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| PRICE TARGET: $247.00 DETAILS
HIGH: $268.00
LOW: $222.00
MEDIAN: $245.00
CONSENSUS: $247.00
UPSIDE: 43.70%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 1,112.3 1,080.1 860.5 669.4 750.9 661.7 752.6 697.2 760.1 691.8 534.0 424.1 471.6 546.8 618.6 866.0 1,014.6 1,043.7 653.2 363.7 280.1 216.0 134.5 134.4 111.6 122.3 157.4 180.2 155.9 120.1 75.1 65.6 79.6
Cost of Revenue 980.1 971.9 764.9 612.2 725.7 603.8 688.2 641.0 703.4 633.7 480.2 383.0 424.2 490.7 576.6 825.6 974.9 1,011.4 629.4 351.0 269.8 209.8 130.9 132.3 110.0 118.4 150.8 174.4 152.5 114.6 70.2 60.4 74.6
Gross Profit 132.1 108.2 95.6 57.2 25.1 57.9 64.4 56.2 56.8 58.1 53.8 41.1 47.4 56.1 41.9 40.4 39.7 32.3 23.8 12.8 10.4 6.2 3.6 2.1 1.6 3.9 6.6 5.8 3.4 5.5 4.9 5.2 5
Operating Expenses
R&D Expenses 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
SG&A Expenses 7.1 5.5 3.9 3.6 3.6 1.4 1.9 3.1 2.4 6.6 3.3 3.2 3.3 4.0 3.5 2.2 1.3 1.2 1.5 0.7 0.6 0.6 0.4 0.3 0.2 0.2 0.7 0.8 0.9 0.5 0.8 1.6 1.8
Other Expenses 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 1.6 1.9 1.9 4.1 1.5 1.3 1.1 1.3
Operating Expenses 7.1 5.5 3.9 3.6 3.6 1.4 1.9 3.1 2.4 6.6 3.3 3.2 3.3 4.0 3.5 2.2 1.3 1.2 1.5 0.7 0.6 0.6 0.4 0.3 0.2 1.8 2.6 2.7 5 2 2.1 2.7 3.1
Operating Income
Operating Income 125.0 102.7 91.7 53.6 21.5 56.5 62.6 53.1 54.3 51.5 50.5 37.8 44.1 52.1 38.5 38.2 38.5 31.1 22.3 12.1 9.8 5.5 3.2 1.7 1.3 2.1 4 3.1 (1.6) 3.5 2.8 2.5 1.9
Interest Expense 20.6 34.9 31.1 17.9 12.1 13.5 13.8 9.0 9.2 9.9 9.5 4.0 5.8 7.2 3.7 0.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.6 0.1 0.7 0.4 0.2 0.1 0.1 0 0 0.1 0 0 0 0 0 0 0
Profitability
EBITDA 129.5 110.2 111.4 78.2 47.1 38.1 87.2 79.5 80.2 77.6 75.6 55.7 64.1 72.2 51.8 47.1 46.2 36.7 26.5 14.4 11.4 6.9 4.4 4.1 2.7 3.7 5.9 5 2.5 5 4.1 3.6 3.2
EBIT 89.6 81.4 88.0 53.6 21.5 13.9 60.3 54.2 54.3 51.5 50.0 36.9 44.1 51.1 36.7 38.2 38.6 31.2 23.0 12.5 10.0 5.6 3.3 2.7 1.3 2.1 4 5 4.4 3.5 3 2.5 1.9
Income Before Tax 69.0 46.5 56.9 35.7 9.5 0.4 46.4 45.2 45.1 41.7 41.0 32.9 38.3 43.9 33.0 38.0 38.6 31.2 23.0 12.5 10.0 5.6 3.3 1.1 1.3 2.2 2.4 2.7 (2) 2.9 2.7 2.6 1.9
Income Tax Expense 15.5 10.0 13.8 9.1 1.5 5.6 9.4 10.2 6.0 14.9 16.1 12.5 14.3 16.5 12.4 14.3 14.6 12.2 8.9 4.7 3.8 2.2 1.3 0.5 0.4 0.8 0.9 1.1 (0.6) 1 1.1 1 0.7
