VSE Corporation Tangible Equity Units (VSECU) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VSECU SEC filings page.
VSE Corporation Tangible Equity Units (VSECU) reported $1.4B in revenue over the twelve months to Jun 30, 2026, up 41.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Revenue has more than doubled since FY2023, but taxes and financing costs keep reported profit from matching operating growth.
From FY2023 to FY2025, revenue rose104.5% while net income fell70.1% , showing that expansion has not translated into bottom-line earnings. In FY2025, operating income reached$89.6M while net income was only$11.7M , so financing and tax charges materially shape the earnings investors see.
Cash conversion improved sharply: FY2025 operating cash flow was
The balance sheet became less debt-dependent: debt-to-equity fell to 0.2x while the current ratio reached 3.8x, indicating greater equity support and short-term asset coverage. At the same time, liabilities declined to
Financial Health Signals
We do not publish a peer-relative financial health score for VSE Corporation Tangible Equity Units, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
VSE Corporation Tangible Equity Units passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, VSE Corporation Tangible Equity Units 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 Corporation Tangible Equity Units earns $4.36 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 Corporation Tangible Equity Units generated $449.1M in revenue in Q2 2026. This represents an increase of 65.0% from the same quarter a year earlier. Against the prior quarter it is up 38.4%.
VSE Corporation Tangible Equity Units's EBITDA was $72.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 126.9% from the same quarter a year earlier. Against the prior quarter it is up 60.3%.
VSE Corporation Tangible Equity Units reported $28.5M in net income in Q2 2026. This represents an increase of 792.2% from the same quarter a year earlier. Against the prior quarter it is down 1.8%.
VSE Corporation Tangible Equity Units earned $0.91 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 12.5%.
Cash & Balance Sheet
VSE Corporation Tangible Equity Units generated $18.7M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 196.5% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
VSE Corporation Tangible Equity Units held $75.4M in cash against $915.0M in long-term debt as of Q2 2026.
VSE Corporation Tangible Equity Units paid $0.10 per share in dividends in Q2 2026. It is unchanged from the prior quarter.
Margins & Returns
VSE Corporation Tangible Equity Units's operating margin was 10.9% in Q2 2026, reflecting core business profitability. This is up 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
VSE Corporation Tangible Equity Units's net profit margin was 6.3% in Q2 2026, showing the share of revenue converted to profit. This is up 5.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.6 percentage points.
VSE Corporation Tangible Equity Units's quarterly ROE was 1.0% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.
Not reported for Q2 2026.
Capital Allocation
VSE Corporation Tangible Equity Units invested $8.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 58.7% from the same quarter a year earlier. Against the prior quarter it is up 37.4%.
Not reported for Q2 2026.
Not reported for Q2 2026.
VSECU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $449.1M+65.0% | $324.6M+26.8% | $301.2M+32.4% | $282.9M+38.9% | $272.1M+41.1% | $256.0M+57.7% | $227.4M-3.4% | $203.6M-12.0% |
| SG&A Expenses | $9.0M+245.2% | $6.2M+168.3% | $7.7M+76.8% | $667K-73.8% | $2.6M-30.8% | $2.3M-21.0% | $4.4M+192.5% | $2.5M-0.5% |
| Operating Income | $49.0M+117.5% | $32.7M+33.6% | $32.5M+59.0% | $10.1M-49.7% | $22.5M+765.2% | $24.5M+56.6% | $20.4M-19.3% | $20.1M-20.6% |
