VSE CORP
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.1B | $786.3M | $544.0M | $669.4M | $481.4M |
| Selling, general & administrative | $13.3M | $13.6M | $7.1M | $3.6M | $3.5M |
| Operating income | $89.6M | $58.8M | $50.1M | $53.6M | -$2.7M |
| Interest expense | $20.6M | $34.9M | $31.1M | — | — |
| Pretax income | $69.0M | $23.8M | $19.1M | $35.7M | -$14.8M |
| Income tax expense | $15.5M | $4.4M | $4.5M | $9.1M | -$3.8M |
| Net income | $11.7M | $15.3M | $39.1M | $28.1M | $8.0M |
| Balance Sheet | |||||
| Cash and equivalents | $69.4M | $29.5M | $7.8M | $305,000 | $518,000 |
| Current assets | $893.3M | $965.3M | $774.0M | $548.9M | $464.0M |
| Total assets | $2.0B | $1.7B | $1.4B | $999.8M | $918.6M |
| Current liabilities | $237.5M | $298.5M | $286.9M | $224.6M | $180.0M |
| Total liabilities | $589.8M | $754.4M | $733.6M | $550.3M | $501.2M |
| Total debt | $296.2M | $432.5M | $433.0M | $288.6M | $286.7M |
| Stockholders' equity | $1.4B | $988.2M | $616.7M | $449.5M | $417.3M |
| Cash Flow Statement | |||||
| Cash from operations | $27.0M | -$31.0M | -$21.8M | $8.1M | -$17.6M |
| Depreciation and amortization | $39.9M | $28.8M | $23.4M | $24.6M | $24.6M |
| Stock-based compensation | $12.8M | $8.3M | $7.7M | $4.5M | $3.9M |
| Capital expenditure | $21.3M | $20.7M | $18.7M | $11.2M | $10.5M |
| Free cash flow | $5.7M | -$51.7M | -$40.5M | -$3.2M | -$28.1M |
| Dividends paid | $8.3M | $7.1M | $5.4M | $5.1M | $4.4M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 28.1M · Free float 93.4%
Annual filing data through FY ended December 31, 2025; float as of July 8, 2026.