Net Income 53.5 30.5 39.1 28.1 8.0 (5.2) 37.0 35.1 39.1 26.8 24.9 19.4 22.9 21.3 20.6 23.7 24.0 19.0 14.1 7.8 6.2 3.4 2.0 0.7 0.9 1.0 1.5 1.6 (1.4) 1.7 1.6 1.6 1.5
Per Share Data
EPS (Basic) 2.52 1.71 2.77 2.20 0.63 -0.47 3.38 3.23 3.61 2.48 2.32 1.81 2.15 2.02 1.97 2.28 2.34 1.88 1.43 0.82 0.67 0.39 0.23 0.07 0.10 0.12 0.18 0.19 -0.16 0.20 0.19 0.18 0.17
EPS (Diluted) 2.52 1.70 2.76 2.19 0.63 -0.47 3.35 3.21 3.60 2.47 2.31 1.81 2.14 2.01 1.95 2.27 2.34 1.87 1.41 0.81 0.65 0.37 0.23 0.07 0.10 0.12 0.18 0.19 -0.16 0.20 0.19 0.18 0.17
Shares Outstanding 21.2 17.9 14.1 12.8 12.6 11.0 11.0 10.9 10.8 10.8 10.7 10.7 10.7 10.6 10.5 10.4 10.3 10.1 9.9 9.5 9.3 8.9 8.7 8.7 8.5 8.5 8.5 8.5 8.5 8.7 8.7 8.9 9.1
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 69.4 29.0 7.8 0.3 0.5 0.4 0.7 0.2 0.6 0.4 8.0 0.6 0.1 9.8 4.2 0.2 0.6 0.1 0 0 0.5 0.7 3.1 1
Short-Term Investments 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 Receivables 232.2 227.5 136.0 98.0 111.3 80.5 116.9 101.3 98.3 101.2 175.2 206.7 40.6 21.8 17.5 20.8 19.2 19.4 27.6 24.7 33.7 16.4 10.9 15.2
Inventory 553.8 576.3 500.9 380.7 322.7 253.4 218.6 166.4 132.6 136.3 2.0 2.3 8.5 0.8 1.3 0.7 0 0 0 0 0 0 0 0
Other Current Assets 37.9 42.0 129.4 69.7 29.5 20.6 19.1 13.4 17.0 20.5 10.0 13.2 2.3 1.4 1.2 2.0 2.4 1.8 1.7 2.2 2.3 1.9 2.4 2.1
Total Current Assets 893.3 874.8 774.0 548.9 464.0 355.0 355.3 281.2 248.5 258.5 193.2 220.6 51.6 33.9 24.3 23.7 22.2 21.3 29.3 26.9 36.5 19 16.4 18.3
Non-Current Assets
Property, Plant & Equipment 141.2 138.9 86.8 82.4 69.8 56.9 64.4 49.6 55.1 62.1 24.7 21.5 4.4 3.0 3.5 4.2 3.3 4.4 5.1 5 5.1 4.5 3.1 3.5
Goodwill 641.2 491.5 351.8 248.8 248.8 238.1 276.4 198.6 198.6 198.6 19.5 17.4 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 296.0 197.3 114.1 90.6 108.3 103.6 132.2 94.9 110.9 126.9 9.3 11.2 1.1 1.1 1.1 1.8 2.1 1.3 2.8 3.1 3.4 3.9 0 0
Long-Term Investments 28.3 4.1 2.8 6.6 7.0 9.9 0 0 0 0 (2.0) 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 28.5 28.1 20.8 (8.4) (6.9) 1.6 17.5 14.5 15.8 15.8 7.2 5.3 3.0 2.5 2.4 2.6 3.8 4.3 3.5 3 3.3 1.7 1.8 1.7
Total Non-Current Assets 1,135.2 859.8 576.3 450.9 454.6 425.1 490.5 357.6 380.5 403.4 60.8 55.4 8.8 6.9 7.4 9.5 9.3 10 11.4 11.1 11.8 10.1 4.9 5.2
