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VSEC

VSE Corporation

VSEC

VSE Corporation • NASDAQ
$180.19 ▼ -0.24% (-0.43)
Market Cap $3.72 B
52w High $186.00
52w Low $88.69
Dividend Yield 0.40%
P/E 59.86
Volume 66.59K
Outstanding Shares 20.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $282.909M ▲ $667K ▼ $3.755M ▼ 1.327% ▼ $0.19 ▼ $20.777M ▼
Q2-2025 $272.139M ▲ $7.516M ▲ $16.448M ▲ 6.044% ▲ $0.66 ▲ $32.648M ▼
Q1-2025 $256.045M ▼ $1.111M ▲ $-9.217M ▼ -3.6% ▼ $-0.44 ▼ $34.409M ▼
Q4-2024 $299.021M ▲ $-245K ▼ $15.598M ▲ 5.216% ▼ $0.75 ▲ $35.766M ▲
Q3-2024 $203.642M $1.242M $11.65M 5.721% $0.63 $27.061M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.784M ▼ $1.56B ▼ $577.107M ▼ $983.34M ▲
Q2-2025 $16.906M ▲ $1.602B ▼ $622.5M ▼ $979.527M ▲
Q1-2025 $5.711M ▼ $1.733B ▼ $757.238M ▲ $975.744M ▼
Q4-2024 $29.03M ▲ $1.735B ▲ $746.434M ▲ $988.186M ▲
Q3-2024 $7.907M $1.464B $676.203M $787.796M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.591M ▲ $24.089M ▲ $-6.055M ▼ $-26.156M ▲ $-8.122M ▼ $18.04M ▲
Q2-2025 $3.197M ▲ $11.891M ▲ $82.742M ▲ $-88.235M ▼ $6.398M ▲ $6.302M ▲
Q1-2025 $-8.973M ▼ $-46.632M ▼ $-129K ▲ $28.239M ▼ $-18.522M ▼ $-49.507M ▼
Q4-2024 $13.062M ▲ $55.375M ▲ $-176.142M ▼ $141.89M ▲ $21.123M ▲ $52.11M ▲
Q3-2024 $-7.061M $10.176M $-5.707M $-15.555M $-11.086M $4.411M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $210.00M ▲$160.00M ▼$170.00M ▲$180.00M ▲
Service
Service
 $90.00M ▲$100.00M ▲$100.00M ▲$110.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the last several years, showing that the shift toward aviation aftermarket services is gaining commercial traction. Profitability has also improved versus the early part of the period, with operating earnings trending up as the business scales. That said, bottom‑line profit most recently slipped a bit from the prior year despite higher sales, suggesting some margin pressure, likely from integration costs, interest expense, or mix. Overall, this looks like a growing, more focused company that is still fine‑tuning its cost structure and margins after a major strategic transformation.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets and shareholder equity growing faster than debt. This points to a company that is investing for growth but not simply piling on leverage. Debt levels have risen, yet they appear supported by a larger equity base and a broader asset platform. Cash on hand is quite low, which increases the importance of dependable cash generation and access to credit, especially during any downturn in aviation activity or if integration projects run over budget.

Cash Flow

Cash Flow Cash flow is the main weak spot. In recent years, operating cash flow has been negative, and free cash flow has been negative as well. This is often tied to working capital swings, inventory build‑ups, and integration and growth investments in a distribution‑heavy aviation business. While this can be consistent with a growth phase, it also means the company is relying more on external financing and must eventually convert its revenue growth into more stable, positive cash generation to fully de‑risk the story.

Competitive Edge

Competitive Edge VSE has purposefully repositioned itself as a focused aviation aftermarket player, and its competitive standing is built less on brand recognition and more on relationships and capabilities. The company benefits from long‑term and sometimes exclusive agreements with major aircraft and engine manufacturers, which are difficult for rivals to displace. Its ability to combine maintenance, repair, overhaul, and parts distribution under one roof creates a one‑stop solution that is convenient for airlines and operators and tends to keep customers loyal. Perpetual licenses on certain complex components add another protective layer, giving VSE control over niche but critical parts of the supply chain.

Innovation and R&D

Innovation and R&D Innovation here is mainly about smarter processes, integration, and acquisitions rather than classic lab‑style research. VSE is using advanced planning tools, data systems, and proprietary know‑how to manage inventory, forecast demand, and coordinate repairs more efficiently. The company has steadily bought specialized repair shops and distribution businesses, then woven them together into a more integrated service offering. Its perpetual technology licenses and close collaboration with original manufacturers effectively serve as outsourced R&D, letting VSE offer complex repairs and custom solutions without carrying a heavy in‑house R&D budget.

Summary

VSE looks like a company in the later stages of a deliberate transformation into a pure aviation aftermarket specialist. Sales and operating profits have been moving in the right direction, supported by a stronger balance sheet and a growing set of assets and capabilities. The trade‑offs are clear: higher debt than in the past and weak recent cash flow as the company invests in inventory, facilities, and acquisitions. On the strategic side, VSE’s deep relationships with major manufacturers, exclusive rights, and integrated repair‑plus‑distribution model give it a differentiated, defensible position in a market that values reliability and service breadth. The key issues to watch are its ability to improve cash generation, maintain healthy margins as it scales, and successfully integrate and monetize the acquisitions and licenses that underpin its competitive edge.

NEWS

November 24, 2025 · 8:00 AM UTC

VSE Corporation Announces December 2025 Investor Conference Schedule

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November 19, 2025 · 7:30 AM UTC

VSE Corporation Declares Quarterly Cash Dividend

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November 5, 2025 · 7:30 AM UTC

VSE Corporation Announces November 2025 Investor Conference Schedule

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October 27, 2025 · 11:30 PM UTC

VSE Corporation Prices Public Offering of Common Stock

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October 27, 2025 · 4:05 PM UTC

VSE Corporation Announces Public Offering of Common Stock

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