VSE (VSEC) financial statements
VSE reported revenue of $1.1B in fiscal 2025, up 5.4% a year over 9 years.
Net income was $12M and the operating margin 8.1%, against 7.4% in 2016.
Free cash flow was $6M, and the company returned $8M in dividends.
The diluted share count rose 96% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VSE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $692M | $760M | $697M | $753M | $662M | $481M | $669M | $544M | $786M | $1.1B |
| Cost of revenue | $280M | $292M | — | — | — | — | — | — | — | — |
| Gross profit | $412M | $468M | — | — | — | — | — | — | — | — |
| Selling, general and admin | $7M | $2M | $4M | $4M | $3M | $3M | $4M | $7M | $14M | $13M |
| Operating income | $52M | $54M | $54M | $60M | $14M | -$3M | $54M | $50M | $59M | $90M |
| Interest expense | — | — | — | — | — | — | — | $31M | $35M | $21M |
| Pre-tax income | $42M | $45M | $45M | $46M | $427,000 | -$15M | $36M | $19M | $24M | $69M |
| Income tax | $15M | $6M | $10M | $9M | $6M | -$4M | $9M | $4M | $4M | $16M |
| Net income | $27M | $39M | $35M | $37M | -$5M | $8M | $28M | $39M | $15M | $12M |
| EPS (diluted) | $2.47 | $3.60 | $3.21 | $3.35 | -$0.47 | $0.63 | $2.19 | $2.76 | $0.85 | $0.55 |
| Diluted shares | 11M | 11M | 11M | 11M | 11M | 13M | 13M | 14M | 18M | 21M |
| Gross margin | 59.6% | 61.6% | — | — | — | — | — | — | — | — |
| 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% |
Balance sheet
Fiscal years, from VSE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $428,000 | $624,000 | $162,000 | $734,000 | $378,000 | $518,000 | $305,000 | $8M | $30M | $69M |
| Receivables | $101M | $56M | $60M | $71M | $55M | $77M | $91M | $128M | $158M | $191M |
| Total current assets | $258M | $249M | $281M | $355M | $355M | $464M | $549M | $774M | $965M | $893M |
| Property, plant and equipment | $62M | $55M | $50M | $43M | $36M | $42M | $41M | $58M | $71M | $91M |
| Goodwill | $199M | $199M | $199M | $276M | $238M | $217M | $217M | $289M | $428M | $641M |
| Total assets | $662M | $629M | $639M | $846M | $780M | $919M | $1000M | $1.4B | $1.7B | $2.0B |
| Total current liabilities | $148M | $114M | $105M | $164M | $139M | $180M | $225M | $287M | $298M | $238M |
| Long-term debt | $194M | $166M | $151M | $253M | $231M | $270M | $276M | $407M | $400M | $285M |
| Total liabilities | $407M | $336M | $310M | $483M | $424M | $501M | $550M | $734M | $754M | $590M |
| Shareholders' equity | $255M | $293M | $328M | $363M | $356M | $417M | $450M | $617M | $988M | $1.4B |
| Net debt | $214M | $172M | $160M | $269M | $251M | $284M | $286M | $422M | $401M | $223M |
Cash flow
Fiscal years, from VSE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $47M | $50M | $19M | $18M | $36M | -$18M | $8M | -$22M | -$31M | $27M |
| Capital spending | $7M | $4M | $3M | $10M | $4M | $11M | $11M | $19M | $21M | $21M |
| Free cash flow | $41M | $47M | $16M | $8M | $31M | -$28M | -$3M | -$40M | -$52M | $6M |
| Stock-based compensation | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $8M | $8M | $13M |
| Dividends paid | $2M | $3M | $3M | $4M | $4M | $4M | $5M | $5M | $7M | $8M |
| Net borrowing | -$18M | -$43M | -$11M | $110M | -$19M | $33M | $2M | $144M | -$500,000 | -$136M |
| Free cash flow margin | 5.9% | 6.1% | 2.3% | 1.1% | 4.7% | -5.8% | -0.5% | -7.4% | -6.6% | 0.5% |
| Dividends per share | $0.23 | $0.26 | $0.30 | $0.34 | $0.36 | $0.35 | $0.40 | $0.38 | $0.39 | $0.39 |
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Open VSEC in InvestinglyQuestions
What was VSE's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does VSE generate?
$6M in fiscal 2025 (operating cash flow minus capital spending).
From VSE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.