Total Assets 2,028.6 1,734.6 1,350.3 999.8 918.6 780.1 845.9 638.8 629.0 661.8 254.0 276.0 60.4 40.8 31.7 33.2 31.5 31.3 40.7 38 48.3 29.1 21.3 23.5
Current Liabilities
Account Payables 154.5 187.6 173.0 128.5 115.1 72.7 68.1 57.4 66.0 94.0 113.0 158.0 26.4 14.6 8.8 10.6 8.7 8.2 12.1 10.2 13.5 3.2 2.5 2.8
Short-Term Debt 13.8 30 22.5 10 14.2 20.4 16.9 11.1 7.0 21.0 0 6.7 1.6 0 0 0 0 0 1.3 0.6 0 0 0 0
Deferred Revenue 6.9 4.5 2.8 1.0 8.2 10.9 6.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 38.5 32.5 67.9 68.0 7.6 6.9 41.8 11.8 17.7 12.7 29.2 10.7 0.1 0.1 0.1 0.1 5.2 6 6.2 6.2 5.9 5.8 5.8 6.1
Total Current Liabilities 237.5 281.8 286.9 224.6 180.0 139.2 164.2 104.9 114.0 148.4 147.3 196.4 36.0 20.5 13.5 14.9 13.9 14.2 19.6 17 19.4 9 8.3 8.9
Non-Current Liabilities
Long-Term Debt 285.3 400.2 406.8 276.3 270.4 230.7 253.1 151.1 165.6 193.6 0 0 0 0 0 0.4 0 0 5.4 7.1 12.7 5 0 2.7
Deferred Tax Liabilities 12.4 0 7.0 4.8 9.1 14.9 17.9 18.5 19.4 29.9 3.4 2.5 0.8 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 10.9 16.3 7.9 25.4 14.6 16.1 23.1 17.0 16.3 0 5.0 3.0 1.3 1.2 1.1 1.5 1.8 2 1.8 1.4 1.6 1.5 0.9 1.1
Total Non-Current Liabilities 352.3 464.6 446.7 325.7 321.3 284.5 318.6 205.6 221.9 258.2 5.4 5.5 2.1 1.2 1.1 1.8 1.8 2 7.2 8.5 14.3 6.5 0.9 3.8
Total Liabilities 589.8 746.4 733.6 550.3 501.2 423.8 482.8 310.4 335.9 406.6 152.7 199.8 37.3 21.7 14.6 16.7 15.7 16.2 26.8 25.5 33.7 15.5 9.2 12.7
Stockholders' Equity
Common Stock 1.2 1.0 0.8 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.3 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0 0 0 0 0 0
Retained Earnings 395.6 392.5 384.7 351.3 328.4 325.1 334.2 301.1 267.9 231.7 85.3 62.3 18.1 15.0 13.4 13.1 12.6 11.9 10.7 9.4 22.8 21.4 20 18.8
Accumulated Other Comprehensive Income 0.5 3.1 2.1 5.0 (0.2) (1.2) (1.1) 0.1 0.2 0.0 (17.4) (12.9) (0.0) (0.0) (6.5) (6.8) (8.8) (11) (11) (11.3) (9.9) (9.9) (9.5) (8.8)
Total Stockholders' Equity 1,438.8 988.2 616.7 449.5 417.3 356.3 363.1 328.4 293.1 255.2 101.3 76.1 23.0 19.1 17.0 16.5 15.8 15.1 13.9 12.5 14.6 13.6 12.1 10.8
Total Liabilities & Equity 2,028.6 1,734.6 1,350.3 999.8 918.6 780.1 845.9 638.8 629.0 661.8 254.0 278.1 61.1 40.8 31.7 33.2 31.5 31.3 40.7 38 48.3 29.1 21.3 23.5
Debt Metrics
Total Debt 342.8 485.2 459.3 308.6 317.7 277.9 298.2 181.1 193.2 236.6 1.1 6.7 1.6 0 0 0.4 0 0 6.7 7.7 12.7 5 0 2.7