| EBITDA | $72.9M+126.9% | $45.5M+32.2% | $42.7M+48.3% | $20.3M-26.6% | $32.1M+237.5% | $34.4M+59.4% | $28.8M | $27.6M-10.1% |
| Interest Expense | $5.2M-18.9% | N/A | $1.8M-73.6% | $4.3M-51.7% | $6.4M-34.4% | $7.9M-13.6% | $6.9M | $9.0M+6.2% |
| Income Tax | $10.7M+341.6% | $5.1M+96.2% | $8.4M+170.7% | $2.2M-7.9% | $2.4Mn/m | $2.6M+185.1% | $3.1M-3.7% | $2.3M-50.1% |
| Net Income | $28.5M+792.2% | $29.1Mn/m | $13.6M+3.9% | $3.9M-66.4% | $3.2Mn/m | -$9.0Mn/m | $13.1M+12.6% | $11.7M+21.9% |
| EPS (Basic) | $0.92 | $1.06n/m | $0.64-12.3% | $0.19-69.8% | $0.15n/m | -$0.43n/m | $0.73-1.4% | $0.63-1.6% |
| EPS (Diluted) | $0.91 | $1.04n/m | $0.64-11.1% | $0.19-69.8% | $0.16n/m | -$0.44n/m | $0.72-2.7% | $0.630.0% |
| Diluted Shares (Avg) | 31M | 28M+34.2% | N/A | 21M+12.3% | 21M+20.5% | 21M+30.1% | N/A | 18M+22.8% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
VSECU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.4B+174.5% | $3.3B+91.0% | $2.0B+16.4% | $1.6B+6.6% | $1.6B+7.2% | $1.7B+29.6% | $1.7B+29.1% | $1.5B+9.0% |
| Current Assets | $1.3B+75.9% | $2.2B+123.0% | $893.3M-7.5% | $722.3M-6.8% | $753.6M-5.4% | $968.9M+30.4% | $965.3M+24.7% | $775.3M+0.6% |
| Cash & Equivalents | $75.4M+345.8% | $1.2B+21602.1% | $69.4M+135.1% | $8.8M+11.1% | $16.9M-11.0% | $5.7M-46.0% | $29.5M+279.8% | $7.9M-61.7% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $867.1M+87.2% | $625.7M+41.7% | $553.8M+27.6% | $464.3M-13.0% | $463.2M-13.0% | $441.5M-15.3% | $434.1M-13.3% | $533.8M+8.0% |
| Accounts Receivable | $274.6M+49.9% | $216.5M+27.7% | $190.7M+20.6% | $176.4M+8.4% | $183.2M+8.9% | $169.5M+16.6% | $158.1M+23.6% | $162.7M+26.0% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $1.8B+322.3% | $638.9M+50.8% | $641.2M+49.7% | $428.7M+9.7% | $428.7M+9.9% | $423.6M+20.6% | $428.3M+48.4% | $390.6M+13.0% |
| Total Liabilities | $1.5B+135.2% | $644.4M-14.9% | $589.8M-21.8% | $577.1M-14.7% | $622.5M-12.7% | $757.2M+4.6% | $754.4M+2.8% | $676.2M-7.8% |
| Current Liabilities | $351.8M+74.1% | $246.2M-0.8% | $237.5M-20.4% | $183.4M-12.7% | $202.0M-10.5% | $248.3M+11.3% | $298.5M+4.0% | $210.1M-16.7% |
| Non-Current Liabilities | $1.1B+164.5% | $398.3M-21.7% | $352.3M-22.7% | $393.8M-15.5% | $420.5M-13.7% | $508.9M+1.6% | $455.9M+2.1% | $466.1M-3.2% |
| Long-Term Debt | $915.0M+146.2% | $331.1M-27.9% | $285.3M-28.7% | $348.6M-17.1% | $371.7M-14.3% | $459.4M+1.7% | $400.2M-1.6% | $420.3M-4.9% |
| Total Equity | $2.9B+199.5% | $2.7B+173.2% | $1.4B+45.6% | $983.3M+24.8% | $979.5M+25.4% | $975.7M+59.2% | $988.2M+60.2% | $787.8M+29.2% |
| Retained Earnings | $447.6M+17.0% | $421.9M+10.6% | $395.6M+0.8% | $384.4M+0.7% | $382.6M+2.9% | $381.4M+1.3% | $392.5M+2.0% | $381.7M+1.9% |
VSECU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $27.6M+131.7% | -$62.3Mn/m | $37.6M-32.0% | $24.1M+136.7% | $11.9Mn/m | -$46.6Mn/m | $55.4M+98.2% | $10.2M-33.6% |
| Depreciation & Amortization | $24.0M+148.8% | $12.7M+28.7% | $10.2M+22.1% | $10.2M+35.1% | $9.6M+39.2% | $9.9M+66.6% | $8.4M+40.2% | $7.5M+38.4% |
| Stock-Based Compensation | N/A | $4.6M+30.1% | N/A | N/A | N/A | $3.5M+41.0% | N/A | N/A |
| Capital Expenditures | $8.9M+58.7% | $6.5M+124.6% | $6.8M+107.3% | $6.0M+4.9% | $5.6M+41.7% | $2.9M-62.8% | $3.3M-58.5% | $5.8M+23.8% |
| Free Cash Flow | $18.7M+196.5% | -$68.7Mn/m | $30.9M-40.8% | $18.0M+309.0% | $6.3Mn/m | -$49.5Mn/m | $52.1M+159.6% | $4.4M-58.6% |
| Investing Cash Flow | -$1.8B-2238.0% | -$27.1Mn/m | -$353.0Mn/m | -$6.1Mn/m | $82.7Mn/m | -$129K-100.4% | -$176.1Mn/m | -$5.7Mn/m |
| Financing Cash Flow | $577.6Mn/m | $1.3B+4359.8% | $375.9M+165.0% | -$26.2Mn/m | -$88.2M-162.5% | $28.2M-41.5% | $141.9Mn/m | -$15.6M-107.3% |
| Dividends Paid | $2.8M+35.8% | $2.3M+13.6% | $2.1M+1.3% | $2.1M+12.2% | $2.1M+29.3% | $2.1M+30.6% | $2.0M+29.6% | $1.8M+42.9% |
Not reported in any period shown, so not listed: Share Buybacks.
