VSEC
VSE Corporation
NASDAQ: VSEC · INDUSTRIALS · AEROSPACE & DEFENSE
$160.17
-9.05% today
Updated 2026-04-29
Market cap
$4.49B
P/E ratio
63.56
P/S ratio
4.04x
EPS (TTM)
$2.52
Dividend yield
0.23%
52W range
$112 – $233
Volume
0.7M
VSE Corporation (VSEC) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $363.73M | $653.16M | $1.04B | $1.01B | $866.04M | $618.59M | $546.75M | $471.64M | $424.07M | $533.98M | $691.79M | $760.11M | $697.22M | $752.63M | $661.66M | $750.85M | $669.45M | $860.49M | $1.08B | $1.11B |
| Revenue growth (YoY) | — | +79.6% | +59.8% | -2.8% | -14.6% | -28.6% | -11.6% | -13.7% | -10.1% | +25.9% | +29.6% | +9.9% | -8.3% | +7.9% | -12.1% | +13.5% | -10.8% | +28.5% | +25.5% | +3.0% |
| Cost of revenue | $350.98M | $629.35M | $1.01B | $974.90M | $825.62M | $576.65M | $490.69M | $424.25M | $383.00M | $480.15M | $633.65M | $703.36M | $640.97M | $688.18M | $603.78M | $725.71M | $612.21M | $764.87M | $971.93M | $980.14M |
| Gross profit | $12.76M | $23.81M | $32.33M | $39.74M | $40.42M | $41.95M | $56.07M | $47.39M | $41.07M | $53.83M | $58.14M | $56.75M | $56.24M | $64.45M | $57.88M | $25.14M | $57.24M | $95.61M | $108.20M | $132.13M |
| Gross margin | 3.5% | 3.6% | 3.1% | 3.9% | 4.7% | 6.8% | 10.3% | 10.0% | 9.7% | 10.1% | 8.4% | 7.5% | 8.1% | 8.6% | 8.7% | 3.3% | 8.6% | 11.1% | 10.0% | 11.9% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $695000.00 | $1.50M | $1.19M | $1.26M | $2.20M | $5.27M | $3.97M | $3.29M | $4.14M | $3.29M | $6.61M | $2.43M | $3.71M | $4.19M | $3.12M | $3.63M | $5.16M | $9.51M | $14.58M | $13.34M |
| Operating income | $12.06M | $22.31M | $31.13M | $38.48M | $38.21M | $38.48M | $52.10M | $44.10M | $37.82M | $50.54M | $51.53M | $54.33M | $53.10M | $62.56M | $56.53M | $21.52M | $53.60M | $91.70M | $102.72M | $125.00M |
| Operating margin | 3.3% | 3.4% | 3.0% | 3.8% | 4.4% | 6.2% | 9.5% | 9.4% | 8.9% | 9.5% | 7.4% | 7.1% | 7.6% | 8.3% | 8.5% | 2.9% | 8.0% | 10.7% | 9.5% | 11.2% |
| EBITDA | $14.37M | $26.47M | $36.57M | $46.22M | $47.15M | $51.78M | $72.24M | $64.12M | $55.70M | $75.55M | $77.58M | $80.21M | $79.45M | $87.18M | $38.06M | $47.12M | $78.21M | $111.41M | $110.18M | $129.52M |
| EBITDA margin | 4.0% | 4.1% | 3.5% | 4.6% | 5.4% | 8.4% | 13.2% | 13.6% | 13.1% | 14.1% | 11.2% | 10.6% | 11.4% | 11.6% | 5.8% | 6.3% | 11.7% | 12.9% | 10.2% | 11.6% |
| EBIT | $12.49M | $23.01M | $31.13M | $38.60M | $38.21M | $36.68M | $51.08M | $44.10M | $36.93M | $50.01M | $51.53M | $54.33M | $54.23M | $60.26M | $13.92M | $21.52M | $53.60M | $88.00M | $81.42M | $89.59M |
| Interest expense | $0.00 | $0.00 | $0.00 | $436000.00 | $180000.00 | $3.71M | $7.22M | $5.79M | $3.98M | $9.54M | $9.86M | $9.24M | $8.98M | $13.83M | $13.50M | $12.07M | $17.89M | $31.08M | $34.94M | $20.56M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $7.79M | $14.10M | $19.04M | $24.02M | $23.69M | $20.55M | $21.29M | $22.85M | $19.36M | $24.92M | $26.79M | $39.10M | $35.08M | $37.02M | $-5.17M | $7.97M | $28.06M | $39.13M | $30.52M | $53.49M |
| Net income growth (YoY) | — | +81.1% | +35.0% | +26.2% | -1.4% | -13.2% | +3.6% | +7.3% | -15.3% | +28.7% | +7.5% | +45.9% | -10.3% | +5.5% | -114.0% | +254.1% | +252.2% | +39.5% | -22.0% | +75.3% |
| Profit margin | 2.1% | 2.2% | 1.8% | 2.4% | 2.7% | 3.3% | 3.9% | 4.8% | 4.6% | 4.7% | 3.9% | 5.1% | 5.0% | 4.9% | -0.8% | 1.1% | 4.2% | 4.5% | 2.8% | 4.8% |