This page shows Vse Corp (VSEC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Vse Corp has an operating margin of 8.1%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is up from 7.5% the prior year.
Vse Corp's revenue surged 41.5% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Vse Corp carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.76, Vse Corp holds $3.76 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
While Vse Corp generated $27.0M in operating cash flow, capex of $21.3M consumed most of it, leaving $5.7M in free cash flow. This results in a low score of 26/100, reflecting heavy capital investment rather than weak cash generation.
Vse Corp generates a 0.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 13/100. This is down from 1.6% the prior year.
Vse Corp scores 6.83, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.4B) relative to total liabilities ($589.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Vse Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Vse Corp generates $2.31 in operating cash flow ($27.0M OCF vs $11.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Vse Corp earns $4.4 in operating income for every $1 of interest expense ($89.6M vs $20.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Vse Corp generated $1.1B in revenue in fiscal year 2025. This represents an increase of 41.5% from the prior year.
Vse Corp's EBITDA was $129.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 48.0% from the prior year.
Vse Corp reported $11.7M in net income in fiscal year 2025. This represents a decrease of 23.6% from the prior year.
Vse Corp earned $0.55 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 35.3% from the prior year.
Cash & Balance Sheet
Vse Corp generated $5.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 111.0% from the prior year.
Vse Corp held $69.4M in cash against $285.3M in long-term debt as of fiscal year 2025.
Vse Corp paid $0.40 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Vse Corp had 23M shares outstanding in fiscal year 2025. This represents an increase of 13.6% from the prior year.
Margins & Returns
Vse Corp's operating margin was 8.1% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.
Vse Corp's net profit margin was 1.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.
Vse Corp's ROE was 0.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the prior year.
Capital Allocation
Vse Corp invested $21.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2.8% from the prior year.
VSEC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $301.2M+6.5% | $282.9M+4.0% | $272.1M+6.3% | $256.0M+12.6% | $227.4M+11.7% | $203.6M+5.6% | $192.8M+18.7% | $162.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.8M+176.8% | $667K-92.2% | $8.5M+268.5% | $2.3M-47.3% | $4.4M+72.4% | $2.5M-32.8% | $3.8M+29.2% | $2.9M |
| Operating Income | $32.5M+222.1% | $10.1M-55.2% | $22.5M-8.1% | $24.5M+19.9% | $20.4M+1.8% | $20.1M+671.4% | $2.6M-83.4% | $15.6M |
| Interest Expense | N/A | $4.3M-32.7% | $6.4M | N/A | $25.3M+181.8% | $9.0M-8.5% | $9.8M+207.0% | -$9.2M |
| Income Tax | $8.4M+287.7% | $2.2M-11.2% | $2.4M-6.4% | $2.6M-15.9% | $3.1M+31.8% | $2.3M+221.0% | -$1.9M-312.5% | $911K |
| Net Income | $13.6M+246.8% | $3.9M+22.4% | $3.2M+135.6% | -$9.0M-168.7% | $13.1M+12.1% | $11.7M+519.5% | -$2.8M+58.0% | -$6.6M |
| EPS (Diluted) | N/A | $0.19+18.8% | $0.16+136.4% | $-0.44 | N/A | $0.63+493.8% | $-0.16+61.0% | $-0.41 |
VSEC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+30.0% | $1.6B-2.6% | $1.6B-7.6% | $1.7B-0.6% | $1.7B+19.0% | $1.5B-2.0% | $1.5B+11.8% | $1.3B |
| Current Assets | $893.3M+23.7% | $722.3M-4.2% | $753.6M-22.2% | $968.9M+0.4% | $965.3M+24.5% | $775.3M-2.6% | $796.4M+7.2% | $743.1M |
| Cash & Equivalents | $69.4M+689.6% | $8.8M-48.0% | $16.9M+196.0% | $5.7M-80.6% | $29.5M+273.2% | $7.9M-58.4% | $19.0M+79.7% | $10.6M |
| Inventory | $553.8M+19.3% | $464.3M+0.2% | $463.2M+4.9% | $441.5M+1.7% | $434.1M-18.7% | $533.8M+0.3% | $532.4M+2.1% | $521.2M |
| Accounts Receivable | $190.7M+8.1% | $176.4M-3.7% | $183.2M+8.1% | $169.5M+7.2% | $158.1M-2.8% | $162.7M-3.3% | $168.2M+15.7% | $145.4M |
| Goodwill | $641.2M+49.6% | $428.7M0.0% | $428.7M+1.2% | $423.6M-1.1% | $428.3M+9.6% | $390.6M+0.1% | $390.1M+11.1% | $351.1M |
| Total Liabilities | $589.8M+2.2% | $577.1M-7.3% | $622.5M-17.8% | $757.2M+0.4% | $754.4M+11.6% | $676.2M-5.2% | $713.0M-1.5% | $724.2M |
| Current Liabilities | $237.5M+29.5% | $183.4M-9.3% | $202.0M-18.6% | $248.3M-16.8% | $298.5M+42.1% | $210.1M-6.9% | $225.6M+1.2% | $223.1M |
| Long-Term Debt | $285.3M-18.2% | $348.6M-6.2% | $371.7M-19.1% | $459.4M+14.8% | $400.2M-4.8% | $420.3M-3.0% | $433.5M-4.0% | $451.6M |