Net Debt 273.4 456.2 451.5 308.3 317.2 277.5 297.4 180.9 192.5 236.2 (6.9) 6.0 1.4 (9.8) (4.2) 0.1 (0.6) (0.1) 6.7 7.7 12.2 4.3 (3.1) 1.7
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 53.5 15.3 39.1 28.1 8.0 (5.2) 37.0 35.1 39.1 26.8 6.2 3.4 2.0 0.7 0.9 1.0 1.5 1.6 (1.4) 1.7 1.6 1.6 1.2
Depreciation & Amortization 39.9 28.8 23.4 25.6 25.6 24.1 26.9 25.2 25.9 26.0 1.4 1.3 1.2 1.4 1.4 1.6 1.9 1.9 4.1 1.5 1.3 1.1 1.3
Stock-Based Compensation 0 8.3 7.7 4.5 3.9 2.9 3.3 3.0 3.1 2.1 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (113.1) (106.9) (92.4) (50.1) (75.1) (22.1) (50.6) (41.4) (7.1) (5.3) 7.6 (13.6) 2.5 2.6 (0.7) (0.7) 0.4 (0.6) 6.9 (8.4) (4.3) 3.4 (1.2)
Other Non-Cash Items 46.8 33.4 2.3 1.2 24.4 35.9 1.9 (1.7) 71.8 (1.3) 0.8 0.4 0.0 0.6 (0.3) 0.2 (0.1) 0.1 (0.2) 0.3 0.4 0.2 0.1
Operating Cash Flow 27.0 (31.0) (21.8) 8.1 (17.6) 35.8 18.0 18.9 50.4 47.2 15.6 (8.7) 6.4 5.0 1.4 2.0 4.2 3.4 8.1 (4.4) (0.4) 6.1 1.3
Investing Activities
Capital Expenditure (21.3) (20.7) (18.7) (11.2) (10.5) (4.4) (9.6) (3.1) (3.7) (6.5) (1.7) (2.7) (0.7) (0.5) (2.0) (0.4) (1.2) (1.6) (2.2) (2.5) (2.1) (0.7) (1.1)
Acquisitions (255.2) (283.1) (218.6) 0 (53.3) 21.8 (113.2) 1.7 0.7 (0.1) 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 0 40.2 1.6 8.8 2.2 2.9 0.0 0.1 0.7 0.1 0 0 0 0 0 (0.7) 0.1 0 (0.5) (0.2) (4.5) 0 0
Investing Cash Flow (276.5) (263.7) (235.7) (2.4) (61.6) 20.2 (122.8) (1.3) (3.0) (6.5) (1.7) (2.7) (0.7) (0.5) (2.0) (1.1) (1.1) (1.6) (2.7) (2.7) (6.6) (0.7) (1.1)
Financing Activities
Net Debt Issuance (138.8) (0.5) 144.4 1.9 33.3 (19.3) 110.1 (12.4) (43.9) (19.5) (1.6) 1.6 0 (0.4) 0.4 0 (2.8) (1.1) (1.6) 7.3 4.8 (2.7) 0.4
Stock Repurchased 0 0 0 0 0 (0.7) (1.0) 0 (0.5) (0.5) 0 0 0 0 0 0 0 (0.8) (0.1) 0 0 0 0
Dividends Paid (8.3) (7.1) (5.4) (5.1) (4.4) (4.0) (3.7) (3.3) (2.8) (2.5) (0.5) (0.4) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.4) (0.2)
Other Financing Activities (5.3) (2.6) (4.0) (3.4) (1.5) (32.3) (1.0) (2.3) (0.5) (19.0) 0 0 0 0 0 0 (0.1) (0.1) (0.1) (0.1) 0 (0.2) (0.6)
Financing Cash Flow 289.8 315.8 265.0 (5.7) 79.4 (56.3) 105.4 (18.0) (47.2) (41.0) (1.4) 1.7 (0.0) (0.5) 0.2 (0.3) (3.1) (1.8) (5.8) 6.9 4.6 (3.3) (0.4)
Cash Position
Net Change in Cash 40.3 21.1 7.5 (0.0) 0.1 (0.4) 0.6 (0.5) 0.2 (0.3) 12.6 (9.7) 5.6 4.0 (0.4) 0.6 0 0 (0.4) (0.2) (2.4) 2.1 (0.2)
