarter	P/S	P/E
Q4 19	5.0x	102.2x
Q1 20	5.0x	112.1x
Q2 20	5.1x	3074.3x
Q3 20	5.4x	—
Q4 20	5.7x	—
Q1 21	5.8x	—
Q2 21	5.8x	551.2x
Q3 21	5.5x	486.5x
Q4 21	5.0x	475.1x
Q1 22	4.6x	415.9x
Q2 22	4.7x	130.4x
Q4 22	4.8x	152.4x
Q1 23	5.0x	136.3x
Q2 23	5.1x	124.6x
Q3 23	4.7x	116.9x
Q2 24	4.6x	152.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$555.0K	-$1M
Q1 20	$7M	$6M
Q2 20	$16M	$15M
Q3 20	$12M	$11M
Q4 20	$526.0K	-$945.0K
Q1 21	-$36M	-$38M
Q2 21	-$18M	-$21M
Q3 21	$23M	$21M
Q4 21	$13M	$10M
Q1 22	-$18M	-$19M
Q2 22	-$2M	-$3M
Q4 22	$12M	$8M
Q1 23	-$49M	-$52M
Q2 23	-$16M	-$20M
Q3 23	$15M	$11M
Q2 24	-$18M	-$21M

Capital Expenditures

Quarter	CapEx
Q4 19	$2M
Q1 20	$724.0K
Q2 20	$1M
Q3 20	$1M
Q4 20	$1M
Q1 21	$2M
Q2 21	$3M
Q3 21	$2M
Q4 21	$3M
Q1 22	$1M
Q2 22	$1M
Q4 22	$4M
Q1 23	$3M
Q2 23	$3M
Q3 23	$5M
Q2 24	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+7.9%	+7.8%
Q1 20	+4.4%	+2.0%
Q2 20	-10.8%	-9.5%
Q3 20	-16.5%	-16.4%
Q4 20	-23.2%	-23.5%
Q1 21	-7.0%	-3.6%
Q2 21	+3.8%	+20.2%
Q3 21	+21.2%	+23.4%
Q4 21	+40.1%	+44.4%
Q1 22	+40.2%	+41.2%
Q2 22	-3.1%	-15.2%
Q4 22	-14.3%	-16.4%
Q1 23	-10.3%	-14.0%
Q2 23	-11.3%	-15.8%
Q3 23	+36.3%	+28.5%
Q2 24	+12.1%	+13.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$672.0K	0.3%
Q1 20	$897.0K	0.5%
Q2 20	$416.0K	0.2%
Q3 20	$410.0K	0.2%
Q4 20	$1M	0.8%
Q1 21	$1M	0.9%
Q2 21	$841.0K	0.5%
Q3 21	$712.0K	0.4%
Q4 21	$964.0K	0.5%
Q1 22	$0	0.0%
Q2 22	$1M	0.8%
Q4 22	$868.0K	0.5%
Q1 23	$2M	1.1%
Q2 23	$2M	0.9%
Q3 23	$2M	0.8%
Q2 24	$2M	1.2%

OpEx Breakdown

Quarter	SG&A
Q4 19	$1M
Q1 20	$248.0K
Q2 20	$1M
Q3 20	$885.0K
Q4 20	$692.0K
Q1 21	$38.0K
Q2 21	$1M
Q3 21	$809.0K
Q4 21	$2M
Q1 22	$906.0K
Q2 22	$473.0K
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q2 24	$3M

Revenue Segments

Quarter	Product	Service
Q4 19	$97M	$98M
Q1 20	$76M	$101M
Q2 20	$86M	$83M
Q3 20	$81M	$85M
Q4 20	$75M	$75M
Q1 21	$79M	$86M
Q2 21	$84M	$91M
Q3 21	$113M	$88M
Q4 21	$125M	$85M
Q1 22	$137M	$94M
Q2 23	$166M	$39M
Q3 23	$185M	$47M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$498.0K	$0	$498.0K
Q2 22	$371.0K	$0	$371.0K
Q3 22	$90.0K	$0	$90.0K
Q4 22	$305.0K	$0	$305.0K
Q1 23	$532.0K	$0	$532.0K
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	11M	+0.4%	+1.2%
Q1 20	11M	0.0%	+1.2%
Q2 20	11M	-0.5%	-0.3%
Q3 20	11M	+0.5%	+0.4%
Q4 20	12M	+9.7%	+9.7%
Q1 21	12M	0.0%	+9.7%
Q2 21	13M	+4.4%	+15.0%
Q3 21	13M	+0.6%	+15.1%
Q4 21	13M	0.0%	+5.0%
Q1 22	13M	+0.2%	+5.2%
Q2 22	13M	+0.1%	+0.9%
Q4 22	13M	+0.2%	+0.4%
Q1 23	13M	+0.7%	+1.2%
Q2 23	13M	-0.1%	+0.9%
Q3 23	15M	+16.5%	+17.5%
Q2 24	17M	+14.0%	+33.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$70.3K	3K
Q1 20	$63.9K	3K
Q2 20	$60.8K	3K
Q3 20	$59.6K	3K
Q4 20	$79.0K	2K
Q1 21	$86.8K	2K
Q2 21	$92.2K	2K
Q3 21	$105.6K	2K
Q4 21	$84.1K	3K
Q1 22	$92.5K	3K
Q2 22	$67.9K	3K
Q4 22	$86.0K	2K
Q1 23	$94.3K	2K
Q2 23	$102.6K	2K
Q3 23	$115.7K	2K
Q2 24	$160.7K	1K

Revenue / Employee