| Total Equity | $1.4B+46.3% | $983.3M+0.4% | $979.5M+0.4% | $975.7M-1.3% | $988.2M+25.4% | $787.8M+0.8% | $781.3M+27.5% | $612.7M |
| Retained Earnings | $395.6M+2.9% | $384.4M+0.5% | $382.6M+0.3% | $381.4M-2.8% | $392.5M+2.8% | $381.7M+2.6% | $371.9M-1.2% | $376.5M |
VSEC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $37.6M+56.3% | $24.1M+102.6% | $11.9M+125.5% | -$46.6M-184.2% | $55.4M+444.2% | $10.2M+158.1% | -$17.5M+77.8% | -$79.1M |
| Capital Expenditures | $6.8M+11.9% | $6.0M+8.2% | $5.6M+94.4% | $2.9M-11.9% | $3.3M-43.4% | $5.8M+46.1% | $3.9M-49.0% | $7.7M |
| Free Cash Flow | $30.9M+71.1% | $18.0M+186.3% | $6.3M+112.7% | -$49.5M-195.0% | $52.1M+1081.4% | $4.4M+120.5% | -$21.5M+75.3% | -$86.8M |
| Investing Cash Flow | -$353.0M-5730.1% | -$6.1M-107.3% | $82.7M+64241.1% | -$129K+99.9% | -$176.1M-2986.4% | -$5.7M+95.0% | -$115.2M-444.9% | $33.4M |
| Financing Cash Flow | $375.9M+1537.3% | -$26.2M+70.4% | -$88.2M-412.5% | $28.2M-80.1% | $141.9M+1012.2% | -$15.6M-111.0% | $141.2M+192.4% | $48.3M |
| Dividends Paid | $2.1M0.0% | $2.1M0.0% | $2.1M+0.3% | $2.1M+0.9% | $2.0M+10.7% | $1.8M+15.3% | $1.6M+1.4% | $1.6M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VSEC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 10.8%+7.2pp | 3.6%-4.7pp | 8.3%-1.3pp | 9.6%+0.6pp | 9.0%-0.9pp | 9.9%+8.5pp | 1.4%-8.3pp | 9.6% |
| Net Margin | 4.5%+3.1pp | 1.4%+0.2pp | 1.2%+4.7pp | -3.5%-9.2pp | 5.7%+0.0pp | 5.7%+7.2pp | -1.4%+2.6pp | -4.1% |
| Return on Equity | 0.9%+0.5pp | 0.4%+0.1pp | 0.3%+1.3pp | -0.9%-2.2pp | 1.3%-0.2pp | 1.5%+1.8pp | -0.4%+0.7pp | -1.1% |
| Return on Assets | 0.7%+0.4pp | 0.3%+0.1pp | 0.2%+0.7pp | -0.5%-1.3pp | 0.8%-0.1pp | 0.8%+1.0pp | -0.2%+0.3pp | -0.5% |
| Current Ratio | 3.76-0.2 | 3.94+0.2 | 3.73-0.2 | 3.90+0.7 | 3.23-0.5 | 3.69+0.2 | 3.53+0.2 | 3.33 |
| Debt-to-Equity | 0.20-0.2 | 0.35-0.0 | 0.38-0.1 | 0.47+0.1 | 0.41-0.1 | 0.53-0.0 | 0.55-0.2 | 0.74 |
| FCF Margin | 10.3%+3.9pp | 6.4%+4.1pp | 2.3%+21.7pp | -19.3%-42.3pp | 22.9%+20.8pp | 2.2%+13.3pp | -11.1%+42.3pp | -53.4% |
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Frequently Asked Questions
What is Vse Corp's annual revenue?
Vse Corp (VSEC) reported $1.1B in total revenue for fiscal year 2025. This represents a 41.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vse Corp's revenue growing?
Vse Corp (VSEC) revenue grew by 41.5% year-over-year, from $786.3M to $1.1B in fiscal year 2025.
Is Vse Corp profitable?
Yes, Vse Corp (VSEC) reported a net income of $11.7M in fiscal year 2025, with a net profit margin of 1.1%.
What is Vse Corp's EBITDA?
Vse Corp (VSEC) had EBITDA of $129.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Vse Corp have?
As of fiscal year 2025, Vse Corp (VSEC) had $69.4M in cash and equivalents against $285.3M in long-term debt.
What is Vse Corp's operating margin?
Vse Corp (VSEC) had an operating margin of 8.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Vse Corp's net profit margin?
Vse Corp (VSEC) had a net profit margin of 1.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Vse Corp pay dividends?
Yes, Vse Corp (VSEC) paid $0.40 per share in dividends during fiscal year 2025.
What is Vse Corp's return on equity (ROE)?
Vse Corp (VSEC) has a return on equity of 0.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vse Corp's free cash flow?
Vse Corp (VSEC) generated $5.7M in free cash flow during fiscal year 2025. This represents a 111.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vse Corp's operating cash flow?
Vse Corp (VSEC) generated $27.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vse Corp's total assets?
Vse Corp (VSEC) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vse Corp's capital expenditures?
Vse Corp (VSEC) invested $21.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Vse Corp's current ratio?
Vse Corp (VSEC) had a current ratio of 3.76 as of fiscal year 2025, which is generally considered healthy.
What is Vse Corp's debt-to-equity ratio?
Vse Corp (VSEC) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vse Corp's return on assets (ROA)?
Vse Corp (VSEC) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vse Corp's Altman Z-Score?
Vse Corp (VSEC) has an Altman Z-Score of 6.83, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vse Corp's Piotroski F-Score?
Vse Corp (VSEC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vse Corp's earnings high quality?
Vse Corp (VSEC) has an earnings quality ratio of 2.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Vse Corp cover its interest payments?
Vse Corp (VSEC) has an interest coverage ratio of 4.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Vse Corp?
Vse Corp (VSEC) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.