Cash at Beginning 29.0 7.9 0.5 0.5 0.4 0.7 0.2 0.6 0.4 0.7 0.1 9.8 4.2 0.2 0.6 0.1 0 0 0.5 0.6 3.1 1 0.8
Cash at End 69.4 29.0 7.9 0.5 0.5 0.4 0.7 0.2 0.6 0.4 12.7 0.1 9.8 4.2 0.2 0.6 0 0 0.1 0.4 0.7 3.1 0.6
Free Cash Flow 5.7 (51.7) (40.5) (3.2) (28.1) 31.3 8.4 15.7 46.7 40.6 14.0 (11.4) 5.7 4.5 (0.6) 1.6 3 1.8 5.9 (6.9) (2.5) 5.4 0.2
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 1,112.3 1,080.1 860.5 669.4 750.9 661.7 752.6 697.2 760.1 691.8 534.0 424.1 471.6 546.8 618.6 866.0 1,014.6 1,043.7 653.2 363.7 280.1 216.0 134.5 134.4 111.6 122.3 157.4 180.2 155.9 120.1 75.1 65.6 79.6
Gross Profit 132.1 108.2 95.6 57.2 25.1 57.9 64.4 56.2 56.8 58.1 53.8 41.1 47.4 56.1 41.9 40.4 39.7 32.3 23.8 12.8 10.4 6.2 3.6 2.1 1.6 3.9 6.6 5.8 3.4 5.5 4.9 5.2 5
Operating Income 125.0 102.7 91.7 53.6 21.5 56.5 62.6 53.1 54.3 51.5 50.5 37.8 44.1 52.1 38.5 38.2 38.5 31.1 22.3 12.1 9.8 5.5 3.2 1.7 1.3 2.1 4 3.1 (1.6) 3.5 2.8 2.5 1.9
Net Income 53.5 30.5 39.1 28.1 8.0 (5.2) 37.0 35.1 39.1 26.8 24.9 19.4 22.9 21.3 20.6 23.7 24.0 19.0 14.1 7.8 6.2 3.4 2.0 0.7 0.9 1.0 1.5 1.6 (1.4) 1.7 1.6 1.6 1.5
EPS (Diluted) 2.52 1.70 2.76 2.19 0.63 -0.47 3.35 3.21 3.60 2.47 2.31 1.81 2.14 2.01 1.95 2.27 2.34 1.87 1.41 0.81 0.65 0.37 0.23 0.07 0.10 0.12 0.18 0.19 -0.16 0.20 0.19 0.18 0.17
Balance Sheet
Cash & Equivalents 69.4 29.0 7.8 0.3 0.5 0.4 0.7 0.2 0.6 0.4 8.0 0.6 0.1 9.8 4.2 0.2 0.6 0.1 0 0 0.5 0.7 3.1 1
Total Assets 2,028.6 1,734.6 1,350.3 999.8 918.6 780.1 845.9 638.8 629.0 661.8 254.0 276.0 60.4 40.8 31.7 33.2 31.5 31.3 40.7 38 48.3 29.1 21.3 23.5
Total Debt 342.8 485.2 459.3 308.6 317.7 277.9 298.2 181.1 193.2 236.6 1.1 6.7 1.6 0 0 0.4 0 0 6.7 7.7 12.7 5 0 2.7
Stockholders' Equity 1,438.8 988.2 616.7 449.5 417.3 356.3 363.1 328.4 293.1 255.2 101.3 76.1 23.0 19.1 17.0 16.5 15.8 15.1 13.9 12.5 14.6 13.6 12.1 10.8
Cash Flow
Operating Cash Flow 27.0 (31.0) (21.8) 8.1 (17.6) 35.8 18.0 18.9 50.4 47.2 15.6 (8.7) 6.4 5.0 1.4 2.0 4.2 3.4 8.1 (4.4) (0.4) 6.1 1.3
Capital Expenditure (21.3) (20.7) (18.7) (11.2) (10.5) (4.4) (9.6) (3.1) (3.7) (6.5) (1.7) (2.7) (0.7) (0.5) (2.0) (0.4) (1.2) (1.6) (2.2) (2.5) (2.1) (0.7) (1.1)
Free Cash Flow 5.7 (51.7) (40.5) (3.2) (28.1) 31.3 8.4 15.7 46.7 40.6 14.0 (11.4) 5.7 4.5 (0.6) 1.6 3 1.8 5.9 (6.9) (2.5) 5.4 0.2