VSECU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 10.9%+2.6pp | 10.1%+0.5pp | 10.8%+1.8pp | 3.6%-6.3pp | 8.3%+6.9pp | 9.6%-0.1pp | 9.0%-1.8pp | 9.9%-1.1pp |
| Net Margin | 6.3%+5.2pp | 8.9%+12.4pp | 4.5%-1.2pp | 1.4%-4.3pp | 1.2%+2.6pp | -3.5%+0.6pp | 5.7%+0.8pp | 5.7%+1.6pp |
| Return on Equity | 1.0%+0.6pp | 1.1%+2.0pp | 0.9%-0.4pp | 0.4%-1.1pp | 0.3%+0.7pp | -0.9%+0.2pp | 1.3%-0.6pp | 1.5%-0.1pp |
| Return on Assets | 0.7%+0.4pp | 0.9%+1.4pp | 0.7%-0.1pp | 0.3%-0.5pp | 0.2%+0.4pp | -0.5%0.0pp | 0.8%-0.1pp | 0.8%+0.1pp |
| Current Ratio | 3.770.0x | 8.78+4.9x | 3.76+0.5x | 3.94+0.2x | 3.73+0.2x | 3.90+0.6x | 3.23+0.5x | 3.69+0.6x |
| Debt-to-Equity | 0.31-0.1x | 0.12-0.3x | 0.20-0.2x | 0.35-0.2x | 0.38-0.2x | 0.47-0.3x | 0.41-0.3x | 0.53-0.2x |
| Liabilities-to-Equity | 0.50-0.1x | 0.24-0.5x | 0.41-0.4x | 0.59-0.3x | 0.64-0.3x | 0.78-0.4x | 0.76-0.4x | 0.86-0.3x |
| Asset Turnover | 0.10-0.1x | 0.100.0x | 0.150.0x | 0.180.0x | 0.170.0x | 0.150.0x | 0.130.0x | 0.140.0x |
| FCF Margin | 4.2%+1.8pp | -21.2%-1.8pp | 10.3%-12.7pp | 6.4%+4.2pp | 2.3%+13.5pp | -19.3%+34.1pp | 22.9%+14.4pp | 2.2%-2.4pp |
Not reported in any period shown, so not listed: Gross Margin.
Where VSE Corporation Tangible Equity Units Ranks
Frequently Asked Questions
VSE Corporation Tangible Equity Units (VSECU) 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.
VSE Corporation Tangible Equity Units (VSECU) revenue grew by 41.5% year-over-year, from $786.3M to $1.1B in fiscal year 2025.
Yes, VSE Corporation Tangible Equity Units (VSECU) reported a net income of $75.1M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $11.7M, with a net profit margin of 1.1%.
VSE Corporation Tangible Equity Units (VSECU) had EBITDA of $129.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, VSE Corporation Tangible Equity Units (VSECU) had $69.4M in cash and equivalents against $285.3M in long-term debt.
VSE Corporation Tangible Equity Units (VSECU) had an operating margin of 8.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
VSE Corporation Tangible Equity Units (VSECU) had a net profit margin of 1.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, VSE Corporation Tangible Equity Units (VSECU) paid $0.40 per share in dividends during fiscal year 2025.
VSE Corporation Tangible Equity Units (VSECU) has a return on equity of 0.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
VSE Corporation Tangible Equity Units (VSECU) generated $5.7M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
VSE Corporation Tangible Equity Units (VSECU) generated $27.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
VSE Corporation Tangible Equity Units (VSECU) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
VSE Corporation Tangible Equity Units (VSECU) invested $21.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
VSE Corporation Tangible Equity Units (VSECU) had a current ratio of 3.76 as of fiscal year 2025, which is generally considered healthy.
VSE Corporation Tangible Equity Units (VSECU) had a debt-to-equity ratio of 0.20 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
VSE Corporation Tangible Equity Units (VSECU) had a liabilities-to-equity ratio of 0.41 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
VSE Corporation Tangible Equity Units (VSECU) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
VSE Corporation Tangible Equity Units (VSECU) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
VSE Corporation Tangible Equity Units (VSECU) 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.
VSE Corporation Tangible Equity Units (VSECU) has an interest coverage ratio of 4.36